NIC
Nicolet Bankshares, Inc.Financial Services·Banks - Regional
$140.27
$2.2B market cap
Revenue
$241.6M
Free Cash Flow
$39.0M
Rev Growth
+0.0%
FCF Margin
16.1%
P/FCF
56.6x
EV/FCF
58.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals. The company accepts checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercia
2-Year Price History
$141.69+79.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 102.1 | 19.0 | 19.0 | 15.2 | 16.3 | 15.1 | -1.2 | 123.4 | 180.0 | 15.2 | 3.8% | 0.4x | -- |
| Act | 2025-Q4 | 139.4 | 50.2 | 50.2 | 40.3 | 27.0 | 23.9 | -3.1 | 1,184 | 134.9 | 15.2 | 29.7% | 1.3x | -- |
Valuation & Metrics
Market Stats
Price$140.27
Market Cap$2.2B
Enterprise Value$2.3B
P/S Ratio9.1x
P/FCF56.6x
EV/FCF58.0x
FCF Margin (TTM)16.1%
FCF Yield1.8%
Dividend Yield (TTM)1.2%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$241.6M
Net Income$55.5M
Free Cash Flow$39.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin28.7%
Net Margin23.0%
FCF Margin16.1%
CapEx % of Revenue1.8%
SBC % of Revenue3.7%
ROIC16.8%
WC Change % Rev-421.3%
Interest Coverage0.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.5M
Days to Cover2.7
Change (vs Prior)-3.1%
Need at least 2 settlement dates for chart
Employees
Headcount952
Revenue / Employee$253,731
Gross Profit / Employee$154,154
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
40.3%(+20.3% YoY)
215 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
32.8%(+16.2% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.5% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $241M | $111.63 | +$73.8M | +$68.4M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $122M | $148.62 | +$122M | +$122M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $122M | $109.38 | +$29.6M | +$26.1M | -0.4% | $480.92B |
| STATE STREET CORPPassive | $106M | $126.54 | +$37.5M | +$47.6M | -0.2% | $2.89T |
| WESTWOOD HOLDINGS GROUP INC | $72.3M | $148.62 | +$72.3M | +$72.3M | -0.3% | $13.73B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $67.9M | $118.69 | +$21.9M | +$19.0M | +2.3% | $1.61T |
| AMERICAN CENTURY COMPANIES INC | $48.2M | $129.97 | +$18.7M | +$43.6M | +0.7% | $193.48B |
| FJ Capital Management LLC | $45.5M | $147.44 | +$42.5M | +$45.5M | -0.8% | $888M |
| Boston Partners | $45.4M | $127.87 | +$17.5M | +$24.7M | +0.5% | $95.40B |
| GOLDMAN SACHS GROUP INC | $41.6M | $124.52 | +$23.7M | +$30.6M | -0.2% | $760.93B |
| FIRST TRUST ADVISORS LP | $39.0M | $113.56 | −$18.8M | −$12.3M | +0.1% | $139.72B |
| JENNISON ASSOCIATES LLC | $31.8M | $148.62 | +$31.8M | +$31.8M | +2.7% | $145.31B |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $31.4M | $148.62 | +$31.4M | +$31.4M | -0.3% | $13.84B |
| ALLIANCEBERNSTEIN L.P. | $31.0M | $71.64 | +$3.2M | −$7.8M | -0.3% | $307.70B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $30.4M | $118.86 | +$111K | −$4.5M | -0.2% | $113.45B |
| Invesco Ltd. | $30.3M | $141.50 | +$27.2M | +$26.4M | -0.2% | $652.04B |
| NORTHERN TRUST CORPPassive | $30.3M | $137.86 | +$12.4M | +$10.6M | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $23.4M | $118.35 | +$7.1M | +$6.6M | +0.7% | $645.81B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $21.8M | $148.62 | +$21.8M | +$21.8M | — | $1.91T |
| VANGUARD FIDUCIARY TRUST COPassive | $18.9M | $148.62 | +$18.9M | +$18.9M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.05%
avg per quarter
Holders (ex-self)
-0.03%
excl. this stock
Buyers (this Q)
-0.12%
166 buyers · $0.92B in
Sellers (this Q)
-0.21%
46 sellers · $0.03B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.3%
how holders react when this stock falls
On quiet Qs
-0.1%
−10% to +10% baseline
On rallies (+10%+)
-13.0%
how they react when this stock rises
Holders' portfolio flow this Q
+1.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.3%
Holder mid (any stock)
-2.2%
Holder rally (any stock)
-3.8%
Biggest decreases this quarter
NICOLET BANKSHARES INCexited−$107MFIRST TRUST ADVISORS LP−$18.8Mα+0.1TUDOR INVESTMENT CORP ET ALexited−$10.3MMILLENNIUM MANAGEMENT LLCexited−$7.9MRENAISSANCE TECHNOLOGIES LLCexited−$4.6MExodusPoint Capital Management, LPexited−$4.0MPoint72 Asset Management, L.P.exited−$3.4MHRT FINANCIAL LPexited−$2.1MVirtu Financial LLCexited−$2.0MEngineers Gate Manager LPexited−$1.6M
New buyers this quarter
Top-5 holders · 40.1%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
STATE STREET CORP--
WESTWOOD HOLDINGS GROUP INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
NICOLET BANKSHARES INC—FIRST TRUST ADVISORS LP262KWESTWOOD HOLDINGS GROUP INC487KFMR LLC48KAMERICAN CENTURY COMPANIES INC325KFJ Capital Management LLC306KBoston Partners305KMANUFACTURERS LIFE INSURANCE COMPANY, THE204KGOLDMAN SACHS GROUP INC280KALLIANCEBERNSTEIN L.P.255K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (4 analysts)$174.002400.0%
Current Price$140.27
Analyst Ratings
3
2
Buy: 3Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$275K
4 txns · 3 insiders · 2,370 sh
Sells ($, 12mo)
$4.85M
9 txns · 2 insiders · 34,426 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-12 | SELL | ATWELL ROBERT BRUCE | director | 3,309 | $149.82 | $496K | $5.10M |
| 2026-03-05 | SELL | ATWELL ROBERT BRUCE | director | 3,331 | $150.67 | $502K | $5.13M |
| 2026-02-18 | SELL | ATWELL ROBERT BRUCE | director | 6,396 | $155.47 | $994K | $5.29M |
| 2025-11-18 | BUY | MOORE HUBERT PHILLIP JR | officer: CFO | 25 | $120.35 | $3K | $48K |
| 2025-11-04 | BUY | Ghidorzi Christopher J. | director | 105 | $121.52 | $13K | $1.03M |
| 2025-10-30 | BUY | MOORE HUBERT PHILLIP JR | officer: CFO | 240 | $115.84 | $28K | $3.82M |
| 2025-10-30 | BUY | WEYERS ROBERT J | director | 2,000 | $115.75 | $231K | $3.04M |
| 2025-08-27 | SELL | Witczak Eric James | officer: EVP & Secretary | 1,588 | $139.42 | $221K | $4.03M |
| 2025-08-26 | SELL | Witczak Eric James | officer: EVP & Secretary | 1,564 | $136.70 | $214K | $3.95M |
| 2025-07-21 | SELL | ATWELL ROBERT BRUCE | director | 6,904 | $139.47 | $963K | $4.77M |
| 2025-07-18 | SELL | Witczak Eric James | officer: EVP & Secretary | 5,000 | $139.77 | $699K | $4.04M |
| 2025-06-09 | SELL | ATWELL ROBERT BRUCE | director | 3,126 | $118.30 | $370K | $4.05M |
| 2025-05-30 | SELL | ATWELL ROBERT BRUCE | director | 3,208 | $123.42 | $396K | $4.22M |
Order Flow (FINRA, ~3w lag)
10.8%retail-1.4pp
19.4%dark-4.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Nicolet Bankshares, Inc.: Standard Administrative Filing Lacks Material Forensic Data
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10