Nicolet Bankshares, Inc. (NIC) Financial Ratios
14 years of historical data (2012–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
9.96
↑+30% vs avg
5yr avg: 7.68
30Y Low3.4·High10.3
P/FCF
↑
16.98
↑+37% vs avg
5yr avg: 12.40
30Y Low3.8·High20.4
P/B Ratio
↑
1.98
↑+57% vs avg
5yr avg: 1.26
30Y Low0.6·High1.5
ROE
↑
12.4%
↓+28% vs avg
5yr avg: 9.7%
30Y Low4%·High18%
Debt/EBITDA
↓
0.67
↓-64% vs avg
5yr avg: 1.83
30Y Low0.6·High6.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NIC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nicolet Bankshares, Inc. trades at 16.5x earnings, 13% above its 5-year average of 14.6x, sitting at the 85th percentile of its historical range. Compared to the Financial Services sector median P/E of 14.0x, the stock trades at a premium of 18%. On a free-cash-flow basis, the stock trades at 17.0x P/FCF, 37% above the 5-year average of 12.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $1.9B | $1.6B | $1.2B | $1.1B | $956M | $699M | $731M | $486M | $545M | $358M |
| Enterprise Value | $2.0B | $1.3B | $1.2B | $882M | $1.5B | $555M | $-79115650 | $597M | $313M | $467M | $264M |
| P/E Ratio → | 16.50 | 12.40 | 13.03 | 19.73 | 12.16 | 15.76 | 11.64 | 13.38 | 11.84 | 16.44 | 20.12 |
| P/S Ratio | 4.59 | 3.38 | 3.11 | 2.91 | 3.45 | 4.00 | 3.28 | 3.80 | 2.95 | 3.80 | 3.51 |
| P/B Ratio | 1.98 | 1.49 | 1.38 | 1.17 | 1.18 | 1.07 | 1.30 | 1.41 | 1.25 | 1.49 | 1.30 |
| P/FCF | 16.98 | 12.50 | 13.80 | 13.51 | 10.91 | 11.26 | 10.27 | 13.60 | 10.40 | 14.09 | 17.27 |
| P/OCF | 16.52 | 12.17 | 12.09 | 11.23 | 9.77 | 9.79 | 8.86 | 12.58 | 9.53 | 13.39 | 14.45 |
P/E links to full P/E history page with 30-year chart
NIC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nicolet Bankshares, Inc.'s enterprise value stands at 10.0x EBITDA, 30% above its 5-year average of 7.7x. The Financial Services sector median is 11.2x, placing the stock at a 11% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.43 | 2.39 | 2.12 | 4.58 | 2.32 | -0.37 | 3.10 | 1.90 | 3.26 | 2.58 |
| EV / EBITDA | 9.96 | 6.65 | 7.22 | 8.40 | 10.31 | 5.85 | -0.86 | 7.62 | 5.12 | 8.23 | 7.94 |
| EV / EBIT | 10.76 | 7.18 | 8.00 | 10.18 | 12.11 | 6.85 | -0.98 | 8.36 | 5.71 | 9.40 | 9.39 |
| EV / FCF | — | 8.99 | 10.59 | 9.83 | 14.47 | 6.54 | -1.16 | 11.12 | 6.69 | 12.07 | 12.70 |
NIC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Nicolet Bankshares, Inc. earns an operating margin of 33.8%, above the Financial Services sector average of 20.0%. Operating margins have expanded from 20.8% to 33.8% over the past 3 years, signaling improving operational efficiency. ROE of 12.4% is modest. ROIC of 10.3% represents solid returns on invested capital versus a sector median of 5.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 66.5% | 65.5% | 86.3% | 88.1% | 85.8% | 87.7% | 87.6% | 91.0% | 91.1% |
| Operating Margin | 33.8% | 33.8% | 29.9% | 20.8% | 37.9% | 33.9% | 38.0% | 37.0% | 33.2% | 34.7% | 27.5% |
| Net Profit Margin | 27.3% | 27.3% | 23.9% | 14.8% | 28.4% | 25.4% | 28.2% | 28.4% | 24.9% | 23.1% | 18.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 11.2% | 6.1% | 10.1% | 8.5% | 11.4% | 12.1% | 10.9% | 10.3% | 9.6% |
| ROA | 1.7% | 1.7% | 1.4% | 0.7% | 1.1% | 1.0% | 1.5% | 1.6% | 1.4% | 1.3% | 1.1% |
| ROIC | 10.3% | 10.3% | 9.2% | 4.8% | 7.2% | 7.1% | 10.3% | 10.2% | 9.1% | 9.8% | 9.1% |
| ROCE | 3.5% | 3.5% | 11.6% | 7.0% | 10.7% | 9.3% | 13.7% | 13.6% | 12.3% | 13.8% | 12.8% |
NIC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Nicolet Bankshares, Inc. carries a Debt/EBITDA ratio of 0.7x, which is very conservative (84% below the sector average of 4.2x). The company holds a net cash position — cash of $660M exceeds total debt of $135M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.14 | 0.16 | 0.56 | 0.24 | 0.10 | 0.13 | 0.20 | 0.21 | 0.14 |
| Debt / EBITDA | 0.67 | 0.67 | 0.94 | 1.59 | 3.67 | 2.28 | 0.59 | 0.86 | 1.27 | 1.37 | 1.13 |
| Net Debt / Equity | — | -0.42 | -0.32 | -0.32 | 0.39 | -0.45 | -1.44 | -0.26 | -0.45 | -0.21 | -0.34 |
| Net Debt / EBITDA | -2.60 | -2.60 | -2.18 | -3.15 | 2.54 | -4.21 | -8.50 | -1.71 | -2.84 | -1.37 | -2.85 |
| Debt / FCF | — | -3.52 | -3.20 | -3.69 | 3.57 | -4.72 | -11.43 | -2.49 | -3.71 | -2.01 | -4.56 |
| Interest Coverage | 1.14 | 1.14 | 0.91 | 0.61 | 3.70 | 5.96 | 4.07 | 3.17 | 2.90 | 4.73 | 3.83 |
Net cash position: cash ($660M) exceeds total debt ($135M)
NIC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Nicolet Bankshares, Inc.'s current ratio of 5079.45x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.18x to 5079.45x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5079.45 | 5079.45 | 0.13 | 0.18 | 0.16 | 0.25 | 0.36 | 0.23 | 0.26 | 0.24 | 0.26 |
| Quick Ratio | 5079.45 | 5079.45 | 0.13 | 0.18 | 0.16 | 0.25 | 0.36 | 0.23 | 0.26 | 0.24 | 0.26 |
| Cash Ratio | 450.67 | 450.67 | 0.07 | 0.07 | 0.02 | 0.09 | 0.21 | 0.07 | 0.10 | 0.06 | 0.07 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NIC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nicolet Bankshares, Inc. returns 4.3% to shareholders annually — split between a 0.8% dividend yield and 3.5% buyback yield. The payout ratio of 12.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.0% | 1.0% | 0.9% | — | — | — | — | — | 0.1% | 0.2% |
| Payout Ratio | 12.4% | 12.4% | 13.3% | 18.1% | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 8.1% | 7.7% | 5.1% | 8.2% | 6.3% | 8.6% | 7.5% | 8.4% | 6.1% | 5.0% |
| FCF Yield | 5.9% | 8.0% | 7.2% | 7.4% | 9.2% | 8.9% | 9.7% | 7.4% | 9.6% | 7.1% | 5.8% |
| Buyback Yield | 3.5% | 4.8% | 0.6% | 0.1% | 5.4% | 6.5% | 6.0% | 3.9% | 4.7% | 2.8% | 4.9% |
| Total Shareholder Yield | 4.3% | 5.8% | 1.7% | 1.0% | 5.4% | 6.5% | 6.0% | 3.9% | 4.7% | 2.9% | 5.0% |
| Shares Outstanding | — | $15M | $15M | $15M | $14M | $11M | $11M | $10M | $10M | $10M | $8M |
Peer Comparison
Compare NIC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NICYou | $3B | 16.5 | 10.0 | 17.0 | 69.5% | 33.8% | 12.4% | 10.3% | 0.7 |
 IBCP | $733M | 10.9 | 7.8 | 10.4 | 69.6% | 25.8% | 14.3% | 10.2% | 1.3 |
 FFIN | $5B | 19.7 | 12.3 | 16.3 | 71.8% | 37.5% | 14.4% | 12.4% | 0.1 |
 BANF | $4B | 15.9 | 11.4 | 16.1 | 82.9% | 36.8% | 13.8% | 12.3% | 0.4 |
 OTTR | $4B | 13.7 | 9.7 | 38.6 | 27.8% | 26.5% | 15.6% | 10.4% | 2.4 |
 NBTB | $3B | 14.8 | 11.2 | 11.7 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 MBWM | $972M | 10.3 | 12.4 | 86.7 | 64.0% | 27.5% | 13.6% | 5.5% | 7.8 |
 CFFI | $260M | 9.6 | 8.0 | 11.7 | 69.5% | 17.8% | 11.0% | 6.8% | 3.1 |
 BWFG | $462M | 13.0 | 7.9 | 17.0 | 51.6% | 23.3% | 12.3% | 8.0% | 3.4 |
 CZWI | $220M | 15.6 | 17.2 | 21.2 | 54.7% | 7.0% | 7.9% | 2.0% | 5.8 |
 FIS | $20B | 50.5 | 6.3 | 7.0 | 36.9% | 16.5% | 2.6% | 6.0% | 1.1 |
| Financial Services Median | — | 14.0 | 11.2 | 11.4 | 64.0% | 20.0% | 8.9% | 5.3% | 4.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 14 years · Updated daily
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NIC — Frequently Asked Questions
Quick answers to the most common questions about buying NIC stock.
What is Nicolet Bankshares, Inc.'s P/E ratio?
Nicolet Bankshares, Inc.'s current P/E ratio is 16.5x. The historical average is 13.4x. This places it at the 85th percentile of its historical range.
What is Nicolet Bankshares, Inc.'s EV/EBITDA?
Nicolet Bankshares, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
What is Nicolet Bankshares, Inc.'s ROE?
Nicolet Bankshares, Inc.'s return on equity (ROE) is 12.4%. The historical average is 10.3%.
Is NIC stock overvalued?
Based on historical data, Nicolet Bankshares, Inc. is trading at a P/E of 16.5x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Nicolet Bankshares, Inc.'s dividend yield?
Nicolet Bankshares, Inc.'s current dividend yield is 0.75% with a payout ratio of 12.4%.
What are Nicolet Bankshares, Inc.'s profit margins?
Nicolet Bankshares, Inc. has 69.5% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Nicolet Bankshares, Inc. have?
Nicolet Bankshares, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.