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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#1605
Positioning
Market Dominance
Finance, Insurance, And Real Estate
Banking
$2.0B
Michael E. Daniels
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.
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Dates updated upon official exchange announcement.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = NIC ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$SII SPROTT INC. | 75 | 91 | 87 | 98 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$PUK PRUDENTIAL PLC | 73 | 88 | 97 | 80 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$NMR NOMURA HOLDINGS INC | 72 | 81 | 92 | 87 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$PSLV Sprott Physical Silver Trust | 69 | 82 | 80 | 98 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$UFCS UNITED FIRE GROUP INC | 68 | 81 | 93 | 76 | 5.0x | 3.5x | 13.2% | 4.1% | 99.9% | 14.7% | 11.1% | 9.2% | 2.1% | 16.0x | $775M | VS | |
$SLF SUN LIFE FINANCIAL INC | 68 | 83 | 95 | 63 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$CBOE Cboe Global Markets, Inc. | 68 | 75 | 63 | 77 | 21.3x | 15.7x | 24.0% | 13.7% | 41.7% | 32.4% | 26.4% | 8.2% | 1.1% | 30.0x | $25.7B | VS | |
$VTMX Vesta Real Estate Corporation, S.A.B. de C.V. | 67 | 69 | 77 | 80 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$PHYS Sprott Physical Gold Trust | 67 | 64 | 82 | 91 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$GLDM World Gold Trust | 66 | 54 | 85 | 92 | 11.3x | 11.3x | - | 20.9% | 100.0% | 97.1% | 554.8% | -19.0% | 0.0% | - | $32.0B | VS | |
$NIC NICOLET BANKSHARES INC | 53 | 33 | 49 | 80 | 16.7x | 13.9x | 11.8% | 1.6% | 0.0% | 38.9% | 32.5% | 10.5% | 0.9% | 11.0x | $2.0B | ||
| SECTOR BENCH | - | - | - | - | - | 11.9x | 7.8x | 9.0% | 1.3% | 77.7% | 18.1% | 21.9% | 10.7% | 2.0% | 0.5x | - | REF |
NICOLET BANKSHARES INC (NIC) receives a "Hold" rating with a composite score of 52.5/100. It ranks #1605 out of 7,333 stocks in our coverage universe and carries a 3-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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Outperforming peers — winners tend to keep winning over 3-12 months
Fair valuation relative to peers
Weak fundamentals — higher risk of value trap
Average volatility — neutral timing signal
Moderate investment profile
Mid-range overall rating
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Relative valuation derived from Finance, Insurance, And Real Estate sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for NIC.
View All Ratings| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 33 | 55 | -22DRAG |
| MOMENTUM | 80 | 89 | -9DRAG |
| VALUATION | 49 | 64 | -15DRAG |
| INVESTMENT | 44 | 86 | -42DRAG |
| STABILITY | 55 | 59 | -4NEUTRAL |
| SHORT INT | 33 | 23 | +10ALPHA |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROIC 64.5% vs WACC 10.0% (spread +54.4%)
GM 0% vs sector 78%, OM 39% vs sector 18%
Capital turnover 2.99x
Rev growth 11%, 10yr history
Interest coverage 1.3x, Net debt/EBITDA 0.8x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
We rate NICOLET BANKSHARES INC (NIC) as a Hold with a composite score of 52.5/100 at a current price of $156.92. The stock presents a mixed quantitative picture — neither compelling enough to warrant new accumulation nor weak enough to justify selling.
NICOLET BANKSHARES INC holds a top-quartile position (#0 of 50) within the Finance, Insurance, And Real Estate sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 52.5/100 places it at rank #1605 in our full universe.
The near-term outlook is constructive, with revenue growing at 11% and momentum in the 80th percentile confirming positive market sentiment. The combination of strong top-line growth and favorable price dynamics suggests the company is executing well on its growth strategy.
Narrow
Low
Standard
Fair Value
Positive momentum indicates institutional accumulation.
Stable competitive position in a defensive sector.
Below-average quality raises earnings sustainability concerns.
Vulnerability to macroeconomic shocks and interest rate volatility.
NICOLET BANKSHARES INC represents a hold based on multi-factor quantitative performance.
Our model assigns NICOLET BANKSHARES INC a Hold rating, with a composite score of 52.5/100 and 3 out of 5 stars. Ranked #1605 of 7,333 stocks, NIC presents a mixed quantitative picture — neither compelling enough to initiate new positions nor weak enough to warrant selling. Investors already holding may consider maintaining their position while monitoring for changes in the factor profile.
NIC's quality score of 33/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of 11.8% (sector avg: 9.0%), gross margins of 0.0% (sector avg: 77.7%), net margins of 32.5% (sector avg: 21.9%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 49/100, NIC appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/E ratio of 16.73x, an EV/EBITDA of 13.87x, a P/B ratio of 1.97x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
With an investment score of 44/100, NIC exhibits moderate growth-oriented spending. Key growth metrics include revenue growth of 10.5% vs. a sector average of 10.7% and a return on assets of 1.6% (sector: 1.3%). The company appears to be balancing growth investments with capital returns, though the pace of investment may not be enough to accelerate top-line growth meaningfully.
NIC shows strong momentum characteristics with a score of 80/100. The stock has been trending above key moving averages, indicating solid demand from institutional buyers. Revenue growth stands at 10.5% year-over-year, while a beta of 0.73 reflects its sensitivity to broader market moves. This level of momentum typically signals sustained investor confidence and favorable near-term price action.
With a stability score of 55/100, NIC exhibits average financial resilience. Key stability metrics include a beta of 0.73 and a debt-to-equity ratio of 11.00x (sector avg: 0.5x). While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
NICOLET BANKSHARES INC's short interest score of 33/100 reveals significant bearish positioning, suggesting institutional investors are actively betting against the stock. Specific risk factors include elevated leverage (D/E: 11.00x), small-cap liquidity risk. At $2.0B (small-cap), NIC carries meaningful risk and is best suited for investors with high risk tolerance who have thoroughly evaluated the bear thesis.
NIC offers a modest dividend yield of 0.9%. This compares to a sector average dividend yield of 2.0%. While the income contribution is relatively small, even a small dividend signals management's commitment to shareholder returns and can serve as a signal of financial discipline.
NICOLET BANKSHARES INC is a small-cap company in the Finance, Insurance, And Real Estate sector, ranked #0 of 50 in its sector (100th percentile) and #1605 of 7,333 overall (78th percentile). Key comparisons include ROE of 11.8% exceeding the 9.0% sector median and operating margins of 38.9% above the 18.1% sector average. This top-quartile standing reflects exceptional competitive strength relative to Finance, Insurance, And Real Estate peers.
While NIC currently exhibits a HOLD profile, superior opportunities exist within the FINANCE, INSURANCE, AND REAL ESTATE sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Finance, Insurance, And Real Estate Alpha →Quant Factor Profile
Key factor gap
Momentum (80) vs Quality (33) — closing this gap could shift the rating.
EV/EBITDA 79% ABOVE SECTOR MEDIAN
ROE 31% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 100% BELOW SECTOR MEDIAN
Above 50MA
37.18%
Net New Highs
+51081

Nicolet Bankshares (NIC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Nicolet Bankshares, Inc. (NYSE:NIC) is among the 11 Best All-Time High Stocks to Buy According to Wall Street. On February 17, 2026, Nicolet Bankshares, Inc. (NYSE:NIC) completed its merger with MidWestOne Financial Group, with MidWestOne merging into Nicolet as the surviving corporation. MidWestOne Bank will operate as a division of Nicolet National Bank until a planned […]

Law firm Monteverde & Associates is investigating potential legal actions related to merger transactions involving four banking institutions, examining the terms and potential shareholder implications of these proposed deals.

Nicolet Bankshares will acquire MidWestOne Financial Group in an all-stock transaction valued at $864 million, creating a combined bank with $15.3 billion in assets and over 110 branches across the Upper Midwest.

Nicolet Bankshares (NIC) delivered earnings and revenue surprises of -1.15% and 1.63%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?