Nicolet Bankshares Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Nicolet Bankshares Inc (NIC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Nicolet Bankshares Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 510M vs 38,582M combined for tracked competitors (1.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+38.2% annualized vs trailing 12 months), vs decelerating (-2.7%) for its tracked peer group.
- Growth: Nicolet Bankshares Inc generated 86.1% revenue growth year over year in Q2 2026, vs -1.4% for its tracked competitors combined.
- Profitability: Its 32.3% net margin compares with 11.4% for the peer group.
- Scale: Nicolet Bankshares Inc ranks #28 of 83 companies by market capitalization in the Commercial Banks industry, holding 0.1% of industry market cap.
- Peer revenue share: Nicolet Bankshares Inc accounted for 1.8% of combined revenue among its tracked peer group, up from 1.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.52M compares with $0.08M for the peer group (6.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NIC Sales vs. its Competitors, Q2 2026
Nicolet Bankshares Inc reported revenue growth of 86.13 % year on year in Q2 2026, above its competitors' combined revenue change of -1.36 %.
With a net margin of 32.28 %, Nicolet Bankshares Inc achieved higher profitability than its competitors (11.36 %).
Nicolet Bankshares Inc generated 1.84 % of the combined sales of its peer group, up from 0.99 % a year earlier.
Nicolet Bankshares Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Nicolet Bankshares Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Nicolet Bankshares Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Nicolet Bankshares Inc's competitor groups requires a Commercial License.
For context: the Commercial Banks industry grew revenue 44.1% year over year, combined, vs 86.1% for Nicolet Bankshares Inc. Nicolet Bankshares Inc's share of combined industry revenue moved from 0.05% to 0.06%, a gain of 0.01 percentage points.
Nicolet Bankshares Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Nicolet Bankshares Inc | Yes | Yes | Yes | No |
| Competitors combined (3) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NIC Stock Performance relative to its Competitors
NIC Stock Performance relative to High-Confidence Competitors
NIC Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Financial Institutions Inc | 282.9% | Outperformed |
| 2 | Starbucks Corporation | 282.9% | Outperformed |
| 3 | Bank Bradesco | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Nicolet Bankshares Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Nicolet Bankshares Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Nicolet Bankshares Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Nicolet Bankshares Inc | 3,623.30 | 510.22 |
| Starbucks Corporation | 108,969.83 | 38,338.30 |
| Bank Bradesco | 17,745.97 | 118.96 |
| Financial Institutions Inc | 788.67 | 243.46 |
| SUBTOTAL | 131,127.76 | 39,210.94 |
Sources: Nicolet Bankshares Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Nicolet Bankshares Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Nicolet Bankshares Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Surge Components Inc | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| Starbucks Corporation | Named by the company | 85% |
| Financial Institutions Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Nicolet Bankshares Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Nicolet Bankshares Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Starbucks Corporation | North America 79.32 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Nicolet Bankshares Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Nicolet Bankshares Inc | 3,623 | 517,467 | 156,345 |
| Starbucks Corporation | 108,970 | 100,625 | 5,202 |
| Bank Bradesco | 17,746 | 1,449 | 55,371 |
| Financial Institutions Inc | 789 | 385,837 | 130,945 |
| PEERS TOTAL | 127,504 | 83,456 | 14,255 |
Nicolet Bankshares Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Starbucks Corporation | United States 79.18 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Nicolet Bankshares Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 81 companies in Nicolet Bankshares Inc's industry classification, broader than the peer set above. Market cap in millions of $.Nicolet Bankshares Inc ranks #28 of 81 companies by market capitalization in its industry, holding 0.15 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,895, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Jpmorgan Chase and Co | 916,675 | 36.90 % |
| 2 | Bank Of America Corporation | 412,086 | 16.59 % |
| 3 | Wells Fargo and Company | 252,701 | 10.17 % |
| 4 | Citigroup inc | 236,874 | 9.53 % |
| 5 | Capital one financial corp | 1,234 | 5.2% |
| 6 | Us Bancorp De | 1,234 | 5.2% |
| 7 | Pnc Financial Services Group Inc | 1,234 | 5.2% |
| 8 | Truist Financial Corporation | 1,234 | 5.2% |
| 9 | Huntington Bancshares Incorporated | 1,234 | 5.2% |
| 10 | Mizuho Financial Group Inc | 1,234 | 5.2% |
| 28 | Nicolet Bankshares Inc | 3,646 | 0.15 % |
Market cap and industry share for the rest of Nicolet Bankshares Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Nicolet Bankshares Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 23 | Fnb Corp | 6,260 | 8.86 % |
| 24 | Fulton Financial Corp | 4,458 | 22.87 % |
| 25 | Wsfs Financial Corporation | 4,019 | 40.41 % |
| 26 | Wesbanco Inc | 3,724 | 19.89 % |
| 27 | Bancfirst Corporation | 1,234 | 12.3% |
| 28 | Nicolet Bankshares Inc | 3,646 | 26.55 % |
| 29 | First Financial Bancorp | 1,234 | 12.3% |
| 30 | Simmons First National Corp | 1,234 | 12.3% |
| 31 | Park National Corporation | 1,234 | 12.3% |
| 32 | Community Financial System Inc | 1,234 | 12.3% |
| 33 | Banc Of California Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Nicolet Bankshares Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Nicolet Bankshares Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Commercial Banks industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (46 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 65.76 % (avg) | - |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 67.35 % | 50.98 % (avg) | +16.4 pp |
| Capital Intensity (Capex / Revenue) | - | 1.97 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Nicolet Bankshares Inc's Valuation vs Competitive Position
Valuation multiples vs the Commercial Banks industry average (46 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 17.5x | 15.4x | +2.1x |
| EV / EBITDA | 8.9x | 6.3x | +2.6x |
| P/B | 1.9x | 1.3x | +0.6x |
| Return on Equity | 8.81 % | industry aggregate | -4.11 % |
| Return on Invested Capital | - | 3.36 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Nicolet Bankshares Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 423.07 % | 16.39 % | 7.98 % | 15.83 % | 36.10 % | -4.85 % | 27.15 % | 11.92 % |
| Operating Margin | 37.91 % | 42.47 % | 44.56 % | 38.55 % | 43.91 % | 31.79 % | 44.77 % | 48.21 % |
| Return on Invested Capital | 6.46 % | 7.28 % | 6.00 % | 5.21 % | 2.15 % | 0.92 % | 1.59 % | 7.12 % |
| P/E | 12.5x | 13.0x | - | - | 12.6x | 19.9x | 13.5x | 13.1x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Nicolet Bankshares Inc's BCG Growth-Share Matrix
Relative market share (vs Nicolet Bankshares Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Nicolet Bankshares Inc falls in the Question Mark quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 13.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Jpmorgan Chase and Co alone holds 37% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Nicolet Bankshares Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,895 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Nicolet Bankshares Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Nicolet Bankshares Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Nicolet Bankshares Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Nicolet Bankshares Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Nicolet Bankshares Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+38.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.00x).
Opportunities
- Industry revenue growing at a healthy 13.0% median pace.
Threats
- Industry dominated by Jpmorgan Chase and Co, holding 36.90 % of industry market cap.
- Tracked peer group's revenue run-rate is broadly decelerating (-2.7% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Nicolet Bankshares Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Nicolet Bankshares Inc | 0.02 | 1.39 | 0.08 |
| Starbucks Corporation | - | 0.79 | - |
| Bank Bradesco | - | 6.18 | - |
| Financial Institutions Inc | 0.01 | 1.33 | 0.37 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Nicolet Bankshares Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Nicolet Bankshares Inc | Q2 2026 | +86.1 % | +57.9 % |
| Starbucks Corporation | Q2 2026 | -1.4 % | +87.1 % |
| Bank Bradesco | Q4 2025 | -71.8 % | +36.4 % |
| Financial Institutions Inc | Q2 2026 | +7.0 % | +20.8 % |
| PEERS TOTAL | -3.5 % | +43.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Nicolet Bankshares Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Nicolet Bankshares Inc | Q2 2026 | -23.8 % | +661.0 % |
| Starbucks Corporation | Q2 2026 | - | -48.6 % |
| Bank Bradesco | Q4 2025 | - | +118.7 % |
| Financial Institutions Inc | Q2 2026 | +21.3 % | -46.9 % |
Nicolet Bankshares Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Nicolet Bankshares Inc | 1.25% | 2.90% | 8.81% |
| Starbucks Corporation | 6.45% | 6.70% | - |
| Bank Bradesco | 1.03% | 1.03% | 13.37% |
| Financial Institutions Inc | 1.31% | 3.75% | 13.09% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Nicolet Bankshares Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Nicolet Bankshares Inc | 18.99 | 7.10 |
| Starbucks Corporation | 54.87 | 2.84 |
| Bank Bradesco | 0.75 | 149.18 |
| Financial Institutions Inc | 9.67 | 3.24 |
| PEERS AVERAGE | 19.38 | 3.34 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.