Stocktoria

NELNET INC NNI

NYSE · stock · Personal Credit Institutions · website · IPO 2003-12-11 · LEI

NELNET INC statistics & valuation

Market cap$4.8B
P / E11.3×
P / B1.3×
P / FCF12.2×
Dividend yield0.89%
Return on equity11.6%
Net debt$7.5B
Enterprise value USD$12.3B
Graham number +29.8%$164.03

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($164.03); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
12.40% 8.00% 9.80% 5.90% 13.40% 13.30% 12.70% 2.80% 5.50% 11.60% 2016201720182019202020212022202320242025
Shares outstanding
40.0M 39.1M 38.6M 37.6M 37.4M 36.6M 36.3M 2016201720182019202020212022202320242025
Net debt ($)
$20.40B $19.20B $17.51B $14.52B $11.66B $8.12B $7.48B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.90% 0.70% 0.90% 0.60% 1.60% 1.80% 2.10% 0.50% 1.30% 3.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
8.59× 7.34× 5.97× 4.58× 3.64× 2.48× 2.11× 2016201720182019202020212022202320242025
EPS ($)
$3.54 $9.02 $10.20 $10.82 $2.40 $5.02 $11.79 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NELNET INC trades at about 10.7× earnings — above its 10-year norm (10-year range 5.8×–36.3×, median 8.8×).

5.8× 36.3×

Shaded band = 10-year range (5.8×–36.3×); dot = today's 10.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets3.0%1.3%0.5%2.1%1.8%1.6%0.6%0.9%0.7%0.9%
Return on equity11.6%5.5%2.8%12.7%13.3%13.4%5.9%9.8%8.0%12.4%
Debt / equity2.11×2.48×3.64×4.58×5.97×7.34×8.59×———

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.