SLM Corporation
SLM Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 4.10% from fiscal 2024. In the quarter to June 2026, revenue fell 1.93%, EPS fell 9.38%, free cash flow grew 2.81% and total debt fell 8.84%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three.
Follow SLM
SLM Corporation (SLM) Piotroski F-score
SLM Corporation's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 1.00 |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | (1.00) |
| FY2021 | 6 | 2.00 |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | 0.00 |
| FY2018 | 4 | 1.00 |
| FY2017 | 3 | 1.00 |
| FY2016 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.44% | 1.99% | Pass | 1 |
| Positive operating cash flow | (398.58m) | (329.39m) | Fail | 0 |
| Rising return on assets | 2.44% | 1.99% | Pass | 1 |
| Cash flow above net income | (1.13b) | (919.42m) | Fail | 0 |
| Falling long-term leverage | 0.18 | 0.22 | Pass | 1 |
| Rising current ratio | 1.28 | 1.32 | Fail | 0 |
| No new shares issued | 207,155,000 | 216,220,000 | Pass | 1 |
| Rising gross margin | 63.81% | 61.90% | Pass | 1 |
| Rising asset turnover | 0.10 | 0.10 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SEZL Sezzle Inc. compare | 8 |
| NNI Nelnet, Inc. compare | 7 |
| CACC Credit Acceptance Corporation compare | 7 |
| BFH Bread Financial Holdings, Inc. compare | 7 |
| ENVA Enova International, Inc. compare | 6 |
| SLM SLM Corporation | 6 |
| UPST Upstart Holdings, Inc. compare | 5 |
| KLAR Klarna Group plc compare | 2 |
| OMF OneMain Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover