vs
Side-by-side financial comparison of NATIONAL BANKSHARES INC (NKSH) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
NATIONAL BANKSHARES INC is the larger business by last-quarter revenue ($15.3M vs $13.2M, roughly 1.2× TriSalus Life Sciences, Inc.). NATIONAL BANKSHARES INC runs the higher net margin — 38.5% vs -73.9%, a 112.4% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 24.7%). NATIONAL BANKSHARES INC produced more free cash flow last quarter ($15.2M vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs 20.9%).
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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
NKSH vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.3M | $13.2M |
| Net Profit | $5.9M | $-9.8M |
| Gross Margin | — | 86.7% |
| Operating Margin | 47.4% | -24.8% |
| Net Margin | 38.5% | -73.9% |
| Revenue YoY | 24.7% | 59.8% |
| Net Profit YoY | 91.0% | 3.5% |
| EPS (diluted) | $0.93 | $-0.22 |
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 | $15.3M | $13.2M | ||
| Q3 25 | $14.2M | $11.6M | ||
| Q2 25 | $13.3M | $11.2M | ||
| Q1 25 | $12.8M | $9.2M | ||
| Q4 24 | $12.2M | $8.3M | ||
| Q3 24 | $11.7M | $7.3M | ||
| Q2 24 | $10.9M | $7.4M | ||
| Q1 24 | $10.4M | $6.5M |
| Q4 25 | $5.9M | $-9.8M | ||
| Q3 25 | $4.4M | $-10.8M | ||
| Q2 25 | $2.3M | $-8.3M | ||
| Q1 25 | $3.2M | $-10.4M | ||
| Q4 24 | $3.1M | $-10.1M | ||
| Q3 24 | $2.7M | $-2.4M | ||
| Q2 24 | $-307.0K | $-4.3M | ||
| Q1 24 | $2.2M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | — | 87.6% | ||
| Q1 24 | — | 85.0% |
| Q4 25 | 47.4% | -24.8% | ||
| Q3 25 | 37.9% | -77.9% | ||
| Q2 25 | 20.0% | -65.4% | ||
| Q1 25 | 30.5% | -79.9% | ||
| Q4 24 | 30.1% | -91.8% | ||
| Q3 24 | 27.5% | -118.9% | ||
| Q2 24 | -4.4% | -111.0% | ||
| Q1 24 | 25.8% | -180.8% |
| Q4 25 | 38.5% | -73.9% | ||
| Q3 25 | 31.1% | -93.5% | ||
| Q2 25 | 17.2% | -73.9% | ||
| Q1 25 | 25.3% | -113.2% | ||
| Q4 24 | 25.1% | -122.4% | ||
| Q3 24 | 22.8% | -32.6% | ||
| Q2 24 | -2.8% | -58.8% | ||
| Q1 24 | 20.8% | -204.5% |
| Q4 25 | $0.93 | $-0.22 | ||
| Q3 25 | $0.69 | $-0.96 | ||
| Q2 25 | $0.36 | $-0.27 | ||
| Q1 25 | $0.51 | $-0.39 | ||
| Q4 24 | $0.50 | $-0.38 | ||
| Q3 24 | $0.42 | $-0.12 | ||
| Q2 24 | $-0.05 | $-0.21 | ||
| Q1 24 | $0.37 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $59.3M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $184.9M | $-33.9M |
| Total Assets | $1.8B | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.3M | $20.4M | ||
| Q3 25 | $42.3M | $22.7M | ||
| Q2 25 | $92.8M | $26.5M | ||
| Q1 25 | $122.5M | $13.0M | ||
| Q4 24 | $108.1M | $8.5M | ||
| Q3 24 | $49.8M | $11.3M | ||
| Q2 24 | $98.9M | $16.5M | ||
| Q1 24 | $121.2M | $4.0M |
| Q4 25 | $184.9M | $-33.9M | ||
| Q3 25 | $179.2M | $-26.7M | ||
| Q2 25 | $168.7M | $-19.4M | ||
| Q1 25 | $167.3M | $-34.4M | ||
| Q4 24 | $156.4M | $-25.9M | ||
| Q3 24 | $167.8M | $-20.4M | ||
| Q2 24 | $149.0M | $-25.3M | ||
| Q1 24 | $139.4M | $-36.0M |
| Q4 25 | $1.8B | $35.3M | ||
| Q3 25 | $1.8B | $36.5M | ||
| Q2 25 | $1.8B | $41.3M | ||
| Q1 25 | $1.8B | $28.6M | ||
| Q4 24 | $1.8B | $24.0M | ||
| Q3 24 | $1.8B | $27.5M | ||
| Q2 24 | $1.8B | $32.4M | ||
| Q1 24 | $1.7B | $17.9M |
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 | $17.9M | $-2.5M |
| Free Cash FlowOCF − Capex | $15.2M | $-2.5M |
| FCF MarginFCF / Revenue | 99.2% | -19.1% |
| Capex IntensityCapex / Revenue | 17.9% | 0.3% |
| Cash ConversionOCF / Net Profit | 3.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $23.6M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.9M | $-2.5M | ||
| Q3 25 | $6.1M | $-3.7M | ||
| Q2 25 | $2.1M | $-7.3M | ||
| Q1 25 | $2.6M | $-4.5M | ||
| Q4 24 | $9.4M | $-5.7M | ||
| Q3 24 | $3.1M | $-10.8M | ||
| Q2 24 | $-3.0M | $-13.4M | ||
| Q1 24 | $3.8M | $-10.9M |
| Q4 25 | $15.2M | $-2.5M | ||
| Q3 25 | $5.3M | $-3.9M | ||
| Q2 25 | $1.5M | $-7.4M | ||
| Q1 25 | $1.6M | $-5.3M | ||
| Q4 24 | $6.2M | $-5.8M | ||
| Q3 24 | $2.2M | $-11.0M | ||
| Q2 24 | $-4.0M | $-13.5M | ||
| Q1 24 | $3.5M | $-10.9M |
| Q4 25 | 99.2% | -19.1% | ||
| Q3 25 | 37.4% | -33.9% | ||
| Q2 25 | 11.5% | -66.1% | ||
| Q1 25 | 12.5% | -57.3% | ||
| Q4 24 | 50.5% | -69.7% | ||
| Q3 24 | 18.5% | -149.9% | ||
| Q2 24 | -36.3% | -183.1% | ||
| Q1 24 | 33.8% | -169.3% |
| Q4 25 | 17.9% | 0.3% | ||
| Q3 25 | 5.6% | 1.9% | ||
| Q2 25 | 4.1% | 0.8% | ||
| Q1 25 | 7.5% | 8.2% | ||
| Q4 24 | 26.6% | 0.6% | ||
| Q3 24 | 8.3% | 2.3% | ||
| Q2 24 | 9.3% | 0.8% | ||
| Q1 24 | 3.0% | 1.0% |
| Q4 25 | 3.04× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 3.07× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
