SLM
SLM's revenue rose 7.3% to $2.0 billion in fiscal 2025. Net income was $745 million, up 22.4%. Its return on equity was 32.3%, up from 30.1% a year earlier. Its efficiency ratio was 33.2%, down from 34.7% a year earlier. It paid out $476 million in dividends and buybacks. The diluted share count fell 4.1%.
Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. 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.
Revenue and returns
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 23.2% a year and net income 12.9% a year, as buybacks cut the share count by 51%.
Efficiency and income mix
Payouts and share count
Valuation
Value SLM yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from SLM's earnings per share of $2.75 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 10.6×, the middle of SLM's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $19.62
- Value at this multiple, against the last close
- —
- SLM's P/E at the last close
- 7.1×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| SoFi TechnologiesSOFI | $14.46 | $0.49 | 29.5× |
| Capital OneCOF | $202.35 | $16.70 | 12.1× |
| Ally FinancialALLY | $38.81 | $4.25 | 9.1× |
| Synchrony FinancialSYF | $74.83 | $9.60 | 7.8× |
| SLMSLM | $19.62 | $2.75 | 7.1× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | 20,341 | 19,627 | 20,306 | 20,902 | 20,332 |
| Deposits | 20,828 | 21,448 | 21,653 | 21,069 | 21,060 |
| Loans to deposits | 97.7% | 91.5% | 93.8% | 99.2% | 96.5% |
| Provision for credit losses | −233 | 414 | 243 | 361 | — |
| Provision to average loans | −1.2% | 2.1% | 1.2% | 1.8% | — |
| Total assets | 29,222 | 28,811 | 29,170 | 30,072 | 29,746 |
| Shareholders' equity | 2,150 | 1,727 | 1,881 | 2,160 | 2,451 |
Insider trades
No officer, director or 10% owner of SLM reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.
Compare
Put SLM 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 | Net margin | Return on equity | Return on tangible equity | Efficiency ratio | Compare |
|---|---|---|---|---|---|---|---|
| SLM | FY25 | 7.3% | 37.5% | 32.3% | 32.4% | 33.2% | |
| SoFi Technologies | FY25 | 35.1% | 13.3% | 5.7% | 7.0% | 84.6% | Compare |
| Ally Financial | FY25 | −3.3% | 10.8% | 5.8% | 6.2% | 68.1% | Compare |
| Synchrony Financial | FY25 | −2.8% | 18.7% | 21.3% | 24.6% | 27.1% | Compare |
| Capital One | FY25 | 36.6% | 4.6% | 2.8% | 3.8% | 57.1% | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 960 | 1,126 | 1,361 | 1,672 | 1,811 | 2,027 | 1,823 | 1,809 | 1,849 | 1,984 |
| Revenue growth | 8.5% | 17.3% | 20.9% | 22.9% | 8.3% | 11.9% | −10.1% | −0.8% | 2.2% | 7.3% |
| Net interest income | 891 | 1,129 | 1,413 | 1,623 | 1,480 | 1,395 | 1,489 | 1,562 | 1,481 | 1,502 |
| Noninterest income | 69 | −3 | −52 | 49 | 331 | 632 | 335 | 247 | 368 | 483 |
| Noninterest expense | 386 | 449 | 557 | 574 | 564 | 520 | 559 | 686 | 642 | 659 |
| Provision for credit losses | 159 | 186 | 245 | 354 | 93 | −233 | 414 | 243 | 361 | — |
| Net income | 250 | 289 | 488 | 578 | 881 | 1,160 | 469 | 581 | 608 | 745 |
| Diluted EPS (US$) | 0.53 | 0.62 | 1.07 | 1.30 | 2.25 | 3.61 | 1.76 | 2.41 | 2.68 | 3.46 |
| Diluted shares (millions) | 433 | 439 | 440 | 431 | 387 | 320 | 262 | 234 | 220 | 211 |
| Payouts | ||||||||||
| Dividends paid | 21 | 0 | 0 | 51 | 46 | 60 | 113 | 101 | 99 | 108 |
| Share buybacks | 0 | 0 | 0 | 167 | 558 | 1,531 | 713 | 350 | 248 | 369 |
| Balance sheet at fiscal year end | ||||||||||
| Loans, net | 15,138 | 18,568 | 22,271 | 24,668 | 19,183 | 20,341 | 19,627 | 20,306 | 20,902 | 20,332 |
| Deposits | 13,436 | 15,505 | 18,943 | 24,284 | 22,666 | 20,828 | 21,448 | 21,653 | 21,069 | 21,060 |
| Total assets | 18,533 | 21,780 | 26,638 | 32,686 | 30,770 | 29,222 | 28,811 | 29,170 | 30,072 | 29,746 |
| Shareholders' equity | 2,347 | 2,474 | 2,973 | 3,312 | 2,563 | 2,150 | 1,727 | 1,881 | 2,160 | 2,451 |
| Ratios | ||||||||||
| Return on equity | 11.3% | 12.0% | 17.9% | 18.4% | 30.0% | 49.2% | 24.2% | 32.2% | 30.1% | 32.3% |
| Return on tangible common equity | 10.3% | 11.3% | 17.3% | 17.9% | 29.6% | 49.0% | 24.1% | 32.2% | 30.0% | 32.4% |
| Return on assets | 1.5% | 1.4% | 2.0% | 1.9% | 2.8% | 3.9% | 1.6% | 2.0% | 2.0% | 2.5% |
| Efficiency ratio | 40.2% | 39.9% | 40.9% | 34.3% | 31.1% | 25.6% | 30.7% | 37.9% | 34.7% | 33.2% |