NNI NYSE Personal Credit Institutions Financials FY2016βFY2025
Nelnet Inc had $355M of revenue in fiscal 2025, up 21.0% on the year before. Over five years, revenue changed β24.0% a year on average.
Last close Β· Oct 26, 2026
$122.41
β$10.28 (β7.75%) past year
Hi! I read Nelnet Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+21.0%
Yes. Sales grew 21.0% last year.
Does it make a profit?
120.9%
Yes. It keeps 120.9% of every sale as profit.
Does profit turn into cash?
111.9%
Yes. 111.9% of sales ends up as free cash.
How healthy are the accounts?
6 / 7
Mixed. It passes 6 of 7 health tests.
How is the share priced?
14.6x
One share costs 14.6 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Nelnet Inc had $355M of revenue in fiscal 2025, up 21.0% on the year before.
Over five years, revenue changed β24.0% a year on average.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Nelnet Inc made $428M of net profit in fiscal 2025.
From fiscal 2016 to 2025, diluted EPS grew 7.8% a year.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $397M in fiscal 2025, 111.9% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Nelnet Inc returned $112M to shareholders in fiscal 2025, 28% of free cash flow.
The diluted share count fell 0.8%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $0.1M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
100%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 9, 2025 | Jona M Van DeunDirector | Sold plan | 400 | $128.95 | $0.1M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Nelnet Inc can carry it.
KIRA summarises the numbers
Nelnet Inc owes $7.5B more than it holds in cash.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $126M | $118M | $168M | $195M | $296M |
| Debt incl. finance leases | $17.6B | $14.6B | $11.8B | $8.3B | $7.8B |
| Debt / equity | 6.0x | 4.6x | 3.6x | 2.5x | 2.1x |
| Total assets | $21.7B | $19.4B | $16.7B | $13.8B | $14.1B |
| Total liabilities | $18.7B | $16.2B | $13.5B | $10.5B | $10.5B |
| Shareholders' equity | $3.0B | $3.2B | $3.3B | $3.3B | $3.7B |
| Net debt (β = net cash) | $17.5B | $14.5B | $11.7B | $8.1B | $7.5B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
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)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
Nelnet Inc passes 6 of 7 financial health tests (Piotroski F-score).
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | 6 / 7 | 6 / 7 | 7 / 7 | 5 / 7 | 7 / 7 | 6 / 7 |
| Accruals ratio | β0.2% | β0.6% | β0.2% | β0.6% | 0.0% | β0.4% | β1.3% | β1.9% | β3.1% | 0.0% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $1.1B | $1.1B | $1.4B | $1.3B | $1.6B | $265M | $293M | $355M |
| Net interest income | $373M | $305M | $254M | $249M | $290M | $348M | $313M | $265M | $293M | $355M |
| Noninterest income | $524M | $479M | $821M | $831M | $1.1B | $977M | $1.2B | β | β | β |
| Provision for credit losses | $13.5M | $14.5M | $23.0M | $39.0M | β | β | β | β | β | β |
| Gross profit | β$51.2M | β$58.6M | β | β | β | β | β | β | β | β |
| Interest expense | $388M | $465M | $670M | $699M | $330M | $176M | $430M | $845M | β | β |
| Pretax income | $399M | $227M | $286M | $177M | $450M | $502M | $502M | $68.7M | $229M | $556M |
| Income tax | $141M | $64.9M | $58.8M | $35.5M | $101M | $116M | $113M | $19.4M | $52.7M | $128M |
| Net income | $257M | $173M | $228M | $142M | $352M | $393M | $407M | $89.8M | $184M | $428M |
| Net income to common | β | β | β | $142M | $352M | $393M | $407M | $89.8M | $184M | $428M |
| Diluted EPS | $6.02 | $4.14 | $5.57 | $3.54 | $9.02 | $10.20 | $10.82 | $2.40 | $5.02 | $11.79 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $300M | $322M | $271M | $299M | $349M | $480M | $683M | $432M | $663M | $423M |
| Capital expenditure | $67.6M | $156M | $125M | $92.5M | $113M | $59.0M | $59.4M | $74.1M | $20.9M | $26.2M |
| Free cash flow | $233M | $166M | $146M | $206M | $236M | $421M | $624M | $358M | $642M | $397M |
| Depreciation and amortization | $123M | $138M | $185M | $193M | $198M | $132M | $176M | $145M | $133M | $90.6M |
| Stock-based compensation | $4.3M | $4.4M | $6.5M | $6.8M | $16.7M | $10.7M | $14.2M | $16.5M | $12.0M | $13.3M |
| Acquisitions | $0.0M | $0.0M | $12.6M | $0.0M | $30.0M | $0.0M | $34.0M | $0.0M | $0.0M | β |
| Share buybacks | $69.1M | $68.9M | $45.3M | $40.4M | $73.4M | $58.1M | $97.7M | $28.0M | $83.3M | $69.3M |
| Dividends paid | $21.2M | $24.1M | $26.8M | $29.5M | $31.8M | $34.5M | $36.6M | $39.4M | $40.8M | $43.0M |
| Dividends and buybacks | $90.3M | $93.0M | $72.2M | $69.9M | $105M | $92.6M | $134M | $67.4M | $124M | $112M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $69.7M | $66.8M | $121M | $134M | $121M | $126M | $118M | $168M | $195M | $296M |
| Total debt | β | β | β | $20.5B | $19.3B | $17.6B | $14.6B | $11.8B | $8.3B | $7.8B |
| Deposits | β | β | β | $0.0M | $54.6M | $344M | $691M | $744M | $1.2B | $1.7B |
| Property and equipment, net | $124M | $248M | $345M | $348M | $124M | $119M | $123M | $127M | $95.2M | $75.5M |
| Goodwill | $147M | $139M | $157M | $157M | $142M | $142M | $177M | $158M | $158M | $158M |
| Intangible assets | $47.8M | $38.4M | $114M | $81.5M | $75.1M | $52.0M | $63.5M | $44.8M | $36.3M | $29.3M |
| Total assets | $27.2B | $24.0B | $25.2B | $23.7B | $22.6B | $21.7B | $19.4B | $16.7B | $13.8B | $14.1B |
| Total liabilities | $25.1B | $21.8B | $22.9B | $21.3B | $20.0B | $18.7B | $16.2B | $13.5B | $10.5B | $10.5B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $2.1B | $2.1B | $2.3B | $2.4B | $2.6B | $3.0B | $3.2B | $3.3B | $3.3B | $3.7B |
| Margins | ||||||||||
| Net margin | β | β | 21.2% | 13.1% | 25.2% | 29.7% | 26.1% | 33.9% | 62.8% | 120.9% |
| FCF margin | β | β | 13.6% | 19.1% | 16.8% | 31.8% | 40.0% | 135.2% | 219.2% | 111.9% |
| Net interest share of revenue | β | β | 23.7% | 23.1% | 20.7% | 26.2% | 20.1% | 100.0% | 100.0% | 100.0% |
| Returns | ||||||||||
| Return on equity | 12.5% | 8.2% | 10.2% | 6.0% | 14.0% | 14.1% | 13.2% | 2.8% | 5.6% | 12.2% |
| Return on assets | 0.9% | 0.7% | 0.9% | 0.6% | 1.5% | 1.8% | 2.0% | 0.5% | 1.2% | 3.1% |
| Return on tangible equity | 13.8% | 8.8% | 11.2% | 6.6% | 14.6% | 14.3% | 13.8% | 2.9% | 5.8% | 12.2% |
| Growth | ||||||||||
| Revenue growth | β | β | β | 0.5% | 29.6% | β5.4% | 17.7% | β83.0% | 10.6% | 21.0% |
| Net income growth | β | β32.6% | 31.6% | β37.8% | 148.5% | 11.6% | 3.5% | β77.9% | 104.9% | 132.8% |
| EPS growth | β | β31.2% | 34.5% | β36.4% | 154.8% | 13.1% | 6.1% | β77.8% | 109.2% | 134.9% |
| FCF growth | β | β28.5% | β12.3% | 41.5% | 14.2% | 78.7% | 48.0% | β42.6% | 79.3% | β38.2% |
| Share count change | β | β2.1% | β2.1% | β2.1% | β2.5% | β1.2% | β2.5% | β0.5% | β2.1% | β0.8% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | 8.6x | 7.3x | 6.0x | 4.6x | 3.6x | 2.5x | 2.1x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | 11.6% | 8.6% | 8.1% | 4.5% | 3.8% | 28.0% | 7.1% | 7.4% |
| Stock comp / revenue | β | β | 0.6% | 0.6% | 1.2% | 0.8% | 0.9% | 6.2% | 4.1% | 3.7% |
| Payouts / FCF | 38.8% | 55.9% | 49.5% | 33.9% | 44.6% | 22.0% | 21.5% | 18.8% | 19.3% | 28.3% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | 6.0 | 6.0 | 7.0 | 5.0 | 7.0 | 6.0 |
| Accruals ratio | β0.2% | β0.6% | β0.2% | β0.6% | 0.0% | β0.4% | β1.3% | β1.9% | β3.1% | 0.0% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001258602). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
