8-K Announcements
6Apr 2, 2026·SEC
Mar 23, 2026·SEC
Feb 26, 2026·SEC
Nelnet, Inc. (NNI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Nelnet, Inc. (NNI) stock price & volume — 10-year historical chart
Nelnet, Inc. (NNI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Nelnet, Inc. (NNI) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $1.56vs $1.63-4.3% | $392Mvs $382M+2.5% |
| Q4 2025 | Nov 6, 2025 | $2.95vs $1.52+94.1% | $495Mvs $382M+29.5% |
| Q3 2025 | Aug 6, 2025 | $5.05vs $1.91+164.4% | $618Mvs $376M+64.1% |
| Q2 2025 | May 8, 2025 | $2.39vs $1.92+24.5% | $466Mvs $393M+18.6% |
Nelnet, Inc. (NNI) competitors in Student Loan Lending and Servicing — business model, growth, and fundamentals comparison
Nelnet, Inc. (NNI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Nelnet, Inc. (NNI) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 305.24M | 254.36M | 249.35M | 289.58M | 347.6M | 312.67M | 264.71M | 292.86M | 0 |
| NII Growth % | -18.07% | -16.67% | -1.97% | 16.14% | 20.03% | -10.05% | -15.34% | 10.64% | -100% |
| Net Interest Margin % | 1.27% | 1.01% | 1.05% | 1.28% | 1.6% | 1.61% | 1.58% | 2.13% | 0% |
| Interest Income | 770.43M | 924.27M | 948.68M | 619.66M | 523.84M | 742.81M | 1.11B | 973.4M | 0 |
| Interest Expense | 465.19M | 669.91M | 699.33M | 330.07M | 176.23M | 430.14M | 845.09M | 680.54M | 522.39M |
| Loan Loss Provision | 14.45M | 23M | 39M | 63.36M | -12.43M | 34.97M | 8.12M | 54.61M | -522.39M |
| Non-Interest Income | 407.86M | 756.04M | 729.08M | 752.97M | 893.99M | 1.07B | 704.55M | 873.26M | 821.71M |
| Non-Interest Income % | 34.61% | 44.99% | 43.46% | 54.86% | 63.05% | 59.12% | 38.83% | 47.29% | 100% |
| Total Revenue | 1.18B▲ 0% | 1.68B▲ 42.6% | 1.68B▼ 0.2% | 1.37B▼ 18.2% | 1.42B▲ 3.3% | 1.82B▲ 28.1% | 1.81B▼ 0.1% | 1.85B▲ 1.8% | 821.71M▼ 55.5% |
| Revenue Growth % | -1.3% | 42.61% | -0.15% | -18.19% | 3.29% | 28.15% | -0.14% | 1.78% | -55.5% |
| Non-Interest Expense | 471.97M | 701.11M | 762.69M | 528.71M | 751.91M | 849.96M | 892.43M | 882.93M | 747.63M |
| Efficiency Ratio | 40.06% | 41.72% | 45.46% | 38.52% | 53.03% | 46.78% | 49.19% | 47.81% | 90.99% |
| Operating Income | 226.68M▲ 0% | 286.29M▲ 26.3% | 176.75M▼ 38.3% | 450.49M▲ 154.9% | 502.11M▲ 11.5% | 501.85M▼ 0.1% | 68.72M▼ 86.3% | 228.58M▲ 232.7% | 0▼ 100.0% |
| Operating Margin % | 19.24% | 17.04% | 10.53% | 32.82% | 35.41% | 27.62% | 3.79% | 12.38% | 0% |
| Operating Income Growth % | -43.16% | 26.3% | -38.26% | 154.88% | 11.46% | -0.05% | -86.31% | 232.66% | -100% |
| Pretax Income | 226.68M▲ 0% | 286.29M▲ 26.3% | 176.75M▼ 38.3% | 450.49M▲ 154.9% | 502.11M▲ 11.5% | 501.85M▼ 0.1% | 68.72M▼ 86.3% | 228.58M▲ 232.7% | 350.44M▲ 53.3% |
| Pretax Margin % | 19.24% | 17.04% | 10.53% | 32.82% | 35.41% | 27.62% | 3.79% | 12.38% | 42.65% |
| Income Tax | 64.86M | 58.77M | 35.45M | 100.86M | 115.82M | 113.1M | 19.39M | 52.67M | -84.15M |
| Effective Tax Rate % | 28.61% | 20.53% | 20.06% | 22.39% | 23.07% | 22.54% | 28.21% | 23.04% | -24.01% |
| Net Income | 173.17M▲ 0% | 227.91M▲ 31.6% | 141.8M▼ 37.8% | 352.44M▲ 148.5% | 393.29M▲ 11.6% | 406.9M▲ 3.5% | 89.83M▼ 77.9% | 184.04M▲ 104.9% | 266.25M▲ 44.7% |
| Net Margin % | 14.7% | 13.56% | 8.45% | 25.68% | 27.74% | 22.4% | 4.95% | 9.97% | 32.4% |
| Net Income Growth % | -32.55% | 31.62% | -37.78% | 148.54% | 11.59% | 3.46% | -77.92% | 104.89% | 44.66% |
| Net Income (Continuing) | 161.82M | 227.52M | 141.29M | 349.63M | 386.28M | 388.75M | 49.33M | 175.91M | 0 |
| EPS (Diluted) | 4.14▲ 0% | 5.57▲ 34.5% | 3.54▼ 36.4% | 9.02▲ 154.8% | 10.20▲ 13.1% | 10.63▲ 4.2% | 2.39▼ 77.5% | 5.02▲ 110.0% | 0.00▼ 100.0% |
| EPS Growth % | -31.23% | 34.54% | -36.45% | 154.8% | 13.08% | 4.22% | -77.52% | 110.04% | -100% |
| EPS (Basic) | 4.14 | 5.64 | 3.54 | 9.02 | 10.20 | 10.63 | 2.39 | 5.02 | 0.00 |
| Diluted Shares Outstanding | 41.79M | 40.91M | 39.52M | 38.51M | 37.94M | 37.6M | 37.42M | 36.64M | 0 |
Nelnet, Inc. (NNI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 147.65M | 192.03M | 186.61M | 469.86M | 1.06B | 1.51B | 1.11B | 1.18B | 2.64B |
| Cash & Due from Banks | 66.75M | 121.35M | 133.91M | 121.25M | 125.56M | 118.15M | 168.11M | 194.52M | 2.64B |
| Short Term Investments | 76.97M | 53.04M | 52.7M | 348.61M | 929.67M | 1.39B | 937.93M | 983.84M | 0 |
| Total Investments | 255.58M | 243.31M | 21.6B | 21.13B | 19.88B | 17.24B | 14.8B | 11.93B | 0 |
| Investments Growth % | -13.43% | -4.8% | 8779.78% | -2.21% | -5.92% | -13.24% | -14.19% | -19.39% | -100% |
| Long-Term Investments | 174.68M | 0 | 21.55B | 20.78B | 18.95B | 15.86B | 13.86B | 10.94B | 0 |
| Accounts Receivables | 0 | 0 | 115.39M | 76.46M | 163.31M | 194.85M | 196.2M | 159.93M | 0 |
| Goodwill & Intangibles | 177.19M | 271.2M | 238.44M | 217.16M | 194.12M | 240.4M | 202.85M | 194.36M | 0 |
| Goodwill | 138.76M | 156.91M | 156.91M | 142.09M | 142.09M | 176.9M | 158.03M | 158.03M | 0 |
| Intangible Assets | 38.43M | 114.29M | 81.53M | 75.07M | 52.03M | 63.5M | 44.82M | 36.33M | 0 |
| PP&E (Net) | 248.05M | 344.78M | 348.26M | 123.53M | 119.41M | 122.53M | 127.01M | 95.19M | 0 |
| Other Assets | -22.63B | -23.36B | 1.27B | 980.3M | 1.2B | 1.42B | 1.17B | 1.17B | 0 |
| Total Current Assets | 0 | 0 | 302M | 546.32M | 1.22B | 1.73B | 1.36B | 1.37B | 12.65B |
| Total Non-Current Assets | 1.93B | 2.65B | 23.41B | 22.1B | 20.46B | 17.64B | 15.36B | 12.41B | 187.31M |
| Total Assets | 23.96B▲ 0% | 25.22B▲ 5.2% | 23.71B▼ 6.0% | 22.65B▼ 4.5% | 21.68B▼ 4.3% | 19.37B▼ 10.6% | 16.71B▼ 13.7% | 13.78B▼ 17.6% | 6.2B▼ 55.0% |
| Asset Growth % | -11.83% | 5.24% | -6% | -4.48% | -4.28% | -10.63% | -13.74% | -17.56% | -54.97% |
| Return on Assets (ROA) | 0.68% | 0.93% | 0.58% | 1.52% | 1.77% | 1.98% | 0.5% | 1.21% | 2.66% |
| Accounts Payable | 50.04M | 61.68M | 47.28M | 28.7M | 4.57M | 36.05M | 35.39M | 21.05M | 0 |
| Total Debt | 21.36B | 22.22B | 20.53B | 19.34B | 17.65B | 14.64B | 11.83B | 8.31B | 0 |
| Net Debt | 21.05B | 21.85B | 20.4B | 19.22B | 17.52B | 14.52B | 11.66B | 8.12B | -2.64B |
| Long-Term Debt | 21.36B | 22.22B | 19.58B | 18.77B | 17.03B | 12.94B | 10.2B | 7.37B | 0 |
| Short-Term Debt | 0 | 0 | 944.66M | 553.37M | 600.91M | 1.7B | 1.63B | 943.16M | 0 |
| Other Liabilities | -21.36B | -22.22B | 741.54M | 595.02M | 729.33M | 809.58M | 904.89M | 961.66M | 0 |
| Total Current Liabilities | 0 | 0 | 991.95M | 636.71M | 949.79M | 2.43B | 2.41B | 2.15B | 0 |
| Total Non-Current Liabilities | 0 | 0 | 20.33B | 19.38B | 17.78B | 13.75B | 11.1B | 8.33B | 0 |
| Total Liabilities | 21.8B | 22.91B | 21.32B | 20.02B | 18.73B | 16.17B | 13.51B | 10.48B | 4.63B |
| Total Equity | 2.17B▲ 0% | 2.31B▲ 6.9% | 2.39B▲ 3.3% | 2.63B▲ 9.9% | 2.95B▲ 12.3% | 3.2B▲ 8.4% | 3.2B▲ 0.0% | 3.3B▲ 3.1% | 1.57B▼ 52.4% |
| Equity Growth % | 4.56% | 6.9% | 3.3% | 9.92% | 12.35% | 8.37% | 0.01% | 3.09% | -52.44% |
| Equity / Assets (Capital Ratio) | 9.04% | 9.18% | 10.09% | 11.61% | 13.62% | 16.52% | 19.15% | 23.95% | 25.29% |
| Return on Equity (ROE) | 8.18% | 10.17% | 6.03% | 14.04% | 14.09% | 13.23% | 2.81% | 5.66% | 10.94% |
| Book Value per Share | 51.81 | 56.58 | 60.50 | 68.26 | 77.82 | 85.10 | 85.53 | 90.03 | 147.79 |
| Tangible BV per Share | 47.57 | 49.95 | 54.47 | 62.62 | 72.71 | 78.70 | 80.10 | 84.73 | - |
| Common Stock | 408K | 403K | 398K | 384K | 379K | 372K | 371K | 363K | 0 |
| Additional Paid-in Capital | 521K | 622K | 5.71M | 3.79M | 1M | 1.11M | 3.1M | 7.39M | 0 |
| Retained Earnings | 2.14B | 2.3B | 2.38B | 2.62B | 2.94B | 3.23B | 3.27B | 3.34B | 0 |
| Accumulated OCI | 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 |
| Preferred Stock | 383K | 117K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nelnet, Inc. (NNI) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 227.51M | 270.89M | 298.92M | 349.1M | 480.33M | 684.06M | 432.03M | 662.89M | -78.26M |
| Operating CF Growth % | -30.05% | 19.07% | 10.34% | 16.79% | 37.59% | 42.42% | -36.84% | 53.44% | -111.81% |
| Net Income | 161.82M | 227.52M | 141.29M | 349.63M | 386.28M | 396.24M | 54.44M | 175.91M | 428.47M |
| Depreciation & Amortization | 137.82M | 184.68M | 192.66M | 198.47M | 132.32M | 176.25M | 145.39M | 132.53M | 635K |
| Deferred Taxes | -1.54M | 10.98M | -7.26M | 7.97M | 55.62M | 34.64M | -51.96M | -21.62M | 553K |
| Other Non-Cash Items | 8.68M | 32.52M | -7.06M | -282.2M | -71.02M | 67.34M | 132.1M | 29.26M | -521.2M |
| Working Capital Changes | -83.69M | -191.36M | -27.49M | 58.49M | -33.56M | -4.59M | 134.16M | 334.76M | 0 |
| Cash from Investing | 3.27B | -732.35M | 1.52B | 621.22M | 1.19B | 2.27B | 1.94B | 2.41B | 179.31M |
| Purchase of Investments | -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 |
| Net Investment Activity | -156.86M | -112.46M | -103.26M | -638.73M | -995.91M | -1.29B | -937.87M | -1.09B | -128.6M |
| Acquisitions | 4.51M | -12.56M | 0 | -29.99M | 0 | -34.04M | 0 | 0 | 0 |
| Other Investing | 3.41B | -575.76M | 1.65B | 1.22B | 1.89B | 3.08B | 1.94B | 2.95B | 192.52M |
| Cash from Financing | -3.5B | 711.78M | -1.79B | -1.23B | -1.43B | -2.79B | -2.7B | -3.17B | -110.52M |
| Dividends Paid | -24.1M | -26.84M | -29.48M | -31.78M | -34.46M | -36.61M | -39.42M | -40.84M | -42.99M |
| Share Repurchases | -68.9M | -45.33M | -40.41M | -73.36M | -58.11M | -97.69M | -28.03M | -83.29M | -69.35M |
| Stock Issued | 678K | 1.36M | 1.55M | 1.65M | 1.47M | 1.63M | 1.78M | 1.95M | 1.88M |
| Net Stock Activity | -68.22M | -43.97M | -38.86M | -71.7M | -56.65M | -96.05M | -26.25M | -81.34M | -67.46M |
| Debt Issuance (Net) | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 |
| Other Financing | 10.48M | -25.5M | -8.06M | 113.75M | 396.97M | 377.77M | 207.45M | 566.53M | -67.52M |
| Net Change in Cash | -2.9M▲ 0% | 250.32M▲ 8725.9% | 30.21M▼ 87.9% | -264.21M▼ 974.6% | 235.79M▲ 189.2% | 163.43M▼ 30.7% | -332.13M▼ 303.2% | -94.47M▲ 71.6% | -9.46M▲ 90.0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | -121K | -160K | 16K | -437K | 0 |
| Cash at Beginning | 69.65M | 942.07M | 1.19B | 1.22B | 958.39M | 1.19B | 1.36B | 1.03B | 104.77M |
| Cash at End | 66.75M | 1.19B | 1.22B | 958.39M | 1.19B | 1.36B | 1.03B | 931.02M | 95.31M |
| Interest Paid | 390.28M | 591.39M | 657.44M | 301.57M | 152.17M | 350.66M | 781.31M | 651.47M | 0 |
| Income Taxes Paid | 96.27M | 473K | 17.67M | 29.68M | 18.66M | 57.7M | 47.59M | 15.24M | 0 |
| Free Cash Flow | 71.5M▲ 0% | 145.87M▲ 104.0% | 206.42M▲ 41.5% | 235.79M▲ 14.2% | 421.38M▲ 78.7% | 624.64M▲ 48.2% | 358.92M▼ 42.5% | 641.99M▲ 78.9% | -78.26M▼ 112.2% |
| FCF Growth % | -72.25% | 104% | 41.51% | 14.23% | 78.71% | 48.24% | -42.54% | 78.86% | -112.19% |
Nelnet, Inc. (NNI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet 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% | - |
Nelnet, Inc. (NNI) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 2, 2026·SEC
Mar 23, 2026·SEC
Feb 26, 2026·SEC
Nelnet, Inc. (NNI) stock FAQ — growth, dividends, profitability & financials explained
Nelnet, Inc. (NNI) saw revenue decline by 55.5% over the past year.
Yes, Nelnet, Inc. (NNI) is profitable, generating $428.5M in net income for fiscal year 2025 (32.4% net margin).
Yes, Nelnet, Inc. (NNI) pays a dividend with a yield of 2.88%. This makes it attractive for income-focused investors.
Nelnet, Inc. (NNI) has a return on equity (ROE) of 10.9%. This is reasonable for most industries.
Nelnet, Inc. (NNI) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.
Nelnet, Inc. (NNI) has an efficiency ratio of 91.0%. This is higher than peers, suggesting room for cost optimization.
Nelnet, Inc. (NNI) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates