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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. In the quarter to June 2026, revenue fell 23.0%, EPS fell 62.8%, free cash flow fell 52.3% and total debt fell 10.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.

127.57 0.45 −0.35%
Market cap
$4.6B
P/E
15.3×
Fwd P/E
15.0×
Dividend yield
1.03%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.05
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — — — — — — —
Insider Ownership 47.89%

Capital & Financial Ratios $m

Market Cap 4,580.00
Revenue 2,106.29
Net Income 240.43
Free Cash Flow 291.66
Net Debt 3,408.10
Current Ratio 836.59
Debt/Equity 1.94
P/E ratio 15.26
Fwd P/E 15.00
P/S ratio 2.18
P/B ratio 1.26
Past 5Y EPS Growth 5.50%
This Y EPS Growth (38.10%) (below 0%: weak)
Next Y EPS Growth 14.64%
Next Y revenue growth (25.97%) (below 0%: weak)
Next 5Y EPS Growth 25.03% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 66.05%
10-year low 10-year high
P/S against its own 10 years 95.87%
10-year low 10-year high
P/B against its own 10 years 86.44%
10-year low 10-year high

Dividends

Payout Ratio 0.16
Annual Dividend Rate 1.32
Annual Dividend Yield 1.03%
total individual payouts
2027 Powerpack
2026 1.32
0.33
0.33
0.33
2025 1.19
0.28
0.28
0.30
0.33
2024 1.12
0.28
0.28
0.28
0.28
2023 1.06
0.26
0.26
0.26
0.28
2022 0.98
0.24
0.24
0.24
0.26
2021 0.90
0.22
0.22
0.22
0.24
2020 0.82
0.20
0.20
0.20
0.22
2019 0.74
0.18
0.18
0.18
0.20
2018 0.66
0.16
0.16
0.16
0.18
2017 0.58
0.14
0.14
0.14
0.16
2016 0.50
0.12
0.12
0.12
0.14
predictions special payouts not included in total or ratios

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%

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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.97 1.85 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 27.80 38.72 47.59 51.19 36.70 67.93 72.94 81.67 82.22 98.15

Analyst estimates 2026–2028

Powerpack
High 55.01 59.68 64.00 69.97 73.92 99.79 99.49 101.60 127.32 140.87
People
People Employees 3,700 4,300 6,200 6,600 6,199 7,988 8,237 7,550 6,739 5,744
Revenue/emp, $m 0.35 0.29 0.28 0.27 0.28 0.19 0.24 0.27 0.32 0.39
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
Gross margin, % 69.79 62.77 61.61 60.71 80.92 88.26 78.33 58.45 68.18 77.97
EBT 399 227 286 177 450 502 502 69 229 526
EBT margin, % 31.04 18.14 16.41 9.93 26.04 33.45 25.28 3.38 10.69 23.33
Net income 258 162 228 141 350 386 389 49 176 398
Depreciation 123 138 185 193 198 132 176 145 133 91
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
Earnings 6.02 4.14 5.57 3.54 9.02 10.20 10.83 2.45 5.02 11.79
Cash flow 7.04 7.71 6.62 7.46 8.94 12.45 18.17 11.55 18.09 11.64
Capex (1.58) (3.73) (3.06) (2.31) (2.90) (1.53) (1.58) (1.98) (0.57) (0.72)
Free cash flow 5.45 3.98 3.57 5.15 6.04 10.92 16.58 9.57 17.52 10.92
Book value 48.53 51.81 56.58 59.71 67.29 76.55 85.10 85.53 90.04 98.43
Shares, m 43 42 41 40 39 39 38 37 37 36
Valuation, ×
Valuation, × P/E 8.56 13.21 9.40 16.50 7.78 9.58 8.33 36.02 21.36 11.30
P/S 1.71 1.83 1.23 1.31 1.61 2.51 1.70 1.62 1.83 2.14
P/B 1.06 1.06 0.93 0.98 1.06 1.28 1.06 1.03 1.19 1.35
EV/Sales 19.80 17.97 13.13 12.02 11.65 12.40 7.33 6.01 4.25 4.12
EV/FCF 109.39 135.08 157.11 103.63 85.47 44.18 23.33 34.16 14.16 23.42
Cash, $m
Cash, $m Operating cash flow 300 322 271 299 349 480 683 432 663 423
Capex (68) (156) (125) (92) (113) (59) (59) (74) (21) (26)
Free cash flow 233 166 146 206 236 421 624 358 642 397
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
Total debt 24,668 21,357 22,219 20,529 19,321 17,631 14,637 11,828 8,310 7,781
Net debt 23,244 20,174 20,777 19,059 17,369 14,848 11,168 8,938 5,178 4,459
Shareholders’ equity 2,071 2,165 2,315 2,391 2,628 2,953 3,200 3,200 3,299 3,577
Returns, %
Returns, % ROA 0.89 0.68 0.93 0.58 1.52 1.77 1.98 0.50 1.21 3.08
ROIC 0.98 0.63 0.77 0.51 1.41 1.76 2.25 0.52 1.71 4.32
ROE 12.96 8.18 10.17 6.03 14.04 14.09 13.23 2.81 5.66 12.46
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
OMF OneMain Holdings, Inc. $6.4B 8.4× 7.6× +7.19% (above 0%: growing) −5.71% (below 0%: shrinking) +3.36% (above 0%: growing) 79.93% 0.00% Compare
CACC Credit Acceptance Corporation $5.7B 11.7× 10.5× +0.62% (above 0%: growing) +71.79% (above 0%: growing) +120.88% (above 0%: growing) 100.00% 50.07% Compare
KLAR Klarna Group plc $5.1B — (loss-making) 8.2× +26.61% (above 0%: growing) n/m −129.24% (below 0%: shrinking) 61.23% 2.59% Compare
NNI Nelnet, Inc. $4.6B 15.3× 15.0× −22.95% (below 0%: shrinking) −62.78% (below 0%: shrinking) −52.33% (below 0%: shrinking) 79.01% 0.00%
SEZL Sezzle Inc. $4.5B 27.0× 22.8× +51.65% (above 0%: growing) +47.56% (above 0%: growing) +131.47% (above 0%: growing) 82.87% 36.72% Compare
ENVA Enova International, Inc. $4.4B 12.4× 11.3× +21.58% (above 0%: growing) +40.20% (above 0%: growing) +21.85% (above 0%: growing) 61.15% 25.53% Compare
SLM SLM Corporation $4.2B 6.0× 7.1× −1.93% (below 0%: shrinking) −9.38% (below 0%: shrinking) +2.81% (above 0%: growing) 59.84% 0.00% Compare
BFH Bread Financial Holdings, Inc. $3.9B 7.9× 8.2× +3.39% (above 0%: growing) +21.89% (above 0%: growing) +1.93% (above 0%: growing) 100.00% 76.43% Compare
UPST Upstart Holdings, Inc. $2.4B 38.0× 32.5× +41.75% (above 0%: growing) +183.33% (above 0%: growing) −14.74% (below 0%: shrinking) 83.19% 4.01% Compare
Median of peers $4.4B 11.7× 9.4× +14.39% +40.20% +3.09% 81.40% 14.77%

All 55 Credit Services stocks →

Nelnet, Inc. (NNI) key facts

  • Strength: Nelnet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 5.49% from fiscal 2024.
  • Strength: Net income was $398.3 million, or $11.79 per share (basic), a net margin of 19.0%.
  • Nelnet, Inc. (NNI) is a Credit Services company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NNI traded at $127.57, a market capitalization of $4.6 billion.
  • At that price the stock trades at 15.3× trailing-twelve-month earnings and 2.2× sales; its P/E is higher than 66% of its own readings over the past ten years.
  • Nelnet, Inc. pays an annual dividend of $1.32 per share, a yield of 1.03%, with a payout ratio of 15.8%.
  • Return on equity was 12.5% and debt-to-equity 1.94.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Nelnet, Inc. (NNI) Latest News

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stockrow.com/NNI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com