Navient

NAVI · Financials · Financials, fiscal 2016 to 2025

NAVI · Last close · November 6, 2026

$8.42

Navient's revenue fell 47.0% to $610 million in fiscal 2025. Its net margin was −13.1%, down from 11.4% a year earlier. It paid out $174 million in dividends and buybacks. The diluted share count fell 10.8%.

Navient LLC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001193125-26-076753 Updated November 5, 2026

Revenue

$610M

47.0%

Net margin

−13.1%

24.5 pts

Net income

−$80M

$131M a year earlier

Free cash flow

—

Return on capital

4.0%

0.7 pts

Market cap

$800M

Nov 6 close

P/E

—

Loss: no P/E

Net margin is net 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.

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 2024, earnings per share fell 7.1% a year and net income 18.6% a year, while buybacks cut the share count by 66%. Navient then lost money in fiscal 2025.

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	905	1,535	839	722	637
Debt incl. finance leases	76,978	66,896	57,628	48,318	45,706
Net debt (negative means net cash)	76,073	65,361	56,789	47,596	45,069
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	18.3x	—
Interest coverage	1.7x	1.4x	1.1x	1.1x	1.0x
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

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Navient's filings doesn't give both for any year, so free cash flow is left out.

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 Navient'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 Navient's projections

Insider trades

No officer, director or 10% owner of Navient reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. 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	—	—	—
Altman Z''	—	—	—
Accruals ratio	−0.7%	−0.6%	−1.0%

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

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

Compare

Put Navient 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
Navient	FY25	−47.0%	—	—	4.0%	—	—
World Acceptance	FY26	3.7%	—	43.7%	8.0%	5.6x	—	Compare
Dave	FY25	59.7%	—	52.3%	72.9%	−0.4x	6	Compare
EZCORP	FY25	9.7%	11.7%	8.7%	10.9%	0.3x	7	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	2,524	2,208	1,942	2,041	1,682	2,138	1,737	1,271	1,152	610
Revenue growth	−19.2%	−12.5%	−12.1%	5.1%	−17.6%	27.1%	−18.8%	−26.8%	−9.4%	−47.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	681	292	395	597	412	717	645	228	131	−80
Diluted EPS (US$)	2.12	1.04	1.49	2.56	2.12	4.18	4.49	1.85	1.18	−0.81
Diluted shares (millions)	322	281	264	233	195	172	144	123	111	99
Cash flow
Cash from operations	1,347	1,158	1,140	1,019	987	702	305	676	459	441
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	201	176	166	147	123	107	91	78	70	63
Share buybacks	755	440	220	440	400	600	400	310	179	111
Acquisitions	0	216	0	0	0	16	0	0	0	0
Stock-based compensation	26	35	25	25	18	22	19	24	23	21
Balance sheet at fiscal year end
Cash and short-term investments	1,253	1,518	1,286	1,233	1,183	905	1,535	839	722	637
Debt incl. finance leases	114,702	109,783	98,941	90,198	83,945	76,978	66,896	57,628	48,318	45,706
Total assets	121,136	114,991	104,176	94,903	87,412	80,605	70,795	61,375	51,789	48,681
Total liabilities	117,413	111,506	100,629	91,554	84,965	77,997	67,818	58,615	49,148	46,282
Shareholders' equity	3,699	3,454	3,519	3,336	2,433	2,597	2,977	2,760	2,641	2,399
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	27.0%	13.2%	20.3%	29.2%	24.5%	33.5%	37.1%	17.9%	11.4%	−13.1%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	1.8%	1.6%	3.0%	3.4%	2.2%	2.1%	3.1%	4.4%	4.7%	4.0%
Return on equity	—	—	—	—	—	—	—	—	—	−3.2%
Return on assets	0.5%	0.2%	0.4%	0.6%	0.5%	0.8%	0.8%	0.3%	0.2%	−0.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

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