Nicolet Bankshares, Inc. (NIC) Key Metrics
NIC valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $3.43B
- Enterprise value
- $3.07B
- P/E (TTM)
- 18.3 10-yr median 13.2
- Forward P/E
- 14.8
- PEG ratio
- 1.92
- Price / sales
- 6.7 10-yr median 3.4
- Price / book
- 1.5 10-yr median 1.3
- EV / EBITDA
- — 10-yr median 2.2
- Dividend yield
- 0.83% $1.36 a year
- Beta
- 0.64
NIC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNIC valuation Price multiples at each fiscal year-end price.
NIC returns How much profit the business earns on the capital it uses.
NIC per-share figures Results divided by the shares outstanding at year-end.
NIC financial health Debt, liquidity and how easily interest is covered.
NIC efficiency & capital use Working capital cycle and where the cash goes.
NIC valuation history
NIC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NIC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NIC cash returned to shareholders
NIC price vs earnings per share
NIC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.87B | $1.62B | $1.21B | $1.15B | $955.7M | $699.4M | $731.1M | $485.9M | $545.1M | $358.3M |
| Enterprise value | $819.2M | $435.2M | $85.8M | $604.5M | −$366.3M | −$618.5M | $148.1M | −$87.5M | $62.0M | −$101.7M |
| P/E ratio | 12.4 | 13.0 | 19.7 | 12.2 | 15.8 | 11.6 | 13.4 | 11.8 | 16.4 | 19.4 |
| Price / sales | 3.4 | 3.1 | 2.9 | 3.5 | 4.0 | 3.3 | 3.8 | 2.9 | 3.8 | 3.5 |
| Price / book | 1.5 | 1.4 | 1.2 | 1.2 | 1.1 | 1.3 | 1.4 | 1.3 | 1.5 | 1.3 |
| Price / free cash flow | 12.5 | 13.8 | 13.5 | 10.9 | 11.3 | 10.3 | 13.6 | 10.4 | 14.1 | 17.3 |
| Price / operating cash flow | 12.2 | 12.1 | 11.2 | 9.8 | 9.8 | 8.9 | 12.6 | 9.5 | 13.4 | 14.4 |
| EV / sales | 1.5 | 0.8 | 0.2 | 1.8 | -1.5 | -2.9 | 0.8 | -0.5 | 0.4 | -1.0 |
| EV / EBITDA | 4.1 | 2.5 | 0.8 | 4.1 | — | — | 1.9 | — | 1.1 | — |
| EV / free cash flow | 5.5 | 3.7 | 1.0 | 5.7 | — | — | 2.8 | — | 1.6 | — |
| Earnings yield | 8.1% | 7.7% | 5.1% | 8.2% | 6.3% | 8.6% | 7.5% | 8.4% | 6.1% | 5.2% |
| Free cash flow yield | 8.0% | 7.2% | 7.4% | 9.2% | 8.9% | 9.7% | 7.4% | 9.6% | 7.1% | 5.8% |
| Dividend yield | 1.0% | 1.0% | 0.9% | 0.0% | 32.9% | 169.1% | 6.7% | 29.5% | 0.1% | 0.2% |
| Shareholder yield (dividends + buybacks) | 5.8% | 1.6% | 1.0% | 5.4% | 39.4% | 175.2% | 10.6% | 34.1% | 2.9% | 5.0% |
| Share price at fiscal year-end | $121.30 | $104.91 | $80.48 | $79.79 | $85.75 | $66.35 | $73.85 | $48.80 | $54.74 | $47.69 |
| Per share | ||||||||||
| Revenue per share | $35.87 | $33.69 | $27.66 | $23.10 | $21.45 | $20.22 | $19.43 | $16.57 | $14.39 | $13.59 |
| Earnings per share | $9.78 | $8.05 | $4.08 | $6.56 | $5.44 | $5.70 | $5.52 | $4.12 | $3.33 | $2.46 |
| Operating cash flow per share | $9.97 | $8.68 | $7.16 | $8.17 | $8.76 | $7.48 | $5.87 | $5.12 | $4.09 | $3.30 |
| Free cash flow per share | $9.70 | $7.60 | $5.96 | $7.32 | $7.61 | $6.46 | $5.43 | $4.69 | $3.89 | $2.76 |
| Cash per share | $76.87 | $87.15 | $85.86 | $75.47 | $138.08 | $130.13 | $65.72 | $65.35 | $56.35 | $66.23 |
| Book value per share | $81.65 | $76.08 | $68.94 | $67.65 | $80.03 | $51.15 | $52.15 | $38.83 | $36.57 | $36.72 |
| Tangible book value per share | $56.82 | $50.91 | $42.77 | $39.66 | $49.56 | $34.52 | $35.38 | $26.35 | $23.68 | $25.02 |
| Dividends per share | $1.21 | $1.07 | $0.74 | $0.00 | $28.20 | $112.22 | $4.98 | $14.38 | $0.06 | $0.08 |
| Capex per share | $0.27 | $1.07 | $1.21 | $0.85 | $1.15 | $1.02 | $0.44 | $0.43 | $0.20 | $0.54 |
| Debt per share | $8.75 | $10.47 | $11.08 | $37.73 | $19.46 | $5.11 | $6.83 | $7.76 | $7.84 | $5.01 |
| Shares outstanding | 15.4M | 15.4M | 15.1M | 14.4M | 11.1M | 10.5M | 9.9M | 10.0M | 10.0M | 7.5M |
| Change in shares outstanding | −0.1% | +2.3% | +4.8% | +29.0% | +5.7% | +6.5% | −0.6% | −0.0% | +32.5% | +72.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.4% | 11.2% | 6.1% | 10.1% | 8.5% | 11.4% | 12.1% | 10.9% | 10.4% | 9.6% |
| Return on invested capital (ROIC) | 151.3% | — | — | — | — | — | — | — | — | — |
| Return on assets (ROA) | 1.7% | 1.4% | 0.7% | 1.1% | 1.0% | 1.5% | 1.6% | 1.4% | 1.3% | 1.1% |
| Return on tangible assets | 1.7% | 1.5% | 0.8% | 1.1% | 0.8% | 1.4% | 1.6% | 1.4% | 1.2% | 0.8% |
| Free cash flow margin | 27.0% | 22.6% | 21.5% | 31.7% | 35.5% | 32.0% | 27.9% | 28.3% | 27.0% | 20.3% |
| Income quality (OCF / net income) | 1.02 | 1.08 | 1.76 | 1.25 | 1.61 | 1.31 | 1.06 | 1.24 | 1.23 | 1.34 |
| Financial health | ||||||||||
| Total debt | $134.9M | $161.4M | $166.9M | $542.3M | $216.9M | $53.9M | $67.6M | $77.3M | $78.0M | $37.6M |
| Cash & short-term investments | $1.18B | $1.34B | $1.29B | $1.08B | $1.54B | $1.37B | $650.7M | $650.7M | $561.1M | $497.6M |
| Net debt | −$1.05B | −$1.18B | −$1.13B | −$542.5M | −$1.32B | −$1.32B | −$583.0M | −$573.4M | −$483.1M | −$460.0M |
| Debt / equity | 0.11 | 0.14 | 0.16 | 0.56 | 0.24 | 0.10 | 0.13 | 0.20 | 0.21 | 0.14 |
| Debt / assets | 0.01 | 0.02 | 0.02 | 0.06 | 0.03 | 0.01 | 0.02 | 0.02 | 0.03 | 0.02 |
| Net debt / EBITDA | −5.20 | −6.87 | −10.73 | −3.67 | −13.92 | −14.38 | −7.40 | −9.39 | −8.51 | −13.86 |
| Current ratio | — | 0.18 | 0.18 | 0.16 | 0.25 | 0.36 | 0.23 | 0.26 | 0.24 | 0.26 |
| Quick ratio | — | 0.18 | 0.25 | 0.19 | 0.38 | 0.57 | 0.30 | 0.26 | 0.30 | 0.33 |
| Interest coverage | 1.1 | 0.9 | 0.6 | 3.7 | 6.0 | 4.1 | 3.2 | 2.9 | 4.7 | 3.8 |
| Working capital | $7.44B | −$6.06B | −$5.90B | −$6.34B | −$4.88B | −$2.53B | −$2.30B | −$1.95B | −$1.91B | −$1.47B |
| Invested capital | $208.4M | −$9.2M | −$88.1M | $430.0M | −$430.1M | −$778.7M | −$66.8M | −$186.7M | −$118.9M | −$184.1M |
| Tangible asset value | $875.3M | $784.8M | $644.6M | $570.1M | $552.4M | $363.8M | $351.0M | $263.0M | $236.5M | $188.4M |
| Net current asset value | −$486.1M | −$6.28B | −$6.13B | −$6.57B | −$5.15B | −$2.59B | −$2.37B | −$2.02B | −$1.97B | −$1.49B |
| Graham number | $134.05 | $117.37 | $79.57 | $99.91 | $98.99 | $81.02 | $80.47 | $60.01 | $52.34 | $45.06 |
| Graham net-net per share | −$108.26 | −$406.18 | −$417.02 | −$465.64 | −$502.07 | −$286.51 | −$250.57 | −$204.15 | −$206.73 | −$208.90 |
| Capital allocation | ||||||||||
| Dividends paid | $18.7M | $16.5M | $11.1M | $0 | $314.3M | $1.18B | $49.3M | $143.2M | $633,000 | $633,000 |
| Share buybacks (net) | $89.3M | $10.1M | $1.5M | $61.5M | $62.6M | $42.1M | $28.5M | $22.7M | $15.0M | $17.4M |
| Dividend payout ratio | 12.4% | 13.3% | 18.1% | 0.0% | 518.2% | — | 90.2% | 348.8% | 1.9% | 3.4% |
| Dividends + buybacks / free cash flow | 72.2% | 22.8% | 14.1% | 58.5% | 444.1% | — | 144.6% | 355.0% | 40.4% | 86.9% |
| Capex / revenue | 0.7% | 3.2% | 4.4% | 3.7% | 5.4% | 5.1% | 2.3% | 2.6% | 1.4% | 4.0% |
| Capex / operating cash flow | 2.7% | 12.4% | 16.9% | 10.4% | 13.1% | 13.7% | 7.6% | 8.4% | 5.0% | 16.3% |
| Capex / depreciation | 0.27 | 0.97 | 0.99 | 0.56 | 0.92 | 1.01 | 0.60 | 0.68 | 0.29 | 0.79 |
| Stock-based compensation / revenue | 1.3% | 1.3% | 1.5% | 2.1% | 3.1% | 2.7% | 2.6% | 3.0% | 2.1% | 1.6% |
| SG&A / revenue | 27.5% | 23.2% | 26.6% | 29.8% | 32.7% | 29.7% | 39.4% | 42.2% | 43.7% | 46.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 2,243.3 | 55.8 | 119.0 | 138.2 | 128.9 | 81.3 | 70.1 | 77.7 | 87.7 | 83.0 |
| Days of inventory on hand | — | — | -861.8 | -4,069.1 | -10,720.1 | -6,310.7 | -1,546.7 | -1,403.4 | -4,167.5 | -5,400.5 |
| Days payables outstanding | 16,723.7 | — | 171.2 | 557.7 | 749.5 | 523.5 | 430.5 | 322.3 | 502.7 | 508.7 |
| Cash conversion cycle (days) | -14,480.4 | — | -914.1 | -4,488.6 | -11,340.6 | -6,752.8 | -1,907.1 | -1,648.0 | -4,582.5 | -5,826.2 |
| Receivables turnover | 0.16 | 6.54 | 3.07 | 2.64 | 2.83 | 4.49 | 5.21 | 4.70 | 4.16 | 4.40 |
| Payables turnover | 0.02 | — | 2.13 | 0.65 | 0.49 | 0.70 | 0.85 | 1.13 | 0.73 | 0.72 |
| Asset turnover | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.05 | 0.06 |
| Average receivables | $3.40B | $79.4M | $135.9M | $125.7M | $84.4M | $47.5M | $36.9M | $35.1M | $34.4M | $23.2M |
| Average payables | $7.73B | — | $67.6M | $69.5M | $58.5M | $43.3M | $28.0M | $18.1M | $17.7M | $12.7M |
| Average inventory | — | — | −$340.0M | −$506.8M | −$837.2M | −$521.5M | −$100.5M | −$78.8M | −$146.6M | −$135.1M |
| Intangibles / total assets | 4.2% | 4.4% | 4.7% | 4.6% | 4.4% | 3.9% | 4.6% | 4.0% | 4.4% | 3.8% |
Computed from NIC's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NIC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Nicolet Bankshares traded at 12.4 times earnings, against a 10-year median of 13.2. Based on the latest twelve months, the trailing P/E is 18.3 and the forward P/E is 14.8. Nicolet Bankshares earned a return on equity of 12.4% and a return on invested capital of 151.3% in fiscal 2025. It ended the year with $134.9 million of debt and $1.2 billion in cash and short-term investments, a net cash position of $1.0 billion. It returned $107.9 million to shareholders: $18.7 million in dividends and $89.3 million in share buybacks, 72% of free cash flow. The share count rose 105.0% from 7.5M to 15.4M over 9 years.
See the NIC income statement, the NIC chart for price history, or the NIC stock overview for the latest quote and news.
NIC key metrics FAQ
What is Nicolet Bankshares's P/E ratio?
Nicolet Bankshares's trailing P/E ratio is 18.3 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 14.8. At the end of fiscal 2025 it was 12.4, compared with a 10-year median of 13.2.
What is Nicolet Bankshares's EV/EBITDA?
Nicolet Bankshares's enterprise value was 4.1 times EBITDA at the end of fiscal 2025 (enterprise value $819.2 million, EBITDA $201.9 million).
What is Nicolet Bankshares's return on equity?
Nicolet Bankshares's return on equity (ROE) was 12.4% in fiscal 2025: net income of $150.7 million on average shareholders' equity of $1.2 billion.
What is Nicolet Bankshares's ROIC?
Nicolet Bankshares's return on invested capital was 151.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nicolet Bankshares have?
Nicolet Bankshares had total debt of $134.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.11 and more cash than debt.
What is Nicolet Bankshares's dividend yield?
Nicolet Bankshares's forward dividend yield is 0.83%. Nicolet Bankshares paid $18.7 million in dividends in fiscal 2025 ($1.21 per share), a payout ratio of 12.4%.
Does Nicolet Bankshares buy back its shares?
Yes. Nicolet Bankshares spent $89.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.1% over the year, to 15.4M..
What is Nicolet Bankshares's free cash flow yield?
Nicolet Bankshares generated $149.4 million of free cash flow in fiscal 2025, a free cash flow yield of 8.0% on its market value at year-end ($1.9 billion).