Nelnet, Inc. (NNI) Stock Price & Analysis
Nelnet, Inc. (NNI) closed at USD 123.54 on Thursday, October 29, 2026, up 1.36% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 121.88; the Oct 29, 2026 session ranged USD 120.1–124.29 on volume of 134,376 shares. Market capitalization is $4.42B, with a 52-week range of USD 116.62–144.38 (NYQ). Source: Nexqual, retrieved October 29, 2026 at 21:26 UTC.
Also available as compact Markdown for AI agents: nexqual.com/NNI.md
Key facts (NNI)
- Valuation: P/E 14.6x (avg 23.1x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (1 analysts), mean target USD 125 (range 125–125).
- Total return with dividends: 1Y -2.8% vs S&P 500 +14.4%; 5Y +57.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 1.83, revenue estimate $427M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (NNI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.32B | $1.56B | — | — | — | — |
| Gross profit | $1.22B | $1.39B | — | — | — | — |
| Net income | $393M | $407M | $89.8M | $184M | $428M | $302M |
| EPS (diluted) | $10.20 | $10.82 | $2.40 | $5.02 | $11.79 | — |
| Free cash flow | $421M | $624M | $358M | $642M | $397M | $364M |
| Gross margin | 91.8% | 89.2% | — | — | — | — |
| Net margin | 29.7% | 26.1% | — | — | — | — |
| Revenue growth | -5.4% | +17.7% | — | — | — | — |
| Cash + short-term investments | $126M | $118M | $168M | $195M | $296M | — |
| Total debt | $17.6B | $14.6B | $11.8B | $8.31B | $7.78B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (NNI)
P/E 14.6x · P/FCF 12.1x · P/B 1.2x · FCF yield 8.24% · Earnings yield 6.84% · Dividend yield (paid, TTM) 1.05% · Buyback yield (TTM) 1.90%
P/E at fiscal year-ends: Dec 2025 11.3x, Dec 2024 21.3x, Dec 2023 36.7x.
Analysts (NNI)
Consensus Hold (mean 3.00 on a 1–5 scale), 1 analysts; mean target USD 125 (low 125, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | TD Cowen | Target lowered | Hold | $130 → $125 |
Total return (dividends reinvested) (NNI)
| 1Y (from 2025-10-30) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -2.8% | +57.9% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -2.8% | +9.5% |
| Volatility (annualized) | 23.9% | 21.2% |
| Max drawdown | -15.3% (Apr 2026→May 2026) | -21.0% (Dec 2021→Jun 2022) |
NNI earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $1.77 | $2.13 | Miss −16.9% | -3.2% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $1.94 | $2.66 | Miss −27.1% | -12.9% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | $1.56 | $1.63 | Miss −4.3% | -1.0% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $2.95 | $1.52 | Beat +94.1% | +2.1% |
| Aug 6, 2025 | — | — | — | — | +0.6% |
| May 8, 2025 | — | — | — | — | +6.8% |
| Feb 27, 2025 | — | — | — | — | +9.2% |
| Nov 7, 2024 | — | — | — | — | -9.9% |
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).
NNI recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Sep 16, 2026 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure “Appointment of New Board Members On September 15, 2026, the Board of Directors (the "Board") of Nelnet, Inc. (the "Company"), upon the recommendation of the Board's Nominating and Corporate Governance Committee: increased the size of the Board from eight to ten members; increased the number of Class III members of the Board from three to four; increased the number of Class II members of the Board from two to three; appointed Angela Klein as a Class III member of the Board, to hold office for a term expiring at the…” |
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Jul 30, 2026 | 8-K | Regulation FD disclosure |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
NNI revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Loan Servicing & Systems | $132.2M | — | +9.5% |
| Loan Servicing & Systems Revenue | $132.2M | — | +9.5% |
| Education Technology Services & Payments | $118.9M | — | +0.6% |
| Education Technology Services & Payment Processing Services | $118.9M | — | +0.6% |
| Department Of Education Loan Servicing | $74.6M | — | -12.9% |
| Government Loan Servicing | $74.6M | — | -13.0% |
| Education Technology & Services | $42.3M | — | -4.9% |
| Reinsurance Premiums Earned | $40.6M | — | +55.6% |
| Payment Processing | $39.4M | — | +5.0% |
| Tuition Payment Plan Services | $37.0M | — | +2.8% |
| Private Education & Consumer Loan Servicing | $26.1M | — | +14.9% |
| Canada Student Loan Servicing | $17.7M | — | — |
| Software Services | $11.4M | — | +20.4% |
| FFELP Servicing | $2.0M | — | -12.2% |
| Investment Advice | $1.4M | — | -8.2% |
| Outsourced Services Revenue & Other | $454,000 | — | -19.1% |
| Other Service Offering | $158,000 | — | -9.7% |
| Total revenue | — | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
NNI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | SAP (SAP) | “Failure to comply with Department and guaranty agency regulations may also result in fines, other penalties, expenses required to cure servicing deficiencies, suspension or termination of the right to participate as a FFELP servicer, negative publicity, and potential legal claims, including claims by our servicing customers if they lose the federal guarantee or SAP benefits on loans that we service for them.” |
Quoted from the company's 10-K filed Feb 26, 2026.
NNI company outlook (results filed Aug 6, 2026)
- “The increase was primarily driven by higher loan spreads 2 and growth in the company's consumer loan portfolio, partially offset by the anticipated runoff of the legacy FFELP portfolio.”
Quoted word-for-word from the SEC 8-K results press release.
NNI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.83 | $2.09 | -12.4% | $427.0M | 1 |
| Next quarter (ends Dec 2026) | $1.78 | $1.99 | -10.6% | $413.0M | 1 |
| Current fiscal year (ends Dec 2026) | $7.42 | $8.18 | -9.3% | $1.67B | 1 |
| Next fiscal year (ends Dec 2027) | $8.50 | $9.58 | -11.3% | $1.77B | 1 |
NNI options: expected move
Options price a move of about ±8.9% (±$10.85) by Dec 18, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±5.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Dec 18, 2026 | 50 | 29.3% | ±8.9% |
30-day implied volatility 34.6% vs 14.1% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 21:26 UTC)
| Price | USD 123.54 |
|---|---|
| Change | ▲ 1.36% (up) |
| Previous Close | USD 121.88 |
| Open | USD 123.27 |
| Day Range | USD 120.1 – 124.29 |
| 52-Week Range | USD 116.62 – 144.38 |
| Volume | 134,376 shares |
| Market Cap | $4.42B |
| Exchange | NYQ |
Technical Analysis (NNI)
Nexqual's technical model rates NNI "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 29, 2026 at 21:26 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 42.95 (neutral) |
| vs SMA50 | Below (USD 125.67) |
| MACD | -0.79 (negative) |
Analyst Ratings (NNI)
Wall Street analysts rate NNI "Hold" based on 1 analysts, with a mean price target of USD 125 (range USD 125–125), per Nexqual as of October 29, 2026 at 21:26 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 1 |
| Mean Target | USD 125 |
| High Target | USD 125 |
| Low Target | USD 125 |
| Buy / Hold / Sell | 0 / 1 / 0 |
Earnings (NNI)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 1.83 |
| Revenue Estimate | $427.00M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.77 vs est 2.13 ▼ miss |
| 2026-03-31 | USD 1.94 vs est 2.66 ▼ miss |
| 2025-12-31 | USD 1.56 vs est 1.63 ▼ miss |
| 2025-09-30 | USD 2.95 vs est 1.52 ▲ beat |
Source: Nexqual, October 29, 2026 at 21:26 UTC.
Financials & Fundamentals (NNI)
| Total Revenue | $1.49B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -30.50% |
| Gross Margin | +86.14% |
| Operating Margin | +18.24% |
| Profit Margin | +20.30% |
| ROE | +6.76% |
| Debt / Equity | 1.94 |
| Current Ratio | 3.63 |
| Total Cash | $175.21M |
| Total Debt | $7.04B |
Source: Nexqual, October 29, 2026 at 21:26 UTC.
Financial Health Score (NNI)
Nexqual rates Nelnet, Inc.'s overall financial health "Solid" across five dimensions, as of October 29, 2026 at 21:26 UTC.
| Growth | Strong — Revenue +21% YoY (annual) |
|---|---|
| Profitability | Strong — Net margin 24% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Personal Credit Institutions) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Personal Credit Institutions) |
| Efficiency | Mixed — ROE 8%, ROA 2.1% (last 4 quarters, SEC) |
Ownership (NNI)
| Insider Ownership | +30.90% |
|---|---|
| Institutional Ownership | +48.98% |
| Shares Outstanding | 25.16M |
| Float | 16.10M |
| Short % of Float | +4.99% |
Source: Nexqual, October 29, 2026 at 21:26 UTC.
Leadership (NNI)
Nelnet, Inc. is led by Jeffrey R. Noordhoek, Chief Executive Officer, per Nexqual as of October 29, 2026 at 21:26 UTC.
| Chief Executive Officer | Jeffrey R. Noordhoek |
|---|---|
| Executive Chairman of the Board | Michael Sullivan Dunlap |
| Chief Financial Officer | James D. Kruger |
| Chief Operating Officer | Terry J. Heimes |
| Chief Business Development Officer, President of Nelnet Financial Services & Director | Matthew W. Dunlap |
Major Backers & Investors (NNI)
Notable institutional backers of Nelnet, Inc. include Magnolia Group, LLC, Farmers & Merchants Investments Inc, DFA INVESTMENT DIMENSIONS GROUP INC-U.S. Small Cap Value Portfolio, according to Nexqual as of October 29, 2026 at 21:26 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Magnolia Group, LLC | 5.05% |
| Farmers & Merchants Investments Inc | 4.66% |
| DFA INVESTMENT DIMENSIONS GROUP INC-U.S. Small Cap Value Portfolio | 3.95% |
| American Century Companies Inc | 1.67% |
| Bragg Financial Advisors, Inc. | 0.99% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Dimensional Fund Advisors | 7.36% |
| Vanguard Group | 5.08% |
| BlackRock | 4.62% |
| Geode Capital | 1.55% |
| State Street | 1.45% |
Source: Nexqual, October 29, 2026 at 21:26 UTC.
From Nelnet, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- Nelnet Payment Services generated $64 million and $59 million in revenue for the years ended December 31, 2025 and 2024, respectively.
- For the year ended December 31, 2025, ALLO recognized approximately $260 million in revenue.
Partnerships
- The intercompany deposits are deposits from Nelnet, Inc. (parent company) and its subsidiaries and include a pledged deposit of $40.0 million from Nelnet, Inc., as required under a Capital and Liquidity Maintenance Agreement with the FDIC, deposits required for intercompany transactions, operating deposits, and NBS custodial deposits consisting of tuition payments collected which are subsequently remitted to the appropriate school.
Legal & Regulatory Risks (Item 1A, quoted)
- The profitability and risk profile of our solar tax equity partnerships may be impacted by the terms and availability of federal incentives and regulatory uncertainty, including risks of not being able to realize tax credits which remain subject to recapture by taxing authorities. Additionally, we have risks related to solar construction contracts retained in the sale of NRE.
- Our development and deployment of artificial intelligence (AI) technologies has improved operational performance but these advancements also present risks that could result in reputational or competitive harm, legal liability, regulatory scrutiny, and other adverse effects on our business.
- Failure to safeguard the privacy of personal information could result in significant legal and reputational harm.
- Climate change manifesting as physical, transition, and regulatory risks could have a material adverse impact on our operations, vendors, and customers.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ENVA | Enova International, Inc. | USD 181.04 | ▲ 0.68% |
| SEZL | Sezzle Inc. | USD 133.86 | ▲ 2.95% |
| BFH | Bread Financial Holdings, Inc. | USD 105.66 | ▲ 0.89% |
| KLAR | Klarna Group plc | USD 13.65 | ▲ 3.72% |
| SLM | SLM Corporation | USD 18.25 | ▲ 2.99% |
| CACC | Credit Acceptance Corporation | USD 575.78 | ▲ 5.67% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 21:26 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt