Nicolet Bankshares, Inc. (NIC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-62.6%

$65.56

vs $175.53 price

Levered DCF

$136.69

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.47

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.06×	12.73×	19.3×	11.77×	15.18×	11.4×	12.93×	11.46×
P/B	1.44×	1.35×	1.14×	1.14×	1.03×	1.27×	1.37×	1.22×
P/S	3.29×	3.04×	2.85×	3.34×	3.85×	3.22×	3.67×	2.85×
EV / EBITDA	6.4×	6.99×	8.15×	10.06×	5.48×	-1.01×	7.27×	4.87×
Gross margin	69.5%	66.5%	65.5%	86.3%	88.1%	85.8%	87.7%	87.6%
Operating margin	33.8%	29.9%	20.8%	37.9%	33.9%	38.0%	37.0%	33.2%
Net margin	27.3%	23.9%	14.8%	28.4%	25.4%	28.2%	28.4%	24.9%
Current ratio	5,079.45×	0.18×	0.18×	0.16×	0.25×	0.36×	0.23×	0.26×
Debt / equity	0.11×	0.14×	0.16×	0.56×	0.24×	0.1×	0.13×	0.2×
Interest coverage	1.14×	0.91×	0.61×	3.7×	5.96×	4.07×	3.16×	2.9×
Dividend yield	1.0%	1.0%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	12.4%	13.3%	18.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	10.6%	5.9%	9.7%	6.8%	11.2%	10.6%	10.6%
Return on invested capital	1.6%	8.9%	4.8%	6.2%	5.2%	10.2%	9.4%	8.9%
Return on assets	1.6%	1.4%	0.7%	1.1%	0.8%	1.3%	1.5%	1.3%
Free cash flow yield	8.2%	7.4%	7.6%	9.5%	9.2%	9.9%	7.6%	9.9%
Earnings yield	8.3%	7.9%	5.2%	8.5%	6.6%	8.8%	7.7%	8.7%
Enterprise value	$1.3B	$1.2B	$855.6M	$1.5B	$520.3M	-$92.7M	$572.4M	$297.2M
Net debt / EBITDA	-2.6×	-2.18×	-3.15×	2.54×	-4.21×	-8.5×	-1.7×	-2.84×
Cash conversion cycle (days)	-12,254	0	117	-412	-707	-490	-513	-240