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Dave Inc. key statistics and ratios

In fiscal 2025, Dave Inc. had return on equity of 73.1%, a net margin of 35.3%, debt equal to 21.3% of equity and a current ratio of 3.83. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
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%
Return on equity−51.6%−177.4%−50.1%42.8%73.1%79.4%
Return on assets−13.6%−55.0%−15.8%19.5%49.8%42.1%
Asset turnover1.040.870.841.171.411.22
Current ratio1.468.4710.818.053.834.22
Debt to equity131.0%70.4%86.1%41.0%21.3%129.0%
Interest cover (operating income ÷ interest)n/m—————
Effective tax rate———4.1%−16.6%−7.3%
Capital spending as % of revenue0.2%0.4%0.3%0.1%0.1%0.1%
Free cash flow ÷ net income———215.8%147.9%146.7%
Dividends and buybacks ÷ free cash flow——0.0%0.0%15.1%74.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

57 /100

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.

  • Returns on capital 19 / 20

    Net income has been a median 11.6% of total assets over 5 years.

  • Durability 2 / 20

    Net margin has been a median 9.8%; its worst year was -44.6%.

  • Cash conversion 16 / 20

    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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: DAVE vs RMCANG vs DAVEDAVE vs NAVIDAVE vs WRLD

More: Consumer Finance stocks compared, Financials sector, rankings of US companies

Figures from Dave Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dave Inc.