Credit Acceptance Corporation (CACC) 10-Year Financial Performance & Capital Metrics

CACC • • Banking & Credit

Financial ServicesCredit ServicesAuto Finance & Vehicle LendingSubprime Auto Finance

AboutCredit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers. It is also involved in the business of reinsuring coverage under vehicle service contracts sold to consumers by dealers on vehicles financed by the company. The company was founded in 1972 and is headquartered in Southfield, Michigan.Show more

Net Interest Income $26M +33.0%
Total Revenue $2.13B +13.5%
Net Income $248M -13.4%
Return on Equity 14.15% -16.5%
Net Interest Margin 0.27% +14.6%
Efficiency Ratio 47.18% -3.1%
ROA 2.73% -23.4%
Equity / Assets 17.96% -14.0%
Book Value per Share 140.32 +4.1%
Tangible BV/Share 140.32 +4.1%
Debt/Equity 3.63 +25.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.7%
✓Efficient operations: 47.2% efficiency ratio
✓Well capitalized: 18.0% equity/assets
✓Share count reduced 4.2% through buybacks
✓Diversified revenue: 98.8% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 3.6x
✗Profits declining 17.7% over 5 years
✗Weak NIM of 0.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.45%

5Y7.61%

3Y4.86%

TTM-

Profit (Net Income) CAGR

10Y-0.71%

5Y-17.69%

3Y-36.28%

TTM139.35%

EPS CAGR

10Y5.25%

5Y-10.48%

3Y-30.62%

TTM153.66%

ROCE

10Y Avg11.7%

5Y Avg8.8%

3Y Avg5.83%

Latest3.59%

Peer Comparison

Subprime Auto Finance

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CACCCredit Acceptance Corporation	5.22B	473.49	23.82	13.54%	11.62%	28.75%	21.75%	3.63
CPSSConsumer Portfolio Services, Inc.	201.73M	9.14	11.57	11.79%	4.88%	6.34%	100%	10.78
LPROOpen Lending Corporation	260.02M	2.20	-1.95	-79.55%	-5.62%	-206.46%	6.7%	1.84
AIHSSenmiao Technology Limited	4.65M	1.02	-3.09	-21.55%	-109.92%	-109.33%	10.73%	1.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-76M	-96M	-118M	-151.6M	-187.7M	2.9M	1.2M	6.6M	19.7M	26.2M
NII Growth %	-0.34%	-0.26%	-0.23%	-0.28%	-0.24%	1.02%	-0.59%	4.5%	1.98%	0.33%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	1.7M	2.2M	5M	8.5M	2.9M	1.2M	6.6M	19.7M	26.2M
Interest Expense	76M	97.7M	120.2M	156.6M	196.2M	0	0	0	0	0
Loan Loss Provision	149.6M	152.5M	162.8M	193.8M	223.4M	416.4M	421.1M	475M	617.4M	802.2M
Non-Interest Income+	823.6M	963.5M	1.1B	1.27B	1.47B	1.66B	1.85B	1.82B	1.86B	2.11B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	823.6M	965.2M	1.11B	1.28B	1.48B	1.67B	1.85B	1.82B	1.88B	2.13B
Revenue Growth %	0.14%	0.17%	0.15%	0.16%	0.16%	0.13%	0.11%	-0.02%	0.03%	0.14%
Non-Interest Expense	125.2M	187.8M	243.2M	180.3M	211.7M	1.25B	174M	645.7M	915.1M	1.01B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	472.8M	527.2M	581M	749.3M	848.1M	0	1.26B	702.3M	347.3M	325.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.07%	0.12%	0.1%	0.29%	0.13%	-1%	-	-0.44%	-0.51%	-0.06%
Pretax Income+	474.5M	531.2M	583.8M	755.1M	855.9M	549.5M	1.26B	711.7M	367.6M	329.5M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	174.8M	198.4M	113.6M	181.1M	199.8M	128.5M	302.6M	175.9M	81.5M	81.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	299.7M	332.8M	470.2M	574M	656.1M	421M	958.3M	535.8M	286.1M	247.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.13%	0.11%	0.41%	0.22%	0.14%	-0.36%	1.28%	-0.44%	-0.47%	-0.13%
Net Income (Continuing)	299.7M	332.8M	470.2M	574M	656.1M	421M	958.3M	535.8M	286.1M	247.9M
EPS (Diluted)+	14.28	16.31	24.04	29.39	34.57	23.47	59.52	39.32	21.99	19.88
EPS Growth %	0.2%	0.14%	0.47%	0.22%	0.18%	-0.32%	1.54%	-0.34%	-0.44%	-0.1%
EPS (Basic)	14.35	16.37	24.12	29.52	34.71	23.57	59.57	39.50	22.09	20.12
Diluted Shares Outstanding	20.98M	20.41M	19.56M	19.53M	18.98M	17.94M	16.1M	13.63M	13.01M	12.47M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	6.3M	14.6M	8.2M	25.7M	187.4M	16M	23.3M	417.7M	470.9M	845M
Short Term Investments	0	0	0	0	0	0	0	1000K	1000K	1000K
Total Investments+	0	43.7M	43.6M	56.9M	59.3M	0	0	4M	6.9M	9.5M
Investments Growth %	-	-	-0%	0.31%	0.04%	-1%	-	-	0.72%	0.38%
Long-Term Investments	0	43.7M	43.6M	56.9M	59.3M	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	18.9M	18.2M	20.5M	40.2M	59.7M	59.4M	57.3M	51.4M	46.5M	14.7M
Other Assets	-211.9M	26.3M	33.4M	-198.6M	-287.4M	97.4M	110.9M	-780.1M	-830.1M	-901.2M
Total Current Assets	3.33B	4.17B	4.93B	6.16B	7.33B	7.33B	6.88B	0	0	0
Total Non-Current Assets	55.9M	44.5M	53.9M	78.3M	94.8M	156.8M	168.2M	0	0	0
Total Assets+	3.39B	4.22B	4.99B	6.24B	7.42B	7.49B	7.05B	7.63B	8.39B	9.74B
Asset Growth %	0.22%	0.24%	0.18%	0.25%	0.19%	0.01%	-0.06%	0.08%	0.1%	0.16%
Return on Assets (ROA)	0.1%	0.09%	0.1%	0.1%	0.1%	0.06%	0.13%	0.07%	0.04%	0.03%
Accounts Payable	127.8M	143.9M	151.7M	186.4M	206.4M	186.7M	175M	0	0	0
Total Debt+	2.08B	2.6B	3.07B	3.82B	4.54B	4.7B	4.62B	4.59B	5.07B	6.35B
Net Debt	2.08B	2.59B	3.06B	3.8B	4.35B	4.69B	4.6B	4.17B	4.6B	5.51B
Long-Term Debt	1.59B	2.6B	3.07B	3.82B	4.54B	4.61B	4.62B	3.08B	4.99B	6.27B
Short-Term Debt	489.7M	749.6M	0	550M	11.3M	95.9M	2.6M	1.51B	74.1M	87.3M
Other Liabilities	600.7M	143.9M	151.7M	0	529.1M	0	0	-4.29B	-6.23B	-7.55B
Total Current Liabilities	127.8M	167.5M	191.6M	188.9M	206.6M	186.9M	175.2M	0	0	0
Total Non-Current Liabilities	2.33B	2.88B	3.26B	4.06B	4.86B	5B	5.05B	0	0	0
Total Liabilities	2.46B	3.04B	3.45B	4.25B	5.07B	5.19B	5.23B	6.01B	6.64B	7.99B
Total Equity+	928.1M	3.54B	4.34B	5.48B	6.38B	2.3B	1.82B	1.62B	1.75B	1.75B
Equity Growth %	0.32%	2.81%	0.23%	0.26%	0.16%	-0.64%	-0.21%	-0.11%	0.08%	-0%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.37%	0.15%	0.12%	0.12%	0.11%	0.1%	0.46%	0.31%	0.17%	0.14%
Book Value per Share	44.24	173.27	221.91	280.60	336.16	128.37	113.30	119.19	134.79	140.32
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	200K	200K	200K	200K	200K	200K	100K	100K	100K	100K
Additional Paid-in Capital	100.8M	131.7M	145.5M	154.9M	157.7M	161.9M	197.2M	245.7M	279M	335.1M
Retained Earnings	827.2M	1.04B	1.39B	1.84B	2.2B	2.14B	1.63B	1.38B	1.48B	1.41B
Accumulated OCI	-100K	-200K	-200K	-300K	800K	1.6M	200K	-2.9M	-1M	-300K
Treasury Stock	0	0	0	0	0	-480.8M	0	0	0	0
Preferred Stock	0	1.04B	1.39B	128.2M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	404.2M	507.2M	566M	703.9M	812.3M	985.2M	1.07B	1.24B	1.2B	1.14B
Operating CF Growth %	0.11%	0.25%	0.12%	0.24%	0.15%	0.21%	0.09%	0.16%	-0.03%	-0.05%
Net Income	299.7M	332.8M	470.2M	574M	656.1M	421M	958.3M	535.8M	286.1M	247.9M
Depreciation & Amortization	14.2M	15.3M	16.4M	19.5M	22.4M	23.8M	26.3M	25.6M	26.6M	27.8M
Deferred Taxes	35.6M	24.2M	-85.6M	49.3M	85.5M	68.3M	44.7M	-7.7M	-38M	-70.4M
Other Non-Cash Items	41.8M	90.3M	129.4M	56.7M	78M	563.6M	8M	481.7M	738.6M	839.2M
Working Capital Changes	500K	37.2M	20.2M	-5.9M	-37.3M	-97.7M	7.3M	166.8M	151.4M	48.4M
Cash from Investing+	-639.5M	-878.2M	-871.8M	-1.24B	-1.02B	-673.5M	437.3M	-460.6M	-1.42B	-1.72B
Purchase of Investments	-34.1M	-39.1M	-34.5M	-43.8M	-40.1M	-43.2M	-38.8M	-50.1M	-43.3M	-59M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-639.9M	-839.4M	-834.5M	-1.18B	-998.3M	-634.8M	443.2M	-442.8M	-1.38B	-1.71B
Cash from Financing+	235.2M	436.6M	330.3M	599.9M	400.3M	-433.2M	-1.47B	-794.6M	266.2M	957.3M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-86.5M	-121.7M	-123.5M	-129.1M	-300.4M	-480.8M	-1.47B	-784.5M	-202.6M	-313.3M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Other Financing	-10.3M	22.5M	-17.1M	-20.7M	-26.1M	-19.5M	-5.4M	18.9M	-21.7M	-23.1M
Net Change in Cash+	-100K	65.6M	24.5M	65.5M	188.4M	-121.5M	38M	-16.5M	53.2M	374.1M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	6.4M	173.7M	239.3M	263.8M	329.3M	517.7M	396.2M	434.2M	417.7M	470.9M
Cash at End	6.3M	239.3M	263.8M	329.3M	517.7M	396.2M	434.2M	417.7M	470.9M	845M
Interest Paid	61.8M	88M	108.8M	141M	175.6M	191.6M	149.4M	147.3M	242.1M	393.4M
Income Taxes Paid	146.9M	111.2M	175M	168.8M	172.4M	141.5M	213.2M	72.7M	31.9M	103.7M
Free Cash Flow+	400.2M	501.7M	557.6M	678.8M	785.5M	976.7M	1.06B	1.24B	1.2B	1.14B
FCF Growth %	0.11%	0.25%	0.11%	0.22%	0.16%	0.24%	0.09%	0.16%	-0.03%	-0.05%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	36.77%	14.91%	11.94%	11.69%	11.06%	9.7%	46.44%	31.08%	16.94%	14.15%
Return on Assets (ROA)	9.71%	8.75%	10.22%	10.23%	9.61%	5.65%	13.18%	7.3%	3.57%	2.73%
Net Interest Margin	-2.24%	-2.28%	-2.37%	-2.43%	-2.53%	0.04%	0.02%	0.09%	0.23%	0.27%
Efficiency Ratio	15.2%	19.46%	21.97%	14.09%	14.31%	74.99%	9.4%	35.42%	48.68%	47.18%
Equity / Assets	27.38%	83.84%	87.06%	87.87%	85.94%	30.75%	25.87%	21.27%	20.89%	17.96%
Book Value / Share	44.24	173.27	221.91	280.6	336.16	128.37	113.3	119.19	134.79	140.32
NII Growth	-34.04%	-26.32%	-22.92%	-28.47%	-23.81%	101.55%	-58.62%	450%	198.48%	32.99%

Frequently Asked Questions

Valuation & Price

Credit Acceptance Corporation (CACC) has a price-to-earnings (P/E) ratio of 23.8x. This is roughly in line with market averages.

Growth & Financials

Credit Acceptance Corporation (CACC) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Credit Acceptance Corporation (CACC) is profitable, generating $453.8M in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Credit Acceptance Corporation (CACC) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

Industry Metrics

Credit Acceptance Corporation (CACC) has a net interest margin (NIM) of 0.3%. NIM has been under pressure due to interest rate environment.

Credit Acceptance Corporation (CACC) has an efficiency ratio of 47.2%. This is excellent, indicating strong cost control.

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