Nelnet, Inc. (NNI) Financial Ratios
24 years of historical data (2002–2025) · Financial Services · Financial - Credit Services
EV/EBITDA
↓
10.09
↓-71% vs avg
5yr avg: 34.60
30Y Low9.9·High99.9
P/FCF
↑
12.79
↑+53% vs avg
5yr avg: 8.35
30Y Low2.2·High32.0
P/B Ratio
↑
1.44
↑+22% vs avg
5yr avg: 1.18
30Y Low0.8·High3.4
ROE
↓
12.5%
↓+29% vs avg
5yr avg: 9.7%
30Y Low3%·High45%
Debt/EBITDA
↓
6.61
↓-75% vs avg
5yr avg: 26.85
30Y Low6.6·High48.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NNI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nelnet, Inc. trades at 12.2x earnings, 30% below its 5-year average of 17.6x, sitting at the 65th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a discount of 7%. On a free-cash-flow basis, the stock trades at 12.8x P/FCF, 53% above the 5-year average of 8.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $4.8B | $3.9B | $3.3B | $3.4B | $3.7B | $2.7B | $2.3B | $2.1B | $2.3B | $2.2B |
| Enterprise Value | $11.9B | $11.7B | $12.0B | $15.0B | $17.9B | $21.2B | $22.0B | $22.7B | $24.0B | $23.3B | $26.5B |
| P/E Ratio → | 12.21 | 11.48 | 21.28 | 36.91 | 8.54 | 9.58 | 7.90 | 16.45 | 9.40 | 13.23 | 8.43 |
| P/S Ratio | 2.24 | 2.13 | 2.12 | 1.82 | 1.88 | 2.61 | 2.00 | 1.37 | 1.27 | 1.94 | 1.81 |
| P/B Ratio | 1.44 | 1.35 | 1.19 | 1.03 | 1.07 | 1.26 | 1.04 | 0.96 | 0.93 | 1.06 | 1.05 |
| P/FCF | 12.79 | 12.17 | 6.10 | 9.20 | 5.46 | 8.80 | 11.63 | 11.15 | 14.68 | 32.02 | 8.40 |
| P/OCF | 11.99 | 11.42 | 5.90 | 7.62 | 4.99 | 7.72 | 7.86 | 7.70 | 7.90 | 10.06 | 6.66 |
P/E links to full P/E history page with 30-year chart
NNI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nelnet, Inc.'s enterprise value stands at 10.1x EBITDA, 71% below its 5-year average of 34.6x. The Financial Services sector median is 11.5x, placing the stock at a 12% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.15 | 6.51 | 8.25 | 9.87 | 14.97 | 16.00 | 13.53 | 14.28 | 19.81 | 22.21 |
| EV / EBITDA | 10.09 | 9.89 | 33.31 | 69.88 | 26.44 | 33.46 | 33.84 | 61.44 | 50.94 | 64.03 | 50.85 |
| EV / EBIT | 10.39 | 11.39 | 52.62 | 217.73 | 35.73 | 42.28 | 48.75 | 128.42 | 83.79 | 102.96 | 66.47 |
| EV / FCF | — | 29.37 | 18.74 | 41.68 | 28.71 | 50.38 | 93.14 | 109.96 | 164.46 | 326.40 | 102.89 |
NNI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Nelnet, Inc. earns an operating margin of 50.6%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 3.8% to 50.6% over the past 3 years, signaling improving operational efficiency. ROE of 12.5% is modest. ROIC of 7.5% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.0% | 87.0% | 60.2% | 53.0% | 74.4% | 88.4% | 71.3% | 56.0% | 58.8% | 59.3% | 66.4% |
| Operating Margin | 50.6% | 50.6% | 12.4% | 3.8% | 27.6% | 35.4% | 32.8% | 10.5% | 17.0% | 19.2% | 33.4% |
| Net Profit Margin | 18.9% | 18.9% | 10.0% | 5.0% | 22.4% | 27.7% | 25.7% | 8.5% | 13.6% | 14.7% | 21.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 12.5% | 5.7% | 2.8% | 13.2% | 14.1% | 14.0% | 6.0% | 10.2% | 8.2% | 13.0% |
| ROA | 3.1% | 3.1% | 1.2% | 0.5% | 2.0% | 1.8% | 1.5% | 0.6% | 0.9% | 0.7% | 0.9% |
| ROIC | 7.5% | 7.5% | 1.3% | 0.3% | 2.0% | 1.8% | 1.5% | 0.6% | 0.9% | 0.7% | 1.1% |
| ROCE | 8.9% | 8.9% | 1.8% | 0.4% | 2.7% | 2.3% | 2.0% | 0.8% | 1.2% | 0.9% | 1.4% |
NNI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Nelnet, Inc. carries a Debt/EBITDA ratio of 6.6x, which is highly leveraged (59% above the sector average of 4.1x). Net debt stands at $6.8B ($7.8B total debt minus $974M cash). Interest coverage of just 2.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.18 | 2.18 | 2.52 | 3.70 | 4.57 | 5.98 | 7.36 | 8.59 | 9.60 | 9.86 | 11.91 |
| Debt / EBITDA | 6.61 | 6.61 | 23.01 | 55.24 | 21.59 | 27.82 | 29.80 | 55.57 | 47.18 | 58.59 | 47.32 |
| Net Debt / Equity | — | 1.91 | 2.46 | 3.64 | 4.54 | 5.93 | 7.31 | 8.53 | 9.44 | 9.72 | 11.76 |
| Net Debt / EBITDA | 5.79 | 5.79 | 22.47 | 54.46 | 21.41 | 27.62 | 29.61 | 55.21 | 46.39 | 57.75 | 46.69 |
| Debt / FCF | — | 17.19 | 12.64 | 32.49 | 23.24 | 41.58 | 81.51 | 98.81 | 149.78 | 294.38 | 94.49 |
| Interest Coverage | 2.06 | 2.06 | 0.34 | 0.08 | 1.17 | 2.85 | 1.36 | 0.25 | 0.43 | 0.49 | 1.03 |
NNI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Nelnet, Inc.'s current ratio of 382.15x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.56x to 382.15x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 382.15 | 382.15 | 0.64 | 0.56 | 0.71 | 1.28 | 0.86 | 0.30 | — | — | — |
| Quick Ratio | 382.15 | 382.15 | 0.64 | 0.56 | 0.71 | 1.28 | 0.86 | 0.30 | — | — | — |
| Cash Ratio | 205.22 | 205.22 | 0.09 | 0.07 | 0.05 | 0.13 | 0.19 | 0.13 | — | — | — |
| Asset Turnover | — | 0.16 | 0.13 | 0.11 | 0.09 | 0.07 | 0.06 | 0.07 | 0.07 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NNI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nelnet, Inc. returns 2.2% to shareholders annually — split between a 0.8% dividend yield and 1.4% buyback yield. The payout ratio of 10.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.9% | 1.0% | 1.2% | 1.1% | 0.9% | 1.2% | 1.3% | 1.3% | 1.1% | 1.0% |
| Payout Ratio | 10.0% | 10.0% | 22.2% | 43.9% | 9.0% | 8.8% | 9.0% | 20.8% | 11.8% | 13.9% | 8.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 8.7% | 4.7% | 2.7% | 11.7% | 10.4% | 12.7% | 6.1% | 10.6% | 7.6% | 11.9% |
| FCF Yield | 7.8% | 8.2% | 16.4% | 10.9% | 18.3% | 11.4% | 8.6% | 9.0% | 6.8% | 3.1% | 11.9% |
| Buyback Yield | 1.4% | 1.4% | 2.1% | 0.8% | 2.9% | 1.6% | 2.7% | 1.8% | 2.1% | 3.0% | 3.2% |
| Total Shareholder Yield | 2.2% | 2.3% | 3.2% | 2.0% | 3.9% | 2.5% | 3.8% | 3.0% | 3.4% | 4.1% | 4.2% |
| Shares Outstanding | — | $36M | $37M | $37M | $38M | $38M | $39M | $40M | $41M | $42M | $43M |
Peer Comparison
Compare NNI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NNIYou | $5B | 12.2 | 10.1 | 12.8 | 87.0% | 50.6% | 12.5% | 7.5% | 6.6 |
 SLM | $4B | 6.5 | 6.1 | 7.8 | 53.1% | 31.9% | 32.3% | 8.8% | 5.9 |
 NAVI | $826M | -10.9 | 17.8 | 1.9 | 87.0% | 77.1% | -3.2% | 3.8% | 18.3 |
 WRLD | $753M | 9.2 | 7.5 | 3.0 | 70.0% | 28.1% | 20.8% | 12.1% | 3.1 |
 ENVA | $4B | 14.9 | 11.3 | 2.4 | 50.1% | 23.5% | 24.3% | 10.4% | 5.8 |
 PFSI | $5B | 9.5 | 18.1 | — | 91.4% | 34.6% | 12.3% | 4.4% | 15.3 |
 NMIH | $3B | 7.8 | 6.3 | 7.1 | 91.8% | 70.8% | 16.2% | 13.5% | 0.8 |
 PRAA | $803M | -2.7 | 1.7 | — | 99.2% | 33.9% | -27.3% | 11.2% | 0.1 |
 INTU | $114B | 29.8 | 20.5 | 18.7 | 80.8% | 26.1% | 20.3% | 16.5% | 1.2 |
 FICO | $26B | 42.6 | 31.0 | 34.0 | 82.2% | 46.5% | — | 59.7% | 3.3 |
 POWI | $4B | 184.2 | 79.7 | 45.9 | 54.5% | 4.8% | 3.1% | 2.4% | — |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 24 years · Updated daily
See NNI's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NNI Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare NNI vs SLM
Side-by-side business, growth, and profitability comparison vs SLM Corporation.
Start ComparisonNNI — Frequently Asked Questions
Quick answers to the most common questions about buying NNI stock.
What is Nelnet, Inc.'s P/E ratio?
Nelnet, Inc.'s current P/E ratio is 12.2x. The historical average is 13.6x. This places it at the 65th percentile of its historical range.
What is Nelnet, Inc.'s EV/EBITDA?
Nelnet, Inc.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 56.4x.
What is Nelnet, Inc.'s ROE?
Nelnet, Inc.'s return on equity (ROE) is 12.5%. The historical average is 16.0%.
Is NNI stock overvalued?
Based on historical data, Nelnet, Inc. is trading at a P/E of 12.2x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Nelnet, Inc.'s dividend yield?
Nelnet, Inc.'s current dividend yield is 0.84% with a payout ratio of 10.0%.
What are Nelnet, Inc.'s profit margins?
Nelnet, Inc. has 87.0% gross margin and 50.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Nelnet, Inc. have?
Nelnet, Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.