1.Sales and profit
See section β- Dave had $554M of revenue in fiscal 2025, up 59.7% on the year before.
- Dave made $196M of net profit in fiscal 2025.
Dave
DAVE Nasdaq Consumer Finance Financials FY2021βFY2025
Dave had $554M of revenue in fiscal 2025, up 59.7% on the year before.
Download report
3-page PDF: the company, its results and charts with peers.
KIRAβs summary AI analyst
Hi! I read Daveβs latest annual report (fiscal 2025). Here is what stands out:
5 strengths
2.Cash and shareholders
See section β- Free cash flow was $290M in fiscal 2025, 52.3% of revenue.
- Dave returned $43.7M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 4.8%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Dave has $80.5M more cash than debt.
- Its return on capital was 72.9%: every 100 invested in the business earned about 73 in a year.
- Dave passes 6 of 8 financial health tests (Piotroski F-score).
4.Price and value
See section β- At $354.60 a share, the company is worth $4.9B: 23.0 times its earnings of the last four quarters.
- Dave grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Dave in 30 seconds
Good So-so Weak
Good
Are sales growing?
+59.7%
Yes. Sales grew 59.7% last year.
Good
Does it make a profit?
35.3%
Yes. It keeps 35.3% of every sale as profit.
Good
Does profit turn into cash?
52.3%
Yes. 52.3% of sales ends up as free cash.
Good
Is debt under control?
Net cash
Yes. It has more cash than debt.
So-so
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
For information
How is the share priced?
23.0x
One share costs 23.0 times its yearly profit per share. Typical for its sector: 13.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
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)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Dave did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 8 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $3.91
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 5, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 26, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 4, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 4, 2025 | Q2 '25 | Time not announced | 8-K β |
| May 8, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Mar 3, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 5, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Dave had $554M of revenue in fiscal 2025, up 59.7% on the year before.
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).
Revenue
FY21
Revenue $153M
FY22
Revenue $205M
FY23
Revenue $259M
FY24
Revenue $347M
FY25
Revenue $554M
Revenue
Q3 '23
Revenue $65.8M
Q4 '23
Revenue $73.1M
Q1 '24
Revenue $73.6M
Q2 '24
Revenue $80.1M
Q3 '24
Revenue $92.5M
Q4 '24
Revenue $101M
Q1 '25
Revenue $108M
Q2 '25
Revenue $132M
Q3 '25
Revenue $151M
Q4 '25
Revenue $164M
Q1 '26
Revenue $158M
Q2 '26
Revenue $171M
Margins, % of revenue
FY21
Gross β
Operating β4.2%
Net β13.1%
FCF β0.6%
FY22
Gross β
Operating β
Net β62.9%
FCF β22.3%
FY23
Gross β
Operating β
Net β18.7%
FCF 12.8%
FY24
Gross β
Operating β
Net 16.7%
FCF 36.0%
FY25
Gross β
Operating β
Net 35.3%
FCF 52.3%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β18.3%
FCF 23.3%
Q4 '23
Gross β
Operating β
Net 0.2%
FCF 21.3%
Q1 '24
Gross β
Operating β
Net 46.5%
FCF 24.9%
Q2 '24
Gross β
Operating β
Net 7.9%
FCF 34.8%
Q3 '24
Gross β
Operating β
Net 0.5%
FCF 40.0%
Q4 '24
Gross β
Operating β
Net 16.7%
FCF 41.3%
Q1 '25
Gross β
Operating β
Net 26.7%
FCF 41.9%
Q2 '25
Gross β
Operating β
Net 6.9%
FCF 51.7%
Q3 '25
Gross β
Operating β
Net 61.1%
FCF 55.2%
Q4 '25
Gross β
Operating β
Net 40.3%
FCF 56.9%
Q1 '26
Gross β
Operating β
Net 36.6%
FCF 51.8%
Q2 '26
Gross β
Operating β
Net 3.9%
FCF 39.9%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Dave made $196M of net profit in fiscal 2025.
Loss periods are shown in red.
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.
Net income
FY21
Net income β$20.0M
FY22
Net income β$129M
FY23
Net income β$48.5M
FY24
Net income $57.9M
FY25
Net income $196M
Net income
Q3 '23
Net income β$12.1M
Q4 '23
Net income $0.2M
Q1 '24
Net income $34.2M
Q2 '24
Net income $6.4M
Q3 '24
Net income $0.5M
Q4 '24
Net income $16.8M
Q1 '25
Net income $28.8M
Q2 '25
Net income $9.0M
Q3 '25
Net income $92.1M
Q4 '25
Net income $65.9M
Q1 '26
Net income $57.9M
Q2 '26
Net income $6.7M
Diluted EPS
FY21
Diluted EPS β$4.69
FY22
Diluted EPS β$11.12
FY23
Diluted EPS β$4.07
FY24
Diluted EPS $4.19
FY25
Diluted EPS $13.53
Diluted EPS
Q3 '23
Diluted EPS β$1.01
Q4 '23
Diluted EPS $0.03
Q1 '24
Diluted EPS $2.60
Q2 '24
Diluted EPS $0.47
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS $1.17
Q1 '25
Diluted EPS $1.97
Q2 '25
Diluted EPS $0.62
Q3 '25
Diluted EPS $6.34
Q4 '25
Diluted EPS $4.57
Q1 '26
Diluted EPS $4.02
Q2 '26
Diluted EPS $0.49
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was $290M in fiscal 2025, 52.3% of revenue.
Cash from operations minus 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.
Free cash flow
FY21
Free cash flow β$0.9M
FY22
Free cash flow β$45.6M
FY23
Free cash flow $33.1M
FY24
Free cash flow $125M
FY25
Free cash flow $290M
Free cash flow
Q3 '23
Free cash flow $15.3M
Q4 '23
Free cash flow $15.6M
Q1 '24
Free cash flow $18.3M
Q2 '24
Free cash flow $27.9M
Q3 '24
Free cash flow $37.0M
Q4 '24
Free cash flow $41.7M
Q1 '25
Free cash flow $45.2M
Q2 '25
Free cash flow $68.1M
Q3 '25
Free cash flow $83.2M
Q4 '25
Free cash flow $93.2M
Q1 '26
Free cash flow $82.0M
Q2 '26
Free cash flow $68.2M
Cash from operations vs capital spending
FY21
Cash from operations β$0.5M
Capital spending $0.4M
FY22
Cash from operations β$44.9M
Capital spending $0.7M
FY23
Cash from operations $33.8M
Capital spending $0.7M
FY24
Cash from operations $125M
Capital spending $0.3M
FY25
Cash from operations $290M
Capital spending $0.3M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $15.4M
Capital spending $0.1M
Q4 '23
Cash from operations $15.6M
Capital spending $0.0M
Q1 '24
Cash from operations $18.3M
Capital spending $0.0M
Q2 '24
Cash from operations $28.0M
Capital spending $0.1M
Q3 '24
Cash from operations $37.0M
Capital spending $0.1M
Q4 '24
Cash from operations $41.7M
Capital spending $0.0M
Q1 '25
Cash from operations $45.2M
Capital spending $0.0M
Q2 '25
Cash from operations $68.2M
Capital spending $0.1M
Q3 '25
Cash from operations $83.2M
Capital spending $0.1M
Q4 '25
Cash from operations $93.3M
Capital spending $0.1M
Q1 '26
Cash from operations $82.0M
Capital spending $0.0M
Q2 '26
Cash from operations $68.4M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Dave returned $43.7M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 4.8%.
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).
Dividends and buybacks
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.5M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $43.7M
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $6.9M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $25.0M
Q4 '25
Dividends $0.0M
Buybacks $11.8M
Q1 '26
Dividends $0.0M
Buybacks $187M
Q2 '26
Dividends $0.0M
Buybacks $19.1M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
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.
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.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Dave has $80.5M more cash than debt.
Cash, debt and the ratios that show how comfortably Dave can carry it.
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.
Cash vs debt (incl. leases)
FY21
Cash $32.0M
Debt $50.1M
FY22
Cash $23.2M
Debt $75.0M
FY23
Cash $42.7M
Debt $75.0M
FY24
Cash $49.8M
Debt $75.0M
FY25
Cash $80.5M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β | β | β | 0.3x | β0.4x |
| Debt / equity | 1.3x | 0.7x | 0.9x | 0.4x | 0.0x |
| Interest coverage | β2.5x | β13.0x | β3.1x | 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 |
| 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 (β = net cash) | $18.1M | $51.8M | $32.3M | $25.2M | β$80.5M |
Returns on capital
KIRA Β· Its return on capital was 72.9%: every 100 invested in the business earned about 73 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY21
Return on capital β
Return on equity β
Return on assets β
FY22
Return on capital β88.0%
Return on equity β177.4%
Return on assets β55.0%
FY23
Return on capital β20.8%
Return on equity β50.1%
Return on assets β15.8%
FY24
Return on capital 40.0%
Return on equity 42.8%
Return on assets 19.5%
FY25
Return on capital 72.9%
Return on equity 73.1%
Return on assets 49.8%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Dave passes 6 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
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.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | β26.7% | β22.7% | β23.9% |
| Altman Z'' | 2.88 | 6.95 | 9.80 |
Price and value
What does the share cost, and how does it compare?
Value Dave yourself
KIRA Β· At $354.60 a share, the company is worth $4.9B: 23.0 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Discounted cash flow
Value per share
β
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
β
Reference multiples: today 23.0x Β· peers 19.7x Β· sector 13.7x.
Similar companies
KIRA Β· Dave grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dave DAVE | $4.9B | 59.7% | β | 52.3% | 72.9% | 23.0x | 6 | |
| FirstCash FCFS | $7.6B | 8.0% | β | 14.5% | 10.7% | 19.7x | 8 | Compare β |
| Hamilton Lane HLNE | β | 6.5% | β | 55.2% | 34.5% | β | β | Compare β |
| Glacier Bancorp GBCI | $6.2B | 23.7% | β | 33.7% | β | 19.7x | β | Compare β |
| Payoneer Global PAYO | $2.4B | 7.7% | 11.8% | 19.6% | β | 51.1x | β | Compare β |
All figures
Every number, year by year.
5 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $153M | $205M | $259M | $347M | $554M |
| Operating income | β$6.4M | β | β | β | β |
| Interest expense | $2.5M | $9.2M | $11.8M | $8.0M | $7.0M |
| Pretax income | β$19.9M | β$129M | β$48.4M | $60.4M | $168M |
| Income tax | $0.1M | β$0.1M | $0.1M | $2.5M | β$27.8M |
| Net income | β$20.0M | β$129M | β$48.5M | $57.9M | $196M |
| Diluted EPS | β$4.69 | β$11.12 | β$4.07 | $4.19 | $13.53 |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | |||||
| Cash from operations | β$0.5M | β$44.9M | $33.8M | $125M | $290M |
| Capital expenditure | $0.4M | $0.7M | $0.7M | $0.3M | $0.3M |
| Free cash flow | β$0.9M | β$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 | β4.2% | β | β | β | β |
| EBITDA margin | β2.2% | β55.0% | β12.0% | 21.9% | 32.9% |
| Net margin | β13.1% | β62.9% | β18.7% | 16.7% | 35.3% |
| FCF margin | β0.6% | β22.3% | 12.8% | 36.0% | 52.3% |
| Returns | |||||
| Return on capital | β | β88.0% | β20.8% | 40.0% | 72.9% |
| Return on capital employed | β | β65.9% | β13.2% | 25.7% | 54.9% |
| Return on equity | β | β177.4% | β50.1% | 42.8% | 73.1% |
| Return on assets | β | β55.0% | β15.8% | 19.5% | 49.8% |
| Growth | |||||
| Revenue growth | β | 33.9% | 26.5% | 34.0% | 59.7% |
| Net income growth | β | β | β | β | 238.4% |
| EPS growth | β | β | β | β | 222.9% |
| FCF growth | β | β | β | 277.7% | 132.0% |
| Share count change | β | 171.6% | 3.0% | 15.8% | 4.8% |
| Financial health | |||||
| Net debt / EBITDA | β | β | β | 0.3x | β0.4x |
| Debt / equity | 1.3x | 0.7x | 0.9x | 0.4x | 0.0x |
| Interest coverage | β2.5x | β13.0x | β3.1x | 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 | β | β | 0.0% | 0.0% | 15.1% |
| Quality scores | |||||
| Piotroski F-score | β | β | 5.0 | 5.0 | 6.0 |
| Altman Z'' | 0.8 | 1.9 | 2.9 | 7.0 | 9.8 |
| Accruals ratio | β | β35.9% | β26.7% | β22.7% | β23.9% |
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 β not investment advice. Check the original filings before relying on any figure.