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NICOLET BANKSHARES INC NIC

NYSE · stock · National Commercial Banks · website · IPO 2013-04-26

NICOLET BANKSHARES INC statistics & valuation

Market cap$3.5B
P / E23.0×
P / B2.8×
P / FCF23.2×
Dividend yield0.54%
Return on equity12.0%
Net debt$134.9M
Enterprise value USD$3.6B
Graham number -24.4%$134.04

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($134.04); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
6.70% 9.10% 10.60% 10.60% 11.20% 6.80% 9.70% 5.90% 10.60% 12.00% 2016201720182019202020212022202320242025
Shares outstanding
8.6M 10.0M 10.0M 10.6M 10.5M 14.0M 14.7M 15.1M 15.4M 15.4M 2016201720182019202020212022202320242025
Net debt ($)
-$128.1M -$76.9M $77.3M $67.6M $53.9M $216.9M $225.3M $166.9M $161.4M $134.9M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.80% 1.10% 1.30% 1.50% 1.30% 0.80% 1.10% 0.70% 1.40% 1.60% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.00× 0.21× 0.20× 0.13× 0.10× 0.24× 0.23× 0.16× 0.14× 0.11× 2016201720182019202020212022202320242025
EPS ($)
$2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05 $9.78 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NICOLET BANKSHARES INC trades at about 18.1× earnings — above its 10-year norm (10-year range 11.1×–20.5×, median 14.9×).

11.1× 20.5×

Shaded band = 10-year range (11.1×–20.5×); dot = today's 18.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets1.6%1.4%0.7%1.1%0.8%1.3%1.5%1.3%1.1%0.8%
Return on equity12.0%10.6%5.9%9.7%6.8%11.2%10.6%10.6%9.1%6.7%
Debt / equity0.11×0.14×0.16×0.23×0.24×0.10×0.13×0.20×0.21×0.00×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.