Nelnet - Public Comps and Valuation Multiples

Nelnet Overview

About Nelnet

Nelnet Inc is a United States based company engaged in these four 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 Payment Processing provides education services, payment technology, and community management solutions for K-12 schools, institutions, churches, and businesses; Asset Generation and Management Includes the acquisition and management of student and other loan assets; and Nelnet Bank focuses on the private education and unsecured consumer loan markets. Loan Servicing and Systems Segment derives majority of the company's revenue.

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

$12.5B

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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 March 14, 2025, Nelnet's stock price is $115.

Nelnet has current market cap of $4.2B, and EV of $12.5B.

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Nelnet Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.5B	$4.2B	XXX	XXX	XXX	XXX	$5.16

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Nelnet Valuation Multiples

As of March 14, 2025, Nelnet has market cap of $4.2B and EV of $12.5B.

Nelnet's trades at 8.5x 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	$12.5B	XXX	XXX	XXX
EV/Revenue	10.7x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	22.7x	XXX	XXX	XXX
P/E/Growth	1.9x	XXX	XXX	XXX
EV/FCF	19.5x	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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