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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $78.6M, roughly 1.3× Repay Holdings Corp). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -178.3%, a 217.1% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs 0.4%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $23.2M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
NIC vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $78.6M |
| Net Profit | $40.3M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | 48.3% | -182.2% |
| Net Margin | 38.8% | -178.3% |
| Revenue YoY | 12.5% | 0.4% |
| Net Profit YoY | 16.9% | -3304.1% |
| EPS (diluted) | $2.63 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $102.9M | $77.7M | ||
| Q2 25 | $95.7M | $75.6M | ||
| Q1 25 | $89.4M | $77.3M | ||
| Q4 24 | $92.4M | $78.3M | ||
| Q3 24 | $90.7M | $79.1M | ||
| Q2 24 | $85.0M | $74.9M | ||
| Q1 24 | $82.2M | $80.7M |
| Q4 25 | $40.3M | $-140.1M | ||
| Q3 25 | $41.7M | $-6.4M | ||
| Q2 25 | $36.0M | $-102.3M | ||
| Q1 25 | $32.6M | $-7.9M | ||
| Q4 24 | $34.5M | $-4.1M | ||
| Q3 24 | $32.5M | $3.2M | ||
| Q2 24 | $29.3M | $-4.1M | ||
| Q1 24 | $27.8M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | 48.3% | -182.2% | ||
| Q3 25 | 50.4% | -3.9% | ||
| Q2 25 | 46.8% | -138.7% | ||
| Q1 25 | 44.9% | -4.7% | ||
| Q4 24 | 46.8% | -1.5% | ||
| Q3 24 | 45.0% | -0.9% | ||
| Q2 24 | 43.3% | -4.6% | ||
| Q1 24 | 41.8% | -3.1% |
| Q4 25 | 38.8% | -178.3% | ||
| Q3 25 | 40.6% | -8.3% | ||
| Q2 25 | 37.6% | -135.2% | ||
| Q1 25 | 36.4% | -10.3% | ||
| Q4 24 | 37.3% | -5.3% | ||
| Q3 24 | 35.8% | 4.1% | ||
| Q2 24 | 34.5% | -5.4% | ||
| Q1 24 | 33.8% | -6.5% |
| Q4 25 | $2.63 | $-1.68 | ||
| Q3 25 | $2.73 | $-0.08 | ||
| Q2 25 | $2.34 | $-1.15 | ||
| Q1 25 | $2.08 | $-0.09 | ||
| Q4 24 | $2.21 | $-0.04 | ||
| Q3 24 | $2.10 | $0.03 | ||
| Q2 24 | $1.92 | $-0.04 | ||
| Q1 24 | $1.82 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $115.7M |
| Total DebtLower is stronger | $134.9M | $280.1M |
| Stockholders' EquityBook value | $1.3B | $484.4M |
| Total Assets | $9.2B | $1.2B |
| Debt / EquityLower = less leverage | 0.11× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $95.7M | ||
| Q2 25 | — | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | — | $189.5M | ||
| Q3 24 | — | $168.7M | ||
| Q2 24 | — | $147.1M | ||
| Q1 24 | — | $128.3M |
| Q4 25 | $134.9M | $280.1M | ||
| Q3 25 | $134.6M | $279.5M | ||
| Q2 25 | $134.3M | $279.0M | ||
| Q1 25 | $156.6M | $497.6M | ||
| Q4 24 | $161.4M | $496.8M | ||
| Q3 24 | $161.2M | $496.2M | ||
| Q2 24 | $162.4M | $435.6M | ||
| Q1 24 | $162.3M | $434.9M |
| Q4 25 | $1.3B | $484.4M | ||
| Q3 25 | $1.2B | $616.9M | ||
| Q2 25 | $1.2B | $633.7M | ||
| Q1 25 | $1.2B | $755.7M | ||
| Q4 24 | $1.2B | $761.3M | ||
| Q3 24 | $1.1B | $754.7M | ||
| Q2 24 | $1.1B | $815.4M | ||
| Q1 24 | $1.1B | $813.8M |
| Q4 25 | $9.2B | $1.2B | ||
| Q3 25 | $9.0B | $1.3B | ||
| Q2 25 | $8.9B | $1.4B | ||
| Q1 25 | $9.0B | $1.5B | ||
| Q4 24 | $8.8B | $1.6B | ||
| Q3 24 | $8.6B | $1.6B | ||
| Q2 24 | $8.6B | $1.5B | ||
| Q1 24 | $8.4B | $1.5B |
| Q4 25 | 0.11× | 0.58× | ||
| Q3 25 | 0.11× | 0.45× | ||
| Q2 25 | 0.11× | 0.44× | ||
| Q1 25 | 0.13× | 0.66× | ||
| Q4 24 | 0.14× | 0.65× | ||
| Q3 24 | 0.14× | 0.66× | ||
| Q2 24 | 0.15× | 0.53× | ||
| Q1 24 | 0.15× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $149.4M | $23.2M |
| FCF MarginFCF / Revenue | 143.7% | 29.6% |
| Capex IntensityCapex / Revenue | 3.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 3.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $23.3M | ||
| Q3 25 | $45.9M | $32.2M | ||
| Q2 25 | $38.9M | $33.1M | ||
| Q1 25 | $41.8M | $2.5M | ||
| Q4 24 | $133.7M | $34.3M | ||
| Q3 24 | $39.6M | $60.1M | ||
| Q2 24 | $37.3M | $31.0M | ||
| Q1 24 | $23.4M | $24.8M |
| Q4 25 | $149.4M | $23.2M | ||
| Q3 25 | $45.9M | $32.1M | ||
| Q2 25 | $38.4M | $33.0M | ||
| Q1 25 | $41.3M | $2.4M | ||
| Q4 24 | $116.8M | $34.0M | ||
| Q3 24 | $34.7M | $59.8M | ||
| Q2 24 | $34.4M | $30.5M | ||
| Q1 24 | $20.1M | $24.7M |
| Q4 25 | 143.7% | 29.6% | ||
| Q3 25 | 44.6% | 41.3% | ||
| Q2 25 | 40.1% | 43.6% | ||
| Q1 25 | 46.2% | 3.0% | ||
| Q4 24 | 126.4% | 43.5% | ||
| Q3 24 | 38.3% | 75.6% | ||
| Q2 24 | 40.5% | 40.7% | ||
| Q1 24 | 24.4% | 30.6% |
| Q4 25 | 3.9% | 0.1% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.6% | 0.1% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | 18.3% | 0.3% | ||
| Q3 24 | 5.4% | 0.3% | ||
| Q2 24 | 3.5% | 0.6% | ||
| Q1 24 | 4.0% | 0.1% |
| Q4 25 | 3.81× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | 1.22× | 18.52× | ||
| Q2 24 | 1.28× | — | ||
| 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.
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
