NICNICOLET BANKSHARES INC
National Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.6B
- Employees
- 2,025
- Net debt / EBITDA
- —
- −$340M net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo102% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo62% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentYes67% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 40th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $61M | $94M | $62M | $124M | $151M | 21% |
| Operating cash flow | $98M | $117M | $108M | $134M | $154M | 15% |
| Capex | $13M | $12M | $19M | $17M | $4M | 76% |
| Stock-based comp | $7M | $7M | $6M | $7M | $7M | 11% |
| Buybacks | $63M | $61M | $2M | $10M | $77M | 655% |
| Dividends | $0 | $0 | $11M | $17M | $19M | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $16K · 2
- Open-market sells, 12 mo
- $3M · 11
- Net
- −$3M
Pay vs performance
No pay-versus-performance disclosure yet.