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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $104.0M, roughly 1.4× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 5.5%, a 33.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
NIC vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $148.3M |
| Net Profit | $40.3M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 48.3% | 11.7% |
| Net Margin | 38.8% | 5.5% |
| Revenue YoY | 12.5% | 38.6% |
| Net Profit YoY | 16.9% | 3.9% |
| EPS (diluted) | $2.63 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $102.9M | $135.8M | ||
| Q2 25 | $95.7M | $110.8M | ||
| Q1 25 | $89.4M | $80.4M | ||
| Q4 24 | $92.4M | $107.0M | ||
| Q3 24 | $90.7M | $102.2M | ||
| Q2 24 | $85.0M | $99.2M | ||
| Q1 24 | $82.2M | $90.8M |
| Q4 25 | $40.3M | $8.1M | ||
| Q3 25 | $41.7M | $11.9M | ||
| Q2 25 | $36.0M | $13.9M | ||
| Q1 25 | $32.6M | $-282.0K | ||
| Q4 24 | $34.5M | $7.8M | ||
| Q3 24 | $32.5M | $-267.0K | ||
| Q2 24 | $29.3M | $11.8M | ||
| Q1 24 | $27.8M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 48.3% | 11.7% | ||
| Q3 25 | 50.4% | 13.7% | ||
| Q2 25 | 46.8% | 14.4% | ||
| Q1 25 | 44.9% | 5.4% | ||
| Q4 24 | 46.8% | 15.4% | ||
| Q3 24 | 45.0% | 4.4% | ||
| Q2 24 | 43.3% | 18.7% | ||
| Q1 24 | 41.8% | 12.8% |
| Q4 25 | 38.8% | 5.5% | ||
| Q3 25 | 40.6% | 8.7% | ||
| Q2 25 | 37.6% | 12.5% | ||
| Q1 25 | 36.4% | -0.4% | ||
| Q4 24 | 37.3% | 7.3% | ||
| Q3 24 | 35.8% | -0.3% | ||
| Q2 24 | 34.5% | 11.9% | ||
| Q1 24 | 33.8% | 5.3% |
| Q4 25 | $2.63 | $0.05 | ||
| Q3 25 | $2.73 | $0.07 | ||
| Q2 25 | $2.34 | $0.08 | ||
| Q1 25 | $2.08 | $0.00 | ||
| Q4 24 | $2.21 | $0.04 | ||
| Q3 24 | $2.10 | $0.00 | ||
| Q2 24 | $1.92 | $0.07 | ||
| Q1 24 | $1.82 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | $134.9M | — |
| Stockholders' EquityBook value | $1.3B | $600.0M |
| Total Assets | $9.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $134.9M | — | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $134.3M | — | ||
| Q1 25 | $156.6M | $141.8M | ||
| Q4 24 | $161.4M | $141.8M | ||
| Q3 24 | $161.2M | $141.8M | ||
| Q2 24 | $162.4M | $146.8M | ||
| Q1 24 | $162.3M | $168.8M |
| Q4 25 | $1.3B | $600.0M | ||
| Q3 25 | $1.2B | $589.6M | ||
| Q2 25 | $1.2B | $575.4M | ||
| Q1 25 | $1.2B | $558.9M | ||
| Q4 24 | $1.2B | $556.8M | ||
| Q3 24 | $1.1B | $545.2M | ||
| Q2 24 | $1.1B | $544.6M | ||
| Q1 24 | $1.1B | $554.0M |
| Q4 25 | $9.2B | $904.1M | ||
| Q3 25 | $9.0B | $851.8M | ||
| Q2 25 | $8.9B | $795.0M | ||
| Q1 25 | $9.0B | $788.4M | ||
| Q4 24 | $8.8B | $793.1M | ||
| Q3 24 | $8.6B | $801.3M | ||
| Q2 24 | $8.6B | $788.4M | ||
| Q1 24 | $8.4B | $825.3M |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.13× | 0.25× | ||
| Q4 24 | 0.14× | 0.25× | ||
| Q3 24 | 0.14× | 0.26× | ||
| Q2 24 | 0.15× | 0.27× | ||
| Q1 24 | 0.15× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $149.4M | $-11.3M |
| FCF MarginFCF / Revenue | 143.7% | -7.6% |
| Capex IntensityCapex / Revenue | 3.9% | 4.8% |
| Cash ConversionOCF / Net Profit | 3.81× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $-4.1M | ||
| Q3 25 | $45.9M | $19.4M | ||
| Q2 25 | $38.9M | $-13.8M | ||
| Q1 25 | $41.8M | $15.6M | ||
| Q4 24 | $133.7M | $14.0M | ||
| Q3 24 | $39.6M | $15.7M | ||
| Q2 24 | $37.3M | $37.8M | ||
| Q1 24 | $23.4M | $12.9M |
| Q4 25 | $149.4M | $-11.3M | ||
| Q3 25 | $45.9M | $9.0M | ||
| Q2 25 | $38.4M | $-26.0M | ||
| Q1 25 | $41.3M | $12.3M | ||
| Q4 24 | $116.8M | $12.5M | ||
| Q3 24 | $34.7M | $13.3M | ||
| Q2 24 | $34.4M | $35.8M | ||
| Q1 24 | $20.1M | $10.4M |
| Q4 25 | 143.7% | -7.6% | ||
| Q3 25 | 44.6% | 6.6% | ||
| Q2 25 | 40.1% | -23.5% | ||
| Q1 25 | 46.2% | 15.4% | ||
| Q4 24 | 126.4% | 11.6% | ||
| Q3 24 | 38.3% | 13.0% | ||
| Q2 24 | 40.5% | 36.1% | ||
| Q1 24 | 24.4% | 11.4% |
| Q4 25 | 3.9% | 4.8% | ||
| Q3 25 | 0.0% | 7.7% | ||
| Q2 25 | 0.6% | 11.0% | ||
| Q1 25 | 0.5% | 4.0% | ||
| Q4 24 | 18.3% | 1.4% | ||
| Q3 24 | 5.4% | 2.3% | ||
| Q2 24 | 3.5% | 2.0% | ||
| Q1 24 | 4.0% | 2.7% |
| Q4 25 | 3.81× | -0.50× | ||
| Q3 25 | 1.10× | 1.63× | ||
| Q2 25 | 1.08× | -1.00× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | 1.79× | ||
| Q3 24 | 1.22× | — | ||
| Q2 24 | 1.28× | 3.21× | ||
| Q1 24 | 0.84× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
