Atlanticus Holdings Corp ATLC

FinancialsBanking ServicesUnited States of America

Last close 93.13 USD on Nov 2, 2026, +39.1% year to date

Quant rating

Quant rating A Rank 5 of 799 in Financials

Growth A 16 of 799
Valuation A 10 of 799
Quality A 49 of 799
Revisions B 227 of 799
Momentum B 136 of 799

Wall Street consensus Strong Buy (1.50)Average target 132.83 USD +42.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.4B
Enterprise value: 7.2B
52-week range: 47.73 – 113.73
3-year range: 23.45 – 113.73
Dividend yield: –
Beta (5 years): 1.78
Shares outstanding: 15.2M
Next earnings: Nov 5, 2026

About the company

Atlanticus Holdings Corporation is a financial technology company. The Company is primarily focused on facilitating consumer credit through the use of its financial technology and related services. It provides technology and other support services to lenders who offer an array of financial products and services to consumers. Its Credit as a Service (CaaS) segment applies its technology solutions to support lenders in offering more inclusive financial services. These products include private label credit cards using the Fortiva and Curae brand names as well as merchant associated brands. Private label credit products associated with the healthcare space are generally issued under the Curae brand, while all other retail partnerships, including those in consumer electronics, furniture, elective medical procedures, and home-improvement use the Fortiva brand or use its retail partners' brands. General purpose credit cards use the Aspire, Imagine, Mercury and Fortiva brand names.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	865	578	466	470	529	–
Revenue growth	49.7%	23.9%	−0.8%	−11.2%	17.2%	13.9%
EPS (basic, normalized)	7.40	5.92	5.35	7.55	11.90	–
EPS growth	24.9%	10.7%	−29.1%	−36.5%	123.7%	6.8%
Gross margin	46.5%	51.8%	55.0%	62.3%	75.5%	58.2%
Net margin	12.9%	15.1%	16.7%	23.5%	29.4%	19.5%
ROE	18.8%	19.8%	–	–	48.6%	29.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	555
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	6,271
Net debt (mil)	5,751
Total equity (mil)	742
Net debt / equity	7.75x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	865	+49.7%	8.3x	40.79	+24.4%	2.3x	5.96	+24.9%	15.6x
2026	3,011	+247.9%	2.4x	41.18	+1.0%	2.3x	10.06	+68.8%	9.3x
2027	3,417	+13.5%	2.1x	53.78	+30.6%	1.7x	13.14	+30.6%	7.1x
2028	3,733	+9.2%	1.9x	67.96	+26.4%	1.4x	17.32	+31.8%	5.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,011	+0.1%	+1.6%	−5.1%	10.06	+3.2%	+5.7%	+12.2%
2027	3,417	+0.6%	+1.9%	−1.7%	13.14	+1.3%	+0.9%	+4.3%
2028	3,733	−3.1%	−4.7%	−11.4%	17.32	−5.6%	−5.6%	−8.8%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	291	316	351	353	345	394	495	734	680	744
Sales mean (mil)	311	311	327	355	347	358	484	692	749	716
Surprise	−6.6%	+1.6%	+7.5%	−0.4%	−0.6%	+10.3%	+2.2%	+6.2%	−9.3%	+3.9%
EPS reported	1.09	0.99	1.27	1.42	1.49	1.51	1.21	1.75	2.23	2.50
EPS mean	1.01	0.91	1.23	1.27	1.48	1.23	1.52	1.59	1.74	2.42
Surprise	+7.7%	+8.8%	+2.9%	+11.7%	+0.4%	+23.0%	−20.5%	+10.1%	+28.3%	+3.2%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ATLC Atlanticus Holdings Corp	1.4B	–	12.9%	–	9.3x	7.1x	2.3x	1.7x
SYF Synchrony Financial	23.9B	14.5%	15.3%	0.87x	8.1x	7.4x	1.6x	1.4x
SOFI SoFi Technologies, Inc.	21.5B	18.7%	14.3%	0.99x	27.2x	18.7x	1.9x	1.7x
OMF OneMain Holdings, Inc.	6.6B	–	12.5%	–	8.7x	7.0x	1.9x	1.7x
CACC Credit Acceptance Corp	4.9B	–	18.3%	–	10.0x	9.5x	18.3x	17.2x
NNI Nelnet, Inc.	4.4B	–	21.2%	–	16.8x	14.6x	–	–
Mean		16.6%	15.8%	0.93x	13.3x	10.7x	5.2x	4.8x
Median		16.6%	14.8%	0.93x	9.6x	8.5x	1.9x	1.7x

Technical analysis

1M+1.3%
3M−11.7%
1Y+69.0%
3Y+213.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Atlanticus Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	865	578	466	470	529	451
Total interest expense	–	–	–	–	–	–
Net interest income	865	578	466	470	529	451
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	160	139	129	149	220	114
Provision for taxes	39.1	28.5	26.6	14.7	41.8	20.5
Minority interest & equity in affiliates	1.6	1.2	0.9	1.0	0.1	0.2
Other	0	0	0	0	0	0
Net income before extraordinary items	122	111	103	136	178	94.1
Extraordinary items	–	–	–	–	–	–
Net income	122	111	103	136	178	94.1
Basic weighted average shares (mil)	15.1	14.7	14.5	14.6	15.1	14.5
Diluted weighted average shares (mil)	19.2	18.8	18.9	19.4	20.9	20.1
Basic EPS excluding extraordinary items	7.40	5.92	5.35	7.55	10.32	5.32
Basic EPS, normalized	7.40	5.92	5.35	7.55	11.90	5.32

Balance sheet in millions of USD, fiscal years

Balance sheet, Atlanticus Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	27.7	24.4	22.8	21.8	11.4	11.4
Goodwill	–	–	–	–	–	–
Intangibles	30.3	–	–	–	–	–
Long-term investments	–	–	–	–	0	1.4
Other long-term assets	146	124	44.3	48.2	97.0	80.9
Other assets	–	–	–	–	–	–
Total assets	7,623	3,271	2,706	2,388	1,944	1,207
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	285	72.1	61.6	44.3	42.3	41.7
Accrued expenses	25.3	24.2	20.2	20.1	4.8	13.8
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	6,517	2,481	2,006	1,798	1,422	910
Minority interest	−4.9	46.5	98.0	98.6	99.2	98.6
Other liabilities	152	114	85.8	60.7	47.8	25.9
Total liabilities	6,974	2,738	2,272	2,021	1,616	1,090
Shareholders' equity
Preferred stock	40.0	40.0	40.0	40.0	40.0	40.0
Common stock	–	0	–	–	–	–
Additional paid-in capital	102	98.3	87.4	122	228	195
Retained earnings (accumulated deficit)	506	395	307	204	60.2	−118
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	649	533	435	366	328	117
Total liabilities & shareholders' equity	7,623	3,271	2,706	2,388	1,944	1,207

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Atlanticus Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	121	110	102	135	178	93.9
Depreciation, depletion & amortization	9.9	5.2	4.0	4.8	2.5	8.0
Deferred taxes	38.7	30.5	37.8	21.0	–	–
Non-cash items	910	594	554	446	116	137
Changes in working capital	−441	−271	−238	−259	−84.0	−26.3
Cash from operations	638	469	459	348	212	213
Investing activities
Capital expenditures	−5.0	−1.8	−4.0	−4.9	−7.1	−0.7
Other investing cash flows	−1,507	−745	−668	−677	−468	−292
Cash from investing	−1,512	−747	−672	−682	−475	−293
Financing activities
Financing cash flow items	0.3	−0.1	0	0.1	0.4	50.0
Cash dividends paid	−12.4	−25.7	−24.9	−24.8	−21.8	−13.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,154	419	188	286	532	126
Cash from financing	1,142	394	163	261	510	162
Foreign exchange effects	–	0	0	0	0	0
Net change in cash	268	116	−49.5	−73.4	248	82.6
Free cash flow	633	468	455	343	205	212

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.