Stock fact sheet · data as of
Nicolet Bankshares, Inc. (NIC): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Value
Is NIC undervalued?
At 164.41 (close of 16 Oct 2026), NIC trades within a few percent of the GLS average fair value of 177.31 (7.3% below fair value). 9 models produced a value and they split 4 above the price to 5 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.
The 9 models disagree widely: DDM gives 20.01 while Graham Growth gives 322.20. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files NIC under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for NIC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 61.78 | -62% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 189.60 | +15% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 322.20 | +96% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 120.50 | -27% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 161.10 | -2% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 292.96 | +78% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 311.92 | +90% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 20.01 | -88% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 115.70 | -30% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -23.19 | -114% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 194.00 | +18% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - NIC passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.8 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
Returns on capital are moderate - ROIC 10.8%, ROE 12.0%, ROA 1.6% - with debt at 0.11 times equity and a free-cash-flow yield of 5.1%.
The dividend yield is 0.83% with a payout ratio of 16% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Investment Advisory, Management and Adm… 53%, Credit and Debit Card 29%, Deposit Account 19% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 4/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 10.8% |
|---|---|---|---|
| GLS Moat | 6.8 / 10 | ROE | 12.0% |
| Debt / equity | 0.11 | ROA | 1.6% |
| Free-cash-flow yield | 5.1% | Payout ratio | 16% |
| Institutions | 5 / 10 | Insiders · Congress | 4 · 5 / 10 |
Wheel Score 65: Good
NIC scores 65 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 16/25), Piotroski health (13/20), the GLS moat (10/15), the option premium on offer (14/20) and how easily the stock trades (12/20). Stability (12/20) is the part holding the score back.
Implied volatility is 29% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (14 of 20 points). Chain open interest is thin - 350 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 175k shares a day on a market cap of $3.4B, with a beta of 0.64 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 16 / 25 | 7% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 10 / 15 | moat 6.8/10 | |
| Premium | 14 / 20 | implied volatility 29% | |
| Stability | 12 / 20 | 175k shares/day, $3.4B cap, beta 0.64 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Nicolet Bankshares, Inc. reports earnings on 20 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Nicolet Bankshares, Inc. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WSBCO WesBanco, Inc. | 25.04 | 47.37 | +47% | 39No options | $3.5B |
| WSBC WesBanco, Inc. | 36.46 | 53.63 | +32% | 83Prime | $3.5B |
| RNST Renasant Corporation | 38.91 | 46.68 | +17% | 73Good | $3.6B |
| FIBK First Interstate BancSystem, Inc. | 34.81 | 52.91 | +34% | 82Prime | $3.3B |
| FFBC First Financial Bancorp. | 31.41 | 74.95 | +58% | 82Prime | $3.3B |
| BANFP BFC Capital Trust II PFD TR 7.20% | 26.55 | 61.01 | +56% | 39No options | $3.6B |
| BANF BancFirst Corporation | 108.15 | 92.03 | -18% | 60Fair | $3.6B |
| INDB Independent Bank Corp. | 77.08 | 101.88 | +24% | 75Good | $3.7B |
| TOWN TowneBank | 34.77 | 35.56 | +2% | 69Good | $3.2B |
| SFNC Simmons First National Corporation | 22.05 | 32.57 | +32% | 45Weak | $3.2B |
| PRK Park National Corporation | 175.53 | 141.04 | -24% | 57Fair | $3.2B |
| MCHB Mechanics Bank | 14.34 | 23.81 | +40% | 77Good | $3.2B |
⚖ Compare NIC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about NIC
Is NIC undervalued right now?
Not meaningfully: at 164.41 the stock trades within a few percent of the GLS average fair value of 177.31 (7.3% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of NIC and what does it mean?
NIC scores 65 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for NIC?
177.31 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Nicolet Bankshares, Inc. report earnings next?
The next earnings report is due on 20 Oct 2026 (after the close), 4 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does NIC have listed options, and how liquid are they?
Yes. The nightly snapshot found 238 listed contracts with 350 open interest across all expiries and implied volatility of 29% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.