Latest Ratios: P/E Ratio 17.0x · EV/EBITDA 10.3x · ROE 12.4%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $1.9B | $1.6B | $1.2B | $1.1B | $956M | $699M | $731M | $486M | $545M | $358M |
| Enterprise Value | $2.1B | $1.3B | $1.2B | $882M | $1.5B | $555M | $-79115650 | $597M | $313M | $467M | $264M |
| P/E Ratio → | 16.99 | 12.40 | 13.03 | 19.73 | 12.16 | 15.76 | 11.64 | 13.38 | 11.84 | 16.44 | 20.12 |
| P/S Ratio | 4.73 | 3.38 | 3.11 | 2.91 | 3.45 | 4.00 | 3.28 | 3.80 | 2.95 | 3.80 | 3.51 |
| P/B Ratio | 2.03 | 1.49 | 1.38 | 1.17 | 1.18 | 1.07 | 1.30 | 1.41 | 1.25 | 1.49 | 1.30 |
| P/FCF | 17.48 | 12.50 | 13.80 | 13.51 | 10.91 | 11.26 | 10.27 | 13.60 | 10.40 | 14.09 | 17.27 |
| P/OCF | 17.01 | 12.17 | 12.09 | 11.23 | 9.77 | 9.79 | 8.86 | 12.58 | 9.53 | 13.39 | 14.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.43 | 2.39 | 2.12 | 4.58 | 2.32 | -0.37 | 3.10 | 1.90 | 3.26 | 2.58 |
| EV / EBITDA | 10.33 | 6.65 | 7.22 | 8.40 | 10.31 | 5.85 | -0.86 | 7.62 | 5.12 | 8.23 | 7.94 |
| EV / EBIT | 11.16 | 7.18 | 8.00 | 10.18 | 12.11 | 6.85 | -0.98 | 8.36 | 5.71 | 9.40 | 9.39 |
| EV / FCF | — | 8.99 | 10.59 | 9.83 | 14.47 | 6.54 | -1.16 | 11.12 | 6.69 | 12.07 | 12.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 66.5% | 65.5% | 86.3% | 88.1% | 85.8% | 87.7% | 87.6% | 91.0% | 91.1% |
| Operating Margin | 33.8% | 33.8% | 29.9% | 20.8% | 37.9% | 33.9% | 38.0% | 37.0% | 33.2% | 34.7% | 27.5% |
| Net Profit Margin | 27.3% | 27.3% | 23.9% | 14.8% | 28.4% | 25.4% | 28.2% | 28.4% | 24.9% | 23.1% | 18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 11.2% | 6.1% | 10.1% | 8.5% | 11.4% | 12.1% | 10.9% | 10.3% | 9.6% |
| ROA | 1.7% | 1.7% | 1.4% | 0.7% | 1.1% | 1.0% | 1.5% | 1.6% | 1.4% | 1.3% | 1.1% |
| ROIC | 10.3% | 10.3% | 9.2% | 4.8% | 7.2% | 7.1% | 10.3% | 10.2% | 9.1% | 9.8% | 9.1% |
| ROCE | 3.5% | 3.5% | 11.6% | 7.0% | 10.7% | 9.3% | 13.7% | 13.6% | 12.3% | 13.8% | 12.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.14 | 0.16 | 0.56 | 0.24 | 0.10 | 0.13 | 0.20 | 0.21 | 0.14 |
| Debt / EBITDA | 0.67 | 0.67 | 0.94 | 1.59 | 3.67 | 2.28 | 0.59 | 0.86 | 1.27 | 1.37 | 1.13 |
| Net Debt / Equity | — | -0.42 | -0.32 | -0.32 | 0.39 | -0.45 | -1.44 | -0.26 | -0.45 | -0.21 | -0.34 |
| Net Debt / EBITDA | -2.60 | -2.60 | -2.18 | -3.15 | 2.54 | -4.21 | -8.50 | -1.71 | -2.84 | -1.37 | -2.85 |
| Debt / FCF | — | -3.52 | -3.20 | -3.69 | 3.57 | -4.72 | -11.43 | -2.49 | -3.71 | -2.01 | -4.56 |
| Interest Coverage | 1.14 | 1.14 | 0.91 | 0.61 | 3.70 | 5.96 | 4.07 | 3.17 | 2.90 | 4.73 | 3.83 |
Net cash position: cash ($660M) exceeds total debt ($135M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5079.45 | 5079.45 | 0.13 | 0.18 | 0.16 | 0.25 | 0.36 | 0.23 | 0.26 | 0.24 | 0.26 |
| Quick Ratio | 5079.45 | 5079.45 | 0.13 | 0.18 | 0.16 | 0.25 | 0.36 | 0.23 | 0.26 | 0.24 | 0.26 |
| Cash Ratio | 450.67 | 450.67 | 0.07 | 0.07 | 0.02 | 0.09 | 0.21 | 0.07 | 0.10 | 0.06 | 0.07 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 1.0% | 1.0% | 0.9% | — | — | — | — | — | 0.1% | 0.2% |
| Payout Ratio | 12.4% | 12.4% | 13.3% | 18.1% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 8.1% | 7.7% | 5.1% | 8.2% | 6.3% | 8.6% | 7.5% | 8.4% | 6.1% | 5.0% |
| FCF Yield | 5.7% | 8.0% | 7.2% | 7.4% | 9.2% | 8.9% | 9.7% | 7.4% | 9.6% | 7.1% | 5.8% |
| Buyback Yield | 3.4% | 4.8% | 0.6% | 0.1% | 5.4% | 6.5% | 6.0% | 3.9% | 4.7% | 2.8% | 4.9% |
| Total Shareholder Yield | 4.1% | 5.8% | 1.7% | 1.0% | 5.4% | 6.5% | 6.0% | 3.9% | 4.7% | 2.9% | 5.0% |
| Shares Outstanding | — | $15M | $15M | $15M | $14M | $11M | $11M | $10M | $10M | $10M | $8M |
Acquisition-driven earnings volatility
Based on recent market data, Nicolet trades at a P/B of 2.00, which appears to command a premium relative to peers like NBT Bancorp, suggesting investors are pricing in long-term franchise value despite the significant earnings volatility observed in recent quarterly filings.
The current P/B multiple implies that the market expects a recovery in return on tangible equity as acquisition-related accounting noise subsides. However, given the recent compression in profitability metrics, this valuation may be vulnerable if the bank fails to demonstrate consistent organic earnings growth in the coming quarters.
As reported in financial statements, Nicolet's ROE has remained constrained between 0.9% and 3.5% over the last ten quarters, indicating that the bank's profitability is currently struggling to overcome the drag from acquisition-related expenses and inconsistent non-interest income contributions.
The decomposition of ROE suggests that the bank's reliance on inorganic growth has temporarily diluted core profitability. Investors should monitor whether the bank can improve its asset utilization and stabilize fee income to drive a more sustainable return on equity profile.
According to quarterly data, Nicolet's net interest margin has largely stagnated below 1.0% for most of the last ten quarters, reflecting persistent challenges in managing funding costs against a backdrop of rapid balance sheet expansion and competitive regional pressures.
The efficiency ratio, which has fluctuated significantly, suggests that the bank has yet to fully realize the operational synergies from its recent M&A activity. This inconsistency in cost control warrants further investigation into whether the current branch-heavy model can achieve the necessary scale to improve margins.
Based on a comparison with peers like BancFirst and First Financial, Nicolet's current ROE of 0.9% significantly lags the group average, highlighting a structural gap that may be attributed to the bank's aggressive acquisition strategy and the resulting integration-related accounting impacts.
While peers maintain more stable profitability metrics, Nicolet's performance appears heavily influenced by its unique, acquisition-heavy growth trajectory. This divergence suggests that the bank's current performance is cyclical rather than structural, though the duration of this cycle remains uncertain.
The P/E ratio is frequently misapplied to Nicolet, as reported in financial analysis, because it fails to account for the significant non-cash purchase accounting adjustments and CECL provisions that artificially distort quarterly earnings and obscure the bank's true underlying operational performance.
Investors should prioritize P/TBV and adjusted ROE metrics over P/E, as the latter is highly sensitive to the timing of acquisitions and accounting charges. Relying on P/E in this context may lead to an inaccurate assessment of the bank's valuation relative to its long-term earnings potential.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NIC stock.
Nicolet Bankshares, Inc.'s current P/E ratio is 17.0x. The historical average is 13.4x. This places it at the 85th percentile of its historical range.
Nicolet Bankshares, Inc.'s current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Nicolet Bankshares, Inc.'s return on equity (ROE) is 12.4%. The historical average is 10.3%.
Based on historical data, Nicolet Bankshares, Inc. is trading at a P/E of 17.0x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nicolet Bankshares, Inc.'s current dividend yield is 0.73% with a payout ratio of 12.4%.
Nicolet Bankshares, Inc. has 69.5% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Nicolet Bankshares, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.