NIC Stock Analysis: Nicolet Bankshares | NYSE

Commercial Loans, Residential Mortgages, Wealth Management, Agricultural Lending

Total Rating 47

Safety 35

Buy Signal -0.14

Banks - Regional
Industry Rotation: +4.0

Market Cap: 3.43B
Avg Turnover: 25.8M

Risk 3d forecast

Volatility30.5%

VaR 5^th Pctl4.95%

VaR vs Median-1.53%

Reward TTM

Sharpe Ratio0.74

Rel. Str. IBD69.9

Rel. Str. Peer Group63.7

Character TTM

Beta0.365

Beta Downside0.244

Hurst Exponent0.497

Drawdowns 3y

Max DD17.90%

CAGR/Max DD1.92

CAGR/Mean DD6.33

EPS (Earnings per Share)

EPS CAGR: 23.86%
EPS Trend: 99.5%

Last SUE: 0.50
Qual. Beats: 0

Revenue

Rev. CAGR: 9.97%
Rev. Trend: 79.6%

Last SUE: -0.04
Qual. Beats: 0

Warnings

Below Avwap Earnings

Tailwinds

No distinct edge detected

Seasonality 11.7 years of data

Jan +0.3% 7

Feb +0.1% 21

Mar -1.1% 10

Apr -1.6% 21

May -0.6% 27

Jun +0.5% 7

Jul +1.0% 20

Aug -0.2% 7

Sep -5.1% 37

Oct +0.3% 2

Nov +2.2% 40

Dec -2.1% 25

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: NIC Nicolet Bankshares

Nicolet Bankshares, Inc. (NYSE: NIC) is a bank holding company for Nicolet National Bank, providing commercial and retail banking products and services to businesses and individuals across Wisconsin, Michigan, and Minnesota. The company accepts various deposits, including demand, checking, savings, money market, and individual retirement accounts, and also offers certificates of deposit. Its lending activities span commercial and industrial loans, commercial real estate, agricultural production and real estate, construction and land development, residential mortgages, and consumer loans.

In addition to traditional banking, Nicolet provides cash management, international banking, personal brokerage, trust and fiduciary services, safe deposit boxes, and wealth and retirement plan services. The company also supports digital channels through commercial, retail, and trust online banking, mobile deposits, automated bill payment, and remote deposit capture, while offering ancillary products such as wire transfers, debit and credit cards, pre-paid gift cards, and crop insurance facilitation. Originally incorporated in 2000 as Green Bay Financial Corporation, it adopted its current name in March 2002 and is headquartered in Green Bay, Wisconsin, and operates as a mid-cap U.S. regional bank.

Headlines to Watch Out For

Net interest margin expands on higher asset yields from Fed tightening
Commercial real estate loan concentration draws regulatory scrutiny
Deposit cost pressure rises amid competition for regional funding
Agricultural lending portfolio exposed to commodity price swings

Piotroski VR-10 (Strict) 3.5

Net Income: 154.2m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.46 > 1.0
NWC/Revenue: -2.39k% < 20% (prev -1.17k%; Δ -1.22k% < -1%)
CFO/TA 0.01 > 3% & CFO 182.5m > Net Income 154.2m
Net Debt (-60.7m) to EBITDA (204.3m): -0.30 < 3
Current Ratio: 0.01 > 1.5 & < 3
Outstanding Shares: last quarter (15.2m) vs 12m ago -1.32% < -2%
Gross Margin: 62.12% > 18% (prev 67.60%; Δ -5.47% > 0.5%)
Asset Turnover: 4.29% > 50% (prev 6.01%; Δ -1.72% > 0%)
Interest Coverage Ratio: 1.03 > 6 (EBIT TTM 193.5m / Interest Expense TTM 188.5m)

Altman Z'' -4.86

A: -0.81 (Total Current Assets 153.5m - Total Current Liabilities 12.6b) / Total Assets 15.4b
B: 0.05 (Retained Earnings 755.3m / Total Assets 15.4b)
C: 0.02 (EBIT TTM 193.5m / Avg Total Assets 12.2b)
D: 0.17 (Book Value of Equity 2.27b / Total Liabilities 13.1b)
Altman-Z'' = -4.86 = D

Beneish M -2.01

DSRI: 2.04 (Receivables 53.3m/26.8m, Revenue 522.1m/536.7m)
GMI: 1.09 (GM 67.60% / 62.12%)
AQI: 1.16 (AQ_t 0.98 / AQ_t-1 0.84)
SGI: 0.97 (Revenue 522.1m / 536.7m)
TATA: -0.00 (NI 154.2m - CFO 182.5m) / TA 15.4b)
Beneish M = -2.01 (Cap -4..+1) = BB

What is the price of NIC shares?

As of October 06, 2026, the stock is trading at USD 164.62 with a total of 161,040 shares traded. Over the past week, the price has changed by -1.28%, over one month by -4.38%, over three months by -0.69% and over the past year by +22.84%.

Current recommended Stop Loss: 159.70 (which is 3% or 1.3 ATR below the current price).

Is NIC a buy, sell or hold?

Nicolet Bankshares has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy NIC.

StrongBuy: 1
Buy: 3
Hold: 2
Sell: 0
StrongSell: 0

What are the forecasts/targets for the NIC price?

Analysts Target Price	191.8	16.5%

Nicolet Bankshares (NIC) - Fundamental Data Overview as of 03 October 2026

Market Cap USD = 3.43b (3.43b USD * 1.0 USD.USD)
P/E Trailing = 18.343
P/E Forward = 14.8368
P/S = 6.7207
P/B = 1.5203
P/EG = 1.921
Revenue TTM = 522.1m USD
EBIT TTM = 193.5m USD
EBITDA TTM = 204.3m USD
Long Term Debt = 92.8m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 92.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -60.7m USD (calculated: Debt 92.8m - CCE 153.5m)
Enterprise Value = 3.37b USD (3.43b + Debt 92.8m - CCE 153.5m)
Interest Coverage Ratio = 1.03 (Ebit TTM 193.5m / Interest Expense TTM 188.5m)
EV/FCF = 19.21x (Enterprise Value 3.37b / FCF TTM 175.3m)
FCF Yield = 5.20% (FCF TTM 175.3m / Enterprise Value 3.37b)
FCF Margin = 33.58% (FCF TTM 175.3m / Revenue TTM 522.1m)
Net Margin = 29.53% (Net Income TTM 154.2m / Revenue TTM 522.1m)
Gross Margin = 62.12% ((Revenue TTM 522.1m - Cost of Revenue TTM 197.7m) / Revenue TTM)
Gross Margin QoQ = 55.39% (prev 46.44%)
Tobins Q-Ratio = 0.22 (Enterprise Value 3.37b / Total Assets 15.4b)
Interest Expense / Debt = 203.2% (Interest Expense 188.5m / Debt 92.8m)
Taxrate = 20.35% (39.4m / 193.5m)
NOPAT = 154.2m (EBIT 193.5m * (1 - 20.35%))
Current Ratio = 0.01 (Total Current Assets 153.5m / Total Current Liabilities 12.6b)
Debt / Equity = 0.04 (Debt 92.8m / totalStockholderEquity, last quarter 2.27b)
Debt / EBITDA = -0.30 (Net Debt -60.7m / EBITDA 204.3m)
Debt / FCF = -0.35 (Net Debt -60.7m / FCF TTM 175.3m)
Total Stockholder Equity = 1.75b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.27% (Net Income 154.2m / Total Assets 15.4b)
RoE = 8.81% (Net Income TTM 154.2m / Total Stockholder Equity 1.75b)
RoCE = 10.50% (EBIT 193.5m / Capital Employed (Equity 1.75b + L.T.Debt 92.8m))
RoIC = 1.00% (NOPAT 154.2m / Invested Capital 15.4b)
WACC = 7.08% (E(3.43b)/V(3.52b) * Re(7.27%) + (debt cost/tax rate unavailable))
Discount Rate = 7.27% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -31.73 | Cagr: -0.06%
[DCF] Terminal Value 77.97% ; FCFF base≈162.2m ; Y1≈185.9m ; Y5≈273.6m
[DCF] Fair Price = 199.4 (EV 4.12b - Net Debt -60.7m = Equity 4.18b / Shares 21.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 99.47 | EPS CAGR: 23.86% | SUE: 0.50 | # QB: 0
Revenue Correlation: 79.57 | Revenue CAGR: 9.97% | SUE: -0.04 | # QB: 0
EPS current Quarter (2026-09-30): EPS=3.05 | Chg30d=+0.20% | Revisions=-38% | Analysts=5
EPS current Year (2026-12-31): EPS=12.05 | Chg30d=+0.05% | Revisions=+38% | GrowthEPS=+22.8% | GrowthRev=+74.2%
EPS next Year (2027-12-31): EPS=13.45 | Chg30d=+0.22% | Revisions=+12% | GrowthEPS=+11.6% | GrowthRev=+8.5%
[Analyst] Revisions Ratio: +6% (up=8, down=7)