NNINYSEPersonal Credit InstitutionsFiscal year ends December 31
NELNET INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$125.10−2.32 (-1.82%)
Close on Oct 19, 2026
- Market cap
- $4.51B
- P/E (TTM)
- 15.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Net income | +132.8% | +1.7% | +4.0% | +4.8% | |
| EPS, diluted | +134.9% | +2.9% | +5.5% | +7.2% | |
| Free cash flow | -38.2% | -14.0% | +11.0% | +0.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.0% | 14.0% | 12.2% | |
| Return on assets | 0.9% | 1.5% | 3.1% | |
| Capex to revenue | – | 8.1% | – | |
| Diluted shares | 43M | 39M | 36M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nelnet generated $2.68B from operations and spent $770.34M on capital expenditure, dividends and share buybacks. 31% of that went back into the business.
Generated
$2.68B
Used
$770.34M
Capital expenditure$239.57M31%Dividends$194.31M25%Share buybacks$336.46M44%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.1%
×Asset turnover0.08×
×Equity multiplier6.67×
=Return on equity, FY202213.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | 26.1% | 0.08× | 6.67× | 13.2% |
| FY2021 | 29.7% | 0.06× | 7.94× | 14.1% |
| FY2020 | 25.2% | 0.06× | 9.24× | 14.0% |
| FY2019 | 13.1% | 0.04× | 10.43× | 6.0% |
| FY2018 | 21.2% | 0.04× | 11.04× | 10.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$428.47M
- Cash generatingOperating cash flow above zero$422.99M
- Return on assets improvedROA up on the prior year1.1% → 3.1%
- Earnings backed by cashOperating cash flow above net income$422.99M vs $428.47M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise37M → 36M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –