Pricing Log in Create free account
Friday 6 November 2026 Export NNI’s income statement to Excel — free account

Nelnet, Inc.

NNI Financial Credit Services

Nelnet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 5.49% from fiscal 2024.

Revenue
−23.0%
EPS
−27.6%
Free cash flow
+575.6%
Total debt
−13.5%

Quarter to September 2026, against a year earlier

129.68 2.67 +2.10%
Market cap
$4.5B
P/E
16.8×
Fwd P/E
16.5×
Dividend yield
1.04%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 50.98%

Capital & Financial Ratios $m

Size
Market Cap 4,540.00
Revenue ttm 2,106.29
Net income ttm 195.95
Free cash flow ttm 478.77
Net debt Q 6,768.99
Valuation
P/E 16.82
Forward P/E 16.50
Price / sales 2.16
Forward P/S Powerpack
Price / FCF 12.33
Price / book 1.26
Financial health
Current ratio Q 0.00
Debt / equity Q 1.87
Interest coverage Q —
Growth
Revenue growth Q −22.95% (below 0%: shrinking)
Operating income growth Q −72.44% (below 0%: shrinking)
EPS, this year −38.10% (below 0%: weak)
EPS, next year A +14.64%
Revenue, next year A −25.97% (below 0%: weak)
EPS, past 5 yrs +5.50%
EPS, next 5 yrs A +25.03% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 71.18%
10-year low 10-year high
P/S against its own 10 years 94.79%
10-year low 10-year high
P/B against its own 10 years 85.41%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.04%
Annual rate
1.32
Payout ratio
17.5%
Growth, 2017–25
+9.40%/yr
  1. 0.58 ’17
  2. 0.66 ’18 +14
  3. 0.74 ’19 +12
  4. 0.82 ’20 +11
  5. 0.90 ’21 +10
  6. 0.98 ’22 +9
  7. 1.06 ’23 +8
  8. 1.12 ’24 +6
  9. 1.19 ’25 +6
  10. 1.32 ’26e +11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,890 3,132 3,322 3,635
Receivables — — — —
Inventory — — — —
Other — — — —
16,195 13,284 13,522 13,607
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
35 21 20 16

Compound Annual Growth %

10y 5y 3y
Sales 6.50% 5.45% 4.35%
Cash Flow 0.78% 3.91% (14.76%)
Earnings 4.81% 3.98% 1.74%
Book Value 6.58% 6.36% 3.79%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate 2.66 Actual 1.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 1.91 5.05 Beat by 3.14
Q3 FY25 1.52 2.95 Beat by 1.43
Q4 FY25 1.63 1.56 Miss by 0.07
Q1 FY26 2.66 1.94 Miss by 0.72
Q3 FY26 1.83 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.97 1.85 2.13 — —
’25 2.26 4.97 2.94 1.60 11.79
’24 1.97 1.23 0.07 1.73 5.02
’23 0.71 0.75 1.21 (0.23) 2.45
’22 4.91 2.26 2.80 0.83 10.83
’21 3.20 2.16 1.38 3.46 10.20
’20 (1.01) 2.21 1.86 6.10 9.02
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 529 519 — — —
’25 524 673 548 510 2,256
’24 580 509 507 543 2,138
’23 531 508 527 467 2,034
’22 530 419 522 515 1,985
’21 368 353 337 443 1,501
’20 380 403 365 582 1,730
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 73 78 190 — —
’25 91 82 112 138 423
’24 212 134 137 181 663
’23 123 76 154 79 432
’22 275 208 173 26 683
’21 49 137 151 144 480
’20 (144) 39 279 176 349
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 62 72 190 — —
’25 88 151 28 130 397
’24 188 234 21 198 642
’23 98 63 139 58 358
’22 260 190 163 11 624
’21 31 126 137 127 421
’20 (170) 17 245 143 236
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,285 1,249 1,745 1,780 1,730 1,501 1,985 2,034 2,138 2,256 2,106 +6.5% 1,670 1,774 — (11.3%)
Gross margin, % 69.79 62.77 61.61 60.71 80.92 88.26 78.33 58.45 68.18 77.97 78.28 +8.2 pt
EBT 399 227 286 177 450 502 502 69 229 526 268 +3.1%
EBT margin, % 31.04 18.14 16.41 9.93 26.04 33.45 25.28 3.38 10.69 23.33 0.00 (7.7) pt
Net income 258 162 228 141 350 386 389 49 176 398 196 +5.0%
Per share, $
Per share, $ Revenue 30.11 29.90 42.66 44.45 44.29 38.91 52.80 54.36 58.36 62.07 0.00 +8.4%
Earnings 6.02 4.14 5.57 3.54 9.02 10.20 10.83 2.45 5.02 11.79 7.55 +7.8%
Cash flow 7.04 7.71 6.62 7.46 8.94 12.45 18.17 11.55 18.09 11.64 13.36 +5.8%
Capex (1.58) (3.73) (3.06) (2.31) (2.90) (1.53) (1.58) (1.98) (0.57) (0.72) 0.00 (8.4%)
Free cash flow 5.45 3.98 3.57 5.15 6.04 10.92 16.58 9.57 17.52 10.92 13.36 +8.0%
Book value 48.53 51.81 56.58 59.71 67.29 76.55 85.10 85.53 90.04 98.43 100.80 +8.2%
Shares, m 43 42 41 40 39 39 38 37 37 36 36 (1.8%)
Valuation, ×
Valuation, × P/E 8.56 13.21 9.40 16.50 7.78 9.58 8.33 36.02 21.36 11.30 16.82 14.2
P/S 1.71 1.83 1.23 1.31 1.61 2.51 1.70 1.62 1.83 2.14 2.16 1.7
P/B 1.06 1.06 0.93 0.98 1.06 1.28 1.06 1.03 1.19 1.35 1.26 1.1
EV/Sales 19.80 17.97 13.13 12.02 11.65 12.40 7.33 6.01 4.25 4.12 — 10.9
EV/FCF 109.39 135.08 157.11 103.63 85.47 44.18 23.33 34.16 14.16 23.42 — 73.0
Cash, $m
Cash, $m Operating cash flow 300 322 271 299 349 480 683 432 663 423 479 +3.9%
Capex (68) (156) (125) (92) (113) (59) (59) (74) (21) (26) (109) (10.0%)
Free cash flow 233 166 146 206 236 421 624 358 642 397 479 +6.1%
Balance, $m
Balance, $m Working capital 26,718 23,415 24,496 22,941 22,185 21,277 18,872 16,159 13,263 13,501 (16) (7.3%)
Net debt 23,244 20,174 20,777 19,059 17,369 14,848 11,168 8,938 5,178 4,459 6,769 (16.8%)
Shareholders’ equity 2,071 2,165 2,315 2,391 2,628 2,953 3,200 3,200 3,299 3,577 3,613 +6.3%
Returns, %
Returns, % ROA 0.89 0.68 0.93 0.58 1.52 1.77 1.98 0.50 1.21 3.08 1.94 +2.2 pt
ROIC 0.98 0.63 0.77 0.51 1.41 1.76 2.25 0.52 1.71 4.32 0.00 +3.3 pt
ROE 12.96 8.18 10.17 6.03 14.04 14.09 13.23 2.81 5.66 12.46 7.55 (0.5) pt
People
People Employees 3,700 4,300 6,200 6,600 6,199 7,988 8,237 7,550 6,739 5,744 — +5.0%
Revenue/emp, $m 0.35 0.29 0.28 0.27 0.28 0.19 0.24 0.27 0.32 0.39 — +1.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 5 Nov 2026

Nelnet, Inc. vs peers in Credit Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FCFS FirstCash Holdings, Inc. $8.0B 20.4× 18.5× +17.70% (above 0%: growing) +25.27% (above 0%: growing) −12.69% (below 0%: shrinking) 49.54% 15.77% Compare
KLAR Klarna Group plc $7.7B — (loss-making) 8.2× +26.61% (above 0%: growing) n/m −129.24% (below 0%: shrinking) 61.23% 2.59% Compare
OMF OneMain Holdings, Inc. $6.5B 8.7× 8.7× +9.52% (above 0%: growing) −4.19% (below 0%: shrinking) −2.42% (below 0%: shrinking) 79.74% 0.00% Compare
CACC Credit Acceptance Corporation $5.3B 16.7× 8.8× +2.09% (above 0%: growing) n/m +11.81% (above 0%: growing) 100.00% 8.63% Compare
SEZL Sezzle Inc. $5.2B 28.6× 25.6× +42.56% (above 0%: growing) +82.05% (above 0%: growing) −101.48% (below 0%: shrinking) 0.00% 38.59% Compare
NNI Nelnet, Inc. $4.5B 16.8× 16.5× −22.95% (below 0%: shrinking) −27.55% (below 0%: shrinking) +575.59% (above 0%: growing) 79.01% 0.00%
ENVA Enova International, Inc. $4.3B 11.3× 11.0× +25.73% (above 0%: growing) +33.85% (above 0%: growing) +11.38% (above 0%: growing) 60.88% 24.50% Compare
BFH Bread Financial Holdings, Inc. $3.9B 8.0× 8.0× +2.96% (above 0%: growing) −1.26% (below 0%: shrinking) +0.17% (above 0%: growing) 100.00% 76.97% Compare
SLM SLM Corporation $3.2B 6.3× 8.9× −21.40% (below 0%: shrinking) n/m −115.63% (below 0%: shrinking) 57.53% 0.00% Compare
Median of peers $5.3B 11.3× 8.8× +13.61% +25.27% −7.55% 61.05% 12.20%

All 53 Credit Services stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.24m 2.54m 197.18
2024 1.56m 1.81m 156.89
2023 1.84m 1.79m 128.18
2022 2.22m 2.16m 130.32
2021 2.73m 3.05m 138.69
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Nelnet, Inc. (NNI) Latest News

26 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · StockStory

15 Oct

Impact 4 · · PR Newswire

13 Oct

Impact 3 · · Simply Wall St.

12 Oct

Impact 3 · · StockStory

5 Oct

Impact 4 · · PR Newswire

19 Aug

Impact 3 ·

6 Aug

Impact 3 ·

29 Jun

Impact 3 ·

7 May

Impact 4 · · PR Newswire
Impact 3 · · StockStory

30 Apr

Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

16 Apr

Impact 4 · · Simply Wall St.

19 Mar

Impact 3 · · Zacks

26 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · StockStory
Impact 4 ·

9 Feb

Impact 3 · · StockStory

30 Jan

Impact 4 · · Simply Wall St.

28 Jan

Impact 4 ·

26 Jan

Impact 4 ·
Impact 3 · · Zacks

25 Jan

Impact 4 · · StockStory

16 Jan

Impact 3 · · Simply Wall St.

15 Jan

Impact 3 · · PR Newswire

8 Jan

Impact 4 ·

28 Dec

Impact 4 · · StockStory

17 Dec

Impact 3 · · Simply Wall St.

15 Dec

Impact 4 · · StockStory

NNI metrics, ten years each

stockrow.com/NNI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com