Nelnet Inc is a US-listed company in the consumer finance industry. Its financial year ends in December.
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 $1.41bn, down 3.9% on a year earlier, against growth of 17.7% a quarter earlier.
Our model value for Nelnet is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 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.
Current signal Gross margin compressing: TTM gross margin fell to 86.6%, down 5.4pp year over year.
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.
No model value for Nelnet Inc at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Nelnet Inc as a bank or lender, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 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. | ~$110 ~$76–$180 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$120 ~$99–$150 | Included |
| 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. | ~$130 ~$75–$190 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$84 ~$110–$160 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$81 ~$93–$120 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$120 ~$99–$160 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nelnet 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 Nelnet's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.1% of total assets over 10 years.
Gross margin has been a median 91.8%, moving by 2.3 percentage points (standard deviation) across 6 years.
Net margin has been a median 27.5%; its worst year was 5.6%.
Free cash flow was positive in 9 of 10 years, at a median 31.0% of revenue.
The diluted share count fell 6.4% over five years; stock-based pay has been a median 0.6% 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 (69 before it).
Next results: November 5, 2026, after the close. Analysts expect revenue of $427m and EPS of $1.83 (range $1.83 to $1.83) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.42 | −38% | $1.7bn | −5% |
| Next | $8.50 | +15% | $1.8bn | +6% |
Next year's EPS estimate has moved −11.3% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is −9.3% on 90 days ago. In the last 30 days, 1 analyst raised Nelnet 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 | $8.18 | $9.58 |
| 60 days ago | $8.18 | $9.58 |
| Now | $7.42 | $8.50 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $2.13 | $1.77 | −16.9% |
| Mar 2026 | $2.66 | $1.94 | −27.1% |
| Dec 2025 | $1.63 | $1.56 | −4.3% |
| Sept 2025 | $1.52 | $2.95 | +94.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| NNI | +39% | −6% | −2% | +22% | +26% | −6% |
| Industry peers (median) | +43% | −34% | +15% | +27% | +20% | +1% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| NNI | 75% | 50% | 42% | 33% | 75% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| NNI | −7% | −24% | −18% | −16% | −17% | −15% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 44% from September 17, 2019 to March 23, 2020. Getting back needed a 79% gain, reached on November 10, 2020, 232 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −3.2% | +0.5% | −6.3% | −6.0% |
| May 7, 2026 | −12.9% | +0.5% | −10.5% | −9.1% |
| February 26, 2026 | −0.7% | −1.0% | +1.1% | −3.0% |
| November 6, 2025 | +2.1% | −1.0% | +0.3% | −0.6% |
| August 6, 2025 | +0.6% | +0.7% | +3.1% | +3.5% |
| May 8, 2025 | +6.8% | +0.6% | +13.4% | +9.1% |
| February 27, 2025 | +9.5% | −0.1% | +6.1% | −0.1% |
| November 7, 2024 | −9.9% | +1.2% | −12.2% | −13.1% |
| August 8, 2024 | +1.1% | +2.8% | +3.7% | +4.0% |
| May 9, 2024 | +12.9% | +0.7% | +13.2% | +3.7% |
| February 27, 2024 | −3.7% | +0.1% | −1.1% | +6.1% |
| November 7, 2023 | −0.8% | +0.4% | 0.0% | −3.6% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY20 Q2 | $1.1B |
| FY20 Q3 | $1.2B |
| FY20 Q4 | $1.4B |
| FY21 Q1 | $1.5B |
| FY21 Q2 | $1.5B |
| FY21 Q3 | $1.5B |
| FY21 Q4 | $1.3B |
| FY22 Q1 | $1.5B |
| FY22 Q2 | $1.5B |
| FY22 Q3 | $1.6B |
| FY22 Q4 | $1.6B |
| FY23 Q1 | $1.4B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q2 | 13.5% |
| FY20 Q3 | 14.6% |
| FY20 Q4 | 29.6% |
| FY21 Q1 | 40.8% |
| FY21 Q2 | 30.2% |
| FY21 Q3 | 26.0% |
| FY21 Q4 | -5.4% |
| FY22 Q1 | -1.9% |
| FY22 Q2 | 1.9% |
| FY22 Q3 | 10.7% |
| FY22 Q4 | 17.7% |
| FY23 Q1 | -3.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY20 Q2 | 10.1% |
| FY20 Q3 | 19.3% |
| FY20 Q4 | 16.8% |
| FY21 Q1 | 29.2% |
| FY21 Q2 | 36.9% |
| FY21 Q3 | 30.0% |
| FY21 Q4 | 31.8% |
| FY22 Q1 | 44.4% |
| FY22 Q2 | 47.3% |
| FY22 Q3 | 45.8% |
| FY22 Q4 | 40.0% |
| FY23 Q1 | 32.8% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | LTM Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 0.7 | 0.8 | 0.8 | 0.7 | 0.9 | 0.9 | 0.9 | 0.9 | 0.8 | 1.1 | 1.1 | 1.4 | 1.3 | 1.6 | 1.4 |
| Gross profit | — | — | — | — | — | — | — | 0.8 | 0.7 | 1.0 | 1.0 | 1.3 | 1.2 | 1.4 | 1.2 |
| Net income | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.4 | 0.4 | 0.4 | 0.2 |
| Diluted EPS | $2.78 | $3.81 | $4.23 | $3.74 | $6.50 | $6.62 | $5.89 | $6.02 | $4.14 | $5.57 | $3.54 | $9.02 | $10.20 | $10.82 | $6.59 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +27.4% | −9.4% | −2.8% | +25.1% | +2.0% | −3.4% | −0.4% | −12.5% | +37.1% | +0.5% | +29.6% | −5.4% | +17.7% | −3.9% |
| Net income | — | +35.9% | +8.1% | −12.9% | +70.0% | +1.6% | −12.9% | −4.2% | −32.6% | +31.6% | −37.8% | +148.5% | +11.6% | +3.5% | −45.9% |
| Diluted EPS | — | +37.1% | +11.0% | −11.6% | +73.8% | +1.8% | −11.0% | +2.2% | −31.2% | +34.5% | −36.4% | +154.8% | +13.1% | +6.1% | −44.5% |
| Margins | |||||||||||||||
| Gross margin | — | — | — | — | — | — | — | 94.3% | 92.5% | 92.9% | 90.6% | 92.5% | 91.8% | 89.2% | 86.6% |
| Net margin | 21.4% | 22.8% | 27.2% | 24.4% | 33.2% | 33.0% | 29.8% | 28.6% | 22.1% | 21.2% | 13.1% | 25.2% | 29.7% | 26.1% | 17.5% |
| Free-cash-flow margin | 49.7% | 22.0% | 39.5% | 39.7% | 40.5% | 35.5% | 41.6% | 25.9% | 21.2% | 13.6% | 19.1% | 16.8% | 31.8% | 40.0% | 32.8% |
| Cash flow | |||||||||||||||
| Cash from operations | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.7 | 0.5 |
| Capital spending | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.4 | 0.6 | 0.5 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow after stock pay | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.4 | 0.6 | 0.4 |
| Balance sheet | |||||||||||||||
| Cash | 0.3 | 0.3 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Total debt | 0.0 | 24.7 | 24.4 | 25.1 | 26.0 | 28.0 | 28.1 | 24.7 | 21.4 | — | 20.8 | 19.6 | 17.8 | 14.8 | 13.6 |
| Net debt (negative = net cash) | −0.3 | 24.4 | 24.4 | 25.0 | 25.9 | 27.9 | 28.0 | 24.6 | 21.3 | −0.1 | 20.7 | 19.4 | 17.7 | 14.7 | 13.4 |
| Diluted shares | 50m | 49m | 48m | 47m | 47m | 46m | 46m | 43m | 42m | 41m | 40m | 39m | 39m | 38m | 37m |
| Returned to shareholders | |||||||||||||||
| Dividends | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total returned | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Quarter | 2021 Q2 Jun 2021 | 2021 Q3 Sept 2021 | 2021 Q4 Dec 2021 | 2022 Q1 Mar 2022 | 2022 Q2 Jun 2022 | 2022 Q3 Sept 2022 | 2022 Q4 Dec 2022 | 2023 Q1 Mar 2023 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 303 | 287 | 394 | 482 | 345 | 395 | 337 | 332 |
| Gross profit | 281 | 255 | 366 | 446 | 314 | 347 | 283 | 276 |
| Net income | 84 | 53 | 133 | 187 | 85 | 105 | 30 | 26 |
| Diluted EPS | $2.16 | $1.38 | $3.46 | $4.91 | $2.26 | $2.80 | $0.83 | $0.71 |
| Growth (year on year) | ||||||||
| Revenue | −4.6% | −6.6% | −25.5% | +41.5% | +13.9% | +37.9% | −14.6% | −31.1% |
| Net income | −3.0% | −25.7% | +12.9% | +51.0% | +1.5% | +97.2% | −77.1% | −85.8% |
| Diluted EPS | −2.3% | −25.8% | +11.3% | +53.4% | +4.6% | +102.9% | −76.0% | −85.5% |
| Margins | ||||||||
| Gross margin | 92.8% | 89.1% | 92.8% | 92.6% | 91.1% | 87.7% | 84.2% | 83.1% |
| Net margin | 27.7% | 18.5% | 33.6% | 38.8% | 24.7% | 26.5% | 9.0% | 8.0% |
| Free-cash-flow margin | 41.7% | 47.7% | 32.3% | 53.9% | 55.0% | 41.2% | 3.3% | 29.7% |
| Cash flow | ||||||||
| Cash from operations | 137 | 151 | 144 | 275 | 208 | 173 | 26 | 123 |
| Capital spending | 11 | 14 | 16 | 16 | 18 | 10 | 15 | 24 |
| Free cash flow | 126 | 137 | 127 | 260 | 190 | 163 | 11 | 98 |
| Stock-based pay | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Free cash flow after stock pay | 123 | 134 | 125 | 257 | 187 | 159 | 7 | 95 |
| Last 12 months unless stated | NNI | PGY | PRAA | EZPW | UPST | SLM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.4bn | $1.4bn | $1.3bn | $1.6bn | $1.2bn | $1.8bn | $1.5bn |
| Revenue growth, last 12 months | −3.9% | 14.8% | 17.6% | 28.6% | 46.3% | −6.7% | 10.3% |
| Revenue growth, 3-year average | 9.9% | 143.5% | 16.9% | 16.1% | 31.9% | 1.6% | 11.1% |
| Revenue growth, latest quarter | −31.1% | 11.5% | 29.4% | 34.7% | 41.7% | −31.2% | 10.0% |
| Gross margin | 86.6% | 43.9% | — | 58.6% | — | — | 58.3% |
| Operating margin | — | 26.4% | 5.0% | 13.9% | 4.0% | — | 11.2% |
| Operating margin, 3-year average | — | 16.2% | 20.1% | 11.4% | −14.1% | — | 19.8% |
| Net margin | 17.5% | 10.8% | −19.9% | 10.0% | 4.8% | 31.7% | 10.6% |
| Cash from operations / revenue | 37.7% | 17.3% | −2.4% | 11.5% | −22.8% | −21.3% | 25.1% |
| Free-cash-flow margin | 32.8% | 16.3% | −2.8% | 8.7% | −23.2% | −22.3% | 18.9% |
| Free-cash-flow margin, 3-year average | 35.5% | 9.7% | −7.0% | 7.6% | −18.9% | −20.1% | 25.4% |
| Stock pay / revenue | 1.1% | 2.3% | 1.3% | 1.0% | 11.7% | 2.6% | 1.3% |
| Change in share count | −0.9% | 17.0% | −2.4% | −0.0% | 15.8% | −9.2% | −0.9% |
| Line of business | Revenue | YoY |
|---|---|---|
| Loan Servicing and Systems | $509M | ▲ 5.5% |
| Loan Servicing and Systems Revenue | $509M | ▲ 5.5% |
| Education Technology Services and Payments | $507M | ▲ 4.1% |
| Education Technology Services and Payment Processing Services | $507M | ▲ 4.1% |
| Government Loan Servicing | $364M | ▼ 4.5% |
| Payment Processing | $193M | ▲ 8.0% |
| Education Technology Services | $171M | ▲ 1.4% |
| Tuition Payment Plan Services | $141M | ▲ 4.0% |
| Reinsurance Premiums Earned | $108M | ▲ 70.8% |
| Private Education and Consumer Loan Servicing | $94.5M | ▲ 48.9% |
| Software Services | $38.4M | ▲ 82.7% |
| Solar Construction Revenue | $14.4M | ▼ 74.6% |
| FFELP Loan Servicing | $8.9M | ▼ 27.3% |
| Investment Advice | $6.4M | ▲ 7.3% |
| Outsourced Services Revenue and Other | $3.4M | ▼ 30.0% |
| Other Service Offering | $1.1M | ▼ 63.2% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Nelnet Inc's 10-K filed February 26, 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 |
|---|---|---|---|---|
| Dimensional Fund Advisors LP | $247M | 1.9M | 15.7% | ▲ 0.2% |
| Magnolia Group, LLC | $169M | 1.3M | 10.8% | ▼ 23.9% |
| Farmers & Merchants Investments Inc | $157M | 1.2M | 10.0% | ▼ 0.4% |
| Blackrock, Inc. | $155M | 1.2M | 9.9% | ▲ 18.8% |
| Vanguard Portfolio Management LLC | $92.7M | 696K | 5.9% | ▲ 2.4% |
| Vanguard Capital Management LLC | $78M | 585K | 5.0% | ▲ 1.2% |
| American Century Companies Inc | $56.1M | 421K | 3.6% | ▲ 25.3% |
| Geode Capital Management, LLC | $52M | 390K | 3.3% | ▲ 12.4% |
| State Street Corp | $48.7M | 365K | 3.1% | ▲ 16.0% |
| Bragg Financial Advisors, Inc | $33.1M | 248K | 2.1% | ▲ 9.6% |
| Qvt Financial LP | $30.9M | 231K | 2.0% | 0.0% |
| Empyrean Capital Partners, LP | $30.8M | 231K | 2.0% | 0.0% |
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 Nelnet Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Van Deun Jona M Director | December 9, 2025 | Sell pre-set plan | 400 | $128.95 | $51,580 |
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 5, 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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