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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $71.1M, roughly 1.5× RE/MAX Holdings, Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 2.0%, a 36.8% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -1.8%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $33.5M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
NIC vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $71.1M |
| Net Profit | $40.3M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 48.3% | 13.1% |
| Net Margin | 38.8% | 2.0% |
| Revenue YoY | 12.5% | -1.8% |
| Net Profit YoY | 16.9% | -75.2% |
| EPS (diluted) | $2.63 | — |
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 | $71.1M | ||
| Q3 25 | $102.9M | $73.2M | ||
| Q2 25 | $95.7M | $72.8M | ||
| Q1 25 | $89.4M | $74.5M | ||
| Q4 24 | $92.4M | $72.5M | ||
| Q3 24 | $90.7M | $78.5M | ||
| Q2 24 | $85.0M | $78.5M | ||
| Q1 24 | $82.2M | $78.3M |
| Q4 25 | $40.3M | $1.4M | ||
| Q3 25 | $41.7M | $4.0M | ||
| Q2 25 | $36.0M | $4.7M | ||
| Q1 25 | $32.6M | $-2.0M | ||
| Q4 24 | $34.5M | $5.8M | ||
| Q3 24 | $32.5M | $966.0K | ||
| Q2 24 | $29.3M | $3.7M | ||
| Q1 24 | $27.8M | $-3.4M |
| Q4 25 | 48.3% | 13.1% | ||
| Q3 25 | 50.4% | 25.0% | ||
| Q2 25 | 46.8% | 19.3% | ||
| Q1 25 | 44.9% | 7.2% | ||
| Q4 24 | 46.8% | 5.9% | ||
| Q3 24 | 45.0% | 19.4% | ||
| Q2 24 | 43.3% | 20.6% | ||
| Q1 24 | 41.8% | 5.8% |
| Q4 25 | 38.8% | 2.0% | ||
| Q3 25 | 40.6% | 5.4% | ||
| Q2 25 | 37.6% | 6.4% | ||
| Q1 25 | 36.4% | -2.6% | ||
| Q4 24 | 37.3% | 8.0% | ||
| Q3 24 | 35.8% | 1.2% | ||
| Q2 24 | 34.5% | 4.7% | ||
| Q1 24 | 33.8% | -4.3% |
| Q4 25 | $2.63 | — | ||
| Q3 25 | $2.73 | — | ||
| Q2 25 | $2.34 | — | ||
| Q1 25 | $2.08 | — | ||
| Q4 24 | $2.21 | — | ||
| Q3 24 | $2.10 | — | ||
| Q2 24 | $1.92 | — | ||
| Q1 24 | $1.82 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $118.7M |
| Total DebtLower is stronger | $134.9M | $432.2M |
| Stockholders' EquityBook value | $1.3B | $452.4M |
| Total Assets | $9.2B | $582.5M |
| Debt / EquityLower = less leverage | 0.11× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | — | $89.1M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
| Q4 25 | $134.9M | $432.2M | ||
| Q3 25 | $134.6M | $433.3M | ||
| Q2 25 | $134.3M | $434.4M | ||
| Q1 25 | $156.6M | $435.3M | ||
| Q4 24 | $161.4M | $436.2M | ||
| Q3 24 | $161.2M | $437.2M | ||
| Q2 24 | $162.4M | $438.1M | ||
| Q1 24 | $162.3M | $439.0M |
| Q4 25 | $1.3B | $452.4M | ||
| Q3 25 | $1.2B | $448.1M | ||
| Q2 25 | $1.2B | $442.4M | ||
| Q1 25 | $1.2B | $433.5M | ||
| Q4 24 | $1.2B | $429.5M | ||
| Q3 24 | $1.1B | $423.1M | ||
| Q2 24 | $1.1B | $418.4M | ||
| Q1 24 | $1.1B | $412.0M |
| Q4 25 | $9.2B | $582.5M | ||
| Q3 25 | $9.0B | $582.2M | ||
| Q2 25 | $8.9B | $574.8M | ||
| Q1 25 | $9.0B | $571.4M | ||
| Q4 24 | $8.8B | $581.6M | ||
| Q3 24 | $8.6B | $578.6M | ||
| Q2 24 | $8.6B | $571.4M | ||
| Q1 24 | $8.4B | $566.7M |
| Q4 25 | 0.11× | 0.96× | ||
| Q3 25 | 0.11× | 0.97× | ||
| Q2 25 | 0.11× | 0.98× | ||
| Q1 25 | 0.13× | 1.00× | ||
| Q4 24 | 0.14× | 1.02× | ||
| Q3 24 | 0.14× | 1.03× | ||
| Q2 24 | 0.15× | 1.05× | ||
| Q1 24 | 0.15× | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $149.4M | $33.5M |
| FCF MarginFCF / Revenue | 143.7% | 47.1% |
| Capex IntensityCapex / Revenue | 3.9% | 10.4% |
| Cash ConversionOCF / Net Profit | 3.81× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $40.9M | ||
| Q3 25 | $45.9M | $17.7M | ||
| Q2 25 | $38.9M | $4.6M | ||
| Q1 25 | $41.8M | $5.7M | ||
| Q4 24 | $133.7M | $59.7M | ||
| Q3 24 | $39.6M | $17.6M | ||
| Q2 24 | $37.3M | $15.9M | ||
| Q1 24 | $23.4M | $9.4M |
| Q4 25 | $149.4M | $33.5M | ||
| Q3 25 | $45.9M | $16.4M | ||
| Q2 25 | $38.4M | $2.9M | ||
| Q1 25 | $41.3M | $4.0M | ||
| Q4 24 | $116.8M | $53.0M | ||
| Q3 24 | $34.7M | $16.3M | ||
| Q2 24 | $34.4M | $14.0M | ||
| Q1 24 | $20.1M | $6.8M |
| Q4 25 | 143.7% | 47.1% | ||
| Q3 25 | 44.6% | 22.4% | ||
| Q2 25 | 40.1% | 4.0% | ||
| Q1 25 | 46.2% | 5.3% | ||
| Q4 24 | 126.4% | 73.2% | ||
| Q3 24 | 38.3% | 20.8% | ||
| Q2 24 | 40.5% | 17.8% | ||
| Q1 24 | 24.4% | 8.6% |
| Q4 25 | 3.9% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | 18.3% | 9.1% | ||
| Q3 24 | 5.4% | 1.7% | ||
| Q2 24 | 3.5% | 2.4% | ||
| Q1 24 | 4.0% | 3.3% |
| Q4 25 | 3.81× | 28.39× | ||
| Q3 25 | 1.10× | 4.45× | ||
| Q2 25 | 1.08× | 0.97× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | 10.28× | ||
| Q3 24 | 1.22× | 18.22× | ||
| Q2 24 | 1.28× | 4.29× | ||
| 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.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
