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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($173.1M vs $104.0M, roughly 1.7× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 20.3%, a 18.5% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -0.2%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $104.1M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -18.0%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs NIC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $104.0M |
| Net Profit | $35.2M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | 24.6% | 48.3% |
| Net Margin | 20.3% | 38.8% |
| Revenue YoY | -0.2% | 12.5% |
| Net Profit YoY | 11.9% | 16.9% |
| EPS (diluted) | $1.57 | $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 | $173.1M | $104.0M | ||
| Q3 25 | $186.7M | $102.9M | ||
| Q2 25 | $195.8M | $95.7M | ||
| Q1 25 | $274.8M | $89.4M | ||
| Q4 24 | $182.6M | $92.4M | ||
| Q3 24 | $179.5M | $90.7M | ||
| Q2 24 | $188.6M | $85.0M | ||
| Q1 24 | $257.6M | $82.2M |
| Q4 25 | $35.2M | $40.3M | ||
| Q3 25 | $38.8M | $41.7M | ||
| Q2 25 | $42.1M | $36.0M | ||
| Q1 25 | $75.0M | $32.6M | ||
| Q4 24 | $30.0M | $34.5M | ||
| Q3 24 | $33.5M | $32.5M | ||
| Q2 24 | $44.9M | $29.3M | ||
| Q1 24 | $69.9M | $27.8M |
| Q4 25 | 24.6% | 48.3% | ||
| Q3 25 | 25.9% | 50.4% | ||
| Q2 25 | 24.1% | 46.8% | ||
| Q1 25 | 33.2% | 44.9% | ||
| Q4 24 | 19.8% | 46.8% | ||
| Q3 24 | 20.9% | 45.0% | ||
| Q2 24 | 27.1% | 43.3% | ||
| Q1 24 | 33.8% | 41.8% |
| Q4 25 | 20.3% | 38.8% | ||
| Q3 25 | 20.8% | 40.6% | ||
| Q2 25 | 21.5% | 37.6% | ||
| Q1 25 | 27.3% | 36.4% | ||
| Q4 24 | 16.4% | 37.3% | ||
| Q3 24 | 18.7% | 35.8% | ||
| Q2 24 | 23.8% | 34.5% | ||
| Q1 24 | 27.1% | 33.8% |
| Q4 25 | $1.57 | $2.63 | ||
| Q3 25 | $1.69 | $2.73 | ||
| Q2 25 | $1.81 | $2.34 | ||
| Q1 25 | $3.14 | $2.08 | ||
| Q4 24 | $1.23 | $2.21 | ||
| Q3 24 | $1.34 | $2.10 | ||
| Q2 24 | $1.78 | $1.92 | ||
| Q1 24 | $2.74 | $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 | $331.2M | — |
| Total DebtLower is stronger | $33.5M | $134.9M |
| Stockholders' EquityBook value | $854.5M | $1.3B |
| Total Assets | $7.6B | $9.2B |
| Debt / EquityLower = less leverage | 0.04× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | — | ||
| Q3 25 | $120.6M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $254.2M | — | ||
| Q4 24 | $597.4M | — | ||
| Q3 24 | $158.3M | — | ||
| Q2 24 | $298.9M | — | ||
| Q1 24 | $347.9M | — |
| Q4 25 | $33.5M | $134.9M | ||
| Q3 25 | $33.5M | $134.6M | ||
| Q2 25 | $33.4M | $134.3M | ||
| Q1 25 | $33.4M | $156.6M | ||
| Q4 24 | $33.4M | $161.4M | ||
| Q3 24 | $33.4M | $161.2M | ||
| Q2 24 | $33.3M | $162.4M | ||
| Q1 24 | $33.4M | $162.3M |
| Q4 25 | $854.5M | $1.3B | ||
| Q3 25 | $858.0M | $1.2B | ||
| Q2 25 | $819.0M | $1.2B | ||
| Q1 25 | $814.7M | $1.2B | ||
| Q4 24 | $758.3M | $1.2B | ||
| Q3 24 | $822.5M | $1.1B | ||
| Q2 24 | $748.4M | $1.1B | ||
| Q1 24 | $719.5M | $1.1B |
| Q4 25 | $7.6B | $9.2B | ||
| Q3 25 | $7.2B | $9.0B | ||
| Q2 25 | $7.2B | $8.9B | ||
| Q1 25 | $7.0B | $9.0B | ||
| Q4 24 | $7.6B | $8.8B | ||
| Q3 24 | $7.5B | $8.6B | ||
| Q2 24 | $7.5B | $8.6B | ||
| Q1 24 | $7.4B | $8.4B |
| Q4 25 | 0.04× | 0.11× | ||
| Q3 25 | 0.04× | 0.11× | ||
| Q2 25 | 0.04× | 0.11× | ||
| Q1 25 | 0.04× | 0.13× | ||
| Q4 24 | 0.04× | 0.14× | ||
| Q3 24 | 0.04× | 0.14× | ||
| Q2 24 | 0.04× | 0.15× | ||
| Q1 24 | 0.05× | 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 | $108.3M | $153.5M |
| Free Cash FlowOCF − Capex | $104.1M | $149.4M |
| FCF MarginFCF / Revenue | 60.1% | 143.7% |
| Capex IntensityCapex / Revenue | 2.4% | 3.9% |
| Cash ConversionOCF / Net Profit | 3.08× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $153.5M | ||
| Q3 25 | $303.7M | $45.9M | ||
| Q2 25 | $30.4M | $38.9M | ||
| Q1 25 | $188.3M | $41.8M | ||
| Q4 24 | $-71.7M | $133.7M | ||
| Q3 24 | $143.1M | $39.6M | ||
| Q2 24 | $113.2M | $37.3M | ||
| Q1 24 | $203.0M | $23.4M |
| Q4 25 | $104.1M | $149.4M | ||
| Q3 25 | $300.3M | $45.9M | ||
| Q2 25 | $27.7M | $38.4M | ||
| Q1 25 | $184.7M | $41.3M | ||
| Q4 24 | $-73.8M | $116.8M | ||
| Q3 24 | $138.8M | $34.7M | ||
| Q2 24 | $111.0M | $34.4M | ||
| Q1 24 | $201.3M | $20.1M |
| Q4 25 | 60.1% | 143.7% | ||
| Q3 25 | 160.9% | 44.6% | ||
| Q2 25 | 14.1% | 40.1% | ||
| Q1 25 | 67.2% | 46.2% | ||
| Q4 24 | -40.4% | 126.4% | ||
| Q3 24 | 77.3% | 38.3% | ||
| Q2 24 | 58.8% | 40.5% | ||
| Q1 24 | 78.1% | 24.4% |
| Q4 25 | 2.4% | 3.9% | ||
| Q3 25 | 1.8% | 0.0% | ||
| Q2 25 | 1.4% | 0.6% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 1.1% | 18.3% | ||
| Q3 24 | 2.4% | 5.4% | ||
| Q2 24 | 1.2% | 3.5% | ||
| Q1 24 | 0.7% | 4.0% |
| Q4 25 | 3.08× | 3.81× | ||
| Q3 25 | 7.83× | 1.10× | ||
| Q2 25 | 0.72× | 1.08× | ||
| Q1 25 | 2.51× | 1.28× | ||
| Q4 24 | -2.39× | 3.88× | ||
| Q3 24 | 4.27× | 1.22× | ||
| Q2 24 | 2.52× | 1.28× | ||
| Q1 24 | 2.90× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
NIC
Segment breakdown not available.
