vs
Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $88.4M, roughly 1.2× OPAL Fuels Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 18.3%, a 20.5% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 12.5%).
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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
NIC vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $88.4M |
| Net Profit | $40.3M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 48.3% | 7.5% |
| Net Margin | 38.8% | 18.3% |
| Revenue YoY | 12.5% | 18.7% |
| Net Profit YoY | 16.9% | 401.5% |
| EPS (diluted) | $2.63 | $0.08 |
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 | $104.0M | $88.4M | ||
| Q3 25 | $102.9M | $77.9M | ||
| Q2 25 | $95.7M | $77.4M | ||
| Q1 25 | $89.4M | $83.0M | ||
| Q4 24 | $92.4M | $74.5M | ||
| Q3 24 | $90.7M | $82.6M | ||
| Q2 24 | $85.0M | $69.8M | ||
| Q1 24 | $82.2M | $64.0M |
| Q4 25 | $40.3M | $16.2M | ||
| Q3 25 | $41.7M | $11.4M | ||
| Q2 25 | $36.0M | $7.6M | ||
| Q1 25 | $32.6M | $1.3M | ||
| Q4 24 | $34.5M | $-5.4M | ||
| Q3 24 | $32.5M | $17.1M | ||
| Q2 24 | $29.3M | $1.9M | ||
| Q1 24 | $27.8M | $677.0K |
| Q4 25 | 48.3% | 7.5% | ||
| Q3 25 | 50.4% | 4.6% | ||
| Q2 25 | 46.8% | -1.1% | ||
| Q1 25 | 44.9% | -2.3% | ||
| Q4 24 | 46.8% | -0.5% | ||
| Q3 24 | 45.0% | 14.9% | ||
| Q2 24 | 43.3% | 8.1% | ||
| Q1 24 | 41.8% | 5.6% |
| Q4 25 | 38.8% | 18.3% | ||
| Q3 25 | 40.6% | 14.6% | ||
| Q2 25 | 37.6% | 9.8% | ||
| Q1 25 | 36.4% | 1.5% | ||
| Q4 24 | 37.3% | -7.2% | ||
| Q3 24 | 35.8% | 20.7% | ||
| Q2 24 | 34.5% | 2.7% | ||
| Q1 24 | 33.8% | 1.1% |
| Q4 25 | $2.63 | $0.08 | ||
| Q3 25 | $2.73 | $0.05 | ||
| Q2 25 | $2.34 | $0.03 | ||
| Q1 25 | $2.08 | $-0.01 | ||
| Q4 24 | $2.21 | $-0.05 | ||
| Q3 24 | $2.10 | $0.09 | ||
| Q2 24 | $1.92 | $-0.01 | ||
| Q1 24 | $1.82 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $24.4M |
| Total DebtLower is stronger | $134.9M | $361.3M |
| Stockholders' EquityBook value | $1.3B | $-12.9M |
| Total Assets | $9.2B | $959.5M |
| Debt / EquityLower = less leverage | 0.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.4M | ||
| Q3 25 | — | $29.9M | ||
| Q2 25 | — | $29.3M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $24.3M | ||
| Q3 24 | — | $31.0M | ||
| Q2 24 | — | $27.6M | ||
| Q1 24 | — | $34.2M |
| Q4 25 | $134.9M | $361.3M | ||
| Q3 25 | $134.6M | $351.2M | ||
| Q2 25 | $134.3M | $331.6M | ||
| Q1 25 | $156.6M | $307.0M | ||
| Q4 24 | $161.4M | $307.5M | ||
| Q3 24 | $161.2M | $252.9M | ||
| Q2 24 | $162.4M | $233.3M | ||
| Q1 24 | $162.3M | $208.7M |
| Q4 25 | $1.3B | $-12.9M | ||
| Q3 25 | $1.2B | $7.5M | ||
| Q2 25 | $1.2B | $-25.0M | ||
| Q1 25 | $1.2B | $57.1M | ||
| Q4 24 | $1.2B | $-148.4M | ||
| Q3 24 | $1.1B | $-180.1M | ||
| Q2 24 | $1.1B | $-273.0M | ||
| Q1 24 | $1.1B | $-382.4M |
| Q4 25 | $9.2B | $959.5M | ||
| Q3 25 | $9.0B | $916.7M | ||
| Q2 25 | $8.9B | $905.5M | ||
| Q1 25 | $9.0B | $884.9M | ||
| Q4 24 | $8.8B | $881.1M | ||
| Q3 24 | $8.6B | $831.1M | ||
| Q2 24 | $8.6B | $782.3M | ||
| Q1 24 | $8.4B | $750.5M |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 0.11× | 46.95× | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.13× | 5.38× | ||
| 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 | $153.5M | $-3.5M |
| Free Cash FlowOCF − Capex | $149.4M | $-13.4M |
| FCF MarginFCF / Revenue | 143.7% | -15.1% |
| Capex IntensityCapex / Revenue | 3.9% | 11.1% |
| Cash ConversionOCF / Net Profit | 3.81× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $-3.5M | ||
| Q3 25 | $45.9M | $18.2M | ||
| Q2 25 | $38.9M | $-7.9M | ||
| Q1 25 | $41.8M | $29.7M | ||
| Q4 24 | $133.7M | $-532.0K | ||
| Q3 24 | $39.6M | $17.7M | ||
| Q2 24 | $37.3M | $533.0K | ||
| Q1 24 | $23.4M | $13.7M |
| Q4 25 | $149.4M | $-13.4M | ||
| Q3 25 | $45.9M | $-9.3M | ||
| Q2 25 | $38.4M | $-29.7M | ||
| Q1 25 | $41.3M | $18.1M | ||
| Q4 24 | $116.8M | $-55.0M | ||
| Q3 24 | $34.7M | $-5.4M | ||
| Q2 24 | $34.4M | $-22.5M | ||
| Q1 24 | $20.1M | $-13.0M |
| Q4 25 | 143.7% | -15.1% | ||
| Q3 25 | 44.6% | -11.9% | ||
| Q2 25 | 40.1% | -38.4% | ||
| Q1 25 | 46.2% | 21.8% | ||
| Q4 24 | 126.4% | -73.8% | ||
| Q3 24 | 38.3% | -6.5% | ||
| Q2 24 | 40.5% | -32.2% | ||
| Q1 24 | 24.4% | -20.4% |
| Q4 25 | 3.9% | 11.1% | ||
| Q3 25 | 0.0% | 35.3% | ||
| Q2 25 | 0.6% | 28.2% | ||
| Q1 25 | 0.5% | 13.9% | ||
| Q4 24 | 18.3% | 73.1% | ||
| Q3 24 | 5.4% | 27.9% | ||
| Q2 24 | 3.5% | 32.9% | ||
| Q1 24 | 4.0% | 41.8% |
| Q4 25 | 3.81× | -0.22× | ||
| Q3 25 | 1.10× | 1.60× | ||
| Q2 25 | 1.08× | -1.04× | ||
| Q1 25 | 1.28× | 23.11× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | 1.22× | 1.03× | ||
| Q2 24 | 1.28× | 0.28× | ||
| Q1 24 | 0.84× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
