Nicolet Bankshares (NIC) has put up a solid set of FY 2025 numbers, with fourth quarter revenue at US$103.2 million and basic EPS of US$2.72, backed by trailing twelve month revenue of US$387.8 million and EPS of US$10.06. Over recent periods the company has seen revenue move from US$346.5 million and EPS of US$8.24 on a trailing basis in Q4 2024 to the latest trailing figures, giving investors a clear view of how the earnings engine is scaling. With a reported trailing net profit margin of 38.9% versus 35.8% a year earlier and improving net interest margin, the latest results frame a story of tighter profitability that many holders will be watching closely.

See our full analysis for Nicolet Bankshares.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the widely followed growth and quality narratives around Nicolet Bankshares and where the data may challenge those views.

Margins Lift as Net Interest Margin Reaches 3.86%

• Net interest margin sits at 3.86% in both Q4 and Q3 2025, up from 3.58% in Q1 2025 and 3.51% in Q3 2024, alongside a trailing net profit margin of 38.9% compared with 35.8% a year earlier.
• What supports a bullish angle is that higher margins sit next to 21.5% earnings growth over the last year and a five year annualized earnings growth rate of 19.2%, which ties profit quality to concrete numbers.
  • Trailing twelve month net income is US$150.7 million versus US$124.1 million a year earlier, which lines up with the 21.5% earnings growth figure.
  • Trailing twelve month revenue is US$387.8 million compared with US$346.5 million a year earlier, so margin expansion is occurring on a higher revenue base rather than a static one.

To see how these margin gains fit into the bigger long term story that investors are debating, have a look at the latest balanced narrative on Nicolet Bankshares and how it frames growth, risks, and valuation. 📊 Read the full Nicolet Bankshares Consensus Narrative.

Loan Book Near US$6.8b With Non Performing Loans at US$31.7m

• Total loans are reported at US$6.8b at Q4 2025 compared with US$6.6b at Q4 2024, while non performing loans sit at US$31.7 million versus US$28.4 million a year earlier on a trailing basis.
• Supporters of a bullish view often point to earnings quality, and the data here show 21.5% earnings growth over the year alongside this loan book profile, which ties reported credit metrics into the growth story.
  • Across the last twelve months, net income of US$150.7 million sits above the prior US$124.1 million level, even as non performing loans moved from US$28.4 million to US$31.7 million.
  • EPS on a trailing basis is US$10.06 compared with US$8.24 a year earlier, so per share profit growth is tracking the same broad pattern as total net income.

DCF Fair Value of US$184.01 Versus Share Price of US$144.96

• The shares trade at US$144.96, while the provided DCF fair value is US$184.01, which is described as a 21.2% gap, and the trailing P/E of 14.1x sits above the US banks average of 11.8x but below the peer average of 19.4x.
• Supporters of a bullish stance highlight that 21.5% trailing earnings growth and the 19.2% five year annualized growth rate sit beside that DCF gap, and the mixed P/E comparisons add an extra angle for investors to weigh.
  • Forecasts in the dataset refer to earnings growth of 33.9% per year and revenue growth of 23.9% per year, which is one reason some investors look closely at the difference between the current price and the DCF fair value.
  • At the same time, the 14.1x P/E being higher than the broader industry but lower than peers gives two different reference points for how the market is currently pricing that growth and profitability profile.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Nicolet Bankshares's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Nicolet Bankshares pairs stronger profitability metrics with a P/E of 14.1x that sits above the broader US banks average and non performing loans that have edged higher.

If richer pricing and that move in non performing loans give you pause, check out our solid balance sheet and fundamentals stocks screener (390 results) to focus on companies with sturdier financial foundations and cleaner credit profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.