Nelnet (NNI)


Market Price (8/24/2026): $127.01 | Market Cap: $4.6 BilSector: Financials | Industry: Consumer Finance

Nelnet (NNI)


Market Price (8/24/2026): $127.01
Market Cap: $4.6 Bil
Sector: Financials
Industry: Consumer Finance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 8.0%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and 5G & Advanced Connectivity. Themes include Online Banking & Lending, Digital Payments, Show more.

Weak multi-year price returns
2Y Excs Rtn is -21%, 3Y Excs Rtn is -34%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120%

Key risks
NNI key risks include [1] adverse regulatory and legislative changes impacting student loan programs and servicing contracts, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 8.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
2 Low stock price volatility
Vol 12M is 24%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and 5G & Advanced Connectivity. Themes include Online Banking & Lending, Digital Payments, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -21%, 3Y Excs Rtn is -34%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120%
6 Key risks
NNI key risks include [1] adverse regulatory and legislative changes impacting student loan programs and servicing contracts, Show more.

NNI in ETFs

Weight = NNI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
VIG0.01%
VB0.02%
AVUV0.16%
IWN0.12%
DFAS0.07%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

Nelnet (NNI) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Underperformance in Fiscal Q1 2026 Earnings.

Nelnet reported its fiscal Q1 2026 results on May 7, 2026. The company's adjusted earnings per share (EPS) of $1.94 fell significantly short of analyst consensus estimates of $2.6876, representing a miss of 27.82%. This earnings miss contributed to a negative market reaction, with the stock declining 13.4% the day following the announcement.

2. Significant Year-Over-Year Decline in Fiscal Q2 2026 Earnings Driven by Non-Recurring Gain.

Nelnet reported its fiscal Q2 2026 results on August 6, 2026, revealing GAAP net income of $66.7 million, or $1.85 per share. This marked a substantial decrease from $181.5 million, or $4.97 per share, in the same period of 2025. The steep year-over-year decline was primarily due to a non-recurring pre-tax gain of $175.0 million ($133.0 million after tax, or $3.65 per share) from a partial redemption of Nelnet's ALLO investment in fiscal Q2 2025, which did not recur in fiscal Q2 2026. Additionally, the adjusted EPS of $1.77 for fiscal Q2 2026 missed analysts' consensus estimates of $2.13 by $0.36.

Show more
Updated on 8/10/2026

Nelnet (NNI) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Underperformance in Fiscal Q1 2026 Earnings.

Nelnet reported its fiscal Q1 2026 results on May 7, 2026. The company's adjusted earnings per share (EPS) of $1.94 fell significantly short of analyst consensus estimates of $2.6876, representing a miss of 27.82%. This earnings miss contributed to a negative market reaction, with the stock declining 13.4% the day following the announcement.

2. Significant Year-Over-Year Decline in Fiscal Q2 2026 Earnings Driven by Non-Recurring Gain.

Nelnet reported its fiscal Q2 2026 results on August 6, 2026, revealing GAAP net income of $66.7 million, or $1.85 per share. This marked a substantial decrease from $181.5 million, or $4.97 per share, in the same period of 2025. The steep year-over-year decline was primarily due to a non-recurring pre-tax gain of $175.0 million ($133.0 million after tax, or $3.65 per share) from a partial redemption of Nelnet's ALLO investment in fiscal Q2 2025, which did not recur in fiscal Q2 2026. Additionally, the adjusted EPS of $1.77 for fiscal Q2 2026 missed analysts' consensus estimates of $2.13 by $0.36.

3. Increased Provision for Loan Losses and Rising Operating Expenses.

In fiscal Q2 2026 (which ended June 30, 2026), Nelnet's Asset Generation and Management (AGM) segment recorded a provision for loan losses of $41.3 million, a notable increase from $11.1 million in fiscal Q2 2025. This rise was primarily linked to the growth and seasoning of consumer and Pay Later receivables. Furthermore, operating margins experienced a decrease during fiscal Q2 2026, mainly due to increased operating expenses incurred to support continued growth in the customer base and strategic investments in developing new technologies.

4. Federal Student Loan Policy Changes and SAVE Plan Termination.

The period since April 30, 2026, saw significant shifts in federal student loan policies. Effective July 1, 2026, new federal student loan lending rules were implemented, introducing tighter borrowing caps and fewer repayment options, particularly for post-undergraduate students and Parent PLUS loans. Additionally, a court order in March 2026 led to the termination of the Saving on a Valuable Education (SAVE) Plan. This necessitates that nearly three million Nelnet borrowers, who were enrolled in or had pending SAVE applications, must select new repayment plans by the end of 2026, introducing uncertainty for Nelnet's loan servicing operations.

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Stock Movement Drivers

Fundamental Drivers

The -10.1% change in NNI stock from 4/30/2026 to 8/23/2026 was primarily driven by a -33.6% change in the company's Net Income Margin (%).
(LTM values as of)43020268232026Change
Stock Price ($)141.34127.03-10.1%
Change Contribution By: 
Total Revenues ($ Mil)1,3521,4366.3%
Net Income Margin (%)31.7%21.0%-33.6%
P/E Multiple11.915.127.2%
Shares Outstanding (Mil)36360.1%
Cumulative Contribution-10.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/23/2026
ReturnCorrelation
NNI-10.1% 
Market (SPY)6.5%-13.4%
Sector (XLF)10.3%23.7%

Fundamental Drivers

The -3.2% change in NNI stock from 1/31/2026 to 8/23/2026 was primarily driven by a -34.7% change in the company's Net Income Margin (%).
(LTM values as of)13120268232026Change
Stock Price ($)131.24127.03-3.2%
Change Contribution By: 
Total Revenues ($ Mil)1,3461,4366.7%
Net Income Margin (%)32.2%21.0%-34.7%
P/E Multiple11.015.137.9%
Shares Outstanding (Mil)36360.8%
Cumulative Contribution-3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/23/2026
ReturnCorrelation
NNI-3.2% 
Market (SPY)11.0%2.4%
Sector (XLF)8.1%30.7%

Fundamental Drivers

The 2.8% change in NNI stock from 7/31/2025 to 8/23/2026 was primarily driven by a 28.9% change in the company's Net Income Margin (%).
(LTM values as of)73120258232026Change
Stock Price ($)123.54127.032.8%
Change Contribution By: 
Total Revenues ($ Mil)1,1831,43621.4%
Net Income Margin (%)16.3%21.0%28.9%
P/E Multiple23.315.1-35.1%
Shares Outstanding (Mil)36361.2%
Cumulative Contribution2.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/23/2026
ReturnCorrelation
NNI2.8% 
Market (SPY)22.2%13.0%
Sector (XLF)11.1%38.9%

Fundamental Drivers

The 32.9% change in NNI stock from 7/31/2023 to 8/23/2026 was primarily driven by a 18.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238232026Change
Stock Price ($)95.57127.0332.9%
Change Contribution By: 
Total Revenues ($ Mil)1,2161,43618.1%
Net Income Margin (%)20.3%21.0%3.7%
P/E Multiple14.515.14.7%
Shares Outstanding (Mil)37363.6%
Cumulative Contribution32.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/23/2026
ReturnCorrelation
NNI32.9% 
Market (SPY)73.2%38.1%
Sector (XLF)70.0%51.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NNI Return39%-6%-2%22%26%-4%89%
Peers Return60%-22%39%13%15%-12%99%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
NNI Win Rate75%50%42%33%75%38% 
Peers Win Rate65%40%53%55%58%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
NNI Max Drawdown-7%-24%-18%-16%-17%-15% 
Peers Max Drawdown-23%-42%-29%-24%-31%-39% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLM, NAVI, SOFI, BLKB, PFG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)

How Low Can It Go

EventNNIS&P 500
2025 US Tariff Shock
  % Loss-10.4%-18.8%
  % Gain to Breakeven11.6%23.1%
  Time to Breakeven35 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.7%-9.5%
  % Gain to Breakeven18.6%10.5%
  Time to Breakeven192 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.0%-24.5%
  % Gain to Breakeven31.6%32.4%
  Time to Breakeven152 days427 days
2020 COVID-19 Crash
  % Loss-34.4%-33.7%
  % Gain to Breakeven52.3%50.9%
  Time to Breakeven113 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-16.1%-19.2%
  % Gain to Breakeven19.2%23.8%
  Time to Breakeven111 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.4%-12.2%
  % Gain to Breakeven41.7%13.9%
  Time to Breakeven85 days62 days

Compare to SLM, NAVI, SOFI, BLKB, PFG

In The Past

Nelnet's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNNIS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-24.0%-24.5%
  % Gain to Breakeven31.6%32.4%
  Time to Breakeven152 days427 days
2020 COVID-19 Crash
  % Loss-34.4%-33.7%
  % Gain to Breakeven52.3%50.9%
  Time to Breakeven113 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.4%-12.2%
  % Gain to Breakeven41.7%13.9%
  Time to Breakeven85 days62 days
2014-2016 Oil Price Collapse
  % Loss-33.6%-6.8%
  % Gain to Breakeven50.6%7.3%
  Time to Breakeven296 days15 days
2008-2009 Global Financial Crisis
  % Loss-67.9%-53.4%
  % Gain to Breakeven211.7%114.4%
  Time to Breakeven119 days1085 days
Summer 2007 Credit Crunch
  % Loss-27.8%-8.6%
  % Gain to Breakeven38.5%9.5%
  Time to Breakeven1126 days47 days

Compare to SLM, NAVI, SOFI, BLKB, PFG

In The Past

Nelnet's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Nelnet (NNI)

Nelnet, Inc. (NNI) is a diversified company with a strong focus on the education sector, providing extensive services related to student loans and educational technology. Primarily, it operates as a major servicer for student loans, handling processes from application and borrower updates to customer service, payment processing, and claims management. Beyond servicing, Nelnet develops and licenses specialized software systems for the student loan industry and offers business process outsourcing, particularly in contact center management.

Complementing its loan services, Nelnet provides a wide array of education technology and payment processing solutions. This includes financial management services and school information system software for K-12 institutions, website design, and admissions platforms. It also facilitates tuition payment plans, manages student billing and refunds, and offers comprehensive payment processing solutions for campuses covering in-person, online, and mobile transactions. Furthermore, Nelnet extends services like giving management and learning management technologies to faith communities.

Beyond education-centric operations, Nelnet diversifies into several other areas. Its Communications segment delivers fiber optic internet, television, and telephone services to homes and businesses. The company also engages in the acquisition, management, and ownership of loan assets. Finally, through Nelnet Bank, it operates internet industrial banks, offering a range of online banking services.

AI Analysis | Feedback

1. Think of it as a blend of Blackbaud (software for schools and non-profits) for its education technology, and Navient (student loan servicer) for its loan management, all while also running a regional fiber internet business.

2. Imagine a specialized Fiserv (financial technology services) built for the entire education ecosystem – from school payments and administrative software to student loan servicing and digital banking – with an additional regional fiber internet division.

AI Analysis | Feedback

  • Student Loan Servicing: Processes and manages student loans, including customer service and payment processing.
  • Student Loan Servicing Software: Provides software solutions for institutions to administer student loans.
  • Education Financial Management & Payment Processing: Offers financial management services, tuition payment plans, and campus payment solutions for educational institutions.
  • Education Information Systems & Management Software: Provides school information system software, website design, and comprehensive K-12 school management platforms.
  • Fiber Optic Communications: Delivers high-speed internet, television, and telephone services via fiber optics to homes and businesses.
  • Loan Asset Management: Acquires, manages, and owns loan assets.
  • Nelnet Bank Services: Operates an internet industrial bank providing various banking services.
  • Business Process Outsourcing (BPO): Offers contact center management and specialized business process outsourcing services.
  • FACTS Giving Platform: A donation platform designed for educational institutions and other organizations.

AI Analysis | Feedback

Nelnet (NNI) primarily sells its services and technology solutions to other companies and institutions rather than directly to individuals, with some offerings like its Communications segment serving homes and Nelnet Bank serving individual depositors/borrowers. Based on the provided description, its major customers fall into the following categories:

  • Government Agencies and Financial Institutions: Through its Loan Servicing and Systems segment, Nelnet provides comprehensive loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, claim processing services, and student loan servicing software. While specific government agencies or financial institutions are not named in the description, the nature of these services points to clients involved in managing large portfolios of loans, such as federal student loan programs or other financial entities.

  • Educational Institutions: The Education Technology, Services, and Payment Processing segment serves a broad range of educational clients. These include K-12 schools, colleges, and universities that utilize Nelnet's financial management services, school information system software, website design and admissions software, FACTS Giving platform, customized professional development and coaching services, educational instruction services, technology products for teacher and student evaluations, tuition payment plans, and solutions for on-campus payment experiences.

  • Faith-Based Organizations and Businesses: Nelnet also provides services to faith communities, offering engagement, giving management, and learning management services and technologies. Additionally, its Communications segment provides fiber optic service to businesses for internet, television, and telephone services, and its payment processing services are utilized by various businesses for credit card and electronic transfer transactions.

AI Analysis | Feedback

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  • Visa (V)
  • Mastercard (MA)
  • American Express (AXP)
  • Discover Financial Services (DFS)
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Jeffrey R. Noordhoek, Chief Executive Officer
Mr. Noordhoek has served as Nelnet's Chief Executive Officer since January 2014. He leads the executive team in developing and executing corporate strategy and is responsible for the company's financial performance and growth. Before becoming CEO, he held roles as President of Nelnet, Senior Vice President of National Education Loan Network, Inc. (a Nelnet subsidiary), and Vice President of Nelnet's predecessor, Union Financial Services, Inc. Prior to joining Nelnet, he spent seven years in various capacities for State Street Capital Corporation (State Street Bank's Investment Banking Division) in Boston and Luxembourg. He was involved in the original financing for Nelnet, helping to secure a $50 million investment, and initially served as head of capital markets, contributing to sales, marketing, and operations during the company's startup phase. Throughout his career at Nelnet, the team has securitized over $75 billion in loan assets and acquired more than 50 companies.

Jim Kruger, Chief Financial Officer
Mr. Kruger has been the Chief Financial Officer of Nelnet, Inc. since January 1, 2014. He is responsible for student loan asset generation and management, corporate accounting and tax, financial reporting, mergers and acquisitions, and the Innovation Hub. Before this role, he served as the company's Principal Accounting Officer and Controller from October 1998 to December 2013. Prior to joining Nelnet, Mr. Kruger worked as a Senior Manager at KPMG Peat Marwick from 1986 to 1994, and then at NEBHELP, which was subsequently acquired by Nelnet in 1998.

Terry J. Heimes, Chief Operating Officer
Mr. Heimes has served as Nelnet's Chief Operating Officer since January 2014. In this role, he manages the company's shared services, including accounting, legal, risk, people services, facilities, communication services, and the IT department, and also leads Nelnet's Asset Generation and Management segment. Previously, he held the position of Chief Financial Officer from October 1998 to December 2013, and served as Executive Director of Corporate Finance & Legal Services from March 2001 to December 31, 2013. Before joining Nelnet, Mr. Heimes worked as a Manager in the audit department at the public accounting firm KPMG LLP through 1992, and also served as CFO at Premiere Credit of North America LLC and Vice President of Finance at National Education Loan Network, Inc.

Michael S. Dunlap, Executive Chairman of the Board
Mr. Dunlap is the Executive Chairman of the Board at Nelnet. He co-established the company that would later become Nelnet with Stephen Butterfield in 1996. From the company's inception, he served as Chairman and CEO, including a period as co-CEO with former Vice Chairman Stephen Butterfield from 2003 to 2007. Mr. Dunlap also holds leadership positions in various other organizations, such as Union Bank & Trust, the Raikes School Board, and Capital Casualty Company.

Timothy A. Tewes, President
Mr. Tewes serves as President of Nelnet, where he leads both Nelnet Business Solutions (NBS) and Nelnet Enrollment Solutions (NES), and oversees all sales functions, fostering growth and collaboration. He previously held the positions of Chief Executive Officer of Nelnet Business Solutions (NBS) and President of NBS's K–12 division, FACTS Management. Mr. Tewes joined FACTS Management in 2000, becoming CEO for NBS in 2007. Prior to his time with FACTS Management Company, he served as President of Wells Fargo's Lincoln, Nebraska banks, and as Regional President for Wells Fargo's greater Nebraska banks. Mr. Tewes intends to retire effective June 30, 2026, but will continue to serve on the Nelnet Bank Board of Directors.

AI Analysis | Feedback

Key Risks for Nelnet (NNI)

The primary risks for Nelnet, Inc. (NNI) stem from its significant exposure to the student loan market, competitive pressures across its diversified business segments, and interest rate sensitivity inherent in its financial operations.

  1. Dependence on Government Student Loan Policies and Regulatory Changes: A substantial portion of Nelnet's business revolves around student loan servicing and the acquisition and management of loan assets. Changes in federal government policies related to student loans, such as new forgiveness programs, modifications to servicing contracts, shifts in interest rate subsidies, or broader regulatory overhauls of the student lending landscape, could significantly impact the profitability and volume of its Loan Servicing and Systems and Asset Generation and Management segments.
  2. Intense Competition and Technological Disruption Across Diversified Segments: Nelnet operates in several highly competitive markets, including education technology, payment processing, and communications (fiber optics). The Education Technology, Services, and Payment Processing segment faces competition from numerous EdTech providers and payment processors, requiring continuous investment in technology and innovation to maintain market share. Similarly, its Communications segment, providing fiber optic services, operates in a capital-intensive environment with established telecom incumbents and new entrants, posing risks related to market penetration and customer acquisition costs.
  3. Interest Rate Fluctuations and Credit Risk: As a company that acquires, manages, and owns loan assets through its Asset Generation and Management segment, and operates internet industrial banks through its Nelnet Bank segment, Nelnet is inherently exposed to interest rate risk. Fluctuations in interest rates can affect the profitability of its loan portfolios by impacting the cost of funds relative to the yield on its assets. Additionally, these segments face credit risk, which is the potential for borrowers to default on their loan obligations, leading to financial losses.

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The rapid emergence and growth of digital-only challenger banks (neobanks) poses a clear emerging threat to Nelnet Bank, which operates internet industrial banks. These neobanks leverage modern technology to offer streamlined, mobile-first banking experiences, often with lower fees and innovative features, directly challenging traditional internet banking models.

Additionally, within Nelnet's Education Technology, Services, and Payment Processing segment, the continuous proliferation of specialized fintech platforms represents an ongoing emerging threat. These agile companies offer highly focused, technologically advanced, and often more cost-effective solutions for areas such as campus payments, K-12 financial management, and donation platforms, potentially eroding market share from broader service providers.

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AI Analysis | Feedback

Nelnet (NNI) operates across several significant markets, with addressable market sizes varying by product and region. For its **Education Technology, Services, and Payment Processing segment**: * The global education technology (EdTech) market was valued at approximately $163.54 billion in 2024 and is projected to reach around $572.08 billion by 2034. * The U.S. EdTech market was valued at an estimated $45.79 billion in 2024 and is projected to be worth around $163.34 billion by 2034. Another source states the U.S. EdTech market was valued at $87.4 billion in 2024, expected to increase to $197.3 billion by 2032. * The K-12 education technology (EdTech) market in the U.S. is projected to reach $94.8 billion in 2025. Globally, the K-12 EdTech market size is estimated to be $295.6 billion in 2025 and is expected to reach $908.1 billion by the end of 2034. North America is projected to hold a dominant share in the global K-12 Education Technology (EdTech) market with 38.0% of the total revenue by the end of 2025. * The U.S. higher education technology market generated a revenue of $7,469.2 million in 2023 and is expected to reach $19,599.3 million by 2030. Globally, the higher education technology market size was estimated at $36.24 billion in 2022 and is projected to reach $140.40 billion by 2030. For its **Communications segment**, which provides fiber optic service: * The global fiber optics market was valued at $98.65 billion in 2024 and is projected to reach $171.70 billion by 2032. Another source estimates the global fiber optics market size at $10.74 billion in 2025, predicted to increase to approximately $20.86 billion by 2035. * The United States fiber optics market size reached $3.4 billion in 2025 and is expected to reach $8.3 billion by 2034. Other estimates for the U.S. fiber optics market include $2.9 billion in 2024, set to grow to $5.3 billion in 2032, and $1,431.3 million in 2025, expected to reach $1,910.2 million by 2033. The U.S. fiber optic connectivity market is a leading segment globally, with North America holding a significant 40% of the global Fiber Optic Connectivity Market Share. For its **Loan Servicing and Systems segment** and **Asset Generation and Management segment** (related to student loans): * The global student loan market was valued at $3,933.18 billion in 2021 and is projected to reach $8,750.75 billion by 2031. Another report values the global education/student loans market at $3,800 billion in the current year. * The student loans market size in 2026 is estimated at $4.75 trillion, growing to $6.44 trillion by 2031. * North America held a 42.20% share of the student loans market in 2025. The U.S. holds the largest share in North America, accounting for approximately 90% of the market. * The private student loans market was valued at $412.7 billion in 2023 and is estimated to reach $980.8 billion by 2032. At the end of Q3 2020, the private student loan market was estimated at $138.57 billion.

AI Analysis | Feedback

Nelnet, Inc. (NNI) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diversified business segments. Here are 3-5 expected drivers of future revenue growth:
  • Expansion in Education Technology and Payments: Nelnet is prioritizing growth in its Education Technology, Services, and Payment Processing (ETSP) segment. The company appointed a new managing director to lead "Project Horizon," a multi-year platform transformation designed to enhance its higher education technology offerings. This segment already saw revenue increases in the first quarter of 2025.
  • Growth in Private Education and Consumer Lending via Nelnet Bank: Nelnet is emphasizing the expansion of private education and consumer lending through its Nelnet Bank segment. The company purchased $629.7 million in private and consumer loans in 2025 and has $744.2 million in Pay Later receivables, indicating a focus on expanding its lending portfolio.
  • International Expansion: Nelnet has demonstrated a strategy of international growth, exemplified by its acquisition of a Canadian student loan servicer for CAD $130.5 million (USD $95.7 million) in February 2026. This strategic move suggests a concerted effort to expand its services beyond the United States.
  • Renewable Energy Tax Equity Investments: The company is actively pursuing growth in renewable energy tax equity investments, indicating a diversification of its revenue streams into this sector.

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Share Repurchases

  • Nelnet repurchased $16.1 million in Class A common shares during the fourth quarter of 2025.
  • For the first nine months of 2025, the company repurchased Class A common shares totaling $53.1 million.
  • As of June 30, 2023, 4,467,021 shares remained authorized for repurchase under a program that allowed for the repurchase of up to five million shares of Class A common stock through May 8, 2025.

Outbound Investments

  • In February 2026, Nelnet expanded internationally by acquiring a Canadian student loan servicer for CAD $130.5 million (approximately USD $95.7 million).
  • In 2025, Nelnet purchased $629.7 million in private education and consumer loans.
  • The company recorded a $175.0 million gain in the second quarter of 2025 from the partial redemption of its interest in ALLO.

Capital Expenditures

  • Total capital expenditures for Nelnet were $115 million in 2025.
  • In 2024, the company's total capital expenditures amounted to $87 million.
  • Nelnet reported total capital expenditures of $53 million in 2023.

Peer Outperformance in Consumer Finance

NNI has outperformed 72% of its 29 Consumer Finance peers over 5Y. Among the peers that beat it are FCFS, AGM and AXP. Consumer Finance ranks 8th of 18 industries in Financials by median 5Y return.
Share of Consumer Finance constituents that NNI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
29%
of 31 industry peers · -1.5% return
3Y
31%
of 29 industry peers · 41.0% return
5Y
72%
of 29 industry peers · 72.5% return
Consumer Finance peers with revenue growth within 4pp of NNI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
NNI Nelnet 9.0% 15.1x -1.5%41.0%72.5%
FCFS FirstCash 12.2% 25.4x 57.4%161.9%185.1% +113pp
AGM Federal Agricultural Mortgage 11.7% 10.5x 12.1%44.2%165.0% +93pp
AXP American Express 10.0% 19.9x 6.4%120.5%121.5% +49pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Consumer Finance is NNI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 5.7%134.1%133.9% IBKR 512% · SNEX 252% · GS 187%
Reinsurance 6 19.3%80.7%117.8% SPNT 140% · MTG 130% · RGA 128%
Diversified Banks 12 37.4%131.6%101.7% JPM 153% · CM 148% · RY 135%
Life & Health Insurance 19 11.2%56.2%84.8% UNM 285% · FG 197% · MFC 172%
Regional Banks 263 25.9%86.0%64.5% GCBC 395% · ESQ 364% · NBN 297%
Property & Casualty Insurance 42 11.1%74.2%63.8% ASIC 2583900% · HRTG 433% · UVE 278%
Multi-line Insurance 9 13.5%78.4%57.8% GNW 176% · L 101% · SLF 86%
Consumer Finance ← 30 10.1%87.8%34.4% ENVA 660% · EZPW 391% · FCFS 185%
Multi-Sector Holdings 6 1.4%16.7%33.9% JEF 78% · BRK-B 73% · VOYA 66%
Insurance Brokers 15 -9.5%11.4%33.7% LIFE 571% · AJG 94% · ARX 87%
Asset Management & Custody Banks 83 -8.7%23.5%25.5% SII 341% · WT 303% · VCTR 289%
Financial Exchanges & Data 15 -1.6%14.2%13.9% VIRT 216% · CBOE 156% · CME 69%
Commercial & Residential Mortgage Finance 12 -31.1%19.6%4.5% FNMA 474% · FMCC 460% · ESNT 60%
Specialized Finance 3 18.7%53.6%3.7% EFC 36% · CACC 4% · HASI -14%
Mortgage REITs 34 -7.2%13.6%-11.5% RITM 61% · NREF 53% · DX 41%
Transaction & Payment Processing Services 15 1.4%8.4%-41.3% MA 65% · V 65% · CPAY 58%
Diversified Capital Markets 21 -29.3%-4.7%-45.9% BTCS 584% · OPY 176% · LPLA 153%
Diversified Financial Services 5 -6.3%63.2%-58.0% FRHC 166% · EQH 80% · TMS -58%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NNISLMNAVISOFIBLKBPFGMedian
NameNelnet SLM Navient SoFi Tec.BlackbaudPrincipa. 
Mkt Price127.0326.469.4518.9147.52110.7536.99
Mkt Cap4.65.00.924.32.123.94.8
Rev LTM1,4361,9616004,3061,14815,6931,699
Op Inc LTM----227-227
FCF LTM364-325340-8,8002774,852308
FCF 3Y Avg450-342476-4,8832124,360331
CFO LTM401-325340-8,5023405,012340
CFO 3Y Avg490-342476-4,6672764,466376

Growth & Margins

NNISLMNAVISOFIBLKBPFGMedian
NameNelnet SLM Navient SoFi Tec.BlackbaudPrincipa. 
Rev Chg LTM18.7%11.5%-18.9%41.0%0.7%3.7%7.6%
Rev Chg 3Y Avg9.0%4.0%-22.9%32.7%2.5%3.7%3.8%
Rev Chg Q20.2%-0.6%-3.8%42.5%3.0%6.4%4.7%
QoQ Delta Rev Chg LTM4.5%-0.1%-1.0%9.2%0.8%1.5%1.1%
Op Inc Chg LTM----45.4%-45.4%
Op Inc Chg 3Y Avg----175.6%-175.6%
Op Mgn LTM----19.8%-19.8%
Op Mgn 3Y Avg----14.3%-14.3%
QoQ Delta Op Mgn LTM----0.3%-0.3%
CFO/Rev LTM27.9%-16.6%56.7%-197.5%29.6%31.9%28.8%
CFO/Rev 3Y Avg40.5%-18.3%52.8%-135.1%24.2%28.8%26.5%
FCF/Rev LTM25.3%-16.6%56.7%-204.4%24.1%30.9%24.7%
FCF/Rev 3Y Avg37.2%-18.3%52.8%-141.7%18.6%28.1%23.3%

Valuation

NNISLMNAVISOFIBLKBPFGMedian
NameNelnet SLM Navient SoFi Tec.BlackbaudPrincipa. 
Mkt Cap4.65.00.924.32.123.94.8
P/S3.22.51.55.61.91.52.2
P/Op Inc----9.4-9.4
P/EBIT----9.0-9.0
P/E15.16.8-18.138.214.115.314.6
P/CFO11.4-15.42.6-2.96.34.83.7
Total Yield7.6%16.8%1.4%2.6%7.1%9.4%7.3%
Dividend Yield1.0%2.1%6.9%0.0%0.0%2.9%1.5%
FCF Yield 3Y Avg10.7%-6.4%37.2%-31.2%10.5%22.1%10.6%
D/E1.51.249.40.10.50.20.9
Net D/E1.20.048.6-0.20.5-1.20.3

Returns

NNISLMNAVISOFIBLKBPFGMedian
NameNelnet SLM Navient SoFi Tec.BlackbaudPrincipa. 
1M Rtn-4.7%8.9%14.8%14.9%45.3%1.2%11.9%
3M Rtn-1.2%20.2%14.3%21.1%60.7%7.5%17.3%
6M Rtn-2.1%18.6%4.9%-0.6%-3.3%17.6%2.2%
12M Rtn-1.5%-14.8%-25.7%-24.4%-28.5%42.2%-19.6%
3Y Rtn41.0%96.9%-37.8%132.9%-33.1%61.7%51.3%
1M Excs Rtn-7.1%5.8%8.4%10.0%48.5%-0.4%7.1%
3M Excs Rtn-4.8%18.2%12.5%17.8%57.4%4.4%15.1%
6M Excs Rtn-13.2%7.5%-6.1%-11.6%-14.3%6.6%-8.9%
12M Excs Rtn-18.2%-31.8%-42.8%-36.0%-46.4%25.9%-33.9%
3Y Excs Rtn-34.2%23.0%-110.9%54.7%-110.2%-14.3%-24.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20222021202020192018
Loan Servicing and Systems (LSS)568510498514496
Asset Generation and Management553461282238330
Education Technology Services and Payments (ETSP)416339286287226
Corporate and Other Activities37412922346
Nelnet Bank1770  
Eliminations/ Reclassifications-33-34-37-47-47
Communications  786636
Total1,5591,3251,4001,0811,087


Operating Income by Segment
$ Mil201520142013
Asset Generation and Management354375333
Student Loan and Guaranty Servicing5372 
Tuition Payment Processing and Campus Commerce292423
Eliminations/ Reclassifications000
Corporate Activity and Overhead-15-120
Enrollment Services  3
Student Loan and Guaranty Servicing  86
Total421470466


Net Income by Segment
$ Mil20252024202320222021
Corporate and Other Activities121-34-34-86-63
Asset Generation and Management965761346322
Education Technology Services and Payments (ETSP)8690695655
Loan Servicing and Systems (LSS)7331594947
Nelnet Financial Services (NFS) Other Operating Segments4142423932
Nelnet Bank11-1-13-1
Eliminations/ Reclassifications00000
Total428184196407393


Assets by Segment
$ Mil20252024202320222021
Asset Generation and Management9,86010,03813,48815,94618,965
Nelnet Bank2,0701,449991919536
Nelnet Financial Services (NFS) Other Operating Segments1,1459041,1151,5001,208
Corporate and Other Activities810843874889755
Education Technology Services and Payments (ETSP)541601490485444
Loan Servicing and Systems (LSS)154193294273297
Eliminations/ Reclassifications-516-250-541-656-527
Total14,06413,77816,71219,35521,678


Price Behavior

Price Behavior
Market Price$127.03 
Market Cap ($ Bil)4.6 
First Trading Date12/12/2003 
Distance from 52W High-11.7% 
   50 Days200 Days
DMA Price$131.81$131.50
DMA Trendindeterminateindeterminate
Distance from DMA-3.6%-3.4%
 3M1YR
Volatility19.6%24.0%
Downside Capture14.2523.03
Upside Capture6.6816.35
Correlation (SPY)-11.7%11.1%
NNI Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.16-0.22-0.380.040.250.61
Up Beta-1.74-1.26-1.40-0.280.130.64
Down Beta0.180.390.410.460.410.63
Up Capture33%-0%-38%6%19%27%
Bmk +ve Days11223567138427
Stock +ve Days10213162122377
Down Capture5%-29%-37%-3%25%80%
Bmk -ve Days11212859114326
Stock -ve Days12223264130374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NNI
NNI1.8%24.3%0.02-
Sector ETF (XLF)10.1%14.6%0.4438.4%
Equity (SPY)21.1%12.9%1.2211.2%
Gold (GLD)37.5%28.8%1.10-11.7%
Commodities (DBC)43.2%20.2%1.66-19.1%
Real Estate (VNQ)12.9%13.8%0.6431.3%
Bitcoin (BTCUSD)-31.6%44.1%-0.738.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NNI
NNI11.4%22.6%0.43-
Sector ETF (XLF)10.1%18.4%0.4152.5%
Equity (SPY)12.9%17.2%0.5744.6%
Gold (GLD)20.6%18.6%0.90-0.7%
Commodities (DBC)10.4%19.6%0.412.4%
Real Estate (VNQ)2.3%18.9%0.0243.7%
Bitcoin (BTCUSD)10.4%52.8%0.3814.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NNI
NNI15.4%26.7%0.56-
Sector ETF (XLF)13.5%22.0%0.5657.3%
Equity (SPY)15.2%17.9%0.7250.5%
Gold (GLD)12.7%16.2%0.64-1.3%
Commodities (DBC)8.0%18.0%0.3611.5%
Real Estate (VNQ)5.0%20.7%0.2045.3%
Bitcoin (BTCUSD)63.1%66.1%1.0313.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity0.6 Mil
Short Interest: % Change Since 71520263.9%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest6.4 days
Basic Shares Quantity36.0 Mil
Short % of Basic Shares1.6%

Earnings Returns History

Updated 8/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-2.5%-5.6% 
5/7/2026-13.4%-11.1%-9.7%
2/26/2026-1.2%0.6%-3.4%
11/6/20252.2%0.5%0.2%
8/6/2025-0.2%2.3%2.6%
5/8/20255.9%12.5%8.1%
2/27/20259.6%6.2%-0.0%
11/7/2024-8.3%-10.7%-11.5%
...
SUMMARY STATS   
# Positive111815
# Negative1479
Median Positive2.0%2.3%6.0%
Median Negative-1.6%-5.3%-3.4%
Max Positive10.8%12.5%8.9%
Max Negative-13.4%-11.1%-11.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-2.5%-5.6% 
5/7/2026-13.4%-11.1%-9.7%
2/26/2026-1.2%0.6%-3.4%
11/6/20252.2%0.5%0.2%
8/6/2025-0.2%2.3%2.6%
5/8/20255.9%12.5%8.1%
2/27/20259.6%6.2%-0.0%
11/7/2024-8.3%-10.7%-11.5%
8/8/2024-0.3%2.3%2.6%
5/9/202410.8%11.2%1.8%
2/27/2024-4.2%-1.6%5.5%
11/7/20230.5%1.3%-2.4%
8/7/2023-3.0%-5.3%-8.5%
5/8/2023-0.7%0.3%7.5%
2/28/2023-3.3%-2.3%-3.1%
11/7/20220.3%7.2%6.0%
8/8/2022-0.3%-2.1%-11.2%
5/9/2022-0.3%2.3%5.7%
2/28/20221.1%1.2%8.9%
11/8/2021-1.9%0.0%8.6%
8/5/20212.0%3.4%7.7%
5/10/2021-1.3%1.4%-0.2%
2/25/20213.9%6.0%6.5%
11/5/20200.7%7.9%8.1%
8/6/20201.9%2.8%5.2%
SUMMARY STATS   
# Positive111815
# Negative1479
Median Positive2.0%2.3%6.0%
Median Negative-1.6%-5.3%-3.4%
Max Positive10.8%12.5%8.9%
Max Negative-13.4%-11.1%-11.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/07/202310-Q
03/31/202305/08/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/07/202310-Q
03/31/202305/08/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202102/28/202210-K
09/30/202111/08/202110-Q
06/30/202108/05/202110-Q
03/31/202105/10/202110-Q
12/31/202002/25/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201902/27/202010-K
09/30/201911/07/201910-Q

Insider Activity

Updated 7/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Van, Deun Jona M DirectSell12112025128.9540051,58090,781Form
2Henning, Thomas Edward DirectSell9082025128.875,094656,4641,425,044Form
3Henning, Thomas Edward SpouseSell9082025128.873,102  Form
4Butterfield, Shelby J Butterfield GST Non-Exempt Marital TrustSell8272025119.2541,9295,000,03360,818Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Van, Deun Jona M DirectSell12112025128.9540051,58090,781Form
2Henning, Thomas Edward DirectSell9082025128.875,094656,4641,425,044Form
3Henning, Thomas Edward SpouseSell9082025128.873,102  Form
4Butterfield, Shelby J Butterfield GST Non-Exempt Marital TrustSell8272025119.2541,9295,000,03360,818Form

Investor Activity (13F)

Updated Aug 24, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnolia Group, LLC$215.2 Mil40.0%12Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Philadelphia Financial Management of San Francisco, LLC$6.2 Mil1.3%46Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnolia Group, LLC$215.2 Mil40.0%12Hold13F
Core Cache Last Updated: 8/23/2026