# SLM Corporation (SLM)

> Source: Nexqual · https://nexqual.com/SLM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SLM Corporation (SLM), nexqual.com/SLM" · informational, not investment advice.

**Price:** USD 21.76 (-4.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.83 · day 21.57–22.97 · 52w 17.77–31.06 · market cap $4.09B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $1.79B, net income $567M (31.7% margin) (SEC filings).
- Valuation: P/E 7.2x (avg 8.5x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold SLM (13F, Q2 2026 (1 investor on Q3 2025, filed early)): 2 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.36 on a 1–5 scale) (11 analysts), mean target USD 27.82 (range 22–35).
- Total return with dividends: 1Y -16.8% vs S&P 500 +14.9%; 5Y +32.2% vs S&P 500 +80.3%.
- Next earnings: 2027-01-21, EPS estimate USD 1.08, revenue estimate $345M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.03B | $1.82B | $1.81B | $1.85B | $1.98B | $1.79B |
| Net income | $1.16B | $469M | $581M | $608M | $745M | $567M |
| EPS (diluted) | $3.61 | $1.76 | $2.41 | $2.68 | $3.46 | — |
| Net margin | 57.2% | 25.7% | 32.1% | 32.9% | 37.5% | 31.7% |
| Revenue growth | +11.9% | -10.1% | -0.8% | +2.2% | +7.3% | — |
| Cash + short-term investments | $4.33B | $4.62B | $4.15B | $4.70B | $4.24B | — |
| Total debt | $5.93B | $5.24B | $5.23B | $6.44B | $5.86B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 7.2x · P/S 2.3x · P/B 1.8x · Earnings yield 13.87% · Dividend yield (paid, TTM) 2.45% · Buyback yield (TTM) 13.33%
P/E at fiscal year-ends: Dec 2025 7.7x, Dec 2024 10.0x, Dec 2023 7.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold SLM (1 investor on Q3 2025, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Michael Burry | Scion Asset Management | 19.50% | $13.3M | New position | Q3 2025 |
| Glenn Greenberg | Brave Warrior Advisors | 7.56% | $347M | Reduced -1.5% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | <0.01% | $228K | New position | Q2 2026 |

## Analysts
Consensus Buy (mean 2.36 on a 1–5 scale), 11 analysts; mean target USD 27.82 (low 22, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $28 → $30 |
| 2026-10-12 | JP Morgan | Target lowered | Underweight | $25 → $22 |
| 2026-10-09 | RBC Capital | Target lowered | Outperform | $29 → $28 |
| 2026-07-20 | Morgan Stanley | Target raised | Equal-Weight | $27 → $28 |
| 2026-07-13 | JP Morgan | Target raised | Underweight | $24 → $25 |
| 2026-07-10 | RBC Capital | Target raised | Outperform | $28 → $29 |
| 2026-07-07 | Barclays | Downgrade | Overweight → Equal-Weight | $30 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -16.8% | +32.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -16.8% | +5.7% |
| Volatility (annualized) | 40.4% | 35.4% |
| Max drawdown | -39.3% (Dec 2025→Feb 2026) | -44.2% (Jun 2025→Feb 2026) |

## Peers (Credit Services)
BFH (Bread Financial Holdings, Inc.) USD 102.45 -5.69% · ENVA (Enova International, Inc.) USD 176.78 -1.82% · NNI (Nelnet, Inc.) USD 125.85 +0.26% · SEZL (Sezzle Inc.) USD 139.3 +2.26% · KLAR (Klarna Group plc) USD 13.23 +0.84% · CACC (Credit Acceptance Corporation) USD 558.9 +3.26%

## More
Full page: https://nexqual.com/SLM · 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

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.08 | $0.83 | +29.8% | $345.0M | 9 |
| Next quarter (ends 2027-03-31) | $1.03 | $1.17 | -12.4% | $351.2M | 9 |
| Current fiscal year (ends 2026-12-31) | $3.01 | $3.13 | -3.7% | $1.39B | 10 |
| Next fiscal year (ends 2027-12-31) | $3.32 | $3.36 | -1.4% | $1.45B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-04-16 (includes earnings 2027-01-21): ±22.0%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 56.5% | ±13.6% |
| 2026-12-18 | 56 | 46.6% | ±15.4% |
| 2027-01-15 | 84 | 44.3% | ±17.5% |
| 2027-04-16 | 175 | 39.0% | ±22.0% |