Nelnet - Public Comps and Valuation Multiples

Nelnet Overview

About Nelnet

Nelnet Inc is a United States based company engaged in these four reportable segments; Loan Servicing and Systems focuses on student and consumer loan origination services and servicing, loan origination and servicing-related technology solutions, and outsourcing business services; Education Technology Services and Payments segment provides education services, payment technology, and community management solutions for K-12 schools, institutions, churches, and businesses; Asset Generation and Management segment includes the acquisition and management of student and other loan assets; and Nelnet Bank focuses on the private education and unsecured consumer loan markets. Maximum revenue for the company is generated from its Education Technology Services and Payments segment.

Founded

1978

HQ

Employees

6.7K+

Website

nelnet.com

Sectors

Online Lending
Lending Solutions
FinTech

Financials

LTM Revenue $1.5B

LTM EBITDA n/a

EV

$12.1B

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Nelnet Financials

Nelnet has a last 12-month revenue of $1.5B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Nelnet achieved revenue of $1.2B and an EBITDA of n/a.

Nelnet expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Nelnet P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.0B	$1.2B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$407M	$91.5M	XXX	XXX	XXX
Net Margin	40%	8%	XXX	XXX	XXX
Net Debt	$14.0B	$11.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Nelnet Stock Performance

As of April 15, 2025, Nelnet's stock price is $105.

Nelnet has current market cap of $3.8B, and EV of $12.1B.

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Nelnet Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.1B	$3.8B	XXX	XXX	XXX	XXX	$5.31

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Nelnet Valuation Multiples

As of April 15, 2025, Nelnet has market cap of $3.8B and EV of $12.1B.

Nelnet's trades at 8.3x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Nelnet's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Nelnet Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$12.1B	XXX	XXX	XXX
EV/Revenue	10.4x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	20.8x	XXX	XXX	XXX
P/E/Growth	1.2x	XXX	XXX	XXX
EV/FCF	18.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Nelnet Valuation Multiples

Nelnet's NTM/LTM revenue growth is 3%

Nelnet's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged n/a for the same period.

Over next 12 months, Nelnet's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Nelnet's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Nelnet Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	13%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.2M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	54%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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