Nelnet, Inc. Financial Ratios — NNI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	22.09	16.57	23.8	19.74	14.95	13.04	8.24	10.26	6.06	14.1	14.14	13.18	2.76	5.57	12.2
Return on Assets (%)	0.79	0.68	1.11	1.06	0.89	0.89	0.68	0.93	0.58	1.52	1.77	1.98	0.5	1.21	3.08
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	0.5	1.13	1.08	0.9	0.91	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	15.58	48.66	66.13	69.19	67.34	64.72	19.33	18.28	19.69	19.04	10.66	12.71	15.01	11.37	6.71
Operating Margin (%)	- -	30.73	56.48	56.26	52.03	49.51	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	415.2	-1,544.78	153.45	38.22	186.77	769.2	431.17	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	48.45	42.15	56.48	56.26	52.03	49.51	31.79	28.33	18.06	43.21	40.44	36.19	7.1	19.6	38.96
Profit Margin (%)	30.77	27.33	36.72	36.86	33.15	31.87	24.28	22.56	14.49	33.81	31.68	29.34	9.28	15.78	31.71
Net Income to Common Margin (%)	30.77	27.33	36.72	36.86	33.15	31.87	24.28	22.56	14.49	33.81	31.68	29.34	9.28	15.78	31.71
Effective Tax Rate (%)	36.5	35	34.63	34.13	36.23	35.43	28.61	20.53	20.06	22.39	23.07	22.54	28.21	23.04	24.32
Dvd Payout Ratio (%)	8.69	37.03	6.07	5.96	7.08	8.2	16.01	11.82	20.94	9.16	9.08	9.88	446.22	24.34	11.68
Sustainable Growth Rate (%)	20.17	10.44	22.35	18.56	13.89	11.97	6.92	9.04	4.79	12.81	12.85	11.87	-9.56	4.21	10.78

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	24,435	25,099	25,955	28,027	28,106	24,668	21,357	22,219	20,529	19,321	17,147	14,070	11,620	8,310	7,781
ST Debt	889	1,609	1,441	1,242	1,956	1,677	346	1,297	945	553	117	1,132	1,422	943	982
LT Debt	23,546	23,490	24,514	26,786	26,150	22,991	21,011	20,922	19,584	18,767	17,030	12,938	10,198	7,367	6,799
Total Debt/EBITDA	236.15	79.21	47.62	48.53	51.63	47.32	154.96	120.31	106.55	97.35	129.58	79.83	79.92	62.7	85.86
Net Debt/EBITDA	235.73	79	47.51	48.31	51.51	47.18	154.47	119.65	105.86	96.74	128.64	79.16	78.77	61.23	82.6
Total Debt/EBIT	- -	125.43	55.75	59.69	66.82	61.85	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	125.1	55.62	59.42	66.67	61.68	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.94	4.25	5.09	5.66	6.19	7.56	8.95	9.12	10.03	11.58	13.57	16.7	19.57	24.25	26.18
Long-Term Debt/Equity (%)	2,208.37	2,015.91	1,697.65	1,552.18	1,382.02	1,110.18	970.29	903.84	819.06	714.04	576.74	404.31	318.68	223.29	190.06
Long-Term Debt/Capital (%)	92.51	89.56	89.57	90.09	87.18	86	89.34	85.29	85.48	85.54	84.77	74.76	68.73	63.51	59.88
Long-Term Debt/Total Assets (%)	91.08	88.28	88.27	88.99	85.97	84.55	87.67	82.95	82.6	82.87	78.56	66.78	61.02	53.47	48.34
Total Debt/Equity (%)	2,291.73	2,154.01	1,797.47	1,624.14	1,485.39	1,191.18	986.27	959.86	858.56	735.09	580.7	439.7	363.12	251.88	217.51
Total Debt/Capital (%)	96	95.69	94.83	94.27	93.7	92.27	90.81	90.58	89.6	88.06	85.35	81.3	78.32	71.64	68.53
Total Debt/Total Assets (%)	94.52	94.33	93.46	93.12	92.4	90.72	89.12	88.1	86.59	85.32	79.1	72.62	69.53	60.31	55.33
Net Debt to Equity	2,287.74	2,148.35	1,793.09	1,616.57	1,482.03	1,187.82	983.19	954.62	852.96	730.48	576.45	436.01	357.87	245.98	209.24
Net Debt/Capital (%)	95.99	95.68	94.82	94.25	93.69	92.25	90.79	90.53	89.54	88	85.26	81.17	78.07	71.15	67.69
EBITDA	103	317	545	577	544	521	138	185	193	198	132	176	145	133	91
EBITDA-CapEx	89	307	528	551	528	454	-18	60	100	85	73	117	71	112	64
Operating Income (Loss)	- -	200	466	470	421	399	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.94	4.25	5.09	5.66	6.19	7.56	8.95	9.12	10.03	11.58	13.57	16.7	19.57	24.25	26.18
Long-Term Debt/Equity (%)	2,208.37	2,015.91	1,697.65	1,552.18	1,382.02	1,110.18	970.29	903.84	819.06	714.04	576.74	404.31	318.68	223.29	190.06
Long-Term Debt/Capital (%)	92.51	89.56	89.57	90.09	87.18	86	89.34	85.29	85.48	85.54	84.77	74.76	68.73	63.51	59.88
Long-Term Debt/Total Assets (%)	91.08	88.28	88.27	88.99	85.97	84.55	87.67	82.95	82.6	82.87	78.56	66.78	61.02	53.47	48.34
Total Debt/Equity (%)	2,291.73	2,154.01	1,797.47	1,624.14	1,485.39	1,191.18	986.27	959.86	858.56	735.09	580.7	439.7	363.12	251.88	217.51
Total Debt/Capital (%)	96	95.69	94.83	94.27	93.7	92.27	90.81	90.58	89.6	88.06	85.35	81.3	78.32	71.64	68.53
Total Debt/Total Assets (%)	94.52	94.33	93.46	93.12	92.4	90.72	89.12	88.1	86.59	85.32	79.1	72.62	69.53	60.31	55.33
CFO/Total Liabilities	1.25	1.18	1.47	1.26	1.37	1.19	1.48	1.18	1.4	1.74	2.57	4.22	3.2	6.33	4.03
CFO/CapEx	21.94	30.1	22.76	13.49	23.35	4.44	2.07	2.17	3.23	3.08	8.15	11.5	5.83	31.71	16.12
Altman's Z-Score	0.11	0.14	0.2	0.2	0.19	0.24	0.22	0.23	0.25	0.29	0.37	0.44	0.48	0.65	0.75

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	1.79	1.75	2.22	2.16	1.93	1.85	1.58	1.67	2.29	10.87	10.36	7.74	4.95	6.55	7.65
Days Sales Outstanding	204.12	208.29	164.26	168.98	189.02	197.18	231.22	218.01	159.31	33.58	35.24	47.13	73.69	55.74	47.73
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	1,178	1,411	1,962	2,153	1,528	2,165	2,289	2,141	2,332	2,783	3,768	3,412	3,301	3,914	4,832
- Cash & Cash Equivalents	43	66	63	130	64	70	67	121	134	121	126	118	168	195	296
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	8	9	16	10	4	-4	2	1	-54	-51	-109
+ Total Debt	24,435	25,099	25,955	28,027	28,106	24,668	21,357	22,219	20,529	19,321	17,147	14,070	11,620	8,310	7,781
Enterprise Value	25,570	26,371	27,674	29,912	29,437	26,670	23,518	24,196	22,679	21,630	19,861	15,976	13,761	10,995	11,079
Total Capital	25,453	26,229	27,370	29,731	29,996	26,734	23,517	24,529	22,911	21,939	20,090	17,306	14,837	11,600	11,354
Total Debt/Capital (%)	96	95.69	94.83	94.27	93.7	92.27	90.81	90.58	89.6	88.06	85.35	81.3	78.32	71.64	68.53
Total Debt / EV	0.96	0.95	0.94	0.94	0.95	0.92	0.91	0.92	0.91	0.89	0.86	0.88	0.84	0.76	0.7
EV/Sales	38.5	40.5	33.58	35.84	36.41	33.11	32.98	23.95	23.18	20.75	16	11.52	14.21	9.43	8.2
EV/EBITDA	247.12	83.22	50.78	51.8	54.07	51.15	170.64	131.01	117.71	108.98	150.1	90.65	94.65	82.96	122.26
EV/EBIT	- -	131.79	59.45	63.71	69.98	66.87	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	82.26	88.1	71.48	83.68	75.22	88.84	72.98	89.32	75.87	61.96	41.35	23.39	31.85	16.59	26.19
EV/Free Cash Flow to Firm	78.67	85.27	68.47	77.91	72.13	72.51	49.17	61.11	57.94	46.78	36.83	21.52	27.19	16.08	24.66
Diluted Market Cap	1,178	1,411	1,962	2,153	1,528	2,165	2,289	2,141	2,332	2,783	3,768	3,412	3,301	3,914	4,832
Diluted Enterprise Value	25,570	26,444	27,855	30,050	29,579	26,774	23,595	24,249	22,732	21,978	20,791	17,365	14,699	11,978	12,208
EV per Share	530.98	556.71	594.24	643.7	646.54	625.04	562.74	591.46	566.31	553.76	514.91	424.86	367.79	300.05	304.86
TTM Sales	664	651	824	835	808	806	713	1,010	978	1,043	1,242	1,387	968	1,166	1,351
TTM EBITDA	103	317	545	577	544	521	138	185	193	198	132	176	145	133	91
TTM Operating Income	- -	200	466	470	421	399	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	311	299	387	357	391	300	322	271	299	349	480	683	432	663	423
TTM Free Cash Flow to Firm	325	309	404	384	408	368	478	396	391	462	539	742	506	684	449

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.63	4.56	4.86	5.61	3.74	5.89	4.79	5.41	5.96	6.02	6.99	4.6	6.52	5.72	10.76
EV/EBIT	- -	131.79	59.45	63.71	69.98	66.87	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	25,570	26,371	27,674	29,912	29,437	26,670	23,518	24,196	22,679	21,630	19,861	15,976	13,761	10,995	11,079
Low Price	16.5	21.49	28.85	34.86	30.55	27.8	38.72	47.59	51.19	36.7	67.93	72.94	81.67	82.22	98.15
EV/Sales	38.5	40.5	33.58	35.84	36.41	33.11	32.98	23.95	23.18	20.75	16	11.52	14.21	9.43	8.2
EV/EBITDA	247.12	83.22	50.78	51.8	54.07	51.15	170.64	131.01	117.71	108.98	150.1	90.65	94.65	82.96	122.26
Price/Earnings	5.77	7.93	6.48	7	5.7	8.43	13.22	9.39	16.45	7.9	9.58	8.39	36.75	21.27	11.28
Price/Earnings Average	5.05	6.62	5.73	6.38	6.91	6.47	11.67	10.02	16.81	6.36	7.69	8.02	38.38	20.33	10.19
Price/Earnings High	5.83	7.98	7	7.33	8.29	9.14	14.4	11.49	19.76	8.19	9.79	9.19	42.32	25.35	11.95
Price/Earnings Low	3.89	5.72	4.44	5.27	5.19	4.62	9.34	8.54	14.46	4.07	6.66	6.74	34.02	16.37	8.32
Price/Book Value	1.16	1.25	1.39	1.26	0.81	1.05	1.07	0.93	0.98	1.06	1.28	1.05	1.01	1.17	1.31
Price/Book Value Average	1.01	1.04	1.23	1.15	0.98	0.81	0.94	0.99	1	0.86	1.03	1.01	1.05	1.12	1.19
Price/Book Value High	1.17	1.26	1.5	1.32	1.18	1.14	1.16	1.14	1.18	1.1	1.31	1.16	1.16	1.4	1.39
Price/Book Value Low	0.78	0.9	0.95	0.95	0.74	0.58	0.75	0.85	0.86	0.55	0.89	0.85	0.93	0.9	0.97
Price/Tangible Book Value	1.28	1.36	1.49	1.38	0.9	1.15	1.15	1.05	1.08	1.15	1.37	1.15	1.1	1.26	1.43
Price/Tangible Book Value Average	1.12	1.13	1.31	1.26	1.09	0.89	1.02	1.12	1.11	0.93	1.1	1.1	1.15	1.2	1.29
Price/Tangible Book Value High	1.29	1.37	1.6	1.45	1.31	1.25	1.25	1.28	1.3	1.2	1.4	1.26	1.27	1.5	1.51
Price/Tangible Book Value Low	0.86	0.98	1.02	1.04	0.82	0.63	0.81	0.95	0.95	0.59	0.95	0.93	1.02	0.97	1.05
Price/Sales	1.77	2.17	2.38	2.58	1.89	2.69	3.21	2.12	2.38	2.67	3.03	2.46	3.41	3.36	3.58
Price/Sales Average	1.55	1.81	2.1	2.35	2.29	2.06	2.83	2.26	2.44	2.15	2.44	2.35	3.56	3.21	3.23
Price/Sales High	1.79	2.18	2.57	2.7	2.75	2.91	3.5	2.59	2.86	2.77	3.1	2.7	3.93	4	3.79
Price/Sales Low	1.2	1.56	1.63	1.94	1.72	1.47	2.27	1.93	2.1	1.37	2.11	1.98	3.16	2.58	2.64
Price/Cash Flow	3.79	4.71	5.07	6.02	3.91	7.21	7.1	7.9	7.8	7.97	7.84	5	7.64	5.9	11.42
Price/Cash Flow Average	3.32	3.93	4.48	5.49	4.73	5.53	6.27	8.43	7.97	6.43	6.3	4.77	7.98	5.64	10.32
Price/Cash Flow High	3.83	4.74	5.47	6.31	5.68	7.82	7.74	9.67	9.37	8.27	8.01	5.48	8.8	7.04	12.1
Price/Cash Flow Low	2.56	3.4	3.47	4.53	3.55	3.95	5.02	7.19	6.86	4.11	5.46	4.02	7.07	4.54	8.43
Price/Free Cash Flow Average	3.18	3.81	4.29	5.11	4.54	4.52	4.22	5.77	6.09	4.85	5.61	4.39	6.81	5.47	9.71
Price/Free Cash Flow High	3.67	4.59	5.24	5.87	5.44	6.38	5.21	6.61	7.16	6.24	7.14	5.04	7.51	6.82	11.4
Price/Free Cash Flow Low	2.44	3.29	3.32	4.22	3.41	3.23	3.38	4.92	5.24	3.1	4.86	3.69	6.04	4.41	7.94
EV/Sales Average	38.28	40.25	33.52	35.78	36.99	32.61	32.71	24.14	23.29	20.56	16.15	12.41	15.33	10.12	8.69
EV/Sales High	38.52	40.62	33.99	36.13	37.45	33.46	33.38	24.47	23.71	21.18	16.81	12.76	15.7	10.92	9.25
EV/Sales Low	37.92	40	33.05	35.37	36.42	32.02	32.15	23.81	22.94	19.79	15.82	12.04	14.93	9.5	8.1
EV/EBITDA Average	245.71	82.72	50.69	51.71	54.93	50.38	169.25	132.07	118.25	108.02	151.51	97.67	102.11	89.08	129.55
EV/EBITDA High	247.25	83.48	51.39	52.21	55.61	51.7	172.68	133.88	120.43	111.26	157.74	100.39	104.54	96.06	137.89
EV/EBITDA Low	243.41	82.21	49.97	51.11	54.08	49.47	166.33	130.25	116.52	103.94	148.45	94.73	99.42	83.59	120.76
EV/EBIT Average	- -	130.99	59.34	63.6	71.08	65.87	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	132.2	60.17	64.22	71.97	67.59	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	130.19	58.5	62.87	69.99	64.68	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	24.47	29.79	42.14	46.33	33.57	50.75	54.78	52.34	58.24	71.24	97.68	90.75	88.22	106.81	132.96
High Price	24.75	29.98	45.49	48.52	48.8	55.01	59.68	64	69.97	73.92	99.79	99.49	101.6	127.32	140.87
Enterprise Value Average	25,424	26,211	27,626	29,861	29,901	26,269	23,326	24,392	22,783	21,439	20,049	17,214	14,846	11,806	11,740
Enterprise Value High	25,584	26,453	28,011	30,152	30,272	26,955	23,800	24,726	23,202	22,083	20,872	17,694	15,200	12,730	12,496
Enterprise Value Low	25,187	26,051	27,236	29,517	29,441	25,794	22,924	24,055	22,450	20,629	19,644	16,696	14,454	11,077	10,943

Shares Outstanding	47	47	46	46	44	42	41	40	40	38	38	37	37	36	36
Diluted Weighted Avg Shares	48	47	47	46	46	43	42	41	40	39	39	38	37	37	36
Basic Weighted Avg Shares	48	47	47	46	46	43	42	41	40	39	39	38	37	37	36
Revenue per Share	13.79	13.75	17.7	17.96	17.76	18.88	17.06	24.7	24.43	26.69	32.19	36.88	25.88	31.82	37.18
EBITDA per Share	2.15	6.69	11.7	12.43	11.96	12.22	3.3	4.51	4.81	5.08	3.43	4.69	3.89	3.62	2.49
Operating Income per Share	- -	4.22	10	10.1	9.24	9.35	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	4.24	3.76	6.5	6.62	5.89	6.02	4.14	5.57	3.54	9.02	10.2	10.82	2.4	5.02	11.79
Basic EPS from Cont Ops	4.24	3.77	6.54	6.66	5.89	6.03	3.87	5.56	3.53	8.95	10.01	10.34	1.32	4.8	10.96
Diluted EPS, GAAP	4.24	3.76	6.5	6.62	5.89	6.02	4.14	5.57	3.54	9.02	10.2	10.82	2.4	5.02	11.79
Diluted EPS from Cont Ops	4.24	3.77	6.54	6.66	5.89	6.03	3.87	5.56	3.53	8.95	10.01	10.34	1.32	4.8	10.96
Dividend per Share	0.37	1.4	0.4	0.4	0.42	0.5	0.58	0.66	0.74	0.81	0.89	0.97	1.05	1.11	1.18
Cash Flow per Share	6.46	6.32	8.31	7.69	8.6	7.04	7.71	6.62	7.46	8.94	12.45	18.17	11.55	18.09	11.64
Free Cash Flow per Basic Share	6.16	6.11	7.95	7.12	8.23	5.45	3.98	3.57	5.15	6.04	10.92	16.58	9.57	17.52	10.92
Cash & Equivalents per Share	0.88	2.93	5.25	5.77	4.51	4.07	3.44	4.26	4.66	12.03	27.36	40.08	29.56	32.16	39.22
Book Value per Share	21.14	23.85	30.36	36.65	41.34	48.2	51.31	56.22	59.38	67.13	76.24	86.04	87.42	91.18	101.31
Tangible Book Value per Share	19.12	21.93	28.36	33.5	37.23	43.96	47.57	49.95	53.75	61.73	71.52	78.7	80.11	84.73	93.28

Nelnet, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)