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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $65.9M, roughly 1.6× OneSpan Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 17.5%, a 21.2% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs 4.1%). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs 4.0%).
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.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
NIC vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $65.9M |
| Net Profit | $40.3M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | 48.3% | 22.5% |
| Net Margin | 38.8% | 17.5% |
| Revenue YoY | 12.5% | 4.1% |
| Net Profit YoY | 16.9% | — |
| EPS (diluted) | $2.63 | $0.39 |
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.
| Q1 26 | — | $65.9M | ||
| Q4 25 | $104.0M | $62.9M | ||
| Q3 25 | $102.9M | $57.1M | ||
| Q2 25 | $95.7M | $59.8M | ||
| Q1 25 | $89.4M | $63.4M | ||
| Q4 24 | $92.4M | $61.2M | ||
| Q3 24 | $90.7M | $56.2M | ||
| Q2 24 | $85.0M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $40.3M | $43.5M | ||
| Q3 25 | $41.7M | $6.5M | ||
| Q2 25 | $36.0M | $8.3M | ||
| Q1 25 | $32.6M | $14.5M | ||
| Q4 24 | $34.5M | $28.8M | ||
| Q3 24 | $32.5M | $8.3M | ||
| Q2 24 | $29.3M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | 48.3% | 19.9% | ||
| Q3 25 | 50.4% | 14.4% | ||
| Q2 25 | 46.8% | 17.6% | ||
| Q1 25 | 44.9% | 27.1% | ||
| Q4 24 | 46.8% | 19.3% | ||
| Q3 24 | 45.0% | 20.0% | ||
| Q2 24 | 43.3% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | 38.8% | 69.2% | ||
| Q3 25 | 40.6% | 11.4% | ||
| Q2 25 | 37.6% | 13.9% | ||
| Q1 25 | 36.4% | 22.9% | ||
| Q4 24 | 37.3% | 47.1% | ||
| Q3 24 | 35.8% | 14.7% | ||
| Q2 24 | 34.5% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $2.63 | $1.13 | ||
| Q3 25 | $2.73 | $0.17 | ||
| Q2 25 | $2.34 | $0.21 | ||
| Q1 25 | $2.08 | $0.37 | ||
| Q4 24 | $2.21 | $0.73 | ||
| Q3 24 | $2.10 | $0.21 | ||
| Q2 24 | $1.92 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $49.8M |
| Total DebtLower is stronger | $134.9M | — |
| Stockholders' EquityBook value | $1.3B | $272.0M |
| Total Assets | $9.2B | $383.1M |
| Debt / EquityLower = less leverage | 0.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | — | $70.5M | ||
| Q3 25 | — | $85.6M | ||
| Q2 25 | — | $92.9M | ||
| Q1 25 | — | $105.2M | ||
| Q4 24 | — | $83.2M | ||
| Q3 24 | — | $77.5M | ||
| Q2 24 | — | $63.8M |
| Q1 26 | — | — | ||
| 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 26 | — | $272.0M | ||
| Q4 25 | $1.3B | $271.8M | ||
| Q3 25 | $1.2B | $238.3M | ||
| Q2 25 | $1.2B | $242.5M | ||
| Q1 25 | $1.2B | $231.1M | ||
| Q4 24 | $1.2B | $212.5M | ||
| Q3 24 | $1.1B | $194.6M | ||
| Q2 24 | $1.1B | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $9.2B | $397.7M | ||
| Q3 25 | $9.0B | $343.5M | ||
| Q2 25 | $8.9B | $357.1M | ||
| Q1 25 | $9.0B | $333.8M | ||
| Q4 24 | $8.8B | $338.7M | ||
| Q3 24 | $8.6B | $289.3M | ||
| Q2 24 | $8.6B | $286.9M |
| Q1 26 | — | — | ||
| 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× | — |
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 | $28.2M |
| Free Cash FlowOCF − Capex | $149.4M | — |
| FCF MarginFCF / Revenue | 143.7% | — |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | 3.81× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $153.5M | $12.6M | ||
| Q3 25 | $45.9M | $11.3M | ||
| Q2 25 | $38.9M | $6.2M | ||
| Q1 25 | $41.8M | $29.4M | ||
| Q4 24 | $133.7M | $12.4M | ||
| Q3 24 | $39.6M | $14.0M | ||
| Q2 24 | $37.3M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | $149.4M | $9.6M | ||
| Q3 25 | $45.9M | $8.8M | ||
| Q2 25 | $38.4M | $4.4M | ||
| Q1 25 | $41.3M | $27.7M | ||
| Q4 24 | $116.8M | $10.5M | ||
| Q3 24 | $34.7M | $12.0M | ||
| Q2 24 | $34.4M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | 143.7% | 15.3% | ||
| Q3 25 | 44.6% | 15.4% | ||
| Q2 25 | 40.1% | 7.3% | ||
| Q1 25 | 46.2% | 43.8% | ||
| Q4 24 | 126.4% | 17.1% | ||
| Q3 24 | 38.3% | 21.4% | ||
| Q2 24 | 40.5% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 4.7% | ||
| Q3 25 | 0.0% | 4.4% | ||
| Q2 25 | 0.6% | 3.1% | ||
| Q1 25 | 0.5% | 2.6% | ||
| Q4 24 | 18.3% | 3.2% | ||
| Q3 24 | 5.4% | 3.5% | ||
| Q2 24 | 3.5% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | 3.81× | 0.29× | ||
| Q3 25 | 1.10× | 1.74× | ||
| Q2 25 | 1.08× | 0.75× | ||
| Q1 25 | 1.28× | 2.02× | ||
| Q4 24 | 3.88× | 0.43× | ||
| Q3 24 | 1.22× | 1.69× | ||
| Q2 24 | 1.28× | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
