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SLM Corporation

SLM Financial Credit Services

SLM Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 4.10% from fiscal 2024.

Revenue
−21.4%
EPS
−129.7%
Free cash flow
−115.6%
Total debt
−19.1%

Quarter to September 2026, against a year earlier

16.69 0.84 −4.79%
Market cap
$3.2B
P/E
6.3×
Fwd P/E
8.9×
Dividend yield
2.96%
F-score
6/9
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

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.60%

Capital & Financial Ratios $m

Size
Market Cap 3,200.00
Revenue ttm 2,890.72
Net income ttm 567.40
Free cash flow ttm (381.64)
Net debt Q 3,055.67
Valuation
P/E 6.27
Forward P/E 8.86
Price / sales 1.13
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.63
Financial health
Current ratio Q 1.23
Debt / equity Q 2.45
Interest coverage Q —
Growth
Revenue growth Q −21.40% (below 0%: shrinking)
Operating income growth Q −131.22% (below 0%: shrinking)
EPS, this year −38.35% (below 0%: weak)
EPS, next year A +40.68% (at or above 15%: strong)
Revenue, next year A −55.37% (below 0%: weak)
EPS, past 5 yrs +8.99%
EPS, next 5 yrs A +1.96%

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 22.11%
10-year low 10-year high
P/S against its own 10 years 3.30%
10-year low 10-year high
P/B against its own 10 years 10.12%
10-year low 10-year high

Dividends raised 2 years running

Yield
2.96%
Annual rate
0.52
Payout ratio
18.8%
Growth, 2019–25
+27.7%/yr
  1. 0.12 ’19
  2. 0.12 ’20 +0
  3. 0.20 ’21 +67
  4. 0.44 ’22 +120
  5. 0.44 ’23 +0
  6. 0.46 ’24 +5
  7. 0.52 ’25 +13
  8. 0.52 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,354 4,928 4,468 2,480
Receivables — — — —
Inventory — — — —
Other — — — —
26,407 27,802 27,643 26,650
2023 2024 2025 Q'26
Payables 21,653 21,069 21,060 20,761
ST’ Debt — — — —
Other — — — —
21,653 21,069 21,559 21,660

Compound Annual Growth %

10y 5y 3y
Sales 11.86% 5.73% 9.54%
Cash Flow 0.00% 0.00% 0.00%
Earnings 11.09% (3.49%) 16.60%
Book Value 1.58% (0.89%) 12.38%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.12 Actual −0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.95 1.12 Beat by 0.17
Q1 FY26 1.14 1.54 Beat by 0.40
Q2 FY26 0.46 0.29 Miss by 0.17
Q3 FY26 0.12 −0.19 Miss by 0.31
Q4 FY26 0.35 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.54 0.29 (0.19) — —
’25 1.40 0.32 0.63 1.12 3.46
’24 1.27 1.11 (0.23) 0.50 2.68
’23 0.47 1.10 0.11 0.72 2.41
’22 0.45 1.29 0.29 (0.33) 1.76
’21 1.75 0.44 0.24 1.04 3.61
’20 0.87 (0.23) 0.45 1.13 2.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 834 670 653 — —
’25 862 684 830 734 3,110
’24 838 783 677 689 2,987
’23 659 778 676 726 2,839
’22 487 721 615 543 2,366
’21 850 487 461 611 2,409
’20 867 514 492 480 2,353
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (76) (135) (106) — —
’25 (146) (139) (49) (64) (399)
’24 (77) (144) (113) 5 (329)
’23 9 (67) (59) (27) (145)
’22 63 (60) 3 (1) 5
’21 46 (226) 85 46 (50)
’20 144 (207) (147) 26 (183)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (76) (135) (106) — —
’25 (146) (139) (49) (64) (399)
’24 (77) (144) (113) 5 (329)
’23 9 (67) (59) (27) (145)
’22 63 (60) 3 (1) 5
’21 46 (226) 85 46 (50)
’20 144 (207) (147) 26 (183)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
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 1,146 1,434 1,883 2,380 2,353 2,409 2,366 2,839 2,987 3,110 2,891 +11.7% 1,388 1,447 1,499 (21.6%)
Gross margin, % 83.78 78.52 72.27 70.26 76.98 84.14 77.06 63.72 61.90 63.81 61.95 (20.0) pt
EBT 414 491 559 744 1,154 1,540 631 778 799 993 738 +10.2%
EBT margin, % 36.16 34.26 29.70 31.25 49.04 63.93 26.66 27.41 26.73 31.92 25.53 (4.2) pt
Net income 250 289 487 578 881 1,161 469 581 608 745 567 +12.9%
Per share, $
Per share, $ Revenue 2.68 3.33 4.33 5.57 6.13 7.65 9.16 12.27 13.82 15.01 15.58 +21.1%
Earnings 0.54 0.63 1.08 1.31 2.27 3.67 1.78 2.44 2.73 3.52 2.80 +23.2%
Cash flow (0.47) (0.40) (0.24) (0.04) (0.48) (0.16) 0.02 (0.62) (1.52) (1.92) (2.06) +17.1%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (0.47) (0.40) (0.24) (0.04) (0.48) (0.16) 0.02 (0.62) (1.52) (1.92) (2.06) +17.1%
Book value 5.49 5.74 6.83 7.75 6.68 6.82 6.68 8.13 9.99 11.83 12.15 +8.9%
Shares, m 428 431 435 427 384 315 258 231 216 207 194 (7.7%)
Valuation, ×
Valuation, × P/E 21.42 18.00 7.69 6.80 5.51 5.59 9.61 7.95 10.21 7.67 6.27 10.0
P/S 4.24 3.41 1.92 1.60 2.02 2.57 1.81 1.57 2.00 1.80 1.13 2.3
P/B 2.73 2.36 1.41 1.31 2.06 3.26 2.89 2.73 3.12 2.55 1.63 2.4
EV/Sales 4.41 4.55 2.77 1.03 2.26 3.13 1.98 1.87 2.50 2.09 — 2.7
EV/FCF (25.38) (38.15) (50.79) (156.03) (29.11) (152.34) 937.17 (36.81) (22.70) (16.31) — 41.0
Cash, $m
Cash, $m Operating cash flow (199) (171) (103) (16) (183) (50) 5 (145) (329) (399) (382) +8.0%
Capex — — — — — — — — — — — —
Free cash flow (199) (171) (103) (16) (183) (50) 5 (145) (329) (399) (382) +8.0%
Balance, $m
Balance, $m Working capital 4,700 5,834 7,282 7,324 5,810 5,549 4,622 4,753 6,733 6,085 4,990 +2.9%
Net debt 195 1,639 1,602 (1,367) 563 1,348 406 874 1,513 895 3,056 +18.4%
Shareholders’ equity 2,347 2,474 2,973 3,312 2,563 2,150 1,727 1,881 2,160 2,451 2,256 +0.5%
Returns, %
Returns, % ROA 1.36 1.36 1.95 1.89 2.75 3.85 1.59 1.94 1.99 2.44 1.86 +1.1 pt
ROIC 10.19 7.47 7.64 23.90 23.60 27.54 18.71 19.17 13.68 18.61 8.72 +8.4 pt
ROE 13.83 14.17 20.31 20.47 33.35 54.90 27.26 36.30 33.35 35.49 27.00 +21.7 pt
People
People Employees 1,300 1,500 1,700 1,900 1,600 1,450 1,700 1,740 1,710 1,788 — +3.6%
Revenue/emp, $m 0.88 0.96 1.11 1.25 1.47 1.66 1.39 1.63 1.75 1.74 — +7.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

SLM Corporation 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
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% Compare
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%
ECPG Encore Capital Group Inc $2.7B 7.8× 7.4× +18.29% (above 0%: growing) +80.12% (above 0%: growing) +41.19% (above 0%: growing) 100.00% 0.00% Compare
UPST Upstart Holdings, Inc. $2.2B 38.2× 33.9× −25.21% (below 0%: shrinking) −0.30% (below 0%: shrinking) +107.56% (above 0%: growing) 82.03% 8.54% Compare
AGM Federal Agricultural Mortgage Corporation $2.1B 10.8× 9.8× +12.93% (above 0%: growing) +20.67% (above 0%: growing) +188.57% (above 0%: growing) 27.34% 0.00% Compare
Median of peers $4.1B 14.0× 10.4× +7.94% +20.67% +26.50% 80.52% 8.59%

All 53 Credit Services stocks →

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.26m 8.24m 242.21
2024 11.80m 25.24m 242.73
2023 9.40m 14.46m 164.81
2022 7.81m 3.24m 138.92
2021 7.05m 19.61m 160.50

Ownership

Directors and executive officers, together 1.40%
The Vanguard Group 11.00%
BlackRock, Inc. 9.40%
FMR LLC 9.20%
Barrow Hanley Mewhinney & Strauss LLC 7.20%
Brave Warrior Advisors, LLC 6.40%
Capital Research Global Investors 5.50%
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. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SLM Corporation (SLM) Latest News

2 Nov

Impact 4 · · Zacks

23 Oct

Impact 4 · · StockStory
Impact 4 · · TIKR
Impact 4 · · StockStory
Impact 4 · · Moby transcript
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Business Wire

21 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

15 Oct

Impact 3 · · Zacks

24 Sep

Impact 4 · · Simply Wall St.

8 Sep

Impact 3 ·

1 Sep

Impact 3 · · Proactive Investors

12 Aug

Impact 3 ·

6 Aug

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4 Aug

Impact 3 ·

1 Aug

Impact 3 ·

24 Jul

Impact 3 ·
Impact 3 · · Moby transcript
Impact 3 ·

23 Jul

Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 ·

SLM metrics, ten years each

stockrow.com/SLM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com