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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 (NYSE: NNI) Financial Overview - Last 4 Years
Examining Nelnet's quarterly financial data from Q3 2022 through Q1 2025 reveals several key trends and developments across revenue, profitability, cash flows, and balance sheet composition.
- Revenue Growth and Composition: Total revenue generally trends upward from 2022 into 2024 and early 2025, with total revenue rising from approximately $326.9 million in Q4 2022 to $373.9 million by Q1 2025. The mix includes stable net interest income and fluctuating but significant non-interest income.
- Net Interest Income Stability: Net interest income, that is interest earned from loans and securities minus interest expense on debt, remains positive though it decreased slightly over the years from roughly $81 million in Q4 2022 to about $82.7 million in Q1 2025. This indicates consistency in core interest-generating operations despite variable interest expenses.
- Non-Interest Income Resilience: Non-interest income, mainly from other fees and investment gains, is a major contributor, with a positive rebound seen in Q1 2025 reaching $291 million, up from lower periods such as the Q4 2024 dip due to large realized/unrealized investment losses.
- Net Income Recovery: After negative net income in Q4 2023 (-$30.5 million) and Q3 2024 (-$1.9 million), Nelnet returned to profit in subsequent quarters, reaching $81.1 million in Q1 2025, indicating a recovery phase with improving profitability.
- Robust Operating Cash Flow: Net cash provided by operating activities remains strong, for example $91.2 million in Q1 2025 and $211.9 million in Q1 2024, underscoring sustainable cash generation from core business operations.
- Investment Activities: The company actively buys and sells investment securities, with large-scale purchases and sales leading to variances in investing cash flow (generally positive with net cash inflow in early 2024 but more volatile later), reflecting tactical portfolio management.
- Financing Activities - Debt and Equity: Nelnet consistently repays significant amounts of debt each quarter, often offset by new debt issuance. Equity repurchases and issuances are modest but ongoing. The company also pays dividends consistently, supporting shareholder returns.
- Balance Sheet Size and Composition: Total assets decreased from about $19.6 billion in Q3 2022 to approximately $14.2 billion by Q1 2025, primarily due to large changes in “Other Assets” and “Restricted Cash.” Long-term debt decreased from ~$15 billion to about $8.7 billion, showing debt reduction efforts.
- Provision for Credit Losses Volatility: This expense fluctuates significantly across quarters, with spikes impacting net income (e.g., $34.3 million in Q1 2023). This volatility could reflect credit risk challenges and affects earnings unpredictably.
- Investment Gains/Losses Impact: The large swings in net realized & unrealized capital gains/losses have a meaningful impact on income volatility, including a massive loss of nearly $497 million in Q4 2024 negatively affecting net income that quarter.
Summary: Nelnet has shown a generally improving financial performance trajectory after rough patches in late 2023 and early 2024, with a lean towards sustainable profitability and cash flow generation by Q1 2025. The company demonstrates disciplined balance sheet management with debt reduction but faces key risks from credit loss provisions and investment portfolio volatility that have caused earnings swings. Investors should monitor how Nelnet manages these risks while capitalizing on recovery in operating results and revenue diversification.
08/09/25 05:16 AMAI Generated. May Contain Errors.