Nicolet Bankshares, Inc. (NIC) Stock

Nicolet Bankshares, Inc. (NIC) is a Financials stock trading at $171.68 (as of 2026-08-20), with a market capitalization of $3.60B and a trailing P/E of 23.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Nicolet Bankshares, Inc. is the bank holding company for Nicolet National Bank, providing deposit accounts such as checking, savings, and money market products, certificates of deposit, and retirement accounts, along with a range of commercial, real estate, agricultural, and consumer lending. It also offers services including cash management, international banking, personal brokerage, safe deposit boxes, trust and fiduciary and wealth management, plus online and mobile banking and related payment and deposit services.

Understand Nicolet Bankshares, Inc.: how it makes money

Nicolet Bankshares is a bank holding company for Nicolet National Bank, and it makes money by providing banking products and services, including accepting checking, savings, money market accounts, certificates of deposit, and individual retirement accounts, and offering a range of loans such as commercial, commercial real estate, agricultural, construction and land development, and residential real estate loans.

The company’s profitability is driven by how its deposit products (checking, savings, money market, CDs, and IRAs) and its loan portfolio categories (commercial, CRE, agricultural, construction and land development, and residential real estate) work together.

Business quality (Mixed): In the quarter ended 2026-03-31, the company reported operating margin of 12.0%, but no reportable segment revenue or operational KPI labels were provided here, limiting how precisely investors can analyze drivers.

Valuation: At 19× earnings, NIC trades 52% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Broad range of banking offerings: It accepts multiple types of deposit accounts and certificates of deposit, and it offers many loan categories including commercial, commercial real estate, agricultural, construction and land development, and residential real estate loans.
Serves both businesses and individuals: The company provides banking products and services for businesses and individuals, which can diversify customer needs across deposits and lending.

Bear case

Driver transparency is limited in the provided data: No official reportable segment revenue breakdown and no operational KPI candidates were provided, making it harder to pinpoint which part of the business is moving results.
Performance sensitivity across multiple loan categories: Because lending spans several categories (commercial, CRE, agricultural, construction and land development, and residential real estate), weaker performance in one or more categories could affect overall results.

Valuation — source: SEC EDGAR (first-party)
Price	$171.68
Market Cap	$3.60B
P/E Ratio	23.3
EV / EBITDA	15.8
Price / Book	1.58
Price / Sales	6.00
FCF Yield	4.8%
DCF Value (model)	$135.37
DCF Upside vs Price	-21.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$470.95M
Net Margin	32.0%
Revenue Growth (YoY)	70.8%
EPS Growth (YoY)	11.7%
FCF Growth (YoY)	132.7%

Valuation vs Sector & Industry
Stock P/E	23.3
Sector P/E (Financials)	15.1
Industry P/E (Banking)	12.9
vs Sector	54.2%
vs Industry	80.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($241.48M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Banking
CEO	Michael E. Daniels
Employees	952
Country	US
IPO Date	2013-05-17

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.