Dave Inc. is a US-listed company in the consumer finance industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$220
Forward price-to-earnings vs peers
Base case. Range ~$200–$260. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Dave Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $644m, up 48.6% on a year earlier, slower than the 58.5% growth a quarter earlier. That growth ranks 3 of 29 among the consumer finance companies we cover. Our price-to-earnings vs peers value is $200 a share, against a share price of $336.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Dave Inc.'s trailing-twelve-month revenue grew 48.6% year on year, with a free-cash-flow margin of 50.7%. Where it stands out: net margin of 34.6% ranks 1 of 39 consumer finance companies we cover. Where it lags: stock pay as % of revenue of 5.8% ranks 33 of 36 consumer finance companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 70.1% while net income grew 303.9%: a 234pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Dave Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.45 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$2.5 ~$1.6–$4.0 | Left out: out of range vs price (0.01x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity below long-run growth |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$12 ~$3.7–$20 | Left out: out of range vs price (0.04x) |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$12 ~$16–$24 | Left out: out of range vs price (0.04x) |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$220 ~$200–$260 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$220 ~$200–$260 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dave Inc. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Dave's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 11.6% of total assets over 5 years.
Net margin has been a median 9.8%; its worst year was -44.6%.
Free cash flow was positive in 3 of 5 years, at a median 26.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (62 before it).
Next results: November 4, 2026, after the close. Analysts expect revenue of $192m and EPS of $4.46 (range $4.23 to $4.72) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $17.38 | +32% | $731m | +32% |
| Next | $22.26 | +28% | $899m | +23% |
Next year's EPS estimate has moved +4.7% in 90 days, across 14 analysts.
The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 2 analysts raised Dave Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $16.69 | $21.26 |
| 60 days ago | $17.33 | $21.98 |
| 30 days ago | $17.33 | $22.10 |
| 7 days ago | $17.38 | $22.26 |
| Now | $17.38 | $22.26 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $3.84 | $4.12 | +7.3% |
| Mar 2026 | $3.08 | $3.64 | +18.2% |
| Dec 2025 | $3.75 | $3.69 | −1.6% |
| Sept 2025 | $2.34 | $4.24 | +81.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +34.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $433m | $644m | +48.6% |
| Net margin | 12.7% | 34.6% | +171.7% |
| P/E multiple | 62.7x | 20.5x | −67.3% |
| Share count | 14m | 14m | +1.7% |
Biggest factor: p/e multiple.
Last 3 years +5597.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $237m | $644m | +172.0% |
| P/S multiple | 0.3x | 7.1x | +2421.5% |
| Share count | 12m | 14m | −16.9% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| DAVE | −97% | −10% | +937% | +155% | +45% |
| Industry peers (median) | −33% | +15% | +19% | +20% | −4% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| DAVE | 33% | 33% | 75% | 58% | 55% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| DAVE | −98% | −54% | −44% | −40% | −35% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since April 26, 2021: 99% from February 1, 2022 to May 19, 2023. Getting back needed a 9968% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −14.9% | −0.4% | −26.3% | −8.9% |
| May 5, 2026 | −11.7% | +2.2% | −13.2% | −6.3% |
| March 2, 2026 | +8.0% | −0.8% | +14.6% | −9.9% |
| November 4, 2025 | +1.4% | −0.8% | +0.5% | −12.5% |
| August 6, 2025 | −19.9% | +0.7% | −16.1% | −18.5% |
| May 8, 2025 | +55.1% | +0.6% | +70.5% | +108.4% |
| March 3, 2025 | −10.2% | −2.9% | −18.6% | −16.0% |
| November 12, 2024 | +52.6% | −0.3% | +37.6% | +45.1% |
| November 5, 2024 | +21.8% | +3.7% | +66.7% | +134.8% |
| August 6, 2024 | +2.9% | +0.2% | +14.1% | +18.3% |
| May 7, 2024 | +9.1% | +0.1% | +5.5% | −21.1% |
| March 5, 2024 | +44.4% | −0.5% | +60.5% | +72.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $245.6M |
| FY23 Q4 | $259.1M |
| FY24 Q1 | $273.8M |
| FY24 Q2 | $292.7M |
| FY24 Q3 | $319.4M |
| FY24 Q4 | $347.1M |
| FY25 Q1 | $381.4M |
| FY25 Q2 | $433.1M |
| FY25 Q3 | $491.3M |
| FY25 Q4 | $554.2M |
| FY26 Q1 | $604.6M |
| FY26 Q2 | $643.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 31.8% |
| FY23 Q4 | 26.5% |
| FY24 Q1 | 23.8% |
| FY24 Q2 | 23.7% |
| FY24 Q3 | 30.0% |
| FY24 Q4 | 34.0% |
| FY25 Q1 | 39.3% |
| FY25 Q2 | 48.0% |
| FY25 Q3 | 53.8% |
| FY25 Q4 | 59.7% |
| FY26 Q1 | 58.5% |
| FY26 Q2 | 48.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 5.4% |
| FY23 Q4 | 12.8% |
| FY24 Q1 | 21.4% |
| FY24 Q2 | 26.4% |
| FY24 Q3 | 30.9% |
| FY24 Q4 | 36.0% |
| FY25 Q1 | 39.8% |
| FY25 Q2 | 44.3% |
| FY25 Q3 | 48.5% |
| FY25 Q4 | 52.3% |
| FY26 Q1 | 54.0% |
| FY26 Q2 | 50.7% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 153 | 205 | 259 | 347 | 554 | 644 |
| EBITDA | −3 | — | — | — | — | — |
| Operating income | −6 | — | — | — | — | — |
| Net income | −20 | −129 | −49 | 58 | 196 | 223 |
| Diluted EPS | −$4.69 | −$11.12 | −$4.07 | $4.19 | $13.53 | $15.68 |
| Growth (year on year) | ||||||
| Revenue | — | +33.9% | +26.5% | +34.0% | +59.7% | +48.6% |
| Net income | — | — | — | — | +238.4% | +303.9% |
| Diluted EPS | — | — | — | — | +222.9% | +310.7% |
| Margins | ||||||
| EBITDA margin | −2.2% | — | — | — | — | — |
| Operating margin | −4.2% | — | — | — | — | — |
| Net margin | −13.1% | −62.9% | −18.7% | 16.7% | 35.3% | 34.6% |
| Free-cash-flow margin | −0.6% | −22.3% | 12.8% | 36.0% | 52.3% | 50.7% |
| Cash flow | ||||||
| Cash from operations | −1 | −45 | 34 | 125 | 290 | 327 |
| Capital spending | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow | −1 | −46 | 33 | 125 | 290 | 327 |
| Stock-based pay | 2 | 41 | 27 | 37 | 30 | 38 |
| Free cash flow after stock pay | −3 | −86 | 6 | 88 | 260 | 289 |
| Balance sheet | ||||||
| Cash | 32 | 23 | 42 | 50 | 81 | 210 |
| Total debt | 51 | 75 | 75 | 75 | 75 | 268 |
| Net debt (negative = net cash) | 19 | 52 | 33 | 25 | −6 | 59 |
| Diluted shares | 4m | 12m | 12m | 14m | 14m | 14m |
| Returned to shareholders | ||||||
| Buybacks | 0 | 1 | 0 | 0 | 44 | 243 |
| Total returned | 0 | 1 | 0 | 0 | 44 | 243 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 92 | 101 | 108 | 132 | 151 | 164 | 158 | 171 |
| Net income | 0 | 17 | 29 | 9 | 92 | 66 | 58 | 7 |
| Diluted EPS | $0.03 | $1.17 | $1.97 | $0.62 | $6.34 | $4.57 | $4.02 | $0.49 |
| Growth (year on year) | ||||||||
| Revenue | +40.5% | +37.9% | +46.7% | +64.5% | +63.0% | +62.4% | +46.7% | +29.6% |
| Net income | — | — | −15.9% | +42.2% | — | +292.4% | +101.1% | −26.0% |
| Diluted EPS | — | — | −24.2% | +31.9% | — | +290.6% | +104.1% | −21.0% |
| Margins | ||||||||
| Net margin | 0.5% | 16.7% | 26.7% | 6.9% | 61.1% | 40.3% | 36.6% | 3.9% |
| Free-cash-flow margin | 40.0% | 41.3% | 41.9% | 51.7% | 55.2% | 56.9% | 51.8% | 39.9% |
| Cash flow | ||||||||
| Cash from operations | 37 | 42 | 45 | 68 | 83 | 93 | 82 | 68 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 37 | 42 | 45 | 68 | 83 | 93 | 82 | 68 |
| Stock-based pay | 13 | 10 | 8 | 8 | 7 | 7 | 7 | 16 |
| Free cash flow after stock pay | 24 | 32 | 38 | 60 | 76 | 86 | 75 | 52 |
| Last 12 months unless stated | DAVE | RM | CANG | NAVI | WRLD | LU | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $644m | $684m | $688m | $600m | $592m | $778m | $1.6bn |
| Revenue growth, last 12 months | 48.6% | 8.4% | 524.3% | −35.6% | 4.3% | −31.4% | 10.4% |
| Revenue growth, 3-year average | 39.6% | 8.1% | — | −23.7% | −0.4% | — | 11.3% |
| Revenue growth, latest quarter | 29.6% | 8.0% | — | −3.8% | 4.8% | — | 10.6% |
| Operating margin | −4.2% | — | −63.5% | — | — | — | 11.2% |
| Net margin | 34.6% | 7.0% | −90.4% | −8.2% | 6.6% | −37.5% | 10.5% |
| Cash from operations / revenue | 50.8% | 47.4% | −16.0% | 56.7% | 44.9% | 223.2% | 22.7% |
| Free-cash-flow margin | 50.7% | 46.7% | −17.3% | — | 44.2% | 222.1% | 18.4% |
| Free-cash-flow margin, 3-year average | 40.5% | 46.3% | — | — | 44.8% | — | 23.6% |
| Stock pay / revenue | 5.8% | 1.3% | 0.7% | 2.5% | 0.1% | — | 1.3% |
| Change in share count | −1.7% | −3.9% | 21.6% | −8.8% | −10.8% | 24.2% | −0.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 48.6% | 10.4% | 4 of 39 |
| Change in growth rate Growth | -9.9pp | +0.6pp | 34 of 38 |
| Net margin Profitability | 34.6% | 10.5% | 1 of 39 |
| Stock pay as % of revenue Cash generation | 5.8% | 1.3% | 33 of 36 |
| Change in share count Balance sheet | -1.7% | -0.0% | 17 of 38 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Service Based Revenue | $512M | 92.0% | ▲ 64.4% |
| Processing and Overdraft Service Fees Net (part of Service Based Revenue) | $467M | 91.2% | ▲ 113.4% |
| Transaction Based Revenue (part of Service Based Revenue) | $42.3M | 8.3% | ▲ 18.6% |
| Other (part of Service Based Revenue) | $349,000 | 0.1% | ▼ 24.5% |
| Subscriptions | $37.2M | 6.7% | ▲ 51.3% |
| Tips | $7.5M | 1.3% | ▼ 88.9% |
From Dave Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $621M | 1.7M | 13.7% | ▲ 101.3% |
| Hood River Capital Management LLC | $411M | 1.1M | 9.1% | ▼ 3.6% |
| Divisadero Street Capital Management, LP | $261M | 699K | 5.7% | ▲ 9.1% |
| FMR LLC | $179M | 480K | 3.9% | ▲ 107.7% |
| Vanguard Capital Management LLC | $177M | 474K | 3.9% | ▼ 5.8% |
| State Street Corp | $152M | 407K | 3.3% | ▲ 74.0% |
| Renaissance Technologies LLC | $137M | 367K | 3.0% | ▼ 14.9% |
| Geode Capital Management, LLC | $127M | 342K | 2.8% | ▲ 4.8% |
| Driehaus Capital Management LLC | $124M | 332K | 2.7% | ▲ 431.9% |
| Jane Street Group, LLC | $116M | 312K | 2.6% | ▲ 65.4% |
| Invesco Ltd. | $110M | 296K | 2.4% | ▲ 160.1% |
| Dimensional Fund Advisors LP | $95.3M | 256K | 2.1% | ▲ 1.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dave Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Preston Dan Director | June 5, 2026 | Sell pre-set plan | 275 | $259.83 | $71,453 |
| Preston Dan Director | June 4, 2026 | Sell pre-set plan | 275 | $247.65 | $68,104 |
| Wilk Jason Chief Executive Officer | June 2, 2026 | Sell | 8,290 | $275.01 | $2.3M |
| Wilk Jason Chief Executive Officer | June 2, 2026 | Sell | 80 | $277.49 | $22,199 |
| Wilk Jason Chief Executive Officer | June 2, 2026 | Sell | 104 | $276.55 | $28,761 |
| Beilman Kyle CFO and COO and Secretary | June 2, 2026 | Sell | 4,073 | $275.00 | $1.1M |
| Beilman Kyle CFO and COO and Secretary | June 2, 2026 | Sell | 49 | $277.23 | $13,584 |
| Mitchell Andrea Director | March 6, 2026 | Sell pre-set plan | 900 | $215.58 | $194,022 |
| Mitchell Andrea Director | March 6, 2026 | Sell pre-set plan | 1,007 | $214.60 | $216,102 |
| Mitchell Andrea Director | March 6, 2026 | Sell pre-set plan | 2,004 | $213.58 | $428,014 |
| Mitchell Andrea Director | March 6, 2026 | Sell pre-set plan | 496 | $212.65 | $105,474 |
| Mitchell Andrea Director | March 6, 2026 | Sell pre-set plan | 1,871 | $211.38 | $395,492 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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