NICOLET BANKSHARES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NICOLET BANKSHARES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	7.33	10.5	18.9	22.5	19.9	13.6	34	141
Pre-tax income	28.1	49.7	54.8	71.4	80.9	81.1	126	86.6	155	187
Income tax	9.37	16.3	13.4	16.5	20.5	20.5	31.5	25.1	31.1	36.3
Net income to minority interests	0.23	0.28	0.32	0.35	0.35	0	0
Net income	18.5	33.2	41	54.6	60.1	60.7	94.3	61.5	124	151
EPS, basic	2.49	3.51	4.26	5.71	5.82	5.65	6.78	4.17	8.24	10.06
EPS, diluted	2.37	3.33	4.12	5.52	5.70	5.44	6.56	4.08	8.05	9.78
Shares, basic (weighted)	7.16	9.44	9.64	9.56	10.3	10.7	13.9	14.7	15	15
Shares, diluted (weighted)	7.51	9.96	9.96	9.9	10.5	11.1	14.4	15.1	15.4	15.4
Dividend per share								0.75	1.09	1.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	129	155	250	182	803	595	155	491	536	660
Property, plant and equipment	45.9	47.2	48.2	56.5	59.9	94.6	109	119	127	120
Goodwill	66.7	107	107	151	163	317	367	367	367	367
Intangible assets		21	16.9	14.8	12.2	22.3	35.1	27	20.8
Total assets	2,301	2,932	3,097	3,577	4,552	7,695	8,764	8,469	8,797	9,185
Short-term debt		0	0	0	0	0	317	0	0	0
Total liabilities	2,025	2,568	2,709	3,060	4,013	6,803	7,791	7,430	7,624	7,927
Total debt	1	78	77.3	67.6	53.9	217	225	167	161	135
Paid-in capital	210	264	248	313	273	575	622	634	656	583
Retained earnings	68.9	102	144	199	253	314	408	458	566	698
Other comprehensive income	-2.73	-2.15	-5.64	4.42	12.7	3.1	-57.5	-53.2	-48.6	-23.5
Shareholders' equity	276	364	387	516	539	892	973	1,039	1,173	1,258
Minority interests	0.42	0.7	0.74	0.73	0
Total equity	276	365	387	517	539	892	973	1,039	1,173	1,258
Total liabilities and equity	2,301	2,932	3,097	3,577	4,552	7,695	8,764	8,469	8,797	9,185
Shares outstanding	8.55	9.82	9.5	10.6	10	14	14.7	14.9	15.4	14.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	18.7	33.4	41.4	55	60.5	60.7	94.3	61.5	124	151
Depreciation and amortization	5.13	7.07	6.28	7.31	10.7	13.9	21.9	18.4	17	15
Stock-based compensation	1.61	3.06	4.9	5.04	5.7	7.31	7.02	6.44	6.64	7.34
Deferred income tax	2.97	6.96	-1.52	-2.65	3.13	6.33	-12.9	3.03	-7.38	-4.64
Cash from operations	24.8	40.7	51	58.1	78.9	97.7	117	108	134	154
Capital expenditures	-4.05	-3.74	-4.26	-4.39	-10.8	-12.8	-12.2	-18.6	-16.9	-4.09
Acquisitions	66.5	9.12		7.33	-21.8	368	-28.2	0	0
Purchases of investments	-82.4	-63.1	-76.6	-95.6	-171	-300	-8.62	-59.7	-110	-140
Sales and maturities of investments	35.6	47.6	66.7	53.9	94.8	167	104	285	106	107
Cash from investing	51.4	-151	-77.1	-63.2	-209	-371	-516	591	-288	-231
Debt issued	0	30	0	0	368	104	0	0
Debt repaid	-56.5	-9.55	-1.25	-87.2	-384	-188	-20	-59	-5.17	-27.4
Stock issued	1.9	4.03	1.8	8.74	2.06	2.38	0.75	0.84	0.59	0.1
Share buybacks	-5.2	-15	-22.7	-28.5	-42.1	-62.6	-61.5	-1.52	-10.1	-76.6
Dividends paid						0	0	-11.1	-16.5	-18.7
Cash from financing	-30.8	136	121	-62.5	751	65.4	-41.6	-363	199	201
Net change in cash	45.5	25.8	94.6	-67.5	621	-208	-441	337	44.6	124
Free cash flow	20.8	37	46.7	53.7	68.1	84.9	105	89.4	117	149
Interest paid	7.51	10.9	18.5	22.3	23.5	10.9	37.4	138	170	164
Income taxes paid	7.15	12.8	10.8	16.1	22	24.3	33.6	23	25.3	39.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $168.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	20.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	21.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	27.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.6%	Total debt / total assets.
Liabilities / assets	85.3%	Total liabilities / total assets.
Net debt	-$372.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	5.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.44B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$8.40	Cash from operations / diluted weighted shares.
Book value per share	$107.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$68.23	Tangible book value / shares outstanding.
Cash per share	$22.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.53B	Share price x shares outstanding.
Enterprise value	$3.16B	Market cap + total debt - cash - short-term investments.
P/E	22.9x	Market cap / net income. Only when net income is positive.
P/B	1.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.46x	Market cap / tangible book value, when positive.
P/OCF	19.3x	Market cap / cash from operations, when positive.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.61x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was NICOLET BANKSHARES INC profitable in fiscal 2025?

Yes. Net income was $150.7M, a net margin of -.

How much free cash flow did NICOLET BANKSHARES INC generate in fiscal 2025?

Cash from operations of $153.5M minus capital expenditures of $4.1M left free cash flow of $149.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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