# Dave Inc. (DAVE)

> Source: Nexqual · https://nexqual.com/DAVE · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Dave Inc. (DAVE), nexqual.com/DAVE" · informational, not investment advice.

## DAVE major shareholder filing: Schedule 13D/A, Sep 15, 2026
Jason Wilk filed a Schedule 13D/A on Sep 15, 2026, reporting up to 11.80% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> On September 11, 2026, the Reporting Person entered into the Forward Contract with an unaffiliated counterparty. The Forward Contract obligates the Reporting Person to deliver shares of Class A Common Stock or, at the Reporting Person's election subject to certain conditions, settle the contract in cash, on a settlement date on or about August 30, 2029 (the "Maturity Date"). In exchange, the Reporting Person will receive an upfront cash payment of $10.9 million. The Reporting Person pledged 37,090 shares of Class A Common Stock (the "Subject Shares") to secure his obligations under the contract. The Reporting Person will retain all voting rights in the Subject Shares during the term of the pledge. …

Source: https://www.sec.gov/Archives/edgar/data/1841408/000119312526392095/0001193125-26-392095-index.htm

**Price:** USD 322.69 (-1.76% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 328.47 · day 320.29–336.47 · 52w 152.21–458.25 · market cap $4.12B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $644M, net income $223M (34.6% margin) (SEC filings).
- Valuation: P/E 18.5x (avg 18.6x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $3.6M; 2 not under a Rule 10b5-1 plan ($3.5M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (16 analysts), mean target USD 445.07 (range 350–500).
- Total return with dividends: 1Y +32.3% vs S&P 500 +13.6%; 5Y +1.4% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 4.46, revenue estimate $192M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $153M | $205M | $259M | $347M | $554M | $644M |
| Operating income | -$6.4M | — | — | — | — | — |
| Net income | -$20.0M | -$129M | -$48.5M | $57.9M | $196M | $223M |
| EPS (diluted) | -$4.69 | -$11.12 | -$4.07 | $4.19 | $13.53 | — |
| Free cash flow | -$912K | -$45.6M | $33.1M | $125M | $290M | $327M |
| Operating margin | -4.2% | — | — | — | — | — |
| Net margin | -13.1% | -62.9% | -18.7% | 16.7% | 35.3% | 34.6% |
| Revenue growth | — | +33.9% | +26.5% | +34.0% | +59.7% | — |
| Cash + short-term investments | $32.0M | $23.2M | $42.7M | $49.8M | $80.5M | — |
| Total debt | $35.0M | $75.0M | $75.0M | $75.0M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.5x · P/S 6.4x · P/FCF 12.6x · P/B 19.8x · FCF yield 7.93% · Earnings yield 5.41% · Buyback yield (TTM) 5.90%
P/E at fiscal year-ends: Dec 2025 16.4x, Dec 2024 20.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-04…2026-06-05 | Preston Dan | Director | 550 | $140K | 9.6% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Beilman Kyle | CFO and COO and Secretary | 4,122 | $1.1M | 2.1% | No | Routine (traded in Jun each year 2023–2025) |
| 2026-06-02 | Wilk Jason | Chief Executive Officer | 8,474 | $2.3M | 2.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 16 analysts; mean target USD 445.07 (low 350, high 500).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | JP Morgan | Initiated | Overweight | $480 |
| 2026-09-09 | Loop Capital | Initiated | Buy | $500 |
| 2026-08-17 | Piper Sandler | Initiated | Overweight | $390 |
| 2026-08-11 | Evercore ISI Group | Target raised | In-Line | $260 → $350 |
| 2026-08-06 | Canaccord Genuity | Target raised | Buy | $342 → $450 |
| 2026-08-06 | B. Riley Securities | Target raised | Buy | $370 → $449 |
| 2026-08-06 | Keefe, Bruyette & Woods | Target raised | Outperform | $485 → $490 |
| 2026-08-06 | Citizens | Target raised | Market Outperform | $450 → $475 |
| 2026-07-14 | UBS | Target raised | Buy | $300 → $470 |
| 2026-07-13 | Keefe, Bruyette & Woods | Target raised | Outperform | $340 → $485 |
| 2026-07-09 | Citizens | Target raised | Market Outperform | $365 → $450 |
| 2026-07-01 | Benchmark | Target raised | Buy | $345 → $475 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +32.3% | +1.4% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +32.5% | +0.3% |
| Volatility (annualized) | 70.4% | 105.1% |
| Max drawdown | -36.9% (Nov 2025→Feb 2026) | -98.8% (Jan 2022→May 2023) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 205 +1.76% · RNG (Ringcentral, Inc.) USD 86.2 +0.70% · CVLT (Commvault Systems, Inc.) USD 166.46 -3.53% · TTAN (ServiceTitan, Inc.) USD 80.86 -0.93% · DSGX (The Descartes Systems Group Inc) USD 92.36 +0.20% · IDCC (InterDigital, Inc.) USD 320.56 -2.51%

## More
Full page: https://nexqual.com/DAVE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DAVE's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1841408/000119312526085370/dave-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Federal Deposit Insurance | "Dave Checking is a digital demand deposit account offered through our bank partners with premium features, no account minimums or corresponding fees, and Federal Deposit Insurance Corporation ("FDIC") pass-through insura…" |
| Partner | Mastercard (MA) | "Revenues are primarily driven by merchant interchange, Mastercard incentives, interest on deposits paid by our partner banks, and other ancillary fees." |
| Partner | Galileo Financial Technologies | "We have a multi-year service agreement with Galileo Financial Technologies, LLC ("Galileo"), a payment processing platform." |
| Partner | Synapse Financial Technologies | "While we were not directly affected by the bankruptcy of Synapse, the occurrence of similar failures by certain of our service providers could similarly cause financial losses to our business and our Members, loss of tru…" |
| Partner | Visa (V) | "Fraudulent activity involving Dave banking accounts may lead to fraudulent or baseless Member disputed transactions, for which each of our bank partners as the card issuer, and we, under our agreements with our bank part…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.46 | $4.31 | +3.5% | $191.8M | 14 |
| Next quarter (ends 2026-12-31) | $5.20 | $4.89 | +6.3% | $210.6M | 14 |
| Current fiscal year (ends 2026-12-31) | $17.38 | $16.62 | +4.5% | $731.5M | 14 |
| Next fiscal year (ends 2027-12-31) | $22.26 | $20.94 | +6.3% | $899.2M | 14 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $4.12 | $3.84 | Beat +7.3% | — |
| — | Quarter ended Mar 31, 2026 | $3.64 | $3.08 | Beat +18.2% | — |
| — | Quarter ended Dec 31, 2025 | $3.69 | $3.75 | Miss −1.6% | — |
| — | Quarter ended Sep 30, 2025 | $4.24 | $2.34 | Beat +81.2% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-15 | Schedule 13D/A | Jason Wilk: 11.8% of shares, 5%+ holder that may seek to influence the company (amended) — “On September 11, 2026, the Reporting Person entered into the Forward Contract with an unaffiliated counterparty. The Forward Contract obligates the Reporting Person to deliver shares of Class A Common Stock or, at the Reporting Person's election subject to certain conditions,…” | https://www.sec.gov/Archives/edgar/data/1841408/000119312526392095/0001193125-26-392095-index.htm |
| 2026-08-14 | 8-K | Director or executive officer change, or pay arrangement — “Director Resignation On August 12, 2026, Yadin Rozov notified Dave Inc. (the "Company") of his decision to resign, for personal reasons, from the Board of Directors (the "Board") of the Company, effective immediately. Mr. Rozov's decision to resign was not related to any disagreement with the Company on any matter relating to its operations, policies or practices. The Board and Company thank Mr. Rozov for his service and contributions to the Company during his term as a director.” | https://www.sec.gov/Archives/edgar/data/1841408/000119312526352390/0001193125-26-352390-index.htm |
| 2026-08-14 | Schedule 13G/A | Divisadero Street Capital Management, LP, William Zolezzi: 6.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1841408/000091957426005544/0000919574-26-005544-index.htm |
| 2026-08-14 | Schedule 13G/A | G1 Execution Services, LLC, Susquehanna Securities, LLC: 2.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1841408/000144658026000093/0001446580-26-000093-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1841408/000119312526335154/0001193125-26-335154-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1841408/000119312526335119/0001193125-26-335119-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.