NICHOLAS COMPANY, INC.

MILWAUKEE, WI · CIK 903949 · 13F filing filed 2025-08-05

SEC-registered investment adviser since 1968 · corporation

Assets managed$6.1bn
Staff16 · 7 in investment roles
Main clients (by assets)Mutual funds and ETFs 99%
Websitenicholasinvestments.com
Form ADV · 2026-01-23SEC adviser record

Legal entityNicholas Company, Inc. (US)

$6.0bn reported value +3.5% vs Q1 2025

216positions

22.8%in top 10

9 new 49 added 96 reduced 6 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	461,037	$229.3m3.84%	3.84%	Reduced -35.7k	-35,722 -7.2%
2	ALPHABET INC CAP STK CL C GOOG	GOOG	1,088,470	$193.1m3.23%	3.23%	Unchanged
3	AMAZON COM INC COM AMZN	AMZN	854,554	$187.5m3.14%	3.14%	Added +175	+175 0.0%
4	NVIDIA CORPORATION COM NVDA	NVDA	1,158,250	$183.0m3.06%	3.06%	Added +94.9k	+94,925 8.9%
5	APPLE INC COM AAPL	AAPL	586,415	$120.3m2.01%	2.01%	Unchanged
6	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	1,078,620	$97.2m1.63%	1.63%	Reduced -75	-75 -0.0%
7	TJX COS INC NEW COM TJX	TJX	742,510	$91.7m1.53%	1.53%	Reduced -6.7k	-6,725 -0.9%
8	HOME DEPOT INC COM HD	HD	239,683	$87.9m1.47%	1.47%	Unchanged
9	COSTCO WHSL CORP NEW COM COST	COST	88,276	$87.4m1.46%	1.46%	Unchanged
10	S&P GLOBAL INC COM SPGI	SPGI	165,515	$87.3m1.46%	1.46%	Unchanged
11	FISERV INC COM FISV	FISV	483,734	$83.4m1.40%	1.40%	Added +185	+185 0.0%
12	ZSCALER INC COM ZS	ZS	262,777	$82.5m1.38%	1.38%	Added +75.8k	+75,805 40.5%
13	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		1,139,599	$79.6m1.33%	1.33%	Reduced -21.4k	-21,410 -1.8%
14	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	1,370,925	$77.0m1.29%	1.29%	Reduced -15	-15 0.0%
15	SERVICENOW INC COM NOW	NOW	73,460	$75.5m1.26%	1.26%	Reduced -12.1k	-12,065 -14.1%
16	SNOWFLAKE INC CL A SNOW	SNOW	333,484	$74.6m1.25%	1.25%	Added +3.6k	+3,605 1.1%
17	SALESFORCE INC COM CRM	CRM	271,485	$74.0m1.24%	1.24%	Unchanged
18	META PLATFORMS INC CL A META	META	100,040	$73.8m1.24%	1.24%	New
19	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	245,484	$73.4m1.23%	1.23%	Added +31.4k	+31,435 14.7%
20	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	396,780	$72.8m1.22%	1.22%	Unchanged
21	JPMORGAN CHASE & CO COM JPM	JPM	250,190	$72.5m1.21%	1.21%	Reduced -8.3k	-8,290 -3.2%
22	ADVANCED MICRO DEVICES INC COM AMD	AMD	509,165	$72.3m1.21%	1.21%	Reduced -57.9k	-57,905 -10.2%
23	VULCAN MATLS CO COM VMC	VMC	275,985	$72.0m1.20%	1.20%	Reduced -15	-15 -0.0%
24	ELI LILLY & CO COM LLY	LLY	92,014	$71.7m1.20%	1.20%	Added +7.9k	+7,940 9.4%
25	MASTERCARD INCORPORATED CL A MA	MA	124,615	$70.0m1.17%	1.17%	Reduced -47.7k	-47,660 -27.7%
26	SHERWIN WILLIAMS CO COM SHW	SHW	203,165	$69.8m1.17%	1.17%	Unchanged
27	VISA INC COM CL A V	V	196,200	$69.7m1.17%	1.17%	Reduced -70.0k	-70,010 -26.3%
28	WORKDAY INC CL A WDAY	WDAY	282,030	$67.7m1.13%	1.13%	Added +65	+65 0.0%
29	SANOFI SPONSORED ADR SNY	SNY	1,397,265	$67.5m1.13%	1.13%	Added +127.2k	+127,210 10.0%
30	CARRIER GLOBAL CORPORATION COM CARR	CARR	922,220	$67.5m1.13%	1.13%	New
31	BOSTON SCIENTIFIC CORP COM BSX	BSX	627,158	$67.4m1.13%	1.13%	Unchanged
32	STRYKER CORPORATION COM SYK	SYK	164,677	$65.2m1.09%	1.09%	Unchanged
33	THE TRADE DESK INC COM CL A TTD	TTD	900,509	$64.8m1.09%	1.09%	Unchanged
34	AON PLC SHS CL A AON	AON	181,427	$64.7m1.08%	1.08%	Reduced -16.4k	-16,360 -8.3%
35	WASTE CONNECTIONS INC COM WCN	WCN	345,032	$64.4m1.08%	1.08%	Reduced -18.8k	-18,805 -5.2%
36	ADOBE INC COM ADBE	ADBE	162,226	$62.8m1.05%	1.05%	Reduced -10.7k	-10,655 -6.2%
37	NETFLIX INC COM NFLX	NFLX	46,530	$62.3m1.04%	1.04%	Added +8.9k	+8,940 23.8%
38	FASTENAL CO COM FAST	FAST	1,474,690	$61.9m1.04%	1.04%	Reduced -452.2k	-452,200 -23.5%
39	CINTAS CORP COM CTAS	CTAS	270,561	$60.3m1.01%	1.01%	Unchanged
40	STARBUCKS CORP COM SBUX	SBUX	656,365	$60.1m1.01%	1.01%	Added +99.3k	+99,305 17.8%
41	TEXAS INSTRS INC COM TXN	TXN	289,429	$60.1m1.01%	1.01%	Unchanged
42	KENVUE INC COM KVUE	KVUE	2,623,637	$54.9m0.92%	0.92%	Reduced -250	-250 -0.0%
43	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	134,978	$54.7m0.92%	0.92%	Unchanged
44	PALO ALTO NETWORKS INC COM PANW	PANW	267,117	$54.7m0.92%	0.92%	Reduced -17.7k	-17,735 -6.2%
45	SYNOPSYS INC COM SNPS	SNPS	106,442	$54.6m0.91%	0.91%	Added +50	+50 0.1%
46	ALCON AG ORD SHS ALC	ALC	607,730	$53.7m0.90%	0.90%	Unchanged
47	MCDONALDS CORP COM MCD	MCD	178,850	$52.3m0.87%	0.87%	Unchanged
48	COCA COLA CO COM KO	KO	737,045	$52.1m0.87%	0.87%	Unchanged
49	FORTIVE CORP COM FTV	FTV	894,540	$46.6m0.78%	0.78%	Reduced -15	-15 0.0%
50	ATLASSIAN CORPORATION CL A TEAM	TEAM	227,789	$46.3m0.77%	0.77%	Added +20.6k	+20,635 10.0%
51	KLA CORP COM NEW KLAC	KLAC	51,135	$45.8m0.77%	0.77%	Unchanged
52	ROPER TECHNOLOGIES INC COM ROP	ROP	80,375	$45.6m0.76%	0.76%	Unchanged
53	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	147,701	$45.5m0.76%	0.76%	Reduced -13.6k	-13,589 -8.4%
54	LAM RESEARCH CORP COM NEW LRCX	LRCX	442,540	$43.1m0.72%	0.72%	Unchanged
55	ILLINOIS TOOL WKS INC COM ITW	ITW	171,780	$42.5m0.71%	0.71%	Added +60	+60 0.0%
56	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	98,075	$39.9m0.67%	0.67%	Reduced -13.9k	-13,940 -12.4%
57	UNITEDHEALTH GROUP INC COM UNH	UNH	112,627	$35.1m0.59%	0.59%	Reduced -32.5k	-32,539 -22.4%
58	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	379,372	$26.7m0.45%	0.45%	Reduced -10.7k	-10,730 -2.8%
59	PAYLOCITY HLDG CORP COM PCTY	PCTY	143,613	$26.0m0.44%	0.44%	Added +15	+15 0.0%
60	SMITH A O CORP COM AOS	AOS	390,938	$25.6m0.43%	0.43%	Added +20	+20 0.0%
61	RAYMOND JAMES FINL INC COM RJF	RJF	161,560	$24.8m0.41%	0.41%	Reduced -55	-55 -0.0%
62	DYNATRACE INC COM NEW DT	DT	443,658	$24.5m0.41%	0.41%	Reduced -25	-25 -0.0%
63	WINGSTOP INC COM WING	WING	70,610	$23.8m0.40%	0.40%	Added +7.8k	+7,754 12.3%
64	RB GLOBAL INC COM RBA	RBA	222,993	$23.7m0.40%	0.40%	Reduced -36.8k	-36,755 -14.2%
65	CORPAY INC COM SHS CPAY	CPAY	70,990	$23.6m0.39%	0.39%	Unchanged
66	VERISK ANALYTICS INC COM VRSK	VRSK	74,420	$23.2m0.39%	0.39%	Reduced -5.2k	-5,175 -6.5%
67	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	44,239	$22.7m0.38%	0.38%	Reduced -1.4k	-1,420 -3.1%
68	TRANSUNION COM TRU	TRU	255,133	$22.5m0.38%	0.38%	Reduced -45	-45 -0.0%
69	CBRE GROUP INC CL A CBRE	CBRE	160,080	$22.4m0.38%	0.38%	Reduced -10	-10 -0.0%
70	BJS WHSL CLUB HLDGS INC COM BJ	BJ	203,944	$22.0m0.37%	0.37%	Reduced -13.8k	-13,795 -6.3%
71	APTARGROUP INC COM ATR	ATR	139,850	$21.9m0.37%	0.37%	Added +20	+20 0.0%
72	GLOBUS MED INC CL A GMED	GMED	360,091	$21.3m0.36%	0.36%	Added +80	+80 0.0%
73	L3HARRIS TECHNOLOGIES INC COM LHX	LHX	83,900	$21.0m0.35%	0.35%	Reduced -5	-5 -0.0%
74	PTC INC COM PTC	PTC	120,470	$20.8m0.35%	0.35%	Added +25	+25 0.0%
75	AMETEK INC COM AME	AME	114,413	$20.7m0.35%	0.35%	Reduced -25	-25 -0.0%
76	VEEVA SYS INC CL A COM VEEV	VEEV	70,300	$20.2m0.34%	0.34%	Added +30	+30 0.0%
77	RESMED INC COM RMD	RMD	78,370	$20.2m0.34%	0.34%	Reduced -10	-10 -0.0%
78	BROADRIDGE FINL SOLUTIONS IN COM BR	BR	81,524	$19.8m0.33%	0.33%	Reduced -30	-30 -0.0%
79	NORDSON CORP COM NDSN	NDSN	88,985	$19.1m0.32%	0.32%	Added +10.5k	+10,525 13.4%
80	LATTICE SEMICONDUCTOR CORP COM LSCC	LSCC	387,038	$19.0m0.32%	0.32%	Added +50	+50 0.0%
81	WABTEC COM WAB	WAB	87,403	$18.3m0.31%	0.31%	Reduced -20	-20 -0.0%
82	STEVANATO GROUP S P A ORD SHS STVN	STVN	745,629	$18.2m0.30%	0.30%	Unchanged
83	IDEX CORP COM IEX	IEX	103,553	$18.2m0.30%	0.30%	Added +16.8k	+16,800 19.4%
84	SERVICE CORP INTL COM SCI	SCI	221,575	$18.0m0.30%	0.30%	Reduced -85	-85 -0.0%
85	SHIFT4 PMTS INC CL A FOUR	FOUR	180,500	$17.9m0.30%	0.30%	Added +1.4k	+1,416 0.8%
86	METTLER TOLEDO INTERNATIONAL COM MTD	MTD	15,144	$17.8m0.30%	0.30%	Unchanged
87	MORNINGSTAR INC COM MORN	MORN	56,565	$17.8m0.30%	0.30%	Reduced -20	-20 -0.0%
88	CDW CORP COM CDW	CDW	99,370	$17.7m0.30%	0.30%	Reduced -25	-25 -0.0%
89	STERIS PLC SHS USD STE	STE	73,685	$17.7m0.30%	0.30%	Unchanged
90	MONDAY COM LTD SHS MNDY	MNDY	56,262	$17.7m0.30%	0.30%	Added +11.9k	+11,860 26.7%
91	ULTA BEAUTY INC COM ULTA	ULTA	37,190	$17.4m0.29%	0.29%	Reduced -10	-10 -0.0%
92	OKTA INC CL A OKTA	OKTA	172,473	$17.2m0.29%	0.29%	Unchanged
93	COSTAR GROUP INC COM CSGP	CSGP	214,269	$17.2m0.29%	0.29%	Reduced -130	-130 -0.1%
94	ELASTIC N V ORD SHS ESTC	ESTC	201,971	$17.0m0.29%	0.29%	Unchanged
95	GARTNER INC COM IT	IT	40,693	$16.4m0.28%	0.28%	Reduced -2.4k	-2,390 -5.5%
96	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	95,550	$15.5m0.26%	0.26%	Reduced -15	-15 -0.0%
97	DOMINOS PIZZA INC COM DPZ	DPZ	33,275	$15.0m0.25%	0.25%	Reduced -5	-5 -0.0%
98	RALLIANT CORP COM RAL	RAL	298,178	$14.5m0.24%	0.24%	New
99	REPUBLIC SVCS INC COM RSG	RSG	56,037	$13.8m0.23%	0.23%	Reduced -10.4k	-10,415 -15.7%
100	BIO-TECHNE CORP COM TECH	TECH	258,659	$13.3m0.22%	0.22%	Reduced -15	-15 -0.0%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
COPART INC CPRT	CPRT	934,622	$52.9m934.6k shares
CARMAX INC KMX	KMX	109,900	$8.6m109.9k shares
BEACON ROOFING SUPPLY INC BECN	BECN	51,407	$6.4m51.4k shares
NEOGEN CORP NEOG	NEOG	432,098	$3.7m432.1k shares
PHILIP MORRIS INTL INC PM	PM	19,731	$3.1m19.7k shares
EATON CORP PLC ETN	ETN	5,435	$1.5m5.4k shares