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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $104.0M, roughly 1.8× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 7.0%, a 31.8% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $92.8M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
NIC vs PLOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $184.5M |
| Net Profit | $40.3M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | 48.3% | 10.5% |
| Net Margin | 38.8% | 7.0% |
| Revenue YoY | 12.5% | 28.6% |
| Net Profit YoY | 16.9% | 62.3% |
| EPS (diluted) | $2.63 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $102.9M | $162.1M | ||
| Q2 25 | $95.7M | $194.3M | ||
| Q1 25 | $89.4M | $115.1M | ||
| Q4 24 | $92.4M | $143.5M | ||
| Q3 24 | $90.7M | $129.4M | ||
| Q2 24 | $85.0M | $199.9M | ||
| Q1 24 | $82.2M | $95.7M |
| Q4 25 | $40.3M | $12.8M | ||
| Q3 25 | $41.7M | $8.0M | ||
| Q2 25 | $36.0M | $26.0M | ||
| Q1 25 | $32.6M | $148.0K | ||
| Q4 24 | $34.5M | $7.9M | ||
| Q3 24 | $32.5M | $32.3M | ||
| Q2 24 | $29.3M | $24.3M | ||
| Q1 24 | $27.8M | $-8.4M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | 19.8% |
| Q4 25 | 48.3% | 10.5% | ||
| Q3 25 | 50.4% | 8.7% | ||
| Q2 25 | 46.8% | 19.0% | ||
| Q1 25 | 44.9% | 2.8% | ||
| Q4 24 | 46.8% | 9.0% | ||
| Q3 24 | 45.0% | 35.4% | ||
| Q2 24 | 43.3% | 18.2% | ||
| Q1 24 | 41.8% | -6.7% |
| Q4 25 | 38.8% | 7.0% | ||
| Q3 25 | 40.6% | 4.9% | ||
| Q2 25 | 37.6% | 13.4% | ||
| Q1 25 | 36.4% | 0.1% | ||
| Q4 24 | 37.3% | 5.5% | ||
| Q3 24 | 35.8% | 24.9% | ||
| Q2 24 | 34.5% | 12.2% | ||
| Q1 24 | 33.8% | -8.7% |
| Q4 25 | $2.63 | $0.54 | ||
| Q3 25 | $2.73 | $0.33 | ||
| Q2 25 | $2.34 | $1.09 | ||
| Q1 25 | $2.08 | $0.00 | ||
| Q4 24 | $2.21 | $0.35 | ||
| Q3 24 | $2.10 | $1.36 | ||
| Q2 24 | $1.92 | $1.02 | ||
| Q1 24 | $1.82 | $-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 | — | — |
| Total DebtLower is stronger | $134.9M | $144.0M |
| Stockholders' EquityBook value | $1.3B | $281.4M |
| Total Assets | $9.2B | $626.7M |
| Debt / EquityLower = less leverage | 0.11× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.9M | $144.0M | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $134.3M | — | ||
| Q1 25 | $156.6M | — | ||
| Q4 24 | $161.4M | $147.5M | ||
| Q3 24 | $161.2M | — | ||
| Q2 24 | $162.4M | — | ||
| Q1 24 | $162.3M | — |
| Q4 25 | $1.3B | $281.4M | ||
| Q3 25 | $1.2B | $275.3M | ||
| Q2 25 | $1.2B | $273.3M | ||
| Q1 25 | $1.2B | $258.9M | ||
| Q4 24 | $1.2B | $264.2M | ||
| Q3 24 | $1.1B | $260.8M | ||
| Q2 24 | $1.1B | $236.7M | ||
| Q1 24 | $1.1B | $217.2M |
| Q4 25 | $9.2B | $626.7M | ||
| Q3 25 | $9.0B | $694.9M | ||
| Q2 25 | $8.9B | $671.5M | ||
| Q1 25 | $9.0B | $621.0M | ||
| Q4 24 | $8.8B | $590.0M | ||
| Q3 24 | $8.6B | $665.6M | ||
| Q2 24 | $8.6B | $617.0M | ||
| Q1 24 | $8.4B | $577.1M |
| Q4 25 | 0.11× | 0.51× | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | $149.4M | $92.8M |
| FCF MarginFCF / Revenue | 143.7% | 50.3% |
| Capex IntensityCapex / Revenue | 3.9% | 1.7% |
| Cash ConversionOCF / Net Profit | 3.81× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $95.9M | ||
| Q3 25 | $45.9M | $-8.5M | ||
| Q2 25 | $38.9M | $-11.4M | ||
| Q1 25 | $41.8M | $-1.3M | ||
| Q4 24 | $133.7M | $74.4M | ||
| Q3 24 | $39.6M | $-14.2M | ||
| Q2 24 | $37.3M | $2.5M | ||
| Q1 24 | $23.4M | $-21.6M |
| Q4 25 | $149.4M | $92.8M | ||
| Q3 25 | $45.9M | $-11.4M | ||
| Q2 25 | $38.4M | $-14.3M | ||
| Q1 25 | $41.3M | $-3.5M | ||
| Q4 24 | $116.8M | $70.2M | ||
| Q3 24 | $34.7M | $-15.2M | ||
| Q2 24 | $34.4M | $836.0K | ||
| Q1 24 | $20.1M | $-22.4M |
| Q4 25 | 143.7% | 50.3% | ||
| Q3 25 | 44.6% | -7.1% | ||
| Q2 25 | 40.1% | -7.4% | ||
| Q1 25 | 46.2% | -3.0% | ||
| Q4 24 | 126.4% | 48.9% | ||
| Q3 24 | 38.3% | -11.8% | ||
| Q2 24 | 40.5% | 0.4% | ||
| Q1 24 | 24.4% | -23.4% |
| Q4 25 | 3.9% | 1.7% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.6% | 1.5% | ||
| Q1 25 | 0.5% | 1.9% | ||
| Q4 24 | 18.3% | 2.9% | ||
| Q3 24 | 5.4% | 0.8% | ||
| Q2 24 | 3.5% | 0.8% | ||
| Q1 24 | 4.0% | 0.8% |
| Q4 25 | 3.81× | 7.47× | ||
| Q3 25 | 1.10× | -1.07× | ||
| Q2 25 | 1.08× | -0.44× | ||
| Q1 25 | 1.28× | -9.03× | ||
| Q4 24 | 3.88× | 9.41× | ||
| Q3 24 | 1.22× | -0.44× | ||
| Q2 24 | 1.28× | 0.10× | ||
| Q1 24 | 0.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
