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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $104.0M, roughly 1.5× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 4.8%, a 34.0% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $35.2M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
NIC vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $153.1M |
| Net Profit | $40.3M | $7.3M |
| Gross Margin | — | 31.5% |
| Operating Margin | 48.3% | 12.0% |
| Net Margin | 38.8% | 4.8% |
| Revenue YoY | 12.5% | 22.3% |
| Net Profit YoY | 16.9% | 8.5% |
| EPS (diluted) | $2.63 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $102.9M | $138.0M | ||
| Q2 25 | $95.7M | $129.8M | ||
| Q1 25 | $89.4M | $122.8M | ||
| Q4 24 | $92.4M | $125.1M | ||
| Q3 24 | $90.7M | $124.8M | ||
| Q2 24 | $85.0M | $118.8M | ||
| Q1 24 | $82.2M | $111.9M |
| Q4 25 | $40.3M | $7.3M | ||
| Q3 25 | $41.7M | $2.3M | ||
| Q2 25 | $36.0M | $518.0K | ||
| Q1 25 | $32.6M | $4.8M | ||
| Q4 24 | $34.5M | $6.8M | ||
| Q3 24 | $32.5M | $1.3M | ||
| Q2 24 | $29.3M | $6.0M | ||
| Q1 24 | $27.8M | $5.5M |
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | 48.3% | 12.0% | ||
| Q3 25 | 50.4% | 9.4% | ||
| Q2 25 | 46.8% | 7.3% | ||
| Q1 25 | 44.9% | 11.5% | ||
| Q4 24 | 46.8% | 12.7% | ||
| Q3 24 | 45.0% | 14.3% | ||
| Q2 24 | 43.3% | 12.5% | ||
| Q1 24 | 41.8% | 12.6% |
| Q4 25 | 38.8% | 4.8% | ||
| Q3 25 | 40.6% | 1.7% | ||
| Q2 25 | 37.6% | 0.4% | ||
| Q1 25 | 36.4% | 3.9% | ||
| Q4 24 | 37.3% | 5.4% | ||
| Q3 24 | 35.8% | 1.0% | ||
| Q2 24 | 34.5% | 5.1% | ||
| Q1 24 | 33.8% | 4.9% |
| Q4 25 | $2.63 | $0.62 | ||
| Q3 25 | $2.73 | $0.19 | ||
| Q2 25 | $2.34 | $0.04 | ||
| Q1 25 | $2.08 | $0.40 | ||
| Q4 24 | $2.21 | $0.56 | ||
| Q3 24 | $2.10 | $0.11 | ||
| Q2 24 | $1.92 | $0.51 | ||
| Q1 24 | $1.82 | $0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.7M |
| Total DebtLower is stronger | $134.9M | $286.7M |
| Stockholders' EquityBook value | $1.3B | $-17.3M |
| Total Assets | $9.2B | $403.2M |
| Debt / EquityLower = less leverage | 0.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $31.5M | ||
| Q4 24 | — | $33.5M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | $134.9M | $286.7M | ||
| Q3 25 | $134.6M | $308.4M | ||
| Q2 25 | $134.3M | $310.9M | ||
| Q1 25 | $156.6M | $280.7M | ||
| Q4 24 | $161.4M | $280.4M | ||
| Q3 24 | $161.2M | $280.2M | ||
| Q2 24 | $162.4M | $269.7M | ||
| Q1 24 | $162.3M | $265.3M |
| Q4 25 | $1.3B | $-17.3M | ||
| Q3 25 | $1.2B | $-25.7M | ||
| Q2 25 | $1.2B | $-29.0M | ||
| Q1 25 | $1.2B | $-29.7M | ||
| Q4 24 | $1.2B | $-35.6M | ||
| Q3 24 | $1.1B | $-42.8M | ||
| Q2 24 | $1.1B | $-44.6M | ||
| Q1 24 | $1.1B | $-48.5M |
| Q4 25 | $9.2B | $403.2M | ||
| Q3 25 | $9.0B | $407.1M | ||
| Q2 25 | $8.9B | $399.8M | ||
| Q1 25 | $9.0B | $351.9M | ||
| Q4 24 | $8.8B | $349.7M | ||
| Q3 24 | $8.6B | $342.3M | ||
| Q2 24 | $8.6B | $321.4M | ||
| Q1 24 | $8.4B | $319.8M |
| 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× | — | ||
| 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 | $39.6M |
| Free Cash FlowOCF − Capex | $149.4M | $35.2M |
| FCF MarginFCF / Revenue | 143.7% | 23.0% |
| Capex IntensityCapex / Revenue | 3.9% | 2.9% |
| Cash ConversionOCF / Net Profit | 3.81× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $39.6M | ||
| Q3 25 | $45.9M | $10.0M | ||
| Q2 25 | $38.9M | $4.3M | ||
| Q1 25 | $41.8M | $5.6M | ||
| Q4 24 | $133.7M | $26.7M | ||
| Q3 24 | $39.6M | $12.5M | ||
| Q2 24 | $37.3M | $-4.8M | ||
| Q1 24 | $23.4M | $8.9M |
| Q4 25 | $149.4M | $35.2M | ||
| Q3 25 | $45.9M | $5.3M | ||
| Q2 25 | $38.4M | $533.0K | ||
| Q1 25 | $41.3M | $292.0K | ||
| Q4 24 | $116.8M | $21.6M | ||
| Q3 24 | $34.7M | $11.1M | ||
| Q2 24 | $34.4M | $-6.0M | ||
| Q1 24 | $20.1M | $7.4M |
| Q4 25 | 143.7% | 23.0% | ||
| Q3 25 | 44.6% | 3.8% | ||
| Q2 25 | 40.1% | 0.4% | ||
| Q1 25 | 46.2% | 0.2% | ||
| Q4 24 | 126.4% | 17.3% | ||
| Q3 24 | 38.3% | 8.9% | ||
| Q2 24 | 40.5% | -5.0% | ||
| Q1 24 | 24.4% | 6.6% |
| Q4 25 | 3.9% | 2.9% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.6% | 2.9% | ||
| Q1 25 | 0.5% | 4.3% | ||
| Q4 24 | 18.3% | 4.0% | ||
| Q3 24 | 5.4% | 1.2% | ||
| Q2 24 | 3.5% | 1.0% | ||
| Q1 24 | 4.0% | 1.3% |
| Q4 25 | 3.81× | 5.39× | ||
| Q3 25 | 1.10× | 4.32× | ||
| Q2 25 | 1.08× | 8.39× | ||
| Q1 25 | 1.28× | 1.17× | ||
| Q4 24 | 3.88× | 3.94× | ||
| Q3 24 | 1.22× | 9.70× | ||
| Q2 24 | 1.28× | -0.79× | ||
| Q1 24 | 0.84× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
