(NNI) Nelnet - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US64031N1081

Loan Servicing, Edtech Software, Tuition Plans, Payment Processing, Loan Assets

Consumer Finance
Market Cap in USD: 5,069m

IPO / Inception: 2003-12-11
12m vs SPY: 12.7%

EPS (Earnings per Share)

EPS CAGR: -59.37%
EPS Trend: -15.9%

Last SUE: -0.90
Qual. Beats: 0

Revenue

Rev. CAGR: 4.38%
Rev. Trend: 40.0%

Last SUE: 0.49
Qual. Beats: 0

Dividends

Dividend Yield	0.96%
Yield on Cost 5y	1.77%
Yield CAGR 5y	7.23%
Payout Consistency	87.1%
Payout Ratio	10.1%

Risk via 5d forecast
Volatility	23.4%
Value at Risk 5%th	34.8%
Relative Tail Risk	-9.61%

Reward TTM
Sharpe Ratio	1.13
Alpha	19.79
CAGR/Max DD	0.85

Character TTM
Hurst Exponent	0.364
Beta	0.684
Beta Downside	0.713

Drawdowns 3y
Max DD	18.52%
Mean DD	6.72%
Median DD	5.61%

Description: NNI Nelnet January 10, 2026

Nelnet, Inc. (NYSE: NNI) operates four distinct segments: Loan Servicing and Systems, Education Technology Services and Payments, Asset Generation and Management, and Nelnet Bank. The Loan Servicing segment handles the full lifecycle of student loans-including conversion, processing, borrower communications, and claim handling-while also providing loan-servicing software and contact-center outsourcing. The Education Technology segment delivers school-information systems, tuition-payment plans, and a suite of K-12 management tools that span billing, refunds, and learning-management services. Asset Generation and Management owns and manages a portfolio of loan assets, and Nelnet Bank functions as an internet-industrial bank offering advisory, investment, real-estate, and solar-energy services.

Key metrics underscore the company’s scale and market exposure: FY 2023 revenue reached approximately $2.3 billion, with the Loan Servicing segment contributing roughly $1.5 billion in fees, and the education-technology arm growing at a 12% CAGR over the past three years. The loan-servicing portfolio sits near $30 billion in outstanding balances, making NNI sensitive to federal student-loan policy shifts and interest-rate movements that affect net interest margins. Additionally, the tuition-payment-plan business benefits from rising enrollment in hybrid and online education, a sector trend that has accelerated post-COVID-19.

For a deeper quantitative assessment, the ValueRay platform provides granular metrics that can help you test these assumptions.

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (433.9m TTM) > 0 and > 6% of Revenue (6% = 120.5m TTM)

FCFTA 0.03 (>2.0%) and ΔFCFTA -0.22pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -54.94% (prev -46.66%; Δ -8.28pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.03 (>3.0%) and CFO 465.9m > Net Income 433.9m (YES >=105%, WARN >=100%)

Net Debt (7.61b) to EBITDA (653.2m) ratio: 11.65 <= 3.0 (WARN <= 3.5)

Current Ratio 0.58 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (36.3m) change vs 12m ago -0.31% (target <= -2.0% for YES)

Gross Margin 71.53% (prev 57.07%; Δ 14.46pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 14.36% (prev 13.03%; Δ 1.33pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 1.07 (EBITDA TTM 653.2m / Interest Expense TTM 519.8m) >= 6 (WARN >= 3)

Altman Z'' 0.98

(A) -0.08 = (Total Current Assets 1.55b - Total Current Liabilities 2.66b) / Total Assets 13.88b

(B) 0.26 = Retained Earnings (Balance) 3.65b / Total Assets 13.88b

(D) 0.35 = Book Value of Equity 3.65b / Total Liabilities 10.29b

Total Rating: 0.98 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 57.81

1. Piotroski 4.50pt

2. FCF Yield 3.66%

3. FCF Margin 23.14%

4. Debt/Equity 2.14

5. Debt/Ebitda 11.65

6. ROIC - WACC (= -0.48)%

7. RoE 12.40%

8. Rev. Trend 39.96%

9. EPS Trend -15.87%

What is the price of NNI shares?

As of January 12, 2026, the stock is trading at USD 140.13 with a total of 144,649 shares traded.
Over the past week, the price has changed by +5.82%, over one month by +5.27%, over three months by +9.50% and over the past year by +36.10%.

Is NNI a buy, sell or hold?

Nelnet has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold NNI.

Strong Buy: 0
Buy: 0
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the NNI price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	140	-0.1%
Analysts Target Price	140	-0.1%
ValueRay Target Price	166.6	18.9%

NNI Fundamental Data Overview January 11, 2026

P/E Trailing = 11.7657
P/E Forward = 16.4204
P/S = 2.9733
P/B = 1.3881
P/EG = -1.93
Beta = 0.826
Revenue TTM = 2.01b USD
EBIT TTM = 558.4m USD
EBITDA TTM = 653.2m USD
Long Term Debt = 6.66b USD (from longTermDebt, last quarter)
Short Term Debt = 1.16b USD (from shortTermDebt, last quarter)
Debt = 7.82b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.61b USD (from netDebt column, last quarter)
Enterprise Value = 12.68b USD (5.07b + Debt 7.82b - CCE 216.4m)
Interest Coverage Ratio = 1.07 (Ebit TTM 558.4m / Interest Expense TTM 519.8m)
EV/FCF = 27.29x (Enterprise Value 12.68b / FCF TTM 464.5m)
FCF Yield = 3.66% (FCF TTM 464.5m / Enterprise Value 12.68b)
FCF Margin = 23.14% (FCF TTM 464.5m / Revenue TTM 2.01b)
Net Margin = 21.61% (Net Income TTM 433.9m / Revenue TTM 2.01b)
Gross Margin = 71.53% ((Revenue TTM 2.01b - Cost of Revenue TTM 571.6m) / Revenue TTM)
Gross Margin QoQ = 76.32% (prev 75.39%)
Tobins Q-Ratio = 0.91 (Enterprise Value 12.68b / Total Assets 13.88b)
Interest Expense / Debt = 1.54% (Interest Expense 120.7m / Debt 7.82b)
Taxrate = 26.22% (35.8m / 136.4m)
NOPAT = 412.0m (EBIT 558.4m * (1 - 26.22%))
Current Ratio = 0.58 (Total Current Assets 1.55b / Total Current Liabilities 2.66b)
Debt / Equity = 2.14 (Debt 7.82b / totalStockholderEquity, last quarter 3.65b)
Debt / EBITDA = 11.65 (Net Debt 7.61b / EBITDA 653.2m)
Debt / FCF = 16.37 (Net Debt 7.61b / FCF TTM 464.5m)
Total Stockholder Equity = 3.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.10% (Net Income 433.9m / Total Assets 13.88b)
RoE = 12.40% (Net Income TTM 433.9m / Total Stockholder Equity 3.50b)
RoCE = 5.50% (EBIT 558.4m / Capital Employed (Equity 3.50b + L.T.Debt 6.66b))
RoIC = 3.53% (NOPAT 412.0m / Invested Capital 11.67b)
WACC = 4.01% (E(5.07b)/V(12.89b) * Re(8.44%) + D(7.82b)/V(12.89b) * Rd(1.54%) * (1-Tc(0.26)))
Discount Rate = 8.44% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.40%
[DCF Debug] Terminal Value 86.15% ; FCFF base≈479.5m ; Y1≈470.7m ; Y5≈480.3m
Fair Price DCF = 266.6 (EV 14.36b - Net Debt 7.61b = Equity 6.75b / Shares 25.3m; r=5.90% [WACC]; 5y FCF grow -2.76% → 2.90% )
EPS Correlation: -15.87 | EPS CAGR: -59.37% | SUE: -0.90 | # QB: 0
Revenue Correlation: 39.96 | Revenue CAGR: 4.38% | SUE: 0.49 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.57 | Chg30d=N/A | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=8.81 | Chg30d=N/A | Revisions Net=+1 | Growth EPS=+27.0% | Growth Revenue=+6.3%

Additional Sources for NNI Stock

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