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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) 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 $95.2M, roughly 1.1× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 38.8%, a 37.1% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -8.7%). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
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.
BSM vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $104.0M |
| Net Profit | $72.2M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 48.3% |
| Net Margin | 75.9% | 38.8% |
| Revenue YoY | -8.7% | 12.5% |
| Net Profit YoY | 55.8% | 16.9% |
| EPS (diluted) | — | $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 | $95.2M | $104.0M | ||
| Q3 25 | $105.2M | $102.9M | ||
| Q2 25 | $106.7M | $95.7M | ||
| Q1 25 | $115.3M | $89.4M | ||
| Q4 24 | $104.3M | $92.4M | ||
| Q3 24 | $103.2M | $90.7M | ||
| Q2 24 | $115.2M | $85.0M | ||
| Q1 24 | $116.8M | $82.2M |
| Q4 25 | $72.2M | $40.3M | ||
| Q3 25 | $91.7M | $41.7M | ||
| Q2 25 | $120.0M | $36.0M | ||
| Q1 25 | $15.9M | $32.6M | ||
| Q4 24 | $46.3M | $34.5M | ||
| Q3 24 | $92.7M | $32.5M | ||
| Q2 24 | $68.3M | $29.3M | ||
| Q1 24 | $63.9M | $27.8M |
| Q4 25 | 78.6% | 48.3% | ||
| Q3 25 | 89.5% | 50.4% | ||
| Q2 25 | — | 46.8% | ||
| Q1 25 | 14.9% | 44.9% | ||
| Q4 24 | 45.6% | 46.8% | ||
| Q3 24 | 90.2% | 45.0% | ||
| Q2 24 | 59.5% | 43.3% | ||
| Q1 24 | 54.8% | 41.8% |
| Q4 25 | 75.9% | 38.8% | ||
| Q3 25 | 87.2% | 40.6% | ||
| Q2 25 | 112.5% | 37.6% | ||
| Q1 25 | 13.8% | 36.4% | ||
| Q4 24 | 44.4% | 37.3% | ||
| Q3 24 | 89.9% | 35.8% | ||
| Q2 24 | 59.3% | 34.5% | ||
| Q1 24 | 54.7% | 33.8% |
| Q4 25 | — | $2.63 | ||
| Q3 25 | — | $2.73 | ||
| Q2 25 | — | $2.34 | ||
| Q1 25 | — | $2.08 | ||
| Q4 24 | — | $2.21 | ||
| Q3 24 | — | $2.10 | ||
| Q2 24 | — | $1.92 | ||
| Q1 24 | — | $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 | $1.5M | — |
| Total DebtLower is stronger | — | $134.9M |
| Stockholders' EquityBook value | — | $1.3B |
| Total Assets | $1.3B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $21.0M | — | ||
| Q2 24 | $26.7M | — | ||
| Q1 24 | $40.5M | — |
| 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 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $1.3B | $9.2B | ||
| Q3 25 | $1.3B | $9.0B | ||
| Q2 25 | $1.3B | $8.9B | ||
| Q1 25 | $1.2B | $9.0B | ||
| Q4 24 | $1.2B | $8.8B | ||
| Q3 24 | $1.2B | $8.6B | ||
| Q2 24 | $1.2B | $8.6B | ||
| Q1 24 | $1.2B | $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 | $65.1M | $153.5M |
| Free Cash FlowOCF − Capex | — | $149.4M |
| FCF MarginFCF / Revenue | — | 143.7% |
| Capex IntensityCapex / Revenue | — | 3.9% |
| Cash ConversionOCF / Net Profit | 0.90× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $153.5M | ||
| Q3 25 | $99.8M | $45.9M | ||
| Q2 25 | $80.5M | $38.9M | ||
| Q1 25 | $64.8M | $41.8M | ||
| Q4 24 | $91.0M | $133.7M | ||
| Q3 24 | $93.2M | $39.6M | ||
| Q2 24 | $100.4M | $37.3M | ||
| Q1 24 | $104.5M | $23.4M |
| Q4 25 | — | $149.4M | ||
| Q3 25 | — | $45.9M | ||
| Q2 25 | — | $38.4M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $116.8M | ||
| Q3 24 | — | $34.7M | ||
| Q2 24 | — | $34.4M | ||
| Q1 24 | — | $20.1M |
| Q4 25 | — | 143.7% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 46.2% | ||
| Q4 24 | — | 126.4% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 40.5% | ||
| Q1 24 | — | 24.4% |
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | 0.90× | 3.81× | ||
| Q3 25 | 1.09× | 1.10× | ||
| Q2 25 | 0.67× | 1.08× | ||
| Q1 25 | 4.07× | 1.28× | ||
| Q4 24 | 1.96× | 3.88× | ||
| Q3 24 | 1.01× | 1.22× | ||
| Q2 24 | 1.47× | 1.28× | ||
| Q1 24 | 1.63× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
NIC
Segment breakdown not available.
