NELNET INC NNI
Nelnet is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet's largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company's revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $851.5M | $973.4M | $1.11B | $742.8M | $523.8M | $619.7M | $948.7M | $924.3M | $770.4M | $760.7M |
| Cost of revenue | $226.3M | $252.3M | $219.8M | $168.4M | $108.7M | $105.0M | $102.0M | $76.5M | $58.6M | $51.2M |
| Gross profit | $625.2M | $721.1M | $890.0M | $574.4M | $415.2M | $514.6M | $846.7M | $847.8M | $711.8M | $709.6M |
| Total operating expenses | $927.1M | $882.9M | $892.4M | $834.4M | $726.3M | $781.1M | $762.8M | $689.4M | $484.5M | $433.3M |
| Interest expense | $354.5M | $292.9M | $264.7M | $312.7M | $176.2M | $330.1M | $699.3M | $669.9M | $465.2M | $388.2M |
| Pre-tax income | $556.5M | $228.6M | $68.7M | $501.8M | $502.1M | $450.5M | $176.7M | $286.3M | $226.7M | $398.8M |
| Income tax | $128.0M | $52.7M | $19.4M | $113.1M | $115.8M | $100.9M | $35.5M | $58.8M | $64.9M | $141.3M |
| Net income | $428.5M | $184.0M | $89.8M | $406.9M | $393.3M | $352.4M | $141.8M | $227.9M | $173.2M | $256.8M |
| EPS, basic | 11.79 | 5.02 | 2.40 | 10.82 | 10.20 | 9.02 | 3.54 | — | — | — |
| EPS, diluted | 11.79 | 5.02 | 2.40 | 10.82 | 10.20 | 9.02 | 3.54 | 5.57 | 4.14 | 6.02 |
| Shares, diluted (wtd. avg.) | $36.3M | $36.6M | $37.4M | $37.6M | $38.6M | $39.1M | $40.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $296.0M | $194.5M | $168.1M | $118.1M | $125.6M | $121.2M | $133.9M | $121.3M | $66.8M | $69.7M |
| Property, plant and equipment | $75.5M | $95.2M | $127.0M | $122.5M | $119.4M | $123.5M | $348.3M | $344.8M | $248.1M | — |
| Goodwill | $158.0M | $158.0M | $158.0M | $176.9M | $142.1M | $142.1M | $156.9M | $156.9M | $138.8M | $147.3M |
| Other intangibles | $29.3M | $36.3M | $44.8M | $63.5M | $52.0M | $75.1M | $81.5M | $114.3M | $38.4M | — |
| Total assets | $14.06B | $13.78B | $16.71B | $19.36B | $21.68B | $22.65B | $23.71B | $25.22B | $23.96B | $27.19B |
| Long-term debt | $7.78B | $8.31B | $11.83B | $14.64B | $17.63B | $19.32B | — | — | — | — |
| Total liabilities | $10.49B | $10.48B | $13.51B | $16.17B | $18.73B | $20.02B | $21.32B | $22.91B | $21.80B | — |
| Retained earnings | $3.68B | $3.34B | $3.27B | $3.23B | $2.94B | $2.62B | $2.38B | $2.30B | $2.14B | — |
| Total equity | $3.69B | $3.35B | $3.20B | $3.18B | $2.94B | $2.63B | $2.39B | $2.31B | $2.17B | $2.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $423.0M | $662.9M | $432.0M | $683.1M | $480.3M | $349.1M | $298.9M | $270.9M | $322.3M | $300.2M |
| Depreciation and amortisation | $90.6M | $132.5M | $145.4M | $176.2M | $132.3M | $198.5M | $192.7M | $184.7M | $137.8M | $122.5M |
| Stock-based compensation | $13.3M | $12.0M | $16.5M | $14.2M | $10.7M | $16.7M | $6.8M | $6.5M | $4.4M | $4.3M |
| Capital expenditure | $26.2M | $20.9M | $74.1M | $59.4M | $59.0M | $113.3M | $92.5M | $125.0M | $156.0M | $67.6M |
| Investing cash flow | $356.4M | $2.41B | $1.94B | $2.27B | $1.19B | $621.2M | $1.52B | -$732.4M | $2.95B | $3.41B |
| Financing cash flow | -$737.1M | -$3.17B | -$2.70B | -$2.79B | -$1.43B | -$1.23B | -$1.79B | $711.8M | -$3.50B | -$3.58B |
| Dividends paid | $43.0M | $40.8M | $39.4M | $36.6M | $34.5M | $31.8M | $29.5M | $26.8M | $24.1M | $21.2M |
| Buybacks | $69.3M | $83.3M | $28.0M | $97.7M | $58.1M | $73.4M | $40.4M | $45.3M | $68.9M | $69.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001258602-26-000014.
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