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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $73.5M, roughly 1.4× Target Hospitality Corp.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -20.3%, a 59.1% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 12.5%). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
NIC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $73.5M |
| Net Profit | $40.3M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 48.3% | -22.9% |
| Net Margin | 38.8% | -20.3% |
| Revenue YoY | 12.5% | 22.0% |
| Net Profit YoY | 16.9% | -219.1% |
| EPS (diluted) | $2.63 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $102.9M | $91.6M | ||
| Q2 25 | $95.7M | $54.9M | ||
| Q1 25 | $89.4M | $54.9M | ||
| Q4 24 | $92.4M | $60.2M | ||
| Q3 24 | $90.7M | $65.8M | ||
| Q2 24 | $85.0M | $67.5M | ||
| Q1 24 | $82.2M | $72.4M |
| Q4 25 | $40.3M | $-14.9M | ||
| Q3 25 | $41.7M | $-795.0K | ||
| Q2 25 | $36.0M | $-14.9M | ||
| Q1 25 | $32.6M | $-6.5M | ||
| Q4 24 | $34.5M | $12.5M | ||
| Q3 24 | $32.5M | $20.0M | ||
| Q2 24 | $29.3M | $18.4M | ||
| Q1 24 | $27.8M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | 48.3% | -22.9% | ||
| Q3 25 | 50.4% | 0.1% | ||
| Q2 25 | 46.8% | -30.8% | ||
| Q1 25 | 44.9% | -2.0% | ||
| Q4 24 | 46.8% | 34.5% | ||
| Q3 24 | 45.0% | 42.5% | ||
| Q2 24 | 43.3% | 43.8% | ||
| Q1 24 | 41.8% | 42.0% |
| Q4 25 | 38.8% | -20.3% | ||
| Q3 25 | 40.6% | -0.9% | ||
| Q2 25 | 37.6% | -27.2% | ||
| Q1 25 | 36.4% | -11.8% | ||
| Q4 24 | 37.3% | 20.8% | ||
| Q3 24 | 35.8% | 30.4% | ||
| Q2 24 | 34.5% | 27.2% | ||
| Q1 24 | 33.8% | 28.2% |
| Q4 25 | $2.63 | $-0.14 | ||
| Q3 25 | $2.73 | $-0.01 | ||
| Q2 25 | $2.34 | $-0.15 | ||
| Q1 25 | $2.08 | $-0.07 | ||
| Q4 24 | $2.21 | $0.12 | ||
| Q3 24 | $2.10 | $0.20 | ||
| Q2 24 | $1.92 | $0.18 | ||
| Q1 24 | $1.82 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $8.3M |
| Total DebtLower is stronger | $134.9M | $1.7M |
| Stockholders' EquityBook value | $1.3B | $389.3M |
| Total Assets | $9.2B | $530.2M |
| Debt / EquityLower = less leverage | 0.11× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.3M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $19.2M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | — | $177.7M | ||
| Q2 24 | — | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | $134.9M | $1.7M | ||
| Q3 25 | $134.6M | $2.0M | ||
| Q2 25 | $134.3M | $26.3M | ||
| Q1 25 | $156.6M | $42.9M | ||
| Q4 24 | $161.4M | $1.5M | ||
| Q3 24 | $161.2M | $994.0K | ||
| Q2 24 | $162.4M | $1.1M | ||
| Q1 24 | $162.3M | $179.9M |
| Q4 25 | $1.3B | $389.3M | ||
| Q3 25 | $1.2B | $402.4M | ||
| Q2 25 | $1.2B | $401.3M | ||
| Q1 25 | $1.2B | $415.3M | ||
| Q4 24 | $1.2B | $421.1M | ||
| Q3 24 | $1.1B | $417.6M | ||
| Q2 24 | $1.1B | $397.2M | ||
| Q1 24 | $1.1B | $375.5M |
| Q4 25 | $9.2B | $530.2M | ||
| Q3 25 | $9.0B | $541.2M | ||
| Q2 25 | $8.9B | $533.7M | ||
| Q1 25 | $9.0B | $562.5M | ||
| Q4 24 | $8.8B | $725.8M | ||
| Q3 24 | $8.6B | $709.8M | ||
| Q2 24 | $8.6B | $697.0M | ||
| Q1 24 | $8.4B | $687.2M |
| Q4 25 | 0.11× | 0.00× | ||
| Q3 25 | 0.11× | 0.01× | ||
| Q2 25 | 0.11× | 0.07× | ||
| Q1 25 | 0.13× | 0.10× | ||
| Q4 24 | 0.14× | 0.00× | ||
| Q3 24 | 0.14× | 0.00× | ||
| Q2 24 | 0.15× | 0.00× | ||
| Q1 24 | 0.15× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $149.4M | — |
| FCF MarginFCF / Revenue | 143.7% | — |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | 3.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $5.7M | ||
| Q3 25 | $45.9M | $53.4M | ||
| Q2 25 | $38.9M | $11.1M | ||
| Q1 25 | $41.8M | $3.9M | ||
| Q4 24 | $133.7M | $30.6M | ||
| Q3 24 | $39.6M | $31.4M | ||
| Q2 24 | $37.3M | $39.1M | ||
| Q1 24 | $23.4M | $50.6M |
| Q4 25 | $149.4M | — | ||
| Q3 25 | $45.9M | — | ||
| Q2 25 | $38.4M | — | ||
| Q1 25 | $41.3M | $-11.6M | ||
| Q4 24 | $116.8M | — | ||
| Q3 24 | $34.7M | — | ||
| Q2 24 | $34.4M | — | ||
| Q1 24 | $20.1M | — |
| Q4 25 | 143.7% | — | ||
| Q3 25 | 44.6% | — | ||
| Q2 25 | 40.1% | — | ||
| Q1 25 | 46.2% | -21.1% | ||
| Q4 24 | 126.4% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 40.5% | — | ||
| Q1 24 | 24.4% | — |
| Q4 25 | 3.9% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.5% | 28.2% | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | 3.81× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | 2.44× | ||
| Q3 24 | 1.22× | 1.57× | ||
| Q2 24 | 1.28× | 2.13× | ||
| Q1 24 | 0.84× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NIC
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
