Nelnet, Inc. (NNI)Stock Price & Financial Statements
AboutNelnet, Inc. engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services. This segment also provides student loan servicing software; business process outsourcing services specialized in contact center management, such as inbound calls, outreach campaigns and sales, and interacting with customers through multi-channels. The Education Technology, Services, and Payment Processing segment offers financial management services; school information system software; website design and cost effective admissions software; FACTS Giving, a donation platform; and customized professional development and coaching services, educational instruction services, and technology products that aid in teacher and student evaluations. It also offers tuition payment plans, and service and technology for student billings, payments, and refunds; solutions for in-person, online, and mobile payment experiences on campus; payment processing services, such as credit card and electronic transfer; faith community engagement, giving management, and learning management services and technologies; and an integrated commerce payment platform, financial management, and tuition payment plan services, as well as a school management platform that provides administrative, information management, financial management, and communication functions for K-12 schools. The Communications segment provides fiber optic service to homes and businesses for internet, television, and telephone services. The Asset Generation and Management segment acquires, manages, and owns loan assets. The Nelnet Bank segment operates internet industrial banks. The company was founded in 1978 and is headquartered in Lincoln, Nebraska.Show more
- Net Interest Income $0 -100.0%
- Total Revenue $822M -55.5%
- Net Income $266M +44.7%
- Return on Equity 10.94% +93.1%
- Net Interest Margin 0% -100.0%
- Efficiency Ratio 90.99% +90.3%
- ROA 2.66% +120.8%
- Equity / Assets 25.29% +5.6%
- Book Value per Share 147.79 +64.2%
- Tangible BV/Share -
- Debt/Equity -
Key Insights
Based on financial data analysisStrengths
- ✓12 consecutive years of dividend growth
- ✓Well capitalized: 25.3% equity/assets
- ✓Healthy dividend yield of 3.0%
- ✓Share count reduced 100.0% through buybacks
- ✓Diversified revenue: 100.0% from non-interest income
- ✓Trading at only 0.9x book value
Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗High cost structure: 91.0% efficiency ratio
Price & Volume
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Growth Metrics
Revenue CAGR
10Y-2.97%
5Y-9.75%
3Y-23.24%
TTM-
Profit (Net Income) CAGR
10Y-0.06%
5Y-5.45%
3Y-13.18%
TTM132.81%
EPS CAGR
10Y-
5Y-
3Y-
TTM135.54%
ROCE
10Y Avg1.49%
5Y Avg1.8%
3Y Avg1.1%
Latest-
Peer Comparison
Student Loan Lending and Servicing| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
 SOFISoFi Technologies, Inc. | 22.37B | 18.58 | 47.63 | 27.82% | 13.46% | 7.29% | 0.49 | |
 JSMNavient Corporation SR NT 6% 121543 | 5.3B | 19.35 | 16.13 | 229.5% | 3.44% | -2.05% | 8.65% | 16.35 |
 NAVINavient Corporation | 808.92M | 8.46 | 7.17 | -12.45% | 3.09% | -2.05% | 56.74% | 18.43 |
 SLMSLM Corporation | 3.7B | 18.59 | 6.93 | 5.21% | 20.36% | 26.62% | 2.98 | |
NNINelnet, Inc. | 1.42B | 133.82 | -55.5% | 32.4% | 27.31% |
Compare NNI vs Peers
Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.
Income Statement
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 372.56M | 305.24M | 254.36M | 249.35M | 289.58M | 347.6M | 312.67M | 264.71M | 292.86M | 0 |
| NII Growth % | -13.74% | -18.07% | -16.67% | -1.97% | 16.14% | 20.03% | -10.05% | -15.34% | 10.64% | -100% |
| Net Interest Margin % | - | - | - | - | - | - | - | - | - | - |
| Interest Income | 760.75M | 770.43M | 924.27M | 948.68M | 619.66M | 523.84M | 742.81M | 1.11B | 973.4M | 0 |
| Interest Expense | 388.18M | 465.19M | 669.91M | 699.33M | 330.07M | 176.23M | 430.14M | 845.09M | 680.54M | 522.39M |
| Loan Loss Provision | 13.5M | 14.45M | 23M | 39M | 63.36M | -12.43M | 34.97M | 8.12M | 54.61M | -522.39M |
| Non-Interest Income | 433.03M | 407.86M | 756.04M | 729.08M | 752.97M | 893.99M | 1.07B | 704.55M | 873.26M | 821.71M |
| Non-Interest Income % | - | - | - | - | - | - | - | - | - | - |
| Total Revenue | 1.19B | 1.18B | 1.68B | 1.68B | 1.37B | 1.42B | 1.82B | 1.81B | 1.85B | 821.71M |
| Revenue Growth % | 7.49% | -1.3% | 42.61% | -0.15% | -18.19% | 3.29% | 28.15% | -0.14% | 1.78% | -55.5% |
| Non-Interest Expense | 393.28M | 471.97M | 701.11M | 762.69M | 528.71M | 751.91M | 849.96M | 892.43M | 882.93M | 747.63M |
| Efficiency Ratio | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 398.81M | 226.68M | 286.29M | 176.75M | 450.49M | 502.11M | 501.85M | 68.72M | 228.58M | 0 |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | -5.19% | -43.16% | 26.3% | -38.26% | 154.88% | 11.46% | -0.05% | -86.31% | 232.66% | -100% |
| Pretax Income | 398.81M | 226.68M | 286.29M | 176.75M | 450.49M | 502.11M | 501.85M | 68.72M | 228.58M | 350.44M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 141.31M | 64.86M | 58.77M | 35.45M | 100.86M | 115.82M | 113.1M | 19.39M | 52.67M | -84.15M |
| Effective Tax Rate % | - | - | - | - | - | - | - | - | - | - |
| Net Income | 256.75M | 173.17M | 227.91M | 141.8M | 352.44M | 393.29M | 406.9M | 89.83M | 184.04M | 266.25M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -4.19% | -32.55% | 31.62% | -37.78% | 148.54% | 11.59% | 3.46% | -77.92% | 104.89% | 44.66% |
| Net Income (Continuing) | 257.5M | 161.82M | 227.52M | 141.29M | 349.63M | 386.28M | 388.75M | 49.33M | 175.91M | 0 |
| EPS (Diluted) | 6.02 | 4.14 | 5.57 | 3.54 | 9.02 | 10.20 | 10.63 | 2.39 | 5.02 | 0.00 |
| EPS Growth % | 2.21% | -31.23% | 34.54% | -36.45% | 154.8% | 13.08% | 4.22% | -77.52% | 110.04% | -100% |
| EPS (Basic) | 6.02 | 4.14 | 5.64 | 3.54 | 9.02 | 10.20 | 10.63 | 2.39 | 5.02 | 0.00 |
| Diluted Shares Outstanding | 42.67M | 41.79M | 40.91M | 39.52M | 38.51M | 37.94M | 37.6M | 37.42M | 36.64M | 0 |
Balance Sheet
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 176.14M | 147.65M | 192.03M | 186.61M | 469.86M | 1.06B | 1.51B | 1.11B | 1.18B | 2.64B |
| Cash & Due from Banks | 69.65M | 66.75M | 121.35M | 133.91M | 121.25M | 125.56M | 118.15M | 168.11M | 194.52M | 2.64B |
| Short Term Investments | 103.9M | 76.97M | 53.04M | 52.7M | 348.61M | 929.67M | 1.39B | 937.93M | 983.84M | 0 |
| Total Investments | 295.22M | 255.58M | 243.31M | 21.6B | 21.13B | 19.88B | 17.24B | 14.8B | 11.93B | 0 |
| Investments Growth % | -22.14% | -13.43% | -4.8% | 8779.78% | -2.21% | -5.92% | -13.24% | -14.19% | -19.39% | -100% |
| Long-Term Investments | 188.73M | 174.68M | 0 | 21.55B | 20.78B | 18.95B | 15.86B | 13.86B | 10.94B | 0 |
| Accounts Receivables | 0 | 0 | 0 | 115.39M | 76.46M | 163.31M | 194.85M | 196.2M | 159.93M | 0 |
| Goodwill & Intangibles | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 147.31M | 138.76M | 156.91M | 156.91M | 142.09M | 142.09M | 176.9M | 158.03M | 158.03M | 0 |
| Intangible Assets | 47.81M | 38.43M | 114.29M | 81.53M | 75.07M | 52.03M | 63.5M | 44.82M | 36.33M | 0 |
| PP&E (Net) | 123.79M | 248.05M | 344.78M | 348.26M | 123.53M | 119.41M | 122.53M | 127.01M | 95.19M | 0 |
| Other Assets | -25.75B | -22.63B | -23.36B | 1.27B | 980.3M | 1.2B | 1.42B | 1.17B | 1.17B | 0 |
| Total Current Assets | 0 | 0 | 0 | 302M | 546.32M | 1.22B | 1.73B | 1.36B | 1.37B | 12.65B |
| Total Non-Current Assets | 1.95B | 1.93B | 2.65B | 23.41B | 22.1B | 20.46B | 17.64B | 15.36B | 12.41B | 187.31M |
| Total Assets | 27.18B | 23.96B | 25.22B | 23.71B | 22.65B | 21.68B | 19.37B | 16.71B | 13.78B | 6.2B |
| Asset Growth % | -10.84% | -11.83% | 5.24% | -6% | -4.48% | -4.28% | -10.63% | -13.74% | -17.56% | -54.97% |
| Return on Assets (ROA) | 0.89% | 0.68% | 0.93% | 0.58% | 1.52% | 1.77% | 1.98% | 0.5% | 1.21% | 2.66% |
| Accounts Payable | 45.68M | 50.04M | 61.68M | 47.28M | 28.7M | 4.57M | 36.05M | 35.39M | 21.05M | 0 |
| Total Debt | 24.67B | 21.36B | 22.22B | 20.53B | 19.34B | 17.65B | 14.64B | 11.83B | 8.31B | 0 |
| Net Debt | 24.34B | 21.05B | 21.85B | 20.4B | 19.22B | 17.52B | 14.52B | 11.66B | 8.12B | -2.64B |
| Long-Term Debt | 24.67B | 21.36B | 22.22B | 19.58B | 18.77B | 17.03B | 12.94B | 10.2B | 7.37B | 0 |
| Short-Term Debt | 0 | 0 | 0 | 944.66M | 553.37M | 600.91M | 1.7B | 1.63B | 943.16M | 0 |
| Other Liabilities | -24.67B | -21.36B | -22.22B | 741.54M | 595.02M | 729.33M | 809.58M | 904.89M | 961.66M | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 991.95M | 636.71M | 949.79M | 2.43B | 2.41B | 2.15B | 0 |
| Total Non-Current Liabilities | 0 | 0 | 0 | 20.33B | 19.38B | 17.78B | 13.75B | 11.1B | 8.33B | 0 |
| Total Liabilities | 25.11B | 21.8B | 22.91B | 21.32B | 20.02B | 18.73B | 16.17B | 13.51B | 10.48B | 4.63B |
| Total Equity | 2.07B | 2.17B | 2.31B | 2.39B | 2.63B | 2.95B | 3.2B | 3.2B | 3.3B | 1.57B |
| Equity Growth % | 9.45% | 4.56% | 6.9% | 3.3% | 9.92% | 12.35% | 8.37% | 0.01% | 3.09% | -52.44% |
| Equity / Assets (Capital Ratio) | - | - | - | - | - | - | - | - | - | - |
| Return on Equity (ROE) | 12.96% | 8.18% | 10.17% | 6.03% | 14.04% | 14.09% | 13.23% | 2.81% | 5.66% | 10.94% |
| Book Value per Share | 48.53 | 51.81 | 56.58 | 60.50 | 68.26 | 77.82 | 85.10 | 85.53 | 90.03 | 147.79 |
| Tangible BV per Share | - | - | - | - | - | - | - | - | - | - |
| Common Stock | 421K | 408K | 403K | 398K | 384K | 379K | 372K | 371K | 363K | 0 |
| Additional Paid-in Capital | 420K | 521K | 622K | 5.71M | 3.79M | 1M | 1.11M | 3.1M | 7.39M | 0 |
| Retained Earnings | 2.06B | 2.14B | 2.3B | 2.38B | 2.62B | 2.94B | 3.23B | 3.27B | 3.34B | 0 |
| Accumulated OCI | 4.73M | 4.62M | 3.88M | 2.97M | 6.1M | 9.3M | -37.37M | -20.12M | 1.47M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 270K | 383K | 117K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash Flow Statement
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 325.26M | 227.51M | 270.89M | 298.92M | 349.1M | 480.33M | 684.06M | 432.03M | 662.89M | -78.26M |
| Operating CF Growth % | -16.89% | -30.05% | 19.07% | 10.34% | 16.79% | 37.59% | 42.42% | -36.84% | 53.44% | -111.81% |
| Net Income | 257.5M | 161.82M | 227.52M | 141.29M | 349.63M | 386.28M | 396.24M | 54.44M | 175.91M | 428.47M |
| Depreciation & Amortization | 122.55M | 137.82M | 184.68M | 192.66M | 198.47M | 132.32M | 176.25M | 145.39M | 132.53M | 635K |
| Deferred Taxes | 27M | -1.54M | 10.98M | -7.26M | 7.97M | 55.62M | 34.64M | -51.96M | -21.62M | 553K |
| Other Non-Cash Items | -100.53M | 8.68M | 32.52M | -7.06M | -282.2M | -71.02M | 67.34M | 132.1M | 29.26M | -521.2M |
| Working Capital Changes | 14.39M | -83.69M | -191.36M | -27.49M | 58.49M | -33.56M | -4.59M | 134.16M | 334.76M | 0 |
| Cash from Investing | 3.26B | 3.27B | -732.35M | 1.52B | 621.22M | 1.19B | 2.27B | 1.94B | 2.41B | 179.31M |
| Purchase of Investments | -117.03M | -157.86M | -113.46M | -104.26M | -639.73M | -996.91M | -1.29B | -938.87M | -1.09B | -129.6M |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Net Investment Activity | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 3.43B | 4.51M | -12.56M | 0 | -29.99M | 0 | -34.04M | 0 | 0 | 0 |
| Other Investing | -147.49M | 3.41B | -575.76M | 1.65B | 1.22B | 1.89B | 3.08B | 1.94B | 2.95B | 192.52M |
| Cash from Financing | -3.58B | -3.5B | 711.78M | -1.79B | -1.23B | -1.43B | -2.79B | -2.7B | -3.17B | -110.52M |
| Dividends Paid | -21.19M | -24.1M | -26.84M | -29.48M | -31.78M | -34.46M | -36.61M | -39.42M | -40.84M | -42.99M |
| Share Repurchases | -69.09M | -68.9M | -45.33M | -40.41M | -73.36M | -58.11M | -97.69M | -28.03M | -83.29M | -69.35M |
| Stock Issued | 889K | 678K | 1.36M | 1.55M | 1.65M | 1.47M | 1.63M | 1.78M | 1.95M | 1.88M |
| Net Stock Activity | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 |
| Other Financing | -5.18M | 10.48M | -25.5M | -8.06M | 113.75M | 396.97M | 377.77M | 207.45M | 566.53M | -67.52M |
| Net Change in Cash | 6.13M | -2.9M | 250.32M | 30.21M | -264.21M | 235.79M | 163.43M | -332.13M | -94.47M | -9.46M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | -121K | -160K | 16K | -437K | 0 |
| Cash at Beginning | 63.53M | 69.65M | 942.07M | 1.19B | 1.22B | 958.39M | 1.19B | 1.36B | 1.03B | 104.77M |
| Cash at End | 69.65M | 66.75M | 1.19B | 1.22B | 958.39M | 1.19B | 1.36B | 1.03B | 931.02M | 95.31M |
| Interest Paid | 301.12M | 390.28M | 591.39M | 657.44M | 301.57M | 152.17M | 350.66M | 781.31M | 651.47M | 0 |
| Income Taxes Paid | 115.42M | 96.27M | 473K | 17.67M | 29.68M | 18.66M | 57.7M | 47.59M | 15.24M | 0 |
| Free Cash Flow | 257.65M | 71.5M | 145.87M | 206.42M | 235.79M | 421.38M | 624.64M | 358.92M | 641.99M | -78.26M |
| FCF Growth % | -31.22% | -72.25% | 104% | 41.51% | 14.23% | 78.71% | 48.24% | -42.54% | 78.86% | -112.19% |
Banking Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 12.96% | 8.18% | 10.17% | 6.03% | 14.04% | 14.09% | 13.23% | 2.81% | 5.66% | 10.94% |
| Return on Assets (ROA) | 0.89% | 0.68% | 0.93% | 0.58% | 1.52% | 1.77% | 1.98% | 0.5% | 1.21% | 2.66% |
| Net Interest Margin | 1.37% | 1.27% | 1.01% | 1.05% | 1.28% | 1.6% | 1.61% | 1.58% | 2.13% | 0% |
| Efficiency Ratio | 32.94% | 40.06% | 41.72% | 45.46% | 38.52% | 53.03% | 46.78% | 49.19% | 47.81% | 90.99% |
| Equity / Assets | 7.62% | 9.04% | 9.18% | 10.09% | 11.61% | 13.62% | 16.52% | 19.15% | 23.95% | 25.29% |
| Book Value / Share | 48.53 | 51.81 | 56.58 | 60.5 | 68.26 | 77.82 | 85.1 | 85.53 | 90.03 | 147.79 |
| NII Growth | -13.74% | -18.07% | -16.67% | -1.97% | 16.14% | 20.03% | -10.05% | -15.34% | 10.64% | -100% |
| Dividend Payout | 8.25% | 13.92% | 11.78% | 20.79% | 9.02% | 8.76% | 9% | 43.88% | 22.19% | - |
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