Enova International

ENVA · NYSE · Financials · Financials, fiscal 2016 to 2025

ENVA · Last close · November 6, 2026

$172.48

Enova International's revenue rose 18.6% to $3.2 billion in fiscal 2025. Its operating margin was 23.5%, up from 22.0% a year earlier. Free cash flow was $1.8 billion, up 18.5%. It paid out $215 million in dividends and buybacks, 12% of free cash flow. The diluted share count fell 5.1%.

Enova International, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001193125-26-060461 Updated November 5, 2026

Revenue

$3.2B

18.6%

Operating margin

23.5%

1.5 pts

Net income

$308M

47.2%

Free cash flow

$1.8B

18.5%

Return on capital

10.9%

0.6 pts

Market cap

$4.6B

Nov 6 close

P/E

11.9x

On $14.51 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Enova International does

Enova International is an online lender. It makes loans and lines of credit to consumers and small businesses that have bank accounts but limited access to credit from traditional banks and card issuers. It offers consumer installment loans in 37 states and in Brazil, and small business loans and lines of credit in 49 states and Washington, D.C. It also runs a money transfer service, Pangea, for sending money from the United States to Mexico, other Latin American countries and Asia.

It earns money mainly from interest and fees on its loans. It markets under names including CashNetUSA, NetCredit, OnDeck and Headway Capital. It has one reportable segment. It decides whom to lend to with its own scoring models, many of which use machine learning, and usually funds approved loans the next business day. Some loans are made through partner banks, for which it earns marketing and servicing fees. The United States provides nearly all of its revenue.

It has agreed to acquire Grasshopper, a deal that still needs regulatory approval.

Its biggest risks, as it describes them

It is heavily regulated, and new laws could restrict its products or raise its costs.
Negative public views of its lending, or an unfavorable CFPB supervision outcome, could hurt demand.
It needs access to payment systems such as the Automated Clearing House to send and collect money.
Customers who give false or incorrect information could lead it to misjudge who can repay.
The pending Grasshopper acquisition may not close, or may not work out as planned.

From Enova International's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 30.8% a year and net income 27.5% a year, as buybacks cut the share count by 20%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	166	100	54	74	72
Debt incl. finance leases	1,384	2,259	2,944	3,564	4,498
Net debt (negative means net cash)	1,219	2,158	2,889	3,490	4,427
Net debt to EBITDA	2.7x	5.1x	6.3x	5.6x	5.7x
Debt to equity	1.3x	1.9x	2.4x	3.0x	3.4x
Interest coverage	5.4x	3.3x	2.2x	2.0x	2.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Enova International's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Enova International's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Enova International shares on the open market, and 7 insiders sold $59.5 million, $28.7 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 29, 2026	Sean RahillyGeneral Counsel and Secretary	Sold	10,000	$183.26	$1.8 million	Form 4
Sep 17, 2026	David FisherExecutive Chairman, Director	Sold plan	20,750	$178.24	$3.7 million	Form 4
Aug 26, 2026	David FisherExecutive Chairman, Director	Sold plan	9,078	$239.16	$2.2 million	Form 4
Aug 25, 2026	David FisherExecutive Chairman, Director	Sold plan	9,491	$244.01	$2.3 million	Form 4
Jul 15, 2026	David FisherExecutive Chairman, Director	Sold plan	11,494	$231.45	$2.7 million	Form 4
Jul 14, 2026	David FisherExecutive Chairman, Director	Sold plan	17,006	$231.51	$3.9 million	Form 4
Jun 18, 2026	Mark TebbeDirector	Sold	20,000	$201.37	$4.0 million	Form 4
Jun 17, 2026	David FisherExecutive Chairman, Director	Sold plan	33,060	$199.05	$6.6 million	Form 4
Jun 16, 2026	William M GoodyearDirector	Sold	3,500	$188.02	$658,070	Form 4
Jun 1, 2026	William M GoodyearDirector	Sold	5,983	$163.13	$976,007	Form 4
May 29, 2026	Linda Johnson RiceDirector	Sold	1,300	$161.20	$209,560	Form 4
May 22, 2026	David FisherExecutive Chairman, Director	Sold plan	3,076	$158.45	$487,392	Form 4

The latest 12 of 25 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	74.9%	81.8%	74.8%
Altman Z''	—	—	—
Accruals ratio	−23.7%	−27.0%	−25.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Enova International side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Enova International	FY25	18.6%	23.5%	56.2%	10.9%	5.7x	—
FirstCash	FY25	8.0%	—	14.5%	10.7%	3.3x	8	Compare
PROG	FY25	0.4%	8.6%	13.5%	13.2%	1.2x	—	Compare
OneMain	FY25	8.9%	—	—	7.1%	8.6x	—	Compare
Encore Capital Group	FY25	34.4%	35.4%	7.2%	10.5%	5.9x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	746	729	973	1,175	1,084	1,208	1,736	2,118	2,658	3,152
Revenue growth	14.2%	−2.2%	33.4%	20.8%	−7.8%	11.5%	43.7%	22.0%	25.5%	18.6%
Gross profit	418	375	469	572	684	1,024	1,118	1,230	1,529	1,830
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	122	116	176	248	358	413	384	422	585	739
Net income	35	29	70	37	378	256	207	175	209	308
Diluted EPS (US$)	1.03	0.86	1.99	1.06	11.70	6.79	6.19	5.49	7.43	11.52
Diluted shares (millions)	34	34	35	34	32	38	34	32	28	27
Cash flow
Cash from operations	393	447	685	849	741	472	894	1,167	1,539	1,819
Capital expenditure	14	15	15	20	30	30	44	45	43	47
Free cash flow	379	432	670	829	711	442	850	1,122	1,495	1,772
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	5	17	34	56	117	143	153	289	215
Acquisitions	0	0	0	0	110	29	0	0	0	0
Stock-based compensation	8	11	12	12	18	21	22	27	32	33
Balance sheet at fiscal year end
Cash and short-term investments	40	50	28	36	297	166	100	54	74	72
Debt incl. finance leases	650	788	858	991	946	1,384	2,259	2,944	3,564	4,498
Total assets	978	1,160	1,334	1,574	2,108	2,762	3,781	4,586	5,266	6,468
Total liabilities	736	878	987	1,198	1,189	1,668	2,595	3,345	4,069	5,132
Shareholders' equity	242	282	348	377	917	1,093	1,186	1,240	1,197	1,337
Margins and ratios
Gross margin	56.0%	51.5%	48.2%	48.7%	63.1%	84.8%	64.4%	58.1%	57.5%	58.1%
Operating margin	16.3%	15.9%	18.1%	21.1%	33.0%	34.2%	22.1%	19.9%	22.0%	23.5%
Net margin	4.6%	4.0%	7.2%	3.1%	34.9%	21.2%	11.9%	8.3%	7.9%	9.8%
Free cash flow margin	50.8%	59.3%	68.9%	70.5%	65.6%	36.6%	49.0%	53.0%	56.3%	56.2%
Rule of 40 (growth + FCF margin)	65.1%	57.0%	102.3%	91.3%	57.9%	48.1%	92.7%	74.9%	81.8%	74.8%
Return on capital	9.4%	11.1%	14.7%	14.9%	21.4%	16.2%	10.3%	8.7%	10.2%	10.9%
Return on equity	15.5%	11.2%	22.3%	10.1%	58.4%	25.5%	18.2%	14.4%	17.2%	24.3%
Return on assets	3.8%	2.7%	5.6%	2.5%	20.5%	10.5%	6.3%	4.2%	4.2%	5.3%
Net debt to EBITDA	4.5x	5.7x	4.4x	3.6x	1.7x	2.7x	5.1x	6.3x	5.6x	5.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Enova International's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Enova International.