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

Last FY EBITDA n/a

EV

$12.4B

Valuation Multiples

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Nelnet Financials

As of August 2025, Nelnet reported last 12-month revenue of $1.5B.

In the same period, Nelnet achieved $251M in LTM net income.

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Nelnet P&L

In the most recent fiscal year, Nelnet reported revenue of $1.2B.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.5B	XXX	$1.2B	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBIT	n/a	XXX	n/a	XXX	XXX	XXX
EBIT Margin	n/a	XXX	n/a	XXX	XXX	XXX
Net Profit	$251M	XXX	$184M	XXX	XXX	XXX
Net Margin	17%	XXX	16%	XXX	XXX	XXX
Net Debt	XXX	XXX	$8.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Nelnet including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.5B.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.5B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$251M	Analyst estimates available to subscribers	$184M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	16.8% net profit margin	Analyst estimates available to subscribers	15.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$8.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Nelnet

This financial data table provides comprehensive performance metrics for Nelnet, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Nelnet generated $1.5B in revenue over the last twelve months.
Net income over the last twelve months reached $251M.

Fiscal Year Performance

In the most recent fiscal year, Nelnet reported $1.2B in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 15.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Nelnet. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Nelnet Stock Performance

Nelnet has current market cap of $4.5B, and EV of $12.4B.

Market Cap Evolution

Nelnet Stock Data

As of September 18, 2025, Nelnet's stock price is $124.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.4B	$4.5B	XXX	XXX	XXX	XXX	$6.45

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Nelnet Valuation Multiples

Nelnet's trades at 10.6x EV/Revenue multiple, and n/a EV/EBITDA.

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Nelnet Financial Valuation Multiples

As of September 18, 2025, Nelnet has market cap of $4.5B and EV of $12.4B.

Equity research analysts estimate Nelnet's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Nelnet has a P/E ratio of 18.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.5B	XXX	$4.5B	XXX	XXX	XXX
EV (current)	$12.4B	XXX	$12.4B	XXX	XXX	XXX
EV/Revenue	8.3x	XXX	10.6x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	n/a	XXX	n/a	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	18.0x	XXX	24.4x	XXX	XXX	XXX
EV/FCF	n/a	XXX	19.3x	XXX	XXX	XXX

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

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Nelnet Margins & Growth Rates

Nelnet's last 12 month revenue growth is 4%

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

Nelnet's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nelnet's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Nelnet Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	n/a	XXX	XXX	XXX

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

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