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Side-by-side financial comparison of NICOLET BANKSHARES INC (NIC) and Vericel Corp (VCEL). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $92.9M, roughly 1.1× Vericel Corp). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 25.0%, a 13.8% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
NIC vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $92.9M |
| Net Profit | $40.3M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 48.3% | 24.1% |
| Net Margin | 38.8% | 25.0% |
| Revenue YoY | 12.5% | 23.3% |
| Net Profit YoY | 16.9% | 17.3% |
| EPS (diluted) | $2.63 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $102.9M | $67.5M | ||
| Q2 25 | $95.7M | $63.2M | ||
| Q1 25 | $89.4M | $52.6M | ||
| Q4 24 | $92.4M | $75.4M | ||
| Q3 24 | $90.7M | $57.9M | ||
| Q2 24 | $85.0M | $52.7M | ||
| Q1 24 | $82.2M | $51.3M |
| Q4 25 | $40.3M | $23.2M | ||
| Q3 25 | $41.7M | $5.1M | ||
| Q2 25 | $36.0M | $-553.0K | ||
| Q1 25 | $32.6M | $-11.2M | ||
| Q4 24 | $34.5M | $19.8M | ||
| Q3 24 | $32.5M | $-901.0K | ||
| Q2 24 | $29.3M | $-4.7M | ||
| Q1 24 | $27.8M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 48.3% | 24.1% | ||
| Q3 25 | 50.4% | 5.1% | ||
| Q2 25 | 46.8% | -3.2% | ||
| Q1 25 | 44.9% | -24.3% | ||
| Q4 24 | 46.8% | 24.5% | ||
| Q3 24 | 45.0% | -4.3% | ||
| Q2 24 | 43.3% | -11.5% | ||
| Q1 24 | 41.8% | -10.7% |
| Q4 25 | 38.8% | 25.0% | ||
| Q3 25 | 40.6% | 7.5% | ||
| Q2 25 | 37.6% | -0.9% | ||
| Q1 25 | 36.4% | -21.4% | ||
| Q4 24 | 37.3% | 26.3% | ||
| Q3 24 | 35.8% | -1.6% | ||
| Q2 24 | 34.5% | -8.9% | ||
| Q1 24 | 33.8% | -7.5% |
| Q4 25 | $2.63 | $0.46 | ||
| Q3 25 | $2.73 | $0.10 | ||
| Q2 25 | $2.34 | $-0.01 | ||
| Q1 25 | $2.08 | $-0.23 | ||
| Q4 24 | $2.21 | $0.40 | ||
| Q3 24 | $2.10 | $-0.02 | ||
| Q2 24 | $1.92 | $-0.10 | ||
| Q1 24 | $1.82 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $137.5M |
| Total DebtLower is stronger | $134.9M | — |
| Stockholders' EquityBook value | $1.3B | $354.6M |
| Total Assets | $9.2B | $488.0M |
| Debt / EquityLower = less leverage | 0.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $134.9M | — | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $134.3M | — | ||
| Q1 25 | $156.6M | — | ||
| Q4 24 | $161.4M | — | ||
| Q3 24 | $161.2M | — | ||
| Q2 24 | $162.4M | — | ||
| Q1 24 | $162.3M | — |
| Q4 25 | $1.3B | $354.6M | ||
| Q3 25 | $1.2B | $321.9M | ||
| Q2 25 | $1.2B | $306.8M | ||
| Q1 25 | $1.2B | $295.5M | ||
| Q4 24 | $1.2B | $292.0M | ||
| Q3 24 | $1.1B | $257.5M | ||
| Q2 24 | $1.1B | $243.0M | ||
| Q1 24 | $1.1B | $233.9M |
| Q4 25 | $9.2B | $488.0M | ||
| Q3 25 | $9.0B | $453.3M | ||
| Q2 25 | $8.9B | $435.6M | ||
| Q1 25 | $9.0B | $424.6M | ||
| Q4 24 | $8.8B | $432.7M | ||
| Q3 24 | $8.6B | $390.4M | ||
| Q2 24 | $8.6B | $376.8M | ||
| Q1 24 | $8.4B | $356.7M |
| Q4 25 | 0.11× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $149.4M | $12.8M |
| FCF MarginFCF / Revenue | 143.7% | 13.8% |
| Capex IntensityCapex / Revenue | 3.9% | 2.4% |
| Cash ConversionOCF / Net Profit | 3.81× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $275.0M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.5M | $15.0M | ||
| Q3 25 | $45.9M | $22.1M | ||
| Q2 25 | $38.9M | $8.2M | ||
| Q1 25 | $41.8M | $6.6M | ||
| Q4 24 | $133.7M | $22.2M | ||
| Q3 24 | $39.6M | $10.2M | ||
| Q2 24 | $37.3M | $18.5M | ||
| Q1 24 | $23.4M | $7.2M |
| Q4 25 | $149.4M | $12.8M | ||
| Q3 25 | $45.9M | $19.5M | ||
| Q2 25 | $38.4M | $81.0K | ||
| Q1 25 | $41.3M | $-7.6M | ||
| Q4 24 | $116.8M | $8.5M | ||
| Q3 24 | $34.7M | $-9.2M | ||
| Q2 24 | $34.4M | $1.8M | ||
| Q1 24 | $20.1M | $-6.8M |
| Q4 25 | 143.7% | 13.8% | ||
| Q3 25 | 44.6% | 28.8% | ||
| Q2 25 | 40.1% | 0.1% | ||
| Q1 25 | 46.2% | -14.5% | ||
| Q4 24 | 126.4% | 11.2% | ||
| Q3 24 | 38.3% | -15.9% | ||
| Q2 24 | 40.5% | 3.4% | ||
| Q1 24 | 24.4% | -13.3% |
| Q4 25 | 3.9% | 2.4% | ||
| Q3 25 | 0.0% | 3.9% | ||
| Q2 25 | 0.6% | 12.9% | ||
| Q1 25 | 0.5% | 27.0% | ||
| Q4 24 | 18.3% | 18.3% | ||
| Q3 24 | 5.4% | 33.5% | ||
| Q2 24 | 3.5% | 31.8% | ||
| Q1 24 | 4.0% | 27.3% |
| Q4 25 | 3.81× | 0.65× | ||
| Q3 25 | 1.10× | 4.35× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.88× | 1.12× | ||
| Q3 24 | 1.22× | — | ||
| 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.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
