Nelnet (NNI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Nelnet

NYSE•Financial Services•Credit Services

$126.07-0.51(<0.01%)Market closed

Market Cap

$4.56B

P/E

15.1x

P/S

2.2x

P/B

1.3x

Nelnet, Inc. engages in loan servicing, education technology services, and payment businesses worldwide. The company operates through four segments: Loan Servicing and Systems, Education Technology Services and Payments, Asset Generation and Management, and Nelnet Bank. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer, payment processing, due diligence procedures, funds management reconciliation, and claim processing services. This segment also offers student loan servicing software; and business process outsourcing services primarily in contact center management, such as inbound calls, outreach campaigns and sales, and interacting with customers through multi-channels, and processing and administrative services. The Education Technology Services and Payments segment provides financial management services; school information system software; a donation platform; education technology solutions; and customized professional development and coaching, and advanced learning and educational instruction services. This segment also offers tuition payment plans, and service and technology for student billings, payments, and refunds; solutions for in-person, online, and mobile payment experiences on campus; payment processing services, such as credit card and electronic transfer; learning management system; an integrated commerce payment platform; and a school management platform that provides administrative, information and financial management, and communication functions for K-12 schools. The Asset Generation and Management segment invest, allocates an manages loan assts. The Nelnet Bank segment operates as an internet industrial bank. It also offers investment advisory, investment, and reinsurance services, as well as engages in the real estate investment; and solar engineering, procurement, and construction businesses. The company was founded in 1977 and is headquartered in Lincoln, Nebraska.

How this company scores

WeakMetricSide Score: 47/100

Grade capped at D — Interest coverage below 1× (0.4x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (16/25); weakest: Growth (10/25).

Profitability10/25

Growth10/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality16/25

Strengths

Cash-backed earningsConsistent free cash flowImproving leverageNo share dilution

Grade capped at D

Interest coverage below 1× (0.4x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 15.1x5y range 5.8x – 36.8x

Currently near its 20-quarter median.

P/S · 2.2x5y range 1.6x – 2.5x

Currently near its 20-quarter median.

P/B · 1.3x5y range 0.9x – 1.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 43.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Price & Volume

Market Cap $4.56B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.11B
Q. Revenue: $518.92M
TTM EBITDA: $316.29M
TTM Op. Income: $280.28M
Q. Op. Income: $42.48M
TTM Net Income: $302.24M
Q. Net Income: $66.66M
EPS: $1.85
Shares Out.: $36.04M

$2.11B in TTM revenue declined 6.6% YoY, reaching $518.92M last quarter. TTM EBITDA of $316.29M and TTM operating income of $280.28M show growth is flowing through to the bottom line. TTM net income of $302.24M means revenue is converting into profit. Over the past year, TTM revenue is down 7% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 92.0%
EBITDA Margin: 10.1%
Op. Margin: 8.2%
Net Margin: 12.8%

Op. margin of 8.2% is down 29.2% YoY — costs are rising relative to revenue. Net margin at 12.8% and gross margin of 92.0% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 78% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 15.1x
P/S Ratio: 2.2x
P/B Ratio: 1.3x

At 15.1x P/E, the stock trades within typical market levels. P/S of 2.2x and P/B of 1.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 13% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $14.28B
Cash: $172.43M
Long-Term Debt: $7.04B
Book Value: $3.64B
D/E Ratio: 1.9
Debt/EBITDA: 133.8

With $14.28B in assets and $7.04B in long-term debt, D/E is 1.9and book value is $3.64B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $77.89M
TTM Free Cash Flow: $364.03M
FCF Margin: 17.3%
FCF / Net Income: 1.2

TTM FCF of $364.03M on $77.89M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.