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Nelnet (NNI) Financials

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$128.53 -0.44 (-0.34%)
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Annual Income Statements for Nelnet

Annual Income Statements for Nelnet

This table shows Nelnet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 268 257 173 228 142 352 393 407 90 184
Consolidated Net Income / (Loss)		 268 258 162 228 141 350 386 389 49 176
Net Income / (Loss) Continuing Operations		 268 258 162 228 141 350 386 404 81 219
Total Pre-Tax Income 		421 399 227 286 177 450 502 502 69 229
Total Revenue		 900 897 784 1,075 1,081 1,400 1,341 1,555 1,263 1,396
Net Interest Income / (Expense)		 432 373 305 254 249 290 348 313 265 293
Total Interest Income		 734 761 770 924 949 620 524 743 1,110 973
Loans and Leases Interest Income		 726 751 758 898 914 595 482 651 932 787
Investment Securities Interest Income		 7.85 9.47 13 27 34 25 41 92 178 186
Total Interest Expense		 302 388 465 670 699 330 176 430 845 681
Long-Term Debt Interest Expense		 302 388 465 670 699 330 176 430 845 681
Total Non-Interest Income		 468 524 479 821 831 1,110 993 1,242 999 1,103
Net Realized & Unrealized Capital Gains on Investments		 5.15 7.98 - 0.00 17 33 19 -8.57 -18 -1.64
Other Non-Interest Income		 125 462 423 766 766 1,020 896 1,233 1,016 1,105
Provision for Credit Losses		 10 14 14 23 39 63 -12 35 8.12 55
Total Non-Interest Expense		 469 484 543 766 865 886 851 1,003 1,155 1,071
Salaries and Employee Benefits		 248 256 302 436 464 502 507 590 592 577
Other Operating Expenses		 195 195 202 243 296 266 254 339 484 435
Depreciation Expense		 26 34 40 87 105 119 74 74 79 58
Income Tax Expense		 152 141 65 59 35 101 116 113 19 53
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.29 0.75 -11 -0.39 -0.51 -2.82 -7.00 -18 -40 -8.13
Basic Earnings per Share		 $5.89 $6.02 $4.14 $5.57 $3.54 $9.02 $10.20 $10.82 $2.40 $5.02
Weighted Average Basic Shares Outstanding		 45.53M 42.67M 41.79M 40.91M 40.05M 39.06M 38.57M 37.60M 37.42M 36.64M
Diluted Earnings per Share		 $5.89 $6.02 $4.14 $5.57 $3.54 $9.02 $10.20 $10.82 $2.40 $5.02
Weighted Average Diluted Shares Outstanding		 45.53M 42.67M 41.79M 40.91M 40.05M 39.06M 38.57M 37.60M 37.42M 36.64M
Weighted Average Basic & Diluted Shares Outstanding		 45.53M 42.67M 41.79M 40.91M 40.05M 39.06M 37.78M 37.14M 37.04M 36.29M

Quarterly Income Statements for Nelnet

This table shows Nelnet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 105 30 26 27 44 -8.44 73 45 2.39 63 83
Consolidated Net Income / (Loss)		 100 20 23 17 40 -31 71 44 -1.94 63 81
Net Income / (Loss) Continuing Operations		 100 36 23 17 40 1.39 71 44 -1.94 106 81
Total Pre-Tax Income 		127 26 31 27 50 -40 94 58 -2.22 78 106
Total Revenue		 395 327 332 284 320 327 385 325 309 377 374
Net Interest Income / (Expense)		 77 81 67 51 77 70 74 66 72 80 83
Total Interest Income		 203 263 266 284 285 275 269 243 240 221 208
Loans and Leases Interest Income		 176 229 225 243 236 227 217 202 190 178 166
Investment Securities Interest Income		 27 34 41 41 48 48 52 41 50 43 41
Total Interest Expense		 127 182 199 233 207 205 195 176 168 141 125
Long-Term Debt Interest Expense		 127 182 199 233 207 205 195 176 168 141 125
Total Non-Interest Income		 319 246 265 233 243 257 311 258 237 297 291
Other Non-Interest Income		 250 375 267 239 - - 294 - - - 291
Provision for Credit Losses		 9.67 16 34 -11 4.28 -19 11 3.61 18 22 15
Total Non-Interest Expense		 258 269 266 268 266 355 280 263 294 234 252
Salaries and Employee Benefits		 147 152 153 145 141 153 144 140 146 147 138
Insurance Policy Acquisition Costs		 - - - - - - - - - - 22
Other Operating Expenses		 93 104 97 105 103 180 120 108 134 74 82
Depreciation Expense		 19 20 17 19 22 22 17 15 14 13 9.26
Income Tax Expense		 27 5.33 8.25 10 11 -9.56 23 15 -0.28 15 25
Net Income / (Loss) Attributable to Noncontrolling Interest		 -4.33 -9.84 -3.47 -10 -4.75 -22 -2.20 -1.42 -4.33 -0.18 -1.43
Basic Earnings per Share		 $2.80 $0.85 $0.71 $0.73 $1.18 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26
Weighted Average Basic Shares Outstanding		 37.38M 37.60M 37.34M 37.47M 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M
Diluted Earnings per Share		 $2.80 $0.85 $0.71 $0.73 $1.18 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26
Weighted Average Diluted Shares Outstanding		 37.38M 37.60M 37.34M 37.47M 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M
Weighted Average Basic & Diluted Shares Outstanding		 37.11M 37.14M 37.29M 37.32M 37.32M 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M

Annual Cash Flow Statements for Nelnet

This table details how cash moves in and out of Nelnet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -67 129 -228 250 30 -264 236 163 -332 -94
Net Cash From Operating Activities		 391 300 322 271 299 349 480 683 432 663
Net Cash From Continuing Operating Activities		 391 300 322 271 299 349 480 683 432 663
Net Income / (Loss) Continuing Operations		 268 258 162 228 141 350 386 389 49 176
Consolidated Net Income / (Loss)		 268 258 162 228 141 350 386 389 49 176
Provision For Loan Losses		 10 14 14 23 39 63 -12 35 8.12 55
Depreciation Expense		 124 123 138 185 193 198 132 176 145 133
Non-Cash Adjustments to Reconcile Net Income		 -1.85 -83 24 27 -46 -319 7.90 88 95 -35
Changes in Operating Assets and Liabilities, net		 -8.94 -11 -16 -191 -28 56 -34 -5.10 134 335
Net Cash From Investing Activities		 1,417 3,408 2,950 -732 1,525 621 1,186 2,273 1,939 2,413
Net Cash From Continuing Investing Activities		 1,417 3,408 2,950 -732 1,525 621 1,186 2,273 1,939 2,413
Purchase of Property, Leasehold Improvements and Equipment		 -17 -68 -156 -125 -92 -113 -59 -59 -74 -21
Purchase of Investment Securities		 -2,317 -436 -483 -3,961 -2,112 -2,277 -2,316 -2,787 -2,141 -2,061
Sale and/or Maturity of Investments		 130 3,941 221 118 3,730 3,011 479 726 1,595 1,315
Other Investing Activities, net		 3,668 -30 3,364 3,248 - - 3,081 4,394 2,559 3,180
Net Cash From Financing Activities		 -1,876 -3,579 -3,501 712 -1,793 -1,235 -1,430 -2,792 -2,703 -3,170
Net Cash From Continuing Financing Activities		 -1,876 -3,579 -3,501 712 -1,793 -1,235 -1,430 -2,792 -2,703 -3,170
Net Change in Deposits		 - - - 0.00 0.00 55 290 347 52 443
Issuance of Debt		 2,615 651 1,985 3,923 2,998 1,885 1,948 1,302 761 31
Issuance of Common Equity		 0.80 0.89 0.68 1.36 1.55 1.65 1.47 1.63 1.78 1.95
Repayment of Debt		 -4,379 -4,141 -5,410 -3,127 -4,727 -3,138 -3,691 -4,343 -3,612 -3,647
Repurchase of Common Equity		 -96 -69 -69 -45 -40 -73 -58 -98 -28 -83
Payment of Dividends		 -19 -22 -26 -27 -30 -33 -35 -40 -44 -47
Other Financing Activities, Net		 3.69 1.24 19 -13 4.65 69 115 38 166 132
Effect of Exchange Rate Changes		 - - - - 0.00 0.00 -0.12 -0.16 0.02 -0.44
Cash Interest Paid		 228 301 390 591 657 302 152 351 781 651
Cash Income Taxes Paid		 147 115 96 0.47 18 30 19 58 48 15

Quarterly Cash Flow Statements for Nelnet

This table details how cash moves in and out of Nelnet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -131 314 -460 -84 -21 233 -85 2.58 -44 32 -99
Net Cash From Operating Activities		 173 26 123 76 154 79 212 133 137 181 91
Net Cash From Continuing Operating Activities		 167 32 123 76 154 79 212 133 137 181 91
Net Income / (Loss) Continuing Operations		 100 20 23 16 40 -30 71 43 -1.94 63 81
Consolidated Net Income / (Loss)		 100 20 23 16 40 -30 71 43 -1.94 63 81
Provision For Loan Losses		 9.67 16 34 -33 4.27 3.05 11 3.51 18 22 15
Depreciation Expense		 40 63 34 59 35 17 34 36 36 27 23
Non-Cash Adjustments to Reconcile Net Income		 70 -83 -14 44 12 52 -2.13 -7.06 2.51 -28 -13
Changes in Operating Assets and Liabilities, net		 -53 15 45 -11 63 37 98 58 82 97 -15
Net Cash From Investing Activities		 902 534 724 167 416 632 1,086 738 254 335 136
Net Cash From Continuing Investing Activities		 902 534 724 167 416 632 1,086 738 254 335 136
Purchase of Property, Leasehold Improvements and Equipment		 -10 -15 -24 -13 -15 -21 -23 -11 -4.44 17 -3.38
Purchase of Investment Securities		 -426 -1,075 -602 -717 61 -883 -410 -513 -390 -748 -530
Sale and/or Maturity of Investments		 1,339 -2,779 1,350 897 838 -1,490 1,519 1,262 753 -2,219 669
Net Cash From Financing Activities		 -1,206 -246 -1,306 -327 -592 -479 -1,382 -868 -436 -483 -326
Net Cash From Continuing Financing Activities		 -1,206 -246 -1,306 -327 -592 -479 -1,382 -868 -436 -483 -326
Net Change in Deposits		 -7.65 110 -16 55 -13 26 58 88 180 115 127
Issuance of Debt		 253 888 205 601 -50 4.91 18 -18 85 -54 0.00
Issuance of Common Equity		 0.41 0.43 0.40 0.50 0.43 0.47 0.37 0.59 0.46 0.52 0.34
Repayment of Debt		 -1,340 -1,307 -1,416 -1,004 -579 -613 -1,276 -1,008 -729 -634 -347
Repurchase of Common Equity		 -14 -4.46 -3.30 -0.47 -0.54 -24 -35 -47 -0.58 -0.40 -4.46
Payment of Dividends		 -9.38 -12 -11 -11 -10 -13 -11 -12 -11 -13 -12
Other Financing Activities, Net		 -89 78 -66 32 61 139 -137 127 39 103 -90
Effect of Exchange Rate Changes		 -0.27 0.29 -0.09 0.01 -0.12 0.22 -0.16 0.08 0.29 -0.64 0.03
Cash Interest Paid		 107 154 190 197 199 196 186 170 155 140 119
Cash Income Taxes Paid		 16 20 0.96 43 1.93 2.15 0.79 11 1.51 1.80 1.31

Annual Balance Sheets for Nelnet

This table presents Nelnet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 30,419 27,193 23,964 25,221 23,709 22,646 21,678 19,374 16,712 13,778
Cash and Due from Banks		 64 70 67 121 134 121 126 118 168 195
Restricted Cash		 977 1,101 875 1,071 438 284 1,069 1,239 857 737
Trading Account Securities		 304 - - 1.82 - 993 - - 1,007 1,160
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 80 124 248 345 348 124 119 123 127 95
Goodwill		 146 147 139 157 157 142 142 177 158 158
Intangible Assets		 51 48 38 114 82 75 52 64 45 36
Other Assets		 28,797 25,704 22,597 23,411 22,551 20,907 20,170 17,653 14,350 11,397
Total Liabilities & Shareholders' Equity		 30,419 27,193 23,964 25,221 23,709 22,646 21,678 19,374 16,712 13,778
Total Liabilities		 28,527 25,122 21,799 22,906 21,318 20,018 18,725 16,174 13,512 10,479
Non-Interest Bearing Deposits		 - - - - 0.00 55 344 691 744 1,186
Short-Term Debt		 145 120 187 370 438 301 366 348 426 478
Accrued Interest Payable		 32 46 50 62 47 29 4.57 36 35 21
Long-Term Debt		 28,106 24,668 21,357 22,219 20,529 19,321 17,631 14,637 11,828 8,310
Other Long-Term Liabilities		 245 288 205 256 304 395 416 607 615 571
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,892 2,071 2,165 2,315 2,391 2,628 2,953 3,200 3,200 3,299
Total Preferred & Common Equity		 1,884 2,062 2,149 2,304 2,387 2,632 2,951 3,199 3,254 3,350
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,884 2,061 2,149 2,304 2,387 2,632 2,951 3,199 3,254 3,350
Common Stock		 0.00 0.42 0.52 1.03 6.11 4.18 1.38 1.48 3.47 7.75
Retained Earnings		 1,882 2,056 2,144 2,300 2,378 2,622 2,941 3,235 3,270 3,341
Accumulated Other Comprehensive Income / (Loss)		 2.28 4.73 4.62 3.88 2.97 6.10 9.30 -37 -20 1.47
Noncontrolling Interest		 7.73 9.27 16 10 4.38 -3.69 1.63 0.94 -54 -51

Quarterly Balance Sheets for Nelnet

This table presents Nelnet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 19,564 18,083 17,808 17,223 15,399 14,501 14,084 14,192
Cash and Due from Banks		 63 188 122 188 180 145 220 221
Restricted Cash		 181 710 692 159 761 798 679 294
Trading Account Securities		 - - - - - - - 1,239
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 127 133 130 127 149 132 125 90
Goodwill		 172 177 177 177 158 158 158 158
Intangible Assets		 70 61 57 52 43 41 38 35
Other Assets		 18,950 16,814 16,629 16,521 14,108 13,228 12,864 12,156
Total Liabilities & Shareholders' Equity		 19,564 18,083 17,808 17,223 15,399 14,501 14,084 14,192
Total Liabilities		 16,397 14,859 14,560 13,964 12,141 11,281 10,874 10,829
Non-Interest Bearing Deposits		 581 676 731 718 802 890 1,071 1,313
Short-Term Debt		 306 281 300 342 275 389 404 379
Accrued Interest Payable		 22 34 36 36 32 27 25 22
Long-Term Debt		 15,043 13,438 13,070 12,448 10,583 9,568 8,938 8,656
Other Long-Term Liabilities		 542 570 616 601 571 509 534 547
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,166 3,223 3,248 3,259 3,258 3,220 3,210 3,363
Total Preferred & Common Equity		 3,181 3,230 3,259 3,295 3,306 3,294 3,291 3,420
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,181 3,230 3,259 3,295 3,306 3,294 3,291 3,420
Common Stock		 1.21 5.01 10 15 1.47 1.02 4.54 7.01
Retained Earnings		 3,208 3,252 3,270 3,306 3,313 3,295 3,288 3,413
Accumulated Other Comprehensive Income / (Loss)		 -29 -27 -21 -25 -8.48 -2.26 -1.43 -0.43
Noncontrolling Interest		 -14 -6.35 -12 -36 -48 -74 -81 -57

Annual Metrics And Ratios for Nelnet

This table displays calculated financial ratios and metrics derived from Nelnet's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -3.38% -0.36% -12.54% 37.09% 0.50% 29.56% -4.21% 15.97% -18.76% 10.53%
EBITDA Growth		 -5.73% -4.23% -30.09% 29.21% -21.57% 75.68% -2.24% 9.35% -64.54% 64.10%
EBIT Growth		 -10.41% -5.19% -43.16% 26.30% -38.26% 154.88% 11.46% 3.07% -80.55% 169.49%
NOPAT Growth		 -13.26% -4.01% -37.16% 40.60% -37.90% 147.45% 10.48% 0.64% -87.31% 256.61%
Net Income Growth		 -13.26% -4.01% -37.16% 40.60% -37.90% 147.45% 10.48% 0.64% -87.31% 256.61%
EPS Growth		 -11.03% 2.21% -31.23% 34.54% -36.45% 154.80% 13.08% 6.08% -77.82% 109.17%
Operating Cash Flow Growth		 9.49% -23.30% 7.36% -15.94% 10.34% 16.79% 37.59% 42.21% -36.75% 53.44%
Free Cash Flow Firm Growth		 99.85% 115,449.64% -6.48% -129.19% 274.49% -13.61% 15.78% 86.93% -11.81% 27.40%
Invested Capital Growth		 0.91% -10.89% -11.73% 5.04% -6.21% -4.74% -5.85% -13.20% -15.02% -21.78%
Revenue Q/Q Growth		 3.30% 7.64% -12.87% 1.87% 6.87% 20.86% -8.15% -5.12% -1.47% 4.55%
EBITDA Q/Q Growth		 5.83% 5.68% -23.73% -2.74% 10.82% 62.86% -20.60% -10.66% -26.23% 69.31%
EBIT Q/Q Growth		 6.85% 5.88% -33.23% -7.48% 23.63% 126.19% -21.06% -19.67% -29.25% 134.40%
NOPAT Q/Q Growth		 3.71% 6.37% -24.75% -9.56% 16.64% 118.71% -20.96% -21.85% -54.26% 101.48%
Net Income Q/Q Growth		 3.71% 6.37% -24.75% -9.56% 16.64% 118.71% -20.96% -21.85% -54.26% 101.48%
EPS Q/Q Growth		 4.99% 8.27% -21.74% -10.31% 18.00% 118.40% -19.69% -19.43% -31.03% 61.94%
Operating Cash Flow Q/Q Growth		 -2.58% -12.44% 15.74% -2.81% 35.71% 6.10% -6.30% -14.69% 13.77% 17.79%
Free Cash Flow Firm Q/Q Growth		 91.61% -1.95% 5.73% -2,342.80% 28.34% -20.39% 195.71% -17.11% 8.03% -1.14%
Invested Capital Q/Q Growth		 -2.02% -1.95% -3.13% 0.55% -0.92% 1.58% -4.00% -1.78% -3.71% -3.71%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 60.49% 58.14% 46.48% 43.80% 34.19% 46.36% 47.31% 44.61% 19.47% 28.91%
EBIT Margin		 46.74% 44.47% 28.90% 26.63% 16.36% 32.18% 37.44% 33.28% 7.97% 19.42%
Profit (Net Income) Margin		 29.81% 28.71% 20.63% 21.16% 13.08% 24.97% 28.80% 25.00% 3.90% 12.60%
Tax Burden Percent		 63.77% 64.57% 71.39% 79.47% 79.94% 77.61% 76.93% 77.46% 71.79% 76.96%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 96.97% 68.28% 84.28%
Effective Tax Rate		 36.23% 35.43% 28.61% 20.53% 20.06% 22.39% 23.07% 22.54% 28.21% 23.04%
Return on Invested Capital (ROIC)		 0.89% 0.90% 0.64% 0.94% 0.59% 1.53% 1.79% 1.99% 0.29% 1.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.89% 0.90% 0.64% 0.94% 0.59% 1.53% 1.79% 1.99% 0.29% 1.28%
Return on Net Nonoperating Assets (RNNOA)		 13.94% 12.09% 7.00% 9.22% 5.42% 12.40% 12.05% 10.65% 1.25% 4.14%
Return on Equity (ROE)		 14.83% 13.00% 7.64% 10.16% 6.01% 13.93% 13.84% 12.64% 1.54% 5.41%
Cash Return on Invested Capital (CROIC)		 -0.01% 12.43% 13.10% -3.98% 6.99% 6.39% 7.81% 16.11% 16.53% 25.73%
Operating Return on Assets (OROA)		 1.39% 1.38% 0.89% 1.16% 0.72% 1.94% 2.27% 2.52% 0.56% 1.78%
Return on Assets (ROA)		 0.89% 0.89% 0.63% 0.93% 0.58% 1.51% 1.74% 1.89% 0.27% 1.15%
Return on Common Equity (ROCE)		 14.79% 12.94% 7.59% 10.10% 5.99% 13.93% 13.85% 12.63% 1.55% 5.50%
Return on Equity Simple (ROE_SIMPLE)		 14.24% 12.49% 7.53% 9.87% 5.92% 13.28% 13.09% 12.15% 1.52% 5.25%
Net Operating Profit after Tax (NOPAT)		 268 258 162 228 141 350 386 389 49 176
NOPAT Margin		 29.81% 28.71% 20.63% 21.16% 13.08% 24.97% 28.80% 25.00% 3.90% 12.60%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 27.55% 28.54% 38.49% 40.57% 42.89% 35.85% 37.82% 37.91% 46.82% 41.32%
Operating Expenses to Revenue		 52.13% 54.02% 69.25% 71.23% 80.03% 63.30% 63.49% 64.47% 91.39% 76.67%
Earnings before Interest and Taxes (EBIT)		 421 399 227 286 177 450 502 518 101 271
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 544 521 365 471 369 649 634 694 246 404
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.96 0.87 0.92 1.00 1.23 1.03 1.00 1.16
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.05 0.98 1.02 1.09 1.32 1.11 1.07 1.23
Price to Revenue (P/Rev)		 0.00 0.00 2.64 1.85 2.03 1.87 2.71 2.12 2.58 2.78
Price to Earnings (P/E)		 0.00 0.00 11.95 8.75 15.44 7.44 9.23 8.09 36.26 21.06
Dividend Yield		 1.39% 1.08% 1.15% 1.35% 1.34% 1.20% 0.95% 1.10% 1.21% 1.05%
Earnings Yield		 0.00% 0.00% 8.37% 11.43% 6.48% 13.44% 10.84% 12.36% 2.76% 4.75%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.96 0.94 0.97 0.98 0.98 0.93 0.93 0.97
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 28.93 21.76 20.90 15.60 15.24 10.88 11.42 8.37
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 62.24 49.68 61.15 33.65 32.21 24.39 58.66 28.94
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 100.08 81.74 127.81 48.47 40.69 32.70 143.40 43.08
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 140.19 102.85 159.87 62.46 52.90 43.53 292.55 66.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 70.40 86.38 75.57 62.55 42.54 24.77 33.40 17.62
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 6.85 0.00 13.39 14.99 12.11 5.37 5.19 3.30
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 14.93 11.97 9.95 9.76 8.77 7.47 6.09 4.68 3.83 2.66
Long-Term Debt to Equity		 14.85 11.91 9.86 9.60 8.59 7.35 5.97 4.57 3.70 2.52
Financial Leverage		 15.59 13.38 10.94 9.85 9.26 8.09 6.74 5.36 4.26 3.24
Leverage Ratio		 16.73 14.54 12.08 10.98 10.40 9.24 7.94 6.67 5.64 4.69
Compound Leverage Factor		 16.73 14.54 12.08 10.98 10.40 9.24 7.94 6.47 3.85 3.95
Debt to Total Capital		 93.72% 92.29% 90.87% 90.70% 89.76% 88.19% 85.91% 82.40% 79.29% 72.71%
Short-Term Debt to Total Capital		 0.48% 0.45% 0.79% 1.48% 1.87% 1.35% 1.75% 1.92% 2.75% 3.96%
Long-Term Debt to Total Capital		 93.24% 91.84% 90.08% 89.22% 87.89% 86.83% 84.16% 80.49% 76.54% 68.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.03% 0.03% 0.07% 0.04% 0.02% -0.02% 0.01% 0.01% -0.35% -0.42%
Common Equity to Total Capital		 6.25% 7.67% 9.06% 9.25% 10.22% 11.83% 14.09% 17.59% 21.05% 27.71%
Debt to EBITDA		 51.90 47.55 59.10 47.96 56.76 30.24 28.37 21.60 49.81 21.77
Net Debt to EBITDA		 49.98 45.30 56.52 45.43 55.21 29.61 26.49 19.64 45.64 19.46
Long-Term Debt to EBITDA		 51.63 47.32 58.59 47.18 55.57 29.77 27.79 21.10 48.08 20.58
Debt to NOPAT		 105.31 96.26 133.13 99.28 148.39 56.12 46.59 38.55 248.41 49.96
Net Debt to NOPAT		 101.43 91.72 127.31 94.04 144.35 54.96 43.50 35.06 227.62 44.67
Long-Term Debt to NOPAT		 104.77 95.80 131.98 97.65 145.29 55.26 45.64 37.65 239.78 47.24
Noncontrolling Interest Sharing Ratio		 0.24% 0.45% 0.61% 0.59% 0.31% 0.01% -0.04% 0.04% -0.82% -1.60%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.07 3,541 3,312 -967 1,687 1,457 1,687 3,153 2,781 3,543
Operating Cash Flow to CapEx		 2,334.97% 444.05% 206.57% 216.67% 323.15% 308.09% 814.78% 1,149.53% 583.41% 3,171.27%
Free Cash Flow to Firm to Interest Expense		 -0.01 9.12 7.12 -1.44 2.41 4.41 9.57 7.33 3.29 5.21
Operating Cash Flow to Interest Expense		 1.30 0.77 0.69 0.40 0.43 1.06 2.73 1.59 0.51 0.97
Operating Cash Flow Less CapEx to Interest Expense		 1.24 0.60 0.36 0.22 0.30 0.71 2.39 1.45 0.42 0.94
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.04 0.04 0.06 0.06 0.08 0.07 0.09
Fixed Asset Turnover		 14.24 8.78 4.22 3.63 3.12 5.93 11.04 12.86 10.13 12.57
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 30,143 26,859 23,709 24,903 23,358 22,251 20,950 18,185 15,454 12,087
Invested Capital Turnover		 0.03 0.03 0.03 0.04 0.04 0.06 0.06 0.08 0.08 0.10
Increase / (Decrease) in Invested Capital		 271 -3,284 -3,150 1,194 -1,545 -1,107 -1,301 -2,765 -2,731 -3,367
Enterprise Value (EV)		 0.00 0.00 22,686 23,400 22,589 21,836 20,433 16,921 14,431 11,683
Market Capitalization		 0.00 0.00 2,069 1,994 2,190 2,623 3,628 3,292 3,257 3,876
Book Value per Share		 $41.38 $48.31 $52.61 $56.58 $60.12 $68.65 $77.17 $86.20 $87.18 $92.31
Tangible Book Value per Share		 $37.05 $43.73 $48.28 $49.92 $54.12 $62.98 $72.10 $79.72 $81.74 $86.95
Total Capital		 30,143 26,859 23,709 24,903 23,358 22,251 20,950 18,185 15,454 12,087
Total Debt		 28,251 24,788 21,544 22,588 20,967 19,622 17,997 14,986 12,254 8,788
Total Long-Term Debt		 28,106 24,668 21,357 22,219 20,529 19,321 17,631 14,637 11,828 8,310
Net Debt		 27,210 23,618 20,602 21,396 20,395 19,217 16,803 13,628 11,228 7,857
Capital Expenditures (CapEx)		 17 68 156 125 92 113 59 59 74 21
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 28,251 24,788 21,544 22,588 20,967 19,622 17,997 14,986 12,254 8,788
Total Depreciation and Amortization (D&A)		 124 123 138 185 193 198 132 176 145 133
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.20 $10.83 $2.45 $5.02
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 38.57M 37.60M 37.42M 36.64M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.20 $10.83 $2.45 $5.02
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 38.57M 37.60M 37.42M 36.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 37.78M 37.14M 37.04M 36.29M
Normalized Net Operating Profit after Tax (NOPAT)		 268 258 162 228 141 350 399 389 49 176
Normalized NOPAT Margin		 29.81% 28.71% 20.63% 21.16% 13.08% 24.97% 29.74% 25.00% 3.90% 12.60%
Pre Tax Income Margin		 46.74% 44.47% 28.90% 26.63% 16.36% 32.18% 37.44% 32.27% 5.44% 16.37%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 1.39 1.03 0.49 0.43 0.25 1.36 2.85 1.20 0.12 0.40
NOPAT to Interest Expense		 0.89 0.66 0.35 0.34 0.20 1.06 2.19 0.90 0.06 0.26
EBIT Less CapEx to Interest Expense		 1.34 0.85 0.15 0.24 0.12 1.02 2.51 1.07 0.03 0.37
NOPAT Less CapEx to Interest Expense		 0.83 0.49 0.01 0.15 0.07 0.72 1.86 0.77 -0.03 0.23
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 7.18% 8.45% 15.91% 12.03% 21.03% 9.40% 9.15% 10.33% 89.35% 26.61%
Augmented Payout Ratio		 43.03% 35.28% 58.48% 31.95% 49.63% 30.38% 24.19% 35.46% 146.17% 73.96%

Quarterly Metrics And Ratios for Nelnet

This table displays calculated financial ratios and metrics derived from Nelnet's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 37.82% -20.41% -31.13% -19.18% -18.93% 0.09% 16.20% 14.36% -3.37% 15.06% -2.92%
EBITDA Growth		 60.58% -44.31% -76.35% -40.61% -48.87% -91.78% 95.61% 8.41% -59.89% 1,622.00% 1.57%
EBIT Growth		 90.01% -75.33% -87.00% -74.69% -60.55% -119.70% 201.04% 113.01% -104.44% 1,578.49% 13.67%
NOPAT Growth		 96.16% -84.14% -87.55% -79.20% -60.58% -237.02% 208.50% 153.29% -103.93% 325.05% 14.66%
Net Income Growth		 96.16% -84.14% -87.55% -79.20% -60.58% -249.06% 208.50% 153.29% -104.90% 306.87% 14.66%
EPS Growth		 102.90% -75.43% -85.54% -67.70% -57.86% -125.88% 177.46% 68.49% -94.07% 895.45% 14.14%
Operating Cash Flow Growth		 14.92% -81.79% -55.39% -63.74% -10.97% 203.43% 72.51% 76.57% -11.11% 127.19% -56.91%
Free Cash Flow Firm Growth		 2,463.30% 94.79% 74.52% 1.18% -26.46% -2.93% -8.82% 15.53% 39.45% 26.87% -37.97%
Invested Capital Growth		 -15.15% -13.20% -15.70% -15.29% -13.32% -15.02% -16.69% -20.71% -21.78% -21.78% -12.16%
Revenue Q/Q Growth		 12.39% -17.23% -4.17% -14.34% 12.73% 2.19% 27.79% -15.69% -4.75% 21.69% -0.72%
EBITDA Q/Q Growth		 14.03% -37.53% -31.82% 32.55% -1.83% -89.95% 717.45% -26.54% -63.68% 331.26% -11.83%
EBIT Q/Q Growth		 17.22% -67.34% -6.50% -12.27% 82.72% -116.31% 351.15% -37.93% -103.80% 5,537.74% -11.63%
NOPAT Q/Q Growth		 21.19% -79.61% -17.74% -25.09% 129.70% -170.87% 370.66% -38.49% -103.56% 4,159.70% 28.43%
Net Income Q/Q Growth		 21.19% -79.61% -17.74% -25.09% 129.70% -177.10% 353.05% -38.49% -104.44% 3,354.66% 28.43%
EPS Q/Q Growth		 23.89% -69.64% -17.44% 2.82% 61.64% -118.64% 1,085.00% -37.56% -94.31% 2,400.00% 29.14%
Operating Cash Flow Q/Q Growth		 -16.90% -84.88% 351.85% -38.50% 104.04% -48.46% 165.69% -37.05% 2.72% 31.74% -49.50%
Free Cash Flow Firm Q/Q Growth		 14.32% -18.27% 13.83% -5.12% -16.91% 7.88% 7.14% 20.22% 0.29% -1.85% -47.58%
Invested Capital Q/Q Growth		 -5.61% -1.78% -6.84% -1.92% -3.42% -3.71% -8.66% -6.65% -4.73% -3.71% 2.57%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 42.18% 31.83% 19.74% 30.55% 26.60% 2.62% 33.24% 28.96% 11.04% 39.14% 34.76%
EBIT Margin		 32.16% 12.69% 9.43% 9.66% 15.65% -2.50% 24.42% 17.98% -0.72% 32.10% 28.57%
Profit (Net Income) Margin		 25.43% 6.26% 6.94% 6.07% 12.37% -9.33% 18.43% 13.44% -0.63% 16.78% 21.70%
Tax Burden Percent		 79.08% 79.34% 73.61% 62.86% 79.03% 76.15% 75.44% 74.75% 87.31% 80.73% 76.44%
Interest Burden Percent		 100.00% 62.22% 100.00% 100.00% 100.00% 490.47% 100.00% 100.00% 100.00% 64.73% 99.36%
Effective Tax Rate		 20.92% 20.66% 26.39% 37.14% 20.97% 0.00% 24.56% 25.25% 0.00% 19.27% 23.56%
Return on Invested Capital (ROIC)		 2.07% 0.50% 0.53% 0.45% 0.92% -0.64% 1.55% 1.21% -0.05% 1.70% 2.27%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.07% 0.50% 0.53% 0.45% 0.92% -0.66% 1.55% 1.21% -0.05% 1.70% 2.27%
Return on Net Nonoperating Assets (RNNOA)		 11.77% 2.67% 2.60% 2.14% 4.02% -2.82% 5.87% 4.38% -0.17% 5.51% 6.81%
Return on Equity (ROE)		 13.84% 3.17% 3.13% 2.60% 4.94% -3.46% 7.42% 5.60% -0.22% 7.21% 9.08%
Cash Return on Invested Capital (CROIC)		 18.86% 16.11% 18.30% 17.48% 14.89% 16.53% 18.87% 23.96% 25.06% 25.73% 14.35%
Operating Return on Assets (OROA)		 2.51% 0.96% 0.69% 0.68% 1.09% -0.17% 1.90% 1.50% -0.06% 2.94% 2.67%
Return on Assets (ROA)		 1.99% 0.47% 0.51% 0.43% 0.86% -0.65% 1.44% 1.12% -0.05% 1.54% 2.03%
Return on Common Equity (ROCE)		 13.88% 3.17% 3.14% 2.61% 4.97% -3.49% 7.49% 5.67% -0.22% 7.32% 9.22%
Return on Equity Simple (ROE_SIMPLE)		 15.64% 0.00% 7.26% 5.18% 3.27% 0.00% 3.10% 3.91% 2.65% 0.00% 5.45%
Net Operating Profit after Tax (NOPAT)		 100 20 23 17 40 -28 71 44 -1.56 63 81
NOPAT Margin		 25.43% 6.26% 6.94% 6.07% 12.37% -8.58% 18.43% 13.44% -0.50% 16.78% 21.70%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 37.26% 46.35% 46.04% 50.93% 44.09% 46.72% 37.33% 42.98% 47.24% 39.10% 36.97%
Operating Expenses to Revenue		 65.39% 82.31% 80.24% 94.35% 83.02% 108.32% 72.74% 80.91% 94.87% 62.07% 67.33%
Earnings before Interest and Taxes (EBIT)		 127 41 31 27 50 -8.18 94 58 -2.22 121 107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 167 104 65 87 85 8.56 128 94 34 147 130
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.91 1.03 1.04 1.09 1.00 1.00 1.07 1.11 1.25 1.16 1.18
Price to Tangible Book Value (P/TBV)		 0.98 1.11 1.12 1.17 1.07 1.07 1.13 1.18 1.33 1.23 1.25
Price to Revenue (P/Rev)		 1.76 2.12 2.36 2.62 2.57 2.58 2.70 2.72 3.07 2.78 2.91
Price to Earnings (P/E)		 5.67 8.09 13.60 18.76 25.53 36.26 25.48 23.52 36.04 21.06 20.84
Dividend Yield		 1.24% 1.10% 1.10% 1.07% 1.18% 1.21% 1.14% 1.09% 0.99% 1.05% 1.01%
Earnings Yield		 17.64% 12.36% 7.35% 5.33% 3.92% 2.76% 3.92% 4.25% 2.78% 4.75% 4.80%
Enterprise Value to Invested Capital (EV/IC)		 0.97 0.93 0.95 0.97 0.98 0.93 0.95 0.96 0.99 0.97 1.01
Enterprise Value to Revenue (EV/Rev)		 10.97 10.88 11.36 11.86 12.25 11.42 10.26 9.36 9.34 8.37 9.02
Enterprise Value to EBITDA (EV/EBITDA)		 23.15 24.39 34.11 38.80 47.08 58.66 47.46 43.55 52.29 28.94 30.78
Enterprise Value to EBIT (EV/EBIT)		 27.91 32.70 53.89 73.44 110.38 143.40 97.71 75.02 107.77 43.08 43.97
Enterprise Value to NOPAT (EV/NOPAT)		 36.14 43.53 69.02 95.42 145.59 292.55 130.74 97.84 142.82 66.41 67.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.45 24.77 30.43 40.37 41.35 33.40 25.65 21.74 22.16 17.62 23.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.73 5.37 4.77 5.08 6.10 5.19 4.57 3.53 3.48 3.30 6.56
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.85 4.68 4.26 4.12 3.92 3.83 3.33 3.09 2.91 2.66 2.69
Long-Term Debt to Equity		 4.75 4.57 4.17 4.02 3.82 3.70 3.25 2.97 2.78 2.52 2.57
Financial Leverage		 5.70 5.36 4.87 4.72 4.38 4.26 3.79 3.61 3.42 3.24 3.00
Leverage Ratio		 6.97 6.67 6.19 6.06 5.73 5.64 5.17 5.00 4.84 4.69 4.47
Compound Leverage Factor		 6.97 4.15 6.19 6.06 5.73 27.66 5.17 5.00 4.84 3.04 4.44
Debt to Total Capital		 82.90% 82.40% 80.97% 80.46% 79.69% 79.29% 76.92% 75.56% 74.43% 72.71% 72.88%
Short-Term Debt to Total Capital		 1.65% 1.92% 1.66% 1.80% 2.13% 2.75% 1.95% 2.95% 3.22% 3.96% 3.06%
Long-Term Debt to Total Capital		 81.24% 80.49% 79.32% 78.65% 77.56% 76.54% 74.97% 72.61% 71.21% 68.75% 69.82%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -0.08% 0.01% -0.04% -0.07% -0.22% -0.35% -0.34% -0.56% -0.64% -0.42% -0.46%
Common Equity to Total Capital		 17.18% 17.59% 19.06% 19.61% 20.53% 21.05% 23.42% 25.00% 26.21% 27.71% 27.58%
Debt to EBITDA		 19.76 21.60 28.93 32.22 38.35 49.81 38.48 34.39 39.18 21.77 22.27
Net Debt to EBITDA		 19.45 19.64 27.03 30.26 37.31 45.64 35.14 31.13 35.41 19.46 21.00
Long-Term Debt to EBITDA		 19.37 21.10 28.33 31.50 37.32 48.08 37.50 33.05 37.48 20.58 21.33
Debt to NOPAT		 30.86 38.55 58.54 79.25 118.59 248.41 106.00 77.27 107.01 49.96 48.50
Net Debt to NOPAT		 30.37 35.06 54.70 74.42 115.38 227.62 96.82 69.95 96.71 44.67 45.74
Long-Term Debt to NOPAT		 30.24 37.65 57.34 77.47 115.42 239.78 103.32 74.25 102.38 47.24 46.47
Noncontrolling Interest Sharing Ratio		 -0.27% 0.04% -0.15% -0.28% -0.78% -0.82% -0.84% -1.33% -1.80% -1.60% -1.58%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,407 2,785 3,179 3,016 2,506 2,703 2,898 3,484 3,494 3,430 1,798
Operating Cash Flow to CapEx		 1,685.89% 174.61% 502.84% 589.21% 1,004.27% 370.49% 912.44% 1,256.51% 3,087.83% 0.00% 2,698.90%
Free Cash Flow to Firm to Interest Expense		 26.91 15.32 15.94 12.94 12.10 13.17 14.90 19.75 20.76 24.30 14.37
Operating Cash Flow to Interest Expense		 1.37 0.14 0.62 0.32 0.74 0.39 1.09 0.76 0.81 1.28 0.73
Operating Cash Flow Less CapEx to Interest Expense		 1.29 0.06 0.49 0.27 0.67 0.28 0.97 0.70 0.79 1.40 0.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.07 0.07 0.07 0.07 0.08 0.08 0.09 0.09 0.09
Fixed Asset Turnover		 13.41 12.86 11.24 10.68 10.10 10.13 9.26 10.27 10.63 12.57 11.60
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,515 18,185 16,942 16,617 16,049 15,454 14,115 13,177 12,553 12,087 12,398
Invested Capital Turnover		 0.08 0.08 0.08 0.07 0.07 0.08 0.08 0.09 0.09 0.10 0.10
Increase / (Decrease) in Invested Capital		 -3,307 -2,765 -3,156 -2,999 -2,466 -2,731 -2,827 -3,441 -3,496 -3,367 -1,717
Enterprise Value (EV)		 17,978 16,921 16,176 16,098 15,702 14,431 13,392 12,607 12,470 11,683 12,490
Market Capitalization		 2,888 3,292 3,362 3,554 3,294 3,257 3,523 3,668 4,106 3,876 4,026
Book Value per Share		 $85.46 $86.20 $86.97 $87.41 $88.29 $87.18 $88.97 $90.58 $90.78 $92.31 $94.22
Tangible Book Value per Share		 $78.95 $79.72 $80.57 $81.13 $82.16 $81.74 $83.57 $85.12 $85.36 $86.95 $88.91
Total Capital		 18,515 18,185 16,942 16,617 16,049 15,454 14,115 13,177 12,553 12,087 12,398
Total Debt		 15,349 14,986 13,719 13,370 12,790 12,254 10,857 9,957 9,343 8,788 9,035
Total Long-Term Debt		 15,043 14,637 13,438 13,070 12,448 11,828 10,583 9,568 8,938 8,310 8,656
Net Debt		 15,105 13,628 12,821 12,556 12,443 11,228 9,916 9,013 8,444 7,857 8,520
Capital Expenditures (CapEx)		 10 15 24 13 15 21 23 11 4.44 -17 3.38
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 2.47 0.00 0.00 0.38 0.00 0.00
Net Nonoperating Obligations (NNO)		 15,349 14,986 13,719 13,370 12,790 12,254 10,857 9,957 9,343 8,788 9,035
Total Depreciation and Amortization (D&A)		 40 63 34 59 35 17 34 36 36 27 23
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.80 $0.85 $0.71 $0.75 $1.21 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26
Adjusted Weighted Average Basic Shares Outstanding		 37.38M 37.60M 37.34M 37.47M 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M
Adjusted Diluted Earnings per Share		 $2.80 $0.85 $0.71 $0.75 $1.21 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26
Adjusted Weighted Average Diluted Shares Outstanding		 37.38M 37.60M 37.34M 37.47M 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.11M 37.14M 37.29M 37.32M 37.32M 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M
Normalized Net Operating Profit after Tax (NOPAT)		 100 20 23 17 40 -28 71 44 -1.56 63 81
Normalized NOPAT Margin		 25.41% 6.26% 6.94% 6.07% 12.37% -8.58% 18.43% 13.44% -0.50% 16.78% 21.70%
Pre Tax Income Margin		 32.16% 7.90% 9.43% 9.66% 15.65% -12.25% 24.42% 17.98% -0.72% 20.78% 28.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.00 0.23 0.16 0.12 0.24 -0.04 0.48 0.33 -0.01 0.86 0.85
NOPAT to Interest Expense		 0.79 0.11 0.12 0.07 0.19 -0.14 0.36 0.25 -0.01 0.45 0.65
EBIT Less CapEx to Interest Expense		 0.92 0.15 0.03 0.06 0.17 -0.14 0.36 0.27 -0.04 0.98 0.83
NOPAT Less CapEx to Interest Expense		 0.71 0.03 -0.01 0.02 0.12 -0.24 0.25 0.19 -0.04 0.57 0.62
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 7.56% 10.33% 17.65% 25.30% 40.44% 89.35% 43.54% 35.44% 53.57% 26.61% 25.58%
Augmented Payout Ratio		 32.45% 35.46% 46.70% 38.65% 48.57% 146.17% 102.31% 118.15% 175.67% 73.96% 53.64%

Key Financial Trends

Nelnet Inc. (NYSE: NNI) has demonstrated varied financial performance over the past four years, with recent quarters showing both improvements and challenges across key financial metrics.

Positive Trends:

  • Net income attributable to common shareholders rebounded strongly to $82.56 million in Q1 2025, up from $63.36 million in Q4 2024 and a substantial improvement compared to negative or low earnings in 2023.
  • Basic and diluted earnings per share have increased recently, reaching $2.26 in Q1 2025, a notable rise from $1.75 in Q4 2024 and a reversal from losses experienced in late 2023.
  • Operating cash flow remains solid, with net cash from continuing operating activities at approximately $91.17 million in Q1 2025, reflecting healthy cash generation.
  • Investing cash flow improved significantly, showing positive net cash inflow of $136.36 million in Q1 2025, driven by large sales/maturities of investments exceeding purchases, indicating liquidity management.
  • The balance sheet exhibits resilience with total assets around $14.19 billion in Q1 2025, and common equity increasing to approximately $3.42 billion, up from $3.29 billion in Q3 2024.
  • Provision for credit losses has generally declined from a high of $34.27 million in Q1 2023 down to about $15.34 million in Q1 2025, indicating improved asset quality or risk management.

Neutral Observations:

  • Net interest income fluctuated but remains positive; Q1 2025 reported $82.71 million, slightly higher than Q4 2024 ($80.08 million) though down from some earlier quarters.
  • Total revenues are relatively stable in the $300 million-$380 million range over recent quarters, showing consistent business activity without large spikes.
  • Total non-interest expenses remain elevated around $250 million in Q1 2025, with salaries and employee benefits accounting for a large portion ($138.2 million), consistent with prior periods.
  • Long-term debt remains substantial, approximately $8.66 billion as of Q1 2025, which is somewhat reduced from prior periods but still a significant financial obligation.

Negative Factors:

  • The company experienced net realized and unrealized capital losses during several quarters, notably a significant loss of $497 million in Q4 2024, which negatively impacted overall profitability.
  • Financing activities show large net cash outflows, with heavy debt repayments over the quarters, including $347 million in Q1 2025 and repayments often exceeding debt issuances, indicating reduction in leverage but also cash pressure.
  • The net change in cash and equivalents is negative in Q1 2025 (-$98.89 million), reflecting more cash used in financing despite operating and investing inflows.
  • The reported impairment charges in some quarters and fluctuations in goodwill and intangible assets could indicate some ongoing asset quality or valuation risks.
  • COVID-19 related uncertainties and market volatility may continue to impact the company's investment securities and related income components given the swings seen in realized/unrealized capital gains/losses.

Summary: Nelnet has rebounded from loss-making quarters in 2023 to show stronger profitability through early 2025, with solid operational cash flow and a stable asset base. However, the company faces challenges from capital losses on investments and significant debt repayment pressures. Investors should watch for sustainability in earnings growth, management of investment portfolios, and how debt levels evolve in upcoming quarters.

08/29/25 10:48 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Nelnet's Financials

When does Nelnet's financial year end?

According to the most recent income statement we have on file, Nelnet's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Nelnet's net income changed over the last 9 years?

In the past 9 years, Nelnet's net income has ranged from $49.33 million in 2023 to $388.75 million in 2022, and is currently $175.92 million as of their latest financial filing in 2024.

How has Nelnet's revenue changed over the last 9 years?

Over the last 9 years, Nelnet's total revenue changed from $900.01 million in 2015 to $1.40 billion in 2024, a change of 55.1%.

How much debt does Nelnet have?

Nelnet's total liabilities were at $10.48 billion at the end of 2024, a 22.5% decrease from 2023, and a 63.3% decrease since 2015.

How much cash does Nelnet have?

In the past 9 years, Nelnet's cash and equivalents has ranged from $63.53 million in 2015 to $194.52 million in 2024, and is currently $194.52 million as of their latest financial filing in 2024.

How has Nelnet's book value per share changed over the last 9 years?

Over the last 9 years, Nelnet's book value per share changed from 41.38 in 2015 to 92.31 in 2024, a change of 123.1%.


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This page (NYSE:NNI) was last updated on 8/29/2025 by MarketBeat.com Staff
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