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Dave

DAVE Nasdaq Consumer Finance Financials FY2021–FY2025

Dave's revenue rose 59.7% to $554 million in fiscal 2025. Its net margin was 35.3%, up from 16.7% a year earlier. Free cash flow was $290 million, up 132.0%. It paid out $44 million in dividends and buybacks, 15% of free cash flow. The diluted share count rose 4.8%.

Last close · Oct 23, 2026

$354.60

7.3%
Value it Compare
Revenue Total sales reported in the income statement.
$554M
59.7% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$196M
238.3%
Free cash flow Cash from operations minus capital spending.
$290M
132.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
72.9%
32.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.0x
On $15.42 EPS (TTM)

What Dave does

No business description yet.

Legal name
Dave Inc./DE
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-085370
0001841408

Revenue and margins

Dave had $554M of revenue in fiscal 2025, up 59.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $290M in fiscal 2025, 52.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dave returned $43.7M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dave yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $80.5M and divides by 14.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.0x · peers 19.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dave can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $32.0M$23.2M$42.7M$49.8M$80.5M
Debt incl. finance leases $50.1M$75.0M$75.0M$75.0M$0.0M
Net debt / EBITDA ———0.3x−0.4x
Debt / equity 1.3x0.7x0.9x0.4x0.0x
Interest coverage −2.5x−13.0x−3.1x8.6x24.9x
Current ratio 1.5x8.5x10.8x8.1x3.8x
Quick ratio 1.5x8.5x10.8x8.1x3.8x
Total assets $147M$322M$294M$299M$487M
Total liabilities $108M$215M$207M$116M$135M
Shareholders' equity $38.7M$107M$87.1M$183M$353M
Net debt (− = net cash) $18.1M$51.8M$32.3M$25.2M−$80.5M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 85 / 86 / 8
Accruals ratio −26.7%−22.7%−23.9%
Altman Z'' 2.886.959.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dave DAVE $4.9B 59.7% — 52.3% 72.9% 23.0x 6
FirstCash FCFS $7.6B 8.0% — 14.5% 10.7% 19.7x 8 Compare →
Hamilton Lane HLNE — 6.5% — 55.2% 34.5% — — Compare →
Glacier Bancorp GBCI $6.2B 23.7% — 33.7% — 19.7x — Compare →
Payoneer Global PAYO $2.4B 7.7% 11.8% 19.6% — 51.1x — Compare →

5 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY21FY22FY23FY24FY25
Income statement
Revenue $153M $205M $259M $347M $554M
Operating income −$6.4M — — — —
Interest expense $2.5M $9.2M $11.8M $8.0M $7.0M
Pretax income −$19.9M −$129M −$48.4M $60.4M $168M
Income tax $0.1M −$0.1M $0.1M $2.5M −$27.8M
Net income −$20.0M −$129M −$48.5M $57.9M $196M
Diluted EPS −$4.69 −$11.12 −$4.07 $4.19 $13.53
Diluted shares 0.00B 0.01B 0.01B 0.01B 0.01B
Cash flow
Cash from operations −$0.5M −$44.9M $33.8M $125M $290M
Capital expenditure $0.4M $0.7M $0.7M $0.3M $0.3M
Free cash flow −$0.9M −$45.6M $33.1M $125M $290M
Depreciation and amortization $3.1M $7.1M $5.5M $7.7M $7.1M
Stock-based compensation $2.1M $40.6M $26.7M $37.3M $29.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.5M $0.0M $0.0M $43.7M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.5M $0.0M $0.0M $43.7M
Balance sheet
Cash and short-term investments $32.0M $23.2M $42.7M $49.8M $80.5M
Total debt $50.1M $75.0M $75.0M $75.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $100M $309M $277M $282M $437M
Current liabilities $68.6M $36.4M $25.6M $35.1M $114M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $0.7M $1.0M $1.1M $0.7M $0.5M
Total assets $147M $322M $294M $299M $487M
Total liabilities $108M $215M $207M $116M $135M
Shareholders' equity $38.7M $107M $87.1M $183M $353M
Margins
Operating margin −4.2% — — — —
EBITDA margin −2.2% −55.0% −12.0% 21.9% 32.9%
Net margin −13.1% −62.9% −18.7% 16.7% 35.3%
FCF margin −0.6% −22.3% 12.8% 36.0% 52.3%
Returns
Return on capital — −88.0% −20.8% 40.0% 72.9%
Return on capital employed — −65.9% −13.2% 25.7% 54.9%
Return on equity — −177.4% −50.1% 42.8% 73.1%
Return on assets — −55.0% −15.8% 19.5% 49.8%
Growth
Revenue growth — 33.9% 26.5% 34.0% 59.7%
Net income growth — — — — 238.4%
EPS growth — — — — 222.9%
FCF growth — — — 277.7% 132.0%
Share count change — 171.6% 3.0% 15.8% 4.8%
Financial health
Net debt / EBITDA — — — 0.3x −0.4x
Debt / equity 1.3x 0.7x 0.9x 0.4x 0.0x
Interest coverage −2.5x −13.0x −3.1x 8.6x 24.9x
Current ratio 1.5x 8.5x 10.8x 8.1x 3.8x
Quick ratio 1.5x 8.5x 10.8x 8.1x 3.8x
Capital allocation
Capex / revenue 0.2% 0.4% 0.3% 0.1% 0.1%
Stock comp / revenue 1.4% 19.8% 10.3% 10.8% 5.4%
Payouts / FCF — — 0.0% 0.0% 15.1%
Quality scores
Piotroski F-score — — 5.0 5.0 6.0
Altman Z'' 0.8 1.9 2.9 7.0 9.8
Accruals ratio — −35.9% −26.7% −22.7% −23.9%

Source: SEC EDGAR XBRL filings (CIK 0001841408). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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