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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $100.0M, roughly 1.0× Latham Group, Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -7.0%, a 45.8% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $14.1M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
NIC vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $100.0M |
| Net Profit | $40.3M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 48.3% | -10.7% |
| Net Margin | 38.8% | -7.0% |
| Revenue YoY | 12.5% | 14.5% |
| Net Profit YoY | 16.9% | 76.0% |
| EPS (diluted) | $2.63 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $102.9M | $161.9M | ||
| Q2 25 | $95.7M | $172.6M | ||
| Q1 25 | $89.4M | $111.4M | ||
| Q4 24 | $92.4M | $87.3M | ||
| Q3 24 | $90.7M | $150.5M | ||
| Q2 24 | $85.0M | $160.1M | ||
| Q1 24 | $82.2M | $110.6M |
| Q4 25 | $40.3M | $-7.0M | ||
| Q3 25 | $41.7M | $8.1M | ||
| Q2 25 | $36.0M | $16.0M | ||
| Q1 25 | $32.6M | $-6.0M | ||
| Q4 24 | $34.5M | $-29.2M | ||
| Q3 24 | $32.5M | $5.9M | ||
| Q2 24 | $29.3M | $13.3M | ||
| Q1 24 | $27.8M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 48.3% | -10.7% | ||
| Q3 25 | 50.4% | 13.3% | ||
| Q2 25 | 46.8% | 14.3% | ||
| Q1 25 | 44.9% | -4.4% | ||
| Q4 24 | 46.8% | -14.9% | ||
| Q3 24 | 45.0% | 8.9% | ||
| Q2 24 | 43.3% | 12.5% | ||
| Q1 24 | 41.8% | -1.9% |
| Q4 25 | 38.8% | -7.0% | ||
| Q3 25 | 40.6% | 5.0% | ||
| Q2 25 | 37.6% | 9.3% | ||
| Q1 25 | 36.4% | -5.4% | ||
| Q4 24 | 37.3% | -33.4% | ||
| Q3 24 | 35.8% | 3.9% | ||
| Q2 24 | 34.5% | 8.3% | ||
| Q1 24 | 33.8% | -7.1% |
| Q4 25 | $2.63 | $-0.06 | ||
| Q3 25 | $2.73 | $0.07 | ||
| Q2 25 | $2.34 | $0.13 | ||
| Q1 25 | $2.08 | $-0.05 | ||
| Q4 24 | $2.21 | $-0.24 | ||
| Q3 24 | $2.10 | $0.05 | ||
| Q2 24 | $1.92 | $0.11 | ||
| Q1 24 | $1.82 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $134.9M | $279.8M |
| Stockholders' EquityBook value | $1.3B | $405.9M |
| Total Assets | $9.2B | $823.2M |
| Debt / EquityLower = less leverage | 0.11× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.9M | $279.8M | ||
| Q3 25 | $134.6M | $281.1M | ||
| Q2 25 | $134.3M | $281.5M | ||
| Q1 25 | $156.6M | $306.9M | ||
| Q4 24 | $161.4M | $281.5M | ||
| Q3 24 | $161.2M | $282.8M | ||
| Q2 24 | $162.4M | $282.4M | ||
| Q1 24 | $162.3M | $282.8M |
| Q4 25 | $1.3B | $405.9M | ||
| Q3 25 | $1.2B | $408.4M | ||
| Q2 25 | $1.2B | $398.4M | ||
| Q1 25 | $1.2B | $381.1M | ||
| Q4 24 | $1.2B | $387.2M | ||
| Q3 24 | $1.1B | $416.6M | ||
| Q2 24 | $1.1B | $408.1M | ||
| Q1 24 | $1.1B | $391.8M |
| Q4 25 | $9.2B | $823.2M | ||
| Q3 25 | $9.0B | $844.4M | ||
| Q2 25 | $8.9B | $822.1M | ||
| Q1 25 | $9.0B | $824.6M | ||
| Q4 24 | $8.8B | $794.2M | ||
| Q3 24 | $8.6B | $853.4M | ||
| Q2 24 | $8.6B | $830.0M | ||
| Q1 24 | $8.4B | $808.6M |
| Q4 25 | 0.11× | 0.69× | ||
| Q3 25 | 0.11× | 0.69× | ||
| Q2 25 | 0.11× | 0.71× | ||
| Q1 25 | 0.13× | 0.81× | ||
| Q4 24 | 0.14× | 0.73× | ||
| Q3 24 | 0.14× | 0.68× | ||
| Q2 24 | 0.15× | 0.69× | ||
| Q1 24 | 0.15× | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | 143.7% | 14.1% |
| Capex IntensityCapex / Revenue | 3.9% | 9.2% |
| Cash ConversionOCF / Net Profit | 3.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $23.3M | ||
| Q3 25 | $45.9M | $51.0M | ||
| Q2 25 | $38.9M | $36.0M | ||
| Q1 25 | $41.8M | $-46.9M | ||
| Q4 24 | $133.7M | $6.2M | ||
| Q3 24 | $39.6M | $37.2M | ||
| Q2 24 | $37.3M | $52.4M | ||
| Q1 24 | $23.4M | $-34.5M |
| Q4 25 | $149.4M | $14.1M | ||
| Q3 25 | $45.9M | $45.2M | ||
| Q2 25 | $38.4M | $29.1M | ||
| Q1 25 | $41.3M | $-50.3M | ||
| Q4 24 | $116.8M | $-98.0K | ||
| Q3 24 | $34.7M | $33.2M | ||
| Q2 24 | $34.4M | $47.9M | ||
| Q1 24 | $20.1M | $-39.9M |
| Q4 25 | 143.7% | 14.1% | ||
| Q3 25 | 44.6% | 27.9% | ||
| Q2 25 | 40.1% | 16.8% | ||
| Q1 25 | 46.2% | -45.2% | ||
| Q4 24 | 126.4% | -0.1% | ||
| Q3 24 | 38.3% | 22.1% | ||
| Q2 24 | 40.5% | 29.9% | ||
| Q1 24 | 24.4% | -36.0% |
| Q4 25 | 3.9% | 9.2% | ||
| Q3 25 | 0.0% | 3.6% | ||
| Q2 25 | 0.6% | 4.0% | ||
| Q1 25 | 0.5% | 3.1% | ||
| Q4 24 | 18.3% | 7.2% | ||
| Q3 24 | 5.4% | 2.7% | ||
| Q2 24 | 3.5% | 2.8% | ||
| Q1 24 | 4.0% | 4.8% |
| Q4 25 | 3.81× | — | ||
| Q3 25 | 1.10× | 6.29× | ||
| Q2 25 | 1.08× | 2.25× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | 1.22× | 6.32× | ||
| Q2 24 | 1.28× | 3.95× | ||
| 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.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
