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Held by 211 of 6,047 reporting institutions (92th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SOFI | $19.2B | 38.2× | — | 31.1× | 23.1% | 1.7% | 77.7% | 4.6% | 3.9% | — | 916 |
| CHYM | $11.5B | — | — | 5.3× | 30.7% | 88.0% | -46.2% | -72.1% | -72.1% | — | 272 |
| HUT | $8.8B | — | — | 37.5× | 44.8% | 54.2% | -96.2% | -15.9% | -15.9% | — | 417 |
| WULF | $6.4B | — | — | 37.8× | 20.3% | 39.2% | -393% | -471% | -20.4% | — | 493 |
| CACC | $5.6B | 14.9× | — | 2.4× | 7.2% | — | 18.3% | 27.8% | 27.8% | — | 294 |
| DAVE | $4.8B | 27.9× | 24.4× | 8.7× | 59.7% | — | 35.3% | 55.5% | 55.5% | -0.4× | 336 |
| NNI | $4.5B | 10.7× | — | — | — | — | — | 11.6% | 3.7% | — | 211 |
| ENVA | $4.5B | 15.6× | 11.5× | 1.4× | 18.6% | 58.1% | 9.8% | 23.1% | 5.3% | 5.7× | 406 |
| CIFR | $3.8B | — | — | 16.9× | 48.0% | 63.7% | -367% | -102% | -23.1% | — | 462 |
| GPGI | $3.7B | — | — | 62.6× | -85.8% | 48.1% | -227% | -55.9% | -55.9% | — | 192 |
| UPST | $2.3B | 52.6× | 51.6× | 2.2× | 64.0% | — | 5.1% | 6.7% | 2.0% | 17.4× | 366 |
| CLSK | $2.2B | — | 4.3× | 2.9× | 102% | 55.2% | 47.6% | 16.8% | 12.9% | 0.9× | 411 |
| ECPG | $2.2B | 9.6× | 3.1× | 1.3× | 34.4% | — | 14.5% | 26.3% | 26.3% | -0.2× | 272 |
| WLTH | $1.7B | — | — | 4.7× | 18.2% | 89.6% | -11.5% | -6.8% | -6.8% | — | 137 |
| PGY | $1.6B | 20.5× | 4.6× | 1.2× | 26.1% | 42.4% | 6.3% | 17.0% | 17.0% | -0.8× | — |
Peers = companies sharing NNI's sector (Personal Credit Institutions) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
A reverse discounted cash flow is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 11% of free cash flow, leaving room to grow it and fund buybacks. Last year: $43.0M dividends + $69.3M buybacks = $112.3M returned on $396.7M FCF.
6 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $296.0M covers the $100K due within a year 2959.8× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~7.1% on $11.83B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | $0 | $0 |
| Cost of Revenue | $226.3M | $252.3M | $219.8M | $168.4M | $108.7M | $105.0M | $102.0M | $76.5M | $58.6M | $51.2M |
| Cost of Services | — | — | — | — | — | — | — | — | — | $3.6M |
| 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 | — | — | $845.1M | $430.1M | $176.2M | $330.1M | $699.3M | $669.9M | $465.2M | $388.2M |
| Interest & Investment Income | $165.4M | $185.9M | $177.9M | $91.6M | $41.5M | $24.5M | $34.4M | $26.6M | $12.7M | $9.5M |
| Pretax Income | $556.5M | $228.6M | $68.7M | $501.8M | $502.1M | $450.5M | $176.7M | $286.3M | $226.7M | $398.8M |
| Income Tax Expense | $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 |
| Per Share | ||||||||||
| 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 | — | — | — |
| Weighted Avg Shares (Basic) | 36.3M | 36.6M | 37.4M | 37.6M | 38.6M | 39.1M | 40.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 36.3M | 36.6M | 37.4M | 37.6M | 38.6M | 39.1M | 40.0M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 69th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 4% — 8% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NNI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
Leverage and buybacks account for 8 points of the 12% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 2.20x of reported profit into cash — adequate, without much margin.
Capex has been below depreciation for 7 consecutive years (0.35x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Leverage is not measurable this way for a bank.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $125.52, free cash flow must compound 11.13%/yr for 10 years. It has done 11.51%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 14.2% | 11.1% |
| FY2021 | 78.7% | 11.1% |
| FY2022 | 48.0% | 11.1% |
| FY2023 | −42.6% | 11.1% |
| FY2024 | 79.3% | 11.1% |
| FY2025 | −38.2% | 11.1% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $428M | $428M |
| Share-based comp | $13M | $442M |
| Other non-cash & working capital | −$19M | $423M |
| Operating cash flow | $423M | $423M |
| Capex | −$26M | $397M |
| Free cash flow | $397M | $397M |
| FCF after SBC | $383M | $383M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | not reported | -33.7% | not reported |
| FY2021 | not reported | 113.6% | not reported |
| FY2022 | not reported | 19.3% | not reported |
| FY2023 | not reported | 0.7% | not reported |
| FY2024 | not reported | -18.5% | not reported |
| FY2025 | not reported | 21.0% | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.7 percent |
| FY2020 | 0.0 percent |
| FY2021 | -0.4 percent |
| FY2022 | -1.4 percent |
| FY2023 | -2.0 percent |
| FY2024 | -3.5 percent |
| FY2025 | 0.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 4,080 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 4,080 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-10-05 | 8 co-filers Chief Financial Officer | Giftindirect | 1,360 | $0.00 | $0 |
| 2026-09-15 | Klein Angie J Director | Grant | 1,108 | $108.37 | $120k |
| 2026-09-15 | Farrell Kathleen Anne Director | Grant | 185 | $108.37 | $20k |
| 2026-09-15 | Rath Kimberly Kay Director | Grant | 93 | $108.37 | $10k |
| 2026-09-15 | Graff David S Director | Grant | 93 | $108.37 | $10k |
| 2026-09-15 | Pallesen Edward Sysel Director | Grant | 1,046 | $108.37 | $113k |
| 2026-07-09 | Kruger James D Chief Financial Officer | Giftindirect | 2,500 | $0.00 | $0 |
| 2026-06-15 | Farrell Kathleen Anne Director | Grant | 1,626 | $110.76 | $180k |
| 2026-06-15 | Rath Kimberly Kay Director | Grant | 1,535 | $110.76 | $170k |
| 2026-06-15 | Graff David S Director | Grant | 1,535 | $110.76 | $170k |
| 2026-06-15 | Henning Thomas Edward Director | Grant | 1,738 | $110.76 | $193k |
| 2026-06-15 | 2 co-filers Group filing | Grant | 407 | $110.76 | $45k |
| 2026-06-15 | Bansal Preeta D Director | Grant | 1,626 | $110.76 | $180k |
| 2026-06-15 | 2 co-filers Group filing | Grant | 1,219 | $110.76 | $135k |
| 2026-06-10 | Dunlap Matthew W President, NFS | Tax withholding | 15 | $130.72 | $2k |
| 2026-04-30 | Kruger James D Chief Financial Officer | Giftindirect | 5,000 | $0.00 | $0 |
| 2026-04-15 | 2 co-filers Secy/Chief Legal Off/Gen Coun | Gift | 1,052 | $0.00 | $0 |
| 2026-04-15 | 2 co-filers Secy/Chief Legal Off/Gen Coun | Giftindirect | 1,052 | $0.00 | $0 |
| 2026-03-30 | 6 co-filers Group filing | Option exercise | 9,544 | $0.00 | $0 |
| 2026-03-30 | 6 co-filers Group filing | Other | 9,544 | $0.00 | $0 |
| 2026-03-10 | 7 co-filers Secy/Chief Legal Off/Gen Coun | Tax withholding | 119 | $131.23 | $16k |
| 2026-03-10 | 5 co-filers Chief Executive Officer | Tax withholding | 1,195 | $131.23 | $157k |
| 2026-03-10 | 5 co-filers Chief People Services Officer | Tax withholding | 111 | $131.23 | $15k |
| 2026-03-10 | 8 co-filers Pres, Nelnet Business Services | Tax withholding | 99 | $131.23 | $13k |
| 2026-03-10 | 7 co-filers Chief Financial Officer | Tax withholding | 795 | $131.23 | $104k |
| 2026-03-10 | 7 co-filers Chief Operating Officer | Tax withholding | 791 | $131.23 | $104k |
| 2026-03-10 | 3 co-filers President, NFS | Tax withholding | 30 | $131.23 | $4k |
| 2026-03-10 | 7 co-filers President | Tax withholding | 794 | $131.23 | $104k |
| 2026-03-10 | 7 co-filers Chief Financial Officer | Tax withholding | 356 | $131.23 | $47k |
| 2026-03-10 | 7 co-filers Secy/Chief Legal Off/Gen Coun | Tax withholding | 143 | $131.23 | $19k |
| 2026-03-10 | 7 co-filers President | Tax withholding | 356 | $131.23 | $47k |
| 2026-03-10 | 5 co-filers Chief Executive Officer | Tax withholding | 537 | $131.23 | $70k |
| 2026-03-10 | 3 co-filers President, NFS | Tax withholding | 67 | $131.23 | $9k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.