Nelnet (NNI) Financials

$114.34 +0.36 (+0.31%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$114.36 +0.02 (+0.01%)

As of 05/23/2025 04:04 PM Eastern

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

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

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

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

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

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

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

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

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

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

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

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. Check out Nelnet's forecast to explore projected trends and price targets.

How has Nelnet 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 5/24/2025 by MarketBeat.com Staff

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Nelnet (NNI) Financials

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