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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $91.6M, roughly 1.1× SHENANDOAH TELECOMMUNICATIONS CO). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -5.9%, a 44.6% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs 7.2%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
NIC vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $91.6M |
| Net Profit | $40.3M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | 48.3% | -1.0% |
| Net Margin | 38.8% | -5.9% |
| Revenue YoY | 12.5% | 7.2% |
| Net Profit YoY | 16.9% | -95.8% |
| EPS (diluted) | $2.63 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $102.9M | $89.8M | ||
| Q2 25 | $95.7M | $88.6M | ||
| Q1 25 | $89.4M | $87.9M | ||
| Q4 24 | $92.4M | $85.4M | ||
| Q3 24 | $90.7M | $87.6M | ||
| Q2 24 | $85.0M | $85.8M | ||
| Q1 24 | $82.2M | $69.2M |
| Q4 25 | $40.3M | $-5.4M | ||
| Q3 25 | $41.7M | $-9.4M | ||
| Q2 25 | $36.0M | $-9.0M | ||
| Q1 25 | $32.6M | $-9.1M | ||
| Q4 24 | $34.5M | $-2.7M | ||
| Q3 24 | $32.5M | $-5.3M | ||
| Q2 24 | $29.3M | $-12.9M | ||
| Q1 24 | $27.8M | $214.7M |
| Q4 25 | 48.3% | -1.0% | ||
| Q3 25 | 50.4% | -8.0% | ||
| Q2 25 | 46.8% | -10.3% | ||
| Q1 25 | 44.9% | -6.9% | ||
| Q4 24 | 46.8% | -6.7% | ||
| Q3 24 | 45.0% | -4.8% | ||
| Q2 24 | 43.3% | -18.5% | ||
| Q1 24 | 41.8% | -4.0% |
| Q4 25 | 38.8% | -5.9% | ||
| Q3 25 | 40.6% | -10.5% | ||
| Q2 25 | 37.6% | -10.2% | ||
| Q1 25 | 36.4% | -10.4% | ||
| Q4 24 | 37.3% | -3.2% | ||
| Q3 24 | 35.8% | -6.0% | ||
| Q2 24 | 34.5% | -15.0% | ||
| Q1 24 | 33.8% | 310.0% |
| Q4 25 | $2.63 | $-0.13 | ||
| Q3 25 | $2.73 | $-0.20 | ||
| Q2 25 | $2.34 | $-0.19 | ||
| Q1 25 | $2.08 | $-0.19 | ||
| Q4 24 | $2.21 | $-0.34 | ||
| Q3 24 | $2.10 | $-0.13 | ||
| Q2 24 | $1.92 | $-0.24 | ||
| Q1 24 | $1.82 | $4.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $27.3M |
| Total DebtLower is stronger | $134.9M | $642.4M |
| Stockholders' EquityBook value | $1.3B | $880.8M |
| Total Assets | $9.2B | $1.9B |
| Debt / EquityLower = less leverage | 0.11× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | — | $22.6M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $87.5M | ||
| Q4 24 | — | $46.3M | ||
| Q3 24 | — | $43.1M | ||
| Q2 24 | — | $43.8M | ||
| Q1 24 | — | $389.7M |
| Q4 25 | $134.9M | $642.4M | ||
| Q3 25 | $134.6M | $535.4M | ||
| Q2 25 | $134.3M | $513.1M | ||
| Q1 25 | $156.6M | $515.8M | ||
| Q4 24 | $161.4M | $418.0M | ||
| Q3 24 | $161.2M | $345.2M | ||
| Q2 24 | $162.4M | $297.4M | ||
| Q1 24 | $162.3M | $298.7M |
| Q4 25 | $1.3B | $880.8M | ||
| Q3 25 | $1.2B | $892.7M | ||
| Q2 25 | $1.2B | $902.0M | ||
| Q1 25 | $1.2B | $910.5M | ||
| Q4 24 | $1.2B | $918.6M | ||
| Q3 24 | $1.1B | $925.4M | ||
| Q2 24 | $1.1B | $933.1M | ||
| Q1 24 | $1.1B | $871.6M |
| Q4 25 | $9.2B | $1.9B | ||
| Q3 25 | $9.0B | $1.9B | ||
| Q2 25 | $8.9B | $1.8B | ||
| Q1 25 | $9.0B | $1.8B | ||
| Q4 24 | $8.8B | $1.7B | ||
| Q3 24 | $8.6B | $1.7B | ||
| Q2 24 | $8.6B | $1.7B | ||
| Q1 24 | $8.4B | $1.4B |
| Q4 25 | 0.11× | 0.73× | ||
| Q3 25 | 0.11× | 0.60× | ||
| Q2 25 | 0.11× | 0.57× | ||
| Q1 25 | 0.13× | 0.57× | ||
| Q4 24 | 0.14× | 0.46× | ||
| Q3 24 | 0.14× | 0.37× | ||
| Q2 24 | 0.15× | 0.32× | ||
| Q1 24 | 0.15× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $149.4M | $-78.6M |
| FCF MarginFCF / Revenue | 143.7% | -85.8% |
| Capex IntensityCapex / Revenue | 3.9% | 117.2% |
| Cash ConversionOCF / Net Profit | 3.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $28.8M | ||
| Q3 25 | $45.9M | $30.7M | ||
| Q2 25 | $38.9M | $20.9M | ||
| Q1 25 | $41.8M | $20.5M | ||
| Q4 24 | $133.7M | $20.6M | ||
| Q3 24 | $39.6M | $24.3M | ||
| Q2 24 | $37.3M | $2.5M | ||
| Q1 24 | $23.4M | $15.2M |
| Q4 25 | $149.4M | $-78.6M | ||
| Q3 25 | $45.9M | $-51.4M | ||
| Q2 25 | $38.4M | $-65.3M | ||
| Q1 25 | $41.3M | $-62.7M | ||
| Q4 24 | $116.8M | $-72.0M | ||
| Q3 24 | $34.7M | $-51.3M | ||
| Q2 24 | $34.4M | $-78.3M | ||
| Q1 24 | $20.1M | $-54.9M |
| Q4 25 | 143.7% | -85.8% | ||
| Q3 25 | 44.6% | -57.2% | ||
| Q2 25 | 40.1% | -73.7% | ||
| Q1 25 | 46.2% | -71.3% | ||
| Q4 24 | 126.4% | -84.3% | ||
| Q3 24 | 38.3% | -58.5% | ||
| Q2 24 | 40.5% | -91.3% | ||
| Q1 24 | 24.4% | -79.3% |
| Q4 25 | 3.9% | 117.2% | ||
| Q3 25 | 0.0% | 91.4% | ||
| Q2 25 | 0.6% | 97.3% | ||
| Q1 25 | 0.5% | 94.7% | ||
| Q4 24 | 18.3% | 108.4% | ||
| Q3 24 | 5.4% | 86.2% | ||
| Q2 24 | 3.5% | 94.2% | ||
| Q1 24 | 4.0% | 101.2% |
| Q4 25 | 3.81× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | 1.22× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 0.84× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
