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Side-by-side financial comparison of C3.ai, Inc. (AI) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $75.1M, roughly 1.4× C3.ai, Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -139.3%, a 178.1% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -20.3%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-46.9M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
AI vs NIC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $104.0M |
| Net Profit | $-104.7M | $40.3M |
| Gross Margin | 40.4% | — |
| Operating Margin | -149.2% | 48.3% |
| Net Margin | -139.3% | 38.8% |
| Revenue YoY | -20.3% | 12.5% |
| Net Profit YoY | -58.7% | 16.9% |
| EPS (diluted) | $-0.75 | $2.63 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $104.0M | ||
| Q3 25 | $70.3M | $102.9M | ||
| Q2 25 | $108.7M | $95.7M | ||
| Q1 25 | $98.8M | $89.4M | ||
| Q4 24 | $94.3M | $92.4M | ||
| Q3 24 | $87.2M | $90.7M | ||
| Q2 24 | $86.6M | $85.0M | ||
| Q1 24 | $78.4M | $82.2M |
| Q4 25 | $-104.7M | $40.3M | ||
| Q3 25 | $-116.8M | $41.7M | ||
| Q2 25 | $-79.7M | $36.0M | ||
| Q1 25 | $-80.2M | $32.6M | ||
| Q4 24 | $-66.0M | $34.5M | ||
| Q3 24 | $-62.8M | $32.5M | ||
| Q2 24 | $-72.9M | $29.3M | ||
| Q1 24 | $-72.6M | $27.8M |
| Q4 25 | 40.4% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 62.1% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 59.8% | — | ||
| Q2 24 | 59.6% | — | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | 48.3% | ||
| Q3 25 | -177.7% | 50.4% | ||
| Q2 25 | -81.8% | 46.8% | ||
| Q1 25 | -88.7% | 44.9% | ||
| Q4 24 | -79.8% | 46.8% | ||
| Q3 24 | -83.2% | 45.0% | ||
| Q2 24 | -95.1% | 43.3% | ||
| Q1 24 | -105.3% | 41.8% |
| Q4 25 | -139.3% | 38.8% | ||
| Q3 25 | -166.2% | 40.6% | ||
| Q2 25 | -73.3% | 37.6% | ||
| Q1 25 | -81.2% | 36.4% | ||
| Q4 24 | -69.9% | 37.3% | ||
| Q3 24 | -72.0% | 35.8% | ||
| Q2 24 | -84.2% | 34.5% | ||
| Q1 24 | -92.6% | 33.8% |
| Q4 25 | $-0.75 | $2.63 | ||
| Q3 25 | $-0.86 | $2.73 | ||
| Q2 25 | $-0.60 | $2.34 | ||
| Q1 25 | $-0.62 | $2.08 | ||
| Q4 24 | $-0.52 | $2.21 | ||
| Q3 24 | $-0.50 | $2.10 | ||
| Q2 24 | $-0.59 | $1.92 | ||
| Q1 24 | $-0.60 | $1.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | — |
| Total DebtLower is stronger | — | $134.9M |
| Stockholders' EquityBook value | $771.9M | $1.3B |
| Total Assets | $961.3M | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | — | ||
| Q3 25 | $711.9M | — | ||
| Q2 25 | $742.7M | — | ||
| Q1 25 | $724.3M | — | ||
| Q4 24 | $730.4M | — | ||
| Q3 24 | $762.5M | — | ||
| Q2 24 | $750.4M | — | ||
| Q1 24 | $723.3M | — |
| Q4 25 | — | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | — | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $771.9M | $1.3B | ||
| Q3 25 | $798.8M | $1.2B | ||
| Q2 25 | $838.3M | $1.2B | ||
| Q1 25 | $860.2M | $1.2B | ||
| Q4 24 | $859.0M | $1.2B | ||
| Q3 24 | $874.9M | $1.1B | ||
| Q2 24 | $873.4M | $1.1B | ||
| Q1 24 | $898.0M | $1.1B |
| Q4 25 | $961.3M | $9.2B | ||
| Q3 25 | $968.7M | $9.0B | ||
| Q2 25 | $1.0B | $8.9B | ||
| Q1 25 | $1.1B | $9.0B | ||
| Q4 24 | $1.0B | $8.8B | ||
| Q3 24 | $1.1B | $8.6B | ||
| Q2 24 | $1.0B | $8.6B | ||
| Q1 24 | $1.1B | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $153.5M |
| Free Cash FlowOCF − Capex | $-46.9M | $149.4M |
| FCF MarginFCF / Revenue | -62.4% | 143.7% |
| Capex IntensityCapex / Revenue | 0.5% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $153.5M | ||
| Q3 25 | $-33.5M | $45.9M | ||
| Q2 25 | $11.3M | $38.9M | ||
| Q1 25 | $-22.0M | $41.8M | ||
| Q4 24 | $-38.7M | $133.7M | ||
| Q3 24 | $8.0M | $39.6M | ||
| Q2 24 | $21.3M | $37.3M | ||
| Q1 24 | $-39.1M | $23.4M |
| Q4 25 | $-46.9M | $149.4M | ||
| Q3 25 | $-34.3M | $45.9M | ||
| Q2 25 | $10.3M | $38.4M | ||
| Q1 25 | $-22.4M | $41.3M | ||
| Q4 24 | $-39.5M | $116.8M | ||
| Q3 24 | $7.1M | $34.7M | ||
| Q2 24 | $18.8M | $34.4M | ||
| Q1 24 | $-45.1M | $20.1M |
| Q4 25 | -62.4% | 143.7% | ||
| Q3 25 | -48.8% | 44.6% | ||
| Q2 25 | 9.5% | 40.1% | ||
| Q1 25 | -22.7% | 46.2% | ||
| Q4 24 | -41.9% | 126.4% | ||
| Q3 24 | 8.2% | 38.3% | ||
| Q2 24 | 21.7% | 40.5% | ||
| Q1 24 | -57.6% | 24.4% |
| Q4 25 | 0.5% | 3.9% | ||
| Q3 25 | 1.1% | 0.0% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 0.4% | 0.5% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 1.1% | 5.4% | ||
| Q2 24 | 2.9% | 3.5% | ||
| Q1 24 | 7.8% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
NIC
Segment breakdown not available.
