Nicolet Bankshares, Inc. Financial Ratios — NIC Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	67.12	27.7	24.65	29.7	38.67	33.23	31.81	26.59	21.4	26.12	14.2	24.22	23.85
Return on Assets (%)	- -	1.66	0.82	0.94	1.05	1.27	1.36	1.64	1.48	0.99	1.15	0.71	1.44	1.68
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	11.58	6.68	7.86	8.07	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	21.32	46.17	33.01	35.48	35.02	5.32	4.3	4.3	5.53	6.15	7.36	6.68	4.86	3.82
Operating Margin (%)	14	39.45	26.14	29.86	29.6	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	86.85	-100.17	98.71	29.18	-73.81	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	14	39.45	26.14	29.86	29.6	37.42	37.52	42.05	41.89	35.98	42.18	31.44	44.43	47.69
Profit Margin (%)	9.2	31.82	17.74	19.34	19.47	24.96	28.09	32.16	31.11	26.9	31.62	22.33	35.54	38.44
Net Income to Common Margin (%)	5.5	29.9	17.31	18.98	18.81	24.96	28.09	32.16	31.11	26.9	31.62	22.33	35.54	38.44
Effective Tax Rate (%)	33.08	19.18	31.43	34.51	33.39	32.73	24.54	23.04	25.3	25.23	25.03	28.99	20.03	19.4
Dvd Payout Ratio (%)	- -	1.6	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.07	13.34	12.38
Sustainable Growth Rate (%)	- -	66.05	27.7	24.65	29.7	38.67	33.23	31.81	26.59	21.4	26.12	11.63	20.99	20.89

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	45	52	34	40	38	78	77	68	54	217	542	167	161	135
ST Debt	4	7	- -	- -	- -	- -	- -	- -	- -	- -	317	- -	- -	- -
LT Debt	41	45	34	40	38	78	77	68	54	217	225	167	161	135
Total Debt/EBITDA	6.45	2.21	1.81	1.9	1.13	11.04	12.31	9.25	5.04	15.65	24.73	9.07	9.52	9
Net Debt/EBITDA	-5.13	-4.11	-2.38	-2.21	-2.85	-11.02	-27.57	-18.29	-72.86	-28.89	17.1	-17.98	-22.1	-35.05
Total Debt/EBIT	9.82	2.58	2.29	2.26	1.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-7.82	-4.81	-3	-2.63	-3.38	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.01	2.52	3.28	4.21	3	3.5	4.67	5.57	5.56	4.08	4.66	5.41	6.43	7.6
Long-Term Debt/Equity (%)	53.43	42.48	30.16	36.27	13.61	21.39	19.96	13.08	9.99	24.32	23.17	16.07	13.76	10.72
Long-Term Debt/Capital (%)	48.74	41.92	34.24	38.53	35.15	43.06	34.74	25.28	17.55	40.88	23.71	26.69	22.19	16.19
Long-Term Debt/Total Assets (%)	5.55	3.72	2.76	3.28	1.63	2.66	2.5	1.89	1.18	2.82	2.57	1.97	1.83	1.47
Total Debt/Equity (%)	58.64	49.26	30.16	36.27	13.61	21.39	19.96	13.08	9.99	24.32	55.77	16.07	13.76	10.72
Total Debt/Capital (%)	53.49	48.62	34.24	38.53	35.15	43.06	34.74	25.28	17.55	40.88	57.07	26.69	22.19	16.19
Total Debt/Total Assets (%)	6.09	4.31	2.76	3.28	1.63	2.66	2.5	1.89	1.18	2.82	6.19	1.97	1.83	1.47
Net Debt to Equity	-46.69	-91.74	-39.64	-42.24	-34.28	-21.35	-44.72	-25.87	-144.39	-44.88	38.57	-31.85	-31.94	-41.77
Net Debt/Capital (%)	-1,086.88	231.19	-216.7	-270.04	373.72	-308.01	618.36	-202.31	148.16	462.49	47.9	-259.44	-195.88	-304.43
EBITDA	7	23	19	21	33	7	6	7	11	14	22	18	17	15
EBITDA-CapEx	5	20	13	20	29	5	2	3	11	14	22	- -	- -	11
Operating Income (Loss)	5	20	15	18	28	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.01	2.52	3.28	4.21	3	3.5	4.67	5.57	5.56	4.08	4.66	5.41	6.43	7.6
Long-Term Debt/Equity (%)	53.43	42.48	30.16	36.27	13.61	21.39	19.96	13.08	9.99	24.32	23.17	16.07	13.76	10.72
Long-Term Debt/Capital (%)	48.74	41.92	34.24	38.53	35.15	43.06	34.74	25.28	17.55	40.88	23.71	26.69	22.19	16.19
Long-Term Debt/Total Assets (%)	5.55	3.72	2.76	3.28	1.63	2.66	2.5	1.89	1.18	2.82	2.57	1.97	1.83	1.47
Total Debt/Equity (%)	58.64	49.26	30.16	36.27	13.61	21.39	19.96	13.08	9.99	24.32	55.77	16.07	13.76	10.72
Total Debt/Capital (%)	53.49	48.62	34.24	38.53	35.15	43.06	34.74	25.28	17.55	40.88	57.07	26.69	22.19	16.19
Total Debt/Total Assets (%)	6.09	4.31	2.76	3.28	1.63	2.66	2.5	1.89	1.18	2.82	6.19	1.97	1.83	1.47
CFO/Total Liabilities	2.24	1.84	1	1.36	1.23	1.59	1.88	1.9	1.97	1.44	1.51	1.45	1.75	1.94
CFO/CapEx	7.71	6.66	1.92	12.74	6.13	20.17	11.97	13.24	- -	- -	- -	5.82	7.91	37.52
Altman's Z-Score	0.09	0.17	0.19	0.23	0.23	0.22	0.22	0.27	0.23	0.17	0.19	0.21	0.26	0.29

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	3.16	2.8	3.66	4.08	3.86	4.16	4.6	4.07	2.67	2.37	3.99	- -	- -
Days Sales Outstanding	- -	115.64	130.33	99.7	89.38	94.65	87.75	79.36	89.7	136.72	153.89	91.42	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	66	104	127	341	517	470	706	686	921	1,110	1,187	1,579	1,817
- Cash & Cash Equivalents	82	148	78	86	132	156	251	201	832	617	167	498	536	660
+ Preferred Equity and Hybrid Capital	24	24	24	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	1	1	1	- -	- -	- -	- -	- -	- -
+ Total Debt	45	52	34	40	38	78	77	68	54	217	542	167	161	135
Enterprise Value	-68	-134	-84	-79	-118	34	-102	124	-632	-401	567	53	398	768
Total Capital	85	106	98	103	107	181	223	267	307	531	950	625	727	833
Total Debt/Capital (%)	53.49	48.62	34.24	38.53	35.15	43.06	34.74	25.28	17.55	40.88	57.07	26.69	22.19	16.19
Total Debt / EV	-0.67	-0.39	-0.4	-0.5	-0.32	2.27	-0.76	0.55	-0.09	-0.54	0.96	3.15	0.41	0.18
EV/Sales	- -	- -	- -	- -	- -	0.26	- -	0.73	- -	- -	1.9	0.19	1.14	1.96
EV/EBITDA	- -	- -	- -	- -	- -	4.87	- -	16.94	- -	- -	25.87	2.88	23.46	51.23
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	0.84	- -	2.13	- -	- -	4.83	0.49	2.97	5
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	0.8	- -	1.98	- -	- -	4.83	0.42	2.64	4.87
Diluted Market Cap	- -	66	108	139	358	545	486	731	699	956	1,147	1,213	1,617	1,869
Diluted Enterprise Value	-12	-6	88	105	264	468	313	598	-79	555	1,522	882	1,243	1,343
EV per Share	- -	- -	- -	- -	- -	3.64	- -	12.95	- -	- -	40.79	3.6	26.43	51.26
TTM Sales	33	51	56	59	95	133	146	170	193	225	298	276	349	392
TTM EBITDA	7	23	19	21	33	7	6	7	11	14	22	18	17	15
TTM Operating Income	5	20	15	18	28	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	15	20	11	15	25	41	51	58	79	98	117	108	134	154
TTM Free Cash Flow to Firm	17	23	17	16	29	43	55	63	79	98	117	127	151	158

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	2.84	6.41	8.54	12.42	12.76	8.79	11.69	8.86	9.79	9.77	9.59	10.73	11.85
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-68	-134	-84	-79	-118	34	-102	124	-632	-401	567	53	398	768
Low Price	- -	15.71	16.51	25	30.51	45	46.02	48.3	45.33	66.26	69.46	51.76	73	97.9
EV/Sales	- -	- -	- -	- -	- -	0.26	- -	0.73	- -	- -	1.9	0.19	1.14	1.96
EV/EBITDA	- -	- -	- -	- -	- -	4.87	- -	16.94	- -	- -	25.87	2.88	23.46	51.23
Price/Earnings	- -	4.34	10.73	11.35	19.15	15.59	11.46	12.92	11.41	15.18	11.77	19.29	12.73	12.06
Price/Earnings Average	- -	4.31	9.15	10.65	15.11	15.02	12.82	11	10.45	13.42	12.13	17.12	10.9	12.16
Price/Earnings High	- -	4.59	11.7	12.41	19.27	17.65	13.77	13.3	12.74	15.7	14.49	20.42	14.09	14.11
Price/Earnings Low	- -	4.12	7.09	8.92	12.25	12.81	10.81	8.45	7.79	11.73	10.25	12.4	8.86	9.73
Price/Book Value	- -	2.18	2.61	2.49	4.95	5.04	3.26	3.55	2.71	2.93	2.72	2.59	2.79	2.6
Price/Book Value Average	- -	2.17	2.23	2.34	3.9	4.86	3.64	3.02	2.48	2.59	2.8	2.3	2.39	2.62
Price/Book Value High	- -	2.31	2.85	2.72	4.98	5.71	3.91	3.65	3.03	3.03	3.35	2.74	3.09	3.05
Price/Book Value Low	- -	2.07	1.72	1.96	3.17	4.14	3.07	2.32	1.85	2.27	2.37	1.66	1.94	2.1
Price/Tangible Book Value	- -	0.82	1.2	1.36	1.81	2.19	1.79	2.01	1.89	1.67	1.95	1.84	2.01	2.08
Price/Tangible Book Value Average	- -	0.81	1.02	1.28	1.43	2.11	2	1.71	1.73	1.47	2.01	1.63	1.72	2.09
Price/Tangible Book Value High	- -	0.86	1.31	1.49	1.82	2.47	2.15	2.07	2.11	1.72	2.4	1.95	2.23	2.43
Price/Tangible Book Value Low	- -	0.78	0.79	1.07	1.16	1.8	1.69	1.32	1.29	1.29	1.69	1.18	1.4	1.68
Price/Sales	- -	1.3	1.86	2.15	3.6	3.89	3.22	4.16	3.55	4.08	3.72	4.31	4.52	4.64
Price/Sales Average	- -	1.29	1.58	2.02	2.84	3.75	3.6	3.54	3.25	3.61	3.84	3.82	3.87	4.67
Price/Sales High	- -	1.37	2.02	2.35	3.62	4.4	3.87	4.28	3.96	4.22	4.58	4.56	5.01	5.42
Price/Sales Low	- -	1.23	1.23	1.69	2.3	3.2	3.04	2.72	2.42	3.16	3.24	2.77	3.15	3.74
Price/Cash Flow	- -	3.26	9.43	8.46	13.76	12.69	9.23	12.15	8.69	9.43	9.45	10.99	11.8	11.83
Price/Cash Flow Average	- -	3.24	8.04	7.94	10.86	12.23	10.32	10.34	7.96	8.34	9.74	9.76	10.11	11.93
Price/Cash Flow High	- -	3.45	10.28	9.24	13.85	14.37	11.08	12.5	9.71	9.75	11.63	11.63	13.07	13.85
Price/Cash Flow Low	- -	3.1	6.23	6.65	8.8	10.43	8.7	7.94	5.94	7.28	8.23	7.07	8.21	9.55
Price/Free Cash Flow Average	- -	2.83	5.47	8.02	9.8	12.29	9.83	9.95	8.12	8.65	10.07	8.51	9.2	11.95
Price/Free Cash Flow High	- -	3.01	6.99	9.34	12.5	14.44	10.56	12.03	9.9	10.12	12.02	10.15	11.89	13.87
Price/Free Cash Flow Low	- -	2.7	4.24	6.72	7.95	10.49	8.29	7.65	6.06	7.56	8.51	6.16	7.47	9.57
EV/Sales Average	- -	- -	1.24	1.45	1.85	3.17	2.42	2.76	- -	1.84	5.09	2.62	2.8	3.33
EV/Sales High	- -	- -	1.68	1.78	2.63	3.82	2.69	3.49	- -	2.45	5.84	3.36	3.93	4.08
EV/Sales Low	- -	- -	0.88	1.12	1.31	2.62	1.86	1.94	- -	1.38	4.5	1.57	2.07	2.4
EV/EBITDA Average	-1.66	-0.27	3.74	4.08	5.27	59.52	56.29	64.03	-14.05	29.86	69.25	39.26	57.7	87.16
EV/EBITDA High	-1.66	-0.09	5.08	5.02	7.51	71.87	62.47	81.19	-1.17	39.81	79.39	50.28	81.03	106.79
EV/EBITDA Low	-1.66	-0.4	2.66	3.16	3.74	49.19	43.17	44.98	-29.01	22.45	61.16	23.49	42.7	62.79
EV/EBIT Average	-2.53	-0.32	4.72	4.85	6.24	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-2.53	-0.11	6.41	5.96	8.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-2.53	-0.47	3.36	3.75	4.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	16.54	25	31.79	47.69	54.74	48.8	73.85	66.35	85.75	79.79	80.48	104.91	121.3
High Price	- -	17.5	27.25	34.75	48	61.98	58.6	75.99	74.1	88.67	98.2	85.2	116.17	141.92
Enterprise Value Average	-12	-6	69	86	175	421	354	468	-150	414	1,519	722	978	1,306
Enterprise Value High	-12	-2	94	105	249	508	392	594	-13	552	1,741	925	1,374	1,601
Enterprise Value Low	-12	-9	49	66	124	348	271	329	-310	311	1,341	432	724	941

Shares Outstanding	4	4	4	4	9	10	9	11	10	14	15	15	15	15
Diluted Weighted Avg Shares	4	4	4	4	8	10	10	10	11	11	14	15	15	15
Basic Weighted Avg Shares	4	4	4	4	7	9	10	10	10	11	14	15	15	15
Revenue per Share	7.73	12.76	13.46	14.76	13.24	14.07	15.15	17.77	18.69	21	21.43	18.69	23.2	26.17
EBITDA per Share	1.65	5.89	4.44	5.24	4.64	0.75	0.65	0.76	1.03	1.29	1.58	1.25	1.13	1
Operating Income per Share	1.08	5.03	3.52	4.41	3.92	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.43	3.81	2.33	2.8	2.49	3.51	4.26	5.71	5.82	5.65	6.78	4.17	8.24	10.06
Basic EPS from Cont Ops	0.72	4.07	2.41	2.89	2.61	3.54	4.29	5.75	5.85	5.65	6.78	4.17	8.24	10.06
Diluted EPS, GAAP	0.43	3.8	2.25	2.57	2.37	3.33	4.12	5.52	5.7	5.44	6.56	4.08	8.05	9.78
Diluted EPS from Cont Ops	0.72	4.06	2.33	2.65	2.49	3.36	4.15	5.55	5.74	5.44	6.56	4.08	8.05	9.78
Dividend per Share	0.29	0.31	0.06	0.05	0.09	- -	- -	- -	- -	- -	- -	0.75	1.1	1.25
Cash Flow per Share	3.5	5.07	2.65	3.76	3.47	4.31	5.29	6.08	7.63	9.1	8.44	7.32	8.89	10.25
Free Cash Flow per Basic Share	3.05	4.31	1.27	3.46	2.9	4.1	4.85	5.62	7.63	9.1	8.44	6.06	7.76	9.98
Cash & Equivalents per Share	32.19	69.25	59.06	64.61	69.52	59.44	67.49	68.05	132.7	143.34	78	88.2	89.21	79.05
Book Value per Share	3.52	7.59	9.58	12.76	9.64	10.86	14.98	20.82	24.48	29.22	29.33	31.09	37.61	46.59
Tangible Book Value per Share	12.41	20.24	20.81	23.4	26.32	25.05	27.29	36.71	35.2	51.45	40.99	43.73	52.15	58.43

Nicolet Bankshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)