Nelnet, Inc.

NNINYSEFinancial Services● Active

$127.34

$-1.69(-1.31%)

Market Cap$4.6B

P/E Ratio—

52W High$144.38

52W Low$112.16

Avg Volume150K

Open$129.38

Beta0.79

Free Cash Flow Financials Revenue

Nelnet, Inc. (NNI) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NNI · free cash flow · updated Jun 8, 2026

Core FCF metrics

NNI · FCF · TTM · margin & CAGR

Free cash flow was $396.7M for FY2025 (fiscal year ending 2025-12-31), down 38.2% year-over-year The FCF margin was 17.5%. Five-year CAGR stands at +11.0%.

FY2025 Free Cash Flow$396.7M▼ -38.2% YoY

Trailing 12M (TTM)$370.5Mtrailing 4 quarters sum

FCF Margin17.5%$396.7M ÷ revenue

3-Year CAGR-14.0%FY2022 → FY2025

5-Year CAGR+11.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NNI · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$423.0M(26M)$396.7M▼ 38.2%17.5%

FY2024$662.9M(21M)$642.0M▲ +78.9%34.8%

FY2023$432.0M(74M)$358.9M▼ 42.5%19.8%

FY2022$684.1M(59M)$624.6M▲ +48.2%34.4%

FY2021$480.3M(59M)$421.4M▲ +78.7%29.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NNI · P/FCF · FCF yield · FCF per share

Nelnet, Inc. (NNI) trades at a FCF yield of 7.99% and a price-to-free-cash-flow ratio of 12.5x. FCF per share stands at $10.20, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.99%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$10.20

TTM FCF ÷ Shares Outstanding

Price / FCF

x12.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x33.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NNI · cash flow statement · operating / investing / financing

For FY2025, Nelnet, Inc. generated $423.0M in operating cash flow and spent 26M in capital expenditures, yielding $396.7M in free cash flow.

Operating Activities

+$423.0M

Cash from core business operations

2025-12-31

Investing Activities

+$509.4M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$890.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($423.0M) − |CapEx| (26M) = FCF ($396.7M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

NNI vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Nelnet, Inc.YOU

NNI

$396.7M-38.2%17.5%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Nelnet, Inc. (NNI) reported free cash flow of $396.7M for FY2025 (fiscal year ending 2025-12-31), down 38.2% year-over-year. The FCF margin was 17.5%.

Based on available data, Nelnet, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $642.0M in FY2024. The 5-year CAGR stands at +11.0%.

Nelnet, Inc.'s FCF yield is 7.99% and price-to-FCF ratio is 12.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NNI free cash flow · 8 questions

Nelnet, Inc. free cash flow was $396.7M for FY2025, down 38.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $370.5M.

NNI free cash flowNNI FCFNNI FCF 2025NNI free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Nelnet, Inc. · Nelnet, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026