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Side-by-side financial comparison of CSP INC (CSPI) and NATIONAL BANKSHARES INC (NKSH). Click either name above to swap in a different company.
NATIONAL BANKSHARES INC is the larger business by last-quarter revenue ($15.3M vs $12.0M, roughly 1.3× CSP INC). NATIONAL BANKSHARES INC runs the higher net margin — 38.5% vs 0.8%, a 37.8% gap on every dollar of revenue. On growth, NATIONAL BANKSHARES INC posted the faster year-over-year revenue change (24.7% vs -23.2%). NATIONAL BANKSHARES INC produced more free cash flow last quarter ($15.2M vs $-3.0M). Over the past eight quarters, NATIONAL BANKSHARES INC's revenue compounded faster (20.9% CAGR vs -6.3%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
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.
CSPI vs NKSH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $15.3M |
| Net Profit | $91.0K | $5.9M |
| Gross Margin | 39.3% | — |
| Operating Margin | -0.9% | 47.4% |
| Net Margin | 0.8% | 38.5% |
| Revenue YoY | -23.2% | 24.7% |
| Net Profit YoY | -80.7% | 91.0% |
| EPS (diluted) | $0.01 | $0.93 |
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 | $12.0M | $15.3M | ||
| Q3 25 | $14.5M | $14.2M | ||
| Q2 25 | $15.4M | $13.3M | ||
| Q1 25 | $13.1M | $12.8M | ||
| Q4 24 | $15.7M | $12.2M | ||
| Q3 24 | $13.0M | $11.7M | ||
| Q2 24 | $13.1M | $10.9M | ||
| Q1 24 | $13.7M | $10.4M |
| Q4 25 | $91.0K | $5.9M | ||
| Q3 25 | $-191.0K | $4.4M | ||
| Q2 25 | $-264.0K | $2.3M | ||
| Q1 25 | $-108.0K | $3.2M | ||
| Q4 24 | $472.0K | $3.1M | ||
| Q3 24 | $-1.7M | $2.7M | ||
| Q2 24 | $-185.0K | $-307.0K | ||
| Q1 24 | $1.6M | $2.2M |
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 32.0% | — | ||
| Q4 24 | 29.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 35.0% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | -0.9% | 47.4% | ||
| Q3 25 | -3.7% | 37.9% | ||
| Q2 25 | -7.9% | 20.0% | ||
| Q1 25 | -7.6% | 30.5% | ||
| Q4 24 | -2.3% | 30.1% | ||
| Q3 24 | -15.7% | 27.5% | ||
| Q2 24 | -5.5% | -4.4% | ||
| Q1 24 | 9.0% | 25.8% |
| Q4 25 | 0.8% | 38.5% | ||
| Q3 25 | -1.3% | 31.1% | ||
| Q2 25 | -1.7% | 17.2% | ||
| Q1 25 | -0.8% | 25.3% | ||
| Q4 24 | 3.0% | 25.1% | ||
| Q3 24 | -12.7% | 22.8% | ||
| Q2 24 | -1.4% | -2.8% | ||
| Q1 24 | 11.6% | 20.8% |
| Q4 25 | $0.01 | $0.93 | ||
| Q3 25 | $-0.02 | $0.69 | ||
| Q2 25 | $-0.03 | $0.36 | ||
| Q1 25 | $-0.01 | $0.51 | ||
| Q4 24 | $0.05 | $0.50 | ||
| Q3 24 | $-0.17 | $0.42 | ||
| Q2 24 | $-0.02 | $-0.05 | ||
| Q1 24 | $0.16 | $0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $59.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $44.8M | $184.9M |
| Total Assets | $69.2M | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $59.3M | ||
| Q3 25 | $27.4M | $42.3M | ||
| Q2 25 | $26.3M | $92.8M | ||
| Q1 25 | $29.5M | $122.5M | ||
| Q4 24 | $30.7M | $108.1M | ||
| Q3 24 | $30.6M | $49.8M | ||
| Q2 24 | $28.9M | $98.9M | ||
| Q1 24 | $27.1M | $121.2M |
| Q4 25 | $44.8M | $184.9M | ||
| Q3 25 | $44.6M | $179.2M | ||
| Q2 25 | $47.5M | $168.7M | ||
| Q1 25 | $47.5M | $167.3M | ||
| Q4 24 | $47.5M | $156.4M | ||
| Q3 24 | $47.3M | $167.8M | ||
| Q2 24 | $48.1M | $149.0M | ||
| Q1 24 | $48.2M | $139.4M |
| Q4 25 | $69.2M | $1.8B | ||
| Q3 25 | $71.2M | $1.8B | ||
| Q2 25 | $66.8M | $1.8B | ||
| Q1 25 | $67.1M | $1.8B | ||
| Q4 24 | $67.5M | $1.8B | ||
| Q3 24 | $69.4M | $1.8B | ||
| Q2 24 | $66.8M | $1.8B | ||
| Q1 24 | $64.2M | $1.7B |
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 | $-2.9M | $17.9M |
| Free Cash FlowOCF − Capex | $-3.0M | $15.2M |
| FCF MarginFCF / Revenue | -25.1% | 99.2% |
| Capex IntensityCapex / Revenue | 0.9% | 17.9% |
| Cash ConversionOCF / Net Profit | -32.04× | 3.04× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $23.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $17.9M | ||
| Q3 25 | $1.9M | $6.1M | ||
| Q2 25 | $-3.3M | $2.1M | ||
| Q1 25 | $1.9M | $2.6M | ||
| Q4 24 | $1.7M | $9.4M | ||
| Q3 24 | $-1.5M | $3.1M | ||
| Q2 24 | $2.4M | $-3.0M | ||
| Q1 24 | $1.7M | $3.8M |
| Q4 25 | $-3.0M | $15.2M | ||
| Q3 25 | $1.7M | $5.3M | ||
| Q2 25 | $-3.3M | $1.5M | ||
| Q1 25 | $1.9M | $1.6M | ||
| Q4 24 | $1.7M | $6.2M | ||
| Q3 24 | $-1.5M | $2.2M | ||
| Q2 24 | $2.4M | $-4.0M | ||
| Q1 24 | $1.6M | $3.5M |
| Q4 25 | -25.1% | 99.2% | ||
| Q3 25 | 11.5% | 37.4% | ||
| Q2 25 | -21.7% | 11.5% | ||
| Q1 25 | 14.5% | 12.5% | ||
| Q4 24 | 10.8% | 50.5% | ||
| Q3 24 | -11.7% | 18.5% | ||
| Q2 24 | 17.9% | -36.3% | ||
| Q1 24 | 11.9% | 33.8% |
| Q4 25 | 0.9% | 17.9% | ||
| Q3 25 | 1.6% | 5.6% | ||
| Q2 25 | 0.4% | 4.1% | ||
| Q1 25 | 0.1% | 7.5% | ||
| Q4 24 | 0.3% | 26.6% | ||
| Q3 24 | 0.1% | 8.3% | ||
| Q2 24 | 0.3% | 9.3% | ||
| Q1 24 | 0.1% | 3.0% |
| Q4 25 | -32.04× | 3.04× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.79× | ||
| Q4 24 | 3.69× | 3.07× | ||
| Q3 24 | — | 1.17× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | 1.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
NKSH
Segment breakdown not available.
