Nelnet Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Nelnet Inc (NNI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Nelnet Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 1,874M vs 227,499M combined for tracked competitors (0.8% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-91.3% annualized vs trailing 12 months), vs accelerating (+9.9%) for its tracked peer group.
- Growth: Nelnet Inc generated -94.6% revenue growth year over year in Q2 2026, vs 51.9% for its tracked competitors combined.
- Profitability: Its 111.9% net margin compares with 26.5% for the peer group.
- Scale: Nelnet Inc ranks #10 of 30 companies by market capitalization in the Consumer Financial Services industry, holding 1.1% of industry market cap.
- Peer revenue share: Nelnet Inc accounted for 0.1% of combined revenue among its tracked peer group, down from 1.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.33M compares with $0.44M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NNI Sales vs. its Competitors, Q2 2026
Nelnet Inc reported revenue contraction of 94.64 % year on year in Q2 2026, below its competitors' combined revenue growth of 51.87 %.
With a net margin of 111.93 %, Nelnet Inc achieved higher profitability than its competitors (26.47 %).
Nelnet Inc generated 0.06 % of the combined sales of its peer group, down from 1.81 % a year earlier.
Nelnet Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Nelnet Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Nelnet Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Nelnet Inc's competitor groups requires a Commercial License.
For context: the Consumer Financial Services industry grew revenue 9.0% year over year, combined, vs -94.6% for Nelnet Inc. Nelnet Inc's share of combined industry revenue moved from 1.93% to 0.10%, a loss of 1.84 percentage points.
Nelnet Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Nelnet Inc | Yes | No | No | Yes |
| Competitors combined (17) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NNI Stock Performance relative to its Competitors
NNI Stock Performance relative to High-Confidence Competitors
NNI Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Discover Financial Services | 282.9% | Outperformed |
| 2 | Comerica Incorporated | 282.9% | Outperformed |
| 3 | Citigroup inc | 282.9% | Outperformed |
| 4 | First Bancorp | 282.9% | Outperformed |
| 5 | First Bancorp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Nelnet Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Nelnet Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Nelnet Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Nelnet Inc | 4,470.45 | 1,873.97 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| Citigroup inc | 233,259.84 | 88,262.00 |
| Capital one financial corp | 122,021.31 | 51,099.00 |
| Pnc Financial Services Group Inc | 90,139.01 | 25,026.00 |
| Discover Financial Services | 50,412.60 | 13,343.00 |
| SUBTOTAL | 1,083,325.25 | 344,310.10 |
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Sources: Nelnet Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Nelnet Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Nelnet Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Navient Corporation | Named by the company | 85% |
| Fiserv | Named by the company | 85% |
| FedLoan Servicing | Named by the company | 85% |
| Pennsylvania Higher Education Assistance Agency | Named by the company | 85% |
| Great Lakes | Named by the company | 85% |
| First Data | Named by the company | 85% |
| PHEAA | Named by the company | 85% |
| Great Lakes | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
| Bm Technologies Inc | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Nelnet Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Nelnet Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| Aci Worldwide Inc | Payment Software 50.14 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Nelnet Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Nelnet Inc | 4,470 | 326,248 | 41,858 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| Citigroup inc | 233,260 | 390,540 | 72,049 |
| Capital one financial corp | 122,021 | 669,712 | 137,615 |
| Pnc Financial Services Group Inc | 90,139 | 452,280 | 138,832 |
| Discover Financial Services | 50,413 | 632,370 | 222,844 |
| PEERS TOTAL | 1,078,855 | 438,039 | 116,780 |
Nelnet Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aci Worldwide Inc | United States 64.29 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Nelnet Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 29 companies in Nelnet Inc's industry classification, broader than the peer set above. Market cap in millions of $.Nelnet Inc ranks #10 of 29 companies by market capitalization in its industry, holding 1.13 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,783, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | S and p Global Inc | 124,542 | 31.58 % |
| 2 | Moody s Corporation | 80,284 | 20.36 % |
| 3 | Paccar Inc | 58,907 | 14.94 % |
| 4 | Rocket Companies Inc | 33,099 | 8.39 % |
| 5 | Affirm Holdings Inc | 1,234 | 5.2% |
| 6 | Equifax Inc | 1,234 | 5.2% |
| 7 | Transunion | 1,234 | 5.2% |
| 8 | Onemain Holdings Inc | 1,234 | 5.2% |
| 9 | Credit Acceptance Corp | 1,234 | 5.2% |
| 10 | Nelnet Inc | 4,470 | 1.13 % |
Market cap and industry share for the rest of Nelnet Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Nelnet Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 5 | Affirm Holdings Inc | 23,446 | -11.37 % |
| 6 | Equifax Inc | 17,377 | -42.60 % |
| 7 | Transunion | 12,874 | -20.18 % |
| 8 | Onemain Holdings Inc | 6,594 | -3.73 % |
| 9 | Credit Acceptance Corp | 1,234 | 12.3% |
| 10 | Nelnet Inc | 4,470 | -1.39 % |
| 11 | Enova International Inc | 1,234 | 12.3% |
| 12 | Slm Corp | 1,234 | 12.3% |
| 13 | Bread Financial Holdings Inc | 1,234 | 12.3% |
| 14 | Pennymac Financial Services inc | 1,234 | 12.3% |
| 15 | Euronet Worldwide Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Nelnet Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Nelnet Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Consumer Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (37 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 73.82 % | 63.05 % (avg) | +10.8 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 8.99 % | 30.50 % (avg) | -21.5 pp |
| Capital Intensity (Capex / Revenue) | 1.98 % | 8.55 % (avg) | -6.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Nelnet Inc's Valuation vs Competitive Position
Valuation multiples vs the Consumer Financial Services industry average (37 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 15.8x | 19.3x | -3.5x |
| EV / EBITDA | 62.9x | 11.7x | +51.2x |
| P/B | 1.3x | 2.7x | -1.4x |
| Return on Equity | 6.61 % | industry aggregate | -10.21 % |
| Return on Invested Capital | - | 4.81 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Nelnet Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -100.00 % | - | 28.32 % | 0.04 % | 13.10 % | 27.76 % | 32.50 % | -0.54 % |
| Operating Margin | - | 16.97 % | 33.70 % | 37.55 % | 33.69 % | 3.84 % | 8.93 % | 10.62 % |
| Return on Invested Capital | - | 0.68 % | 1.81 % | 2.01 % | 2.21 % | 0.36 % | 1.30 % | 1.69 % |
| P/E | - | 17.2x | 7.6x | 9.0x | 8.7x | 35.3x | 21.7x | 11.2x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Nelnet Inc's BCG Growth-Share Matrix
Relative market share (vs Nelnet Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Nelnet Inc falls in the Dog quadrant: relative market share of 0.04x vs its largest competitor, in an industry growing revenue 6.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Nelnet Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,783 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.98 % vs industry average 8.55 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Nelnet Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Nelnet Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Nelnet Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Nelnet Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Nelnet Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 10.2 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-91.3% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.04x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
- Losing revenue share to the broader industry (-1.8 points over the past year).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Nelnet Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Nelnet Inc | 0.21 | 10.67 | 2.09 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
| Capital one financial corp | 0.03 | 1.03 | 0.39 |
| Pnc Financial Services Group Inc | 0.03 | 0.02 | 1.15 |
| Discover Financial Services | 0.13 | 1.36 | 0.04 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Nelnet Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Nelnet Inc | Q2 2026 | -94.6 % | -74.4 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| Capital one financial corp | Q2 2026 | +1,392.5 % | - |
| Pnc Financial Services Group Inc | Q2 2026 | +21.4 % | +25.1 % |
| Discover Financial Services | Q1 2025 | +12.9 % | +25.6 % |
| PEERS TOTAL | +34.9 % | +74.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Nelnet Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Nelnet Inc | Q2 2026 | +11.7 % | +71.1 % |
| Bank Of America Corporation | Q2 2026 | - | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
| Capital one financial corp | Q2 2026 | -73.8 % | -8.0 % |
| Pnc Financial Services Group Inc | Q2 2026 | - | - |
| Discover Financial Services | Q1 2025 | -16.9 % | -9.9 % |
Nelnet Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Nelnet Inc | 1.71% | 1.86% | 6.61% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
| Capital one financial corp | 1.56% | 3.24% | 9.26% |
| Pnc Financial Services Group Inc | 1.30% | 3.15% | 12.42% |
| Discover Financial Services | 3.14% | 3.18% | 26.87% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Nelnet Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Nelnet Inc | 14.86 | 2.39 |
| Bank Of America Corporation | 12.78 | 3.34 |
| Citigroup inc | 16.34 | 2.64 |
| Capital one financial corp | 11.69 | 2.39 |
| Pnc Financial Services Group Inc | 12.33 | 3.60 |
| Discover Financial Services | 10.69 | 3.78 |
| PEERS AVERAGE | 11.84 | 3.15 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.