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1. Company Snapshot

1.a. Company Description

Enova International, Inc., a technology and analytics company, provides online financial services in the United States, Brazil, Australia, and Canada.The company offers installment loans; line of credit accounts; receivables purchase agreements; CSO programs, including arranging loans with independent third-party lenders and assisting in the preparation of loan applications and loan documents; and bank programs, such as marketing services and loan servicing for near-prime unsecured consumer installment loan.It markets its financing products under the CashNetUSA, NetCredit, OnDeck, Headway Capital, The Business Backer, Simplic, and Pangea names.


Enova International, Inc.was incorporated in 2011 and is headquartered in Chicago, Illinois.

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1.b. Last Insights on ENVA

Enova International's recent performance was driven by strong Q3 2025 earnings, with diluted earnings per share of $3.03 and adjusted earnings per share of $3.36, representing a 93% and 37% year-over-year increase, respectively. Originations rose 22%, and total company revenue increased 16%. The company's credit performance remained strong, with a net charge-off ratio of 8.5% and a net revenue margin of 57%. A new $400 million share repurchase program was also announced, replacing the existing $300 million program. Analysts have a "Buy" rating on the stock.

1.c. Company Highlights

2. Enova International's Q3 2025 Earnings: Strong Loan Growth and Credit Metrics

Enova International reported a robust third quarter 2025, with revenue increasing 16% year-over-year to $803 million, driven by strong growth in its small and medium-sized business (SMB) and consumer segments. The company's SMB revenue grew 29% year-over-year to a record $348 million, while consumer revenue increased 8% year-over-year to $443 million. Adjusted EPS came in at $3.36 per diluted share, beating estimates of $3.03 and representing a 37% increase year-over-year. The company's net revenue margin remained solid, and its consolidated net charge-off ratio was 8.5%, flat to the third quarter of 2024.

Publication Date: Oct -28

📋 Highlights
  • Revenue Growth Accelerates:: Total revenue jumps 16% YoY to $803M, driven by 29% YoY SMB revenue ($348M) and 8% YoY consumer revenue ($443M).
  • Strong Credit Performance:: Consolidated net charge-off ratio remains stable at 8.5%, with SMB credit metrics improving across net charge-off ratio, margin, and delinquency rates.
  • Outlook for Q4:: CFO projects 10–15% YoY revenue growth and 55–60% net revenue margin, supported by SMB expansion and consumer portfolio reacceleration.
  • Capital Discipline and Share Repurchases:: $38M spent repurchasing 339,000 shares in Q3, with $80M remaining for Q4, leveraging a 28% annualized ROE and $1.2B liquidity.
  • Cost Efficiency Maintained:: Marketing spend at 18% of revenue (stable YoY), O&T costs at 8% (similar to prior year), and G&A expenses at 5% of revenue ($40M).

Segment Performance

The company's SMB segment continued to drive growth, with revenue increasing 29% year-over-year. The segment's credit performance remained strong, with improvements in net charge-off ratio, net revenue margin, fair value premium, and 30-plus delinquency rate. The consumer segment also performed well, with revenue increasing 8% year-over-year and a net charge-off ratio of 16.1%. According to CEO David Fisher, the company's "nimble online-only business model and diversified portfolio drove the results."

Outlook and Guidance

Enova International expects consolidated revenue to be 10% to 15% higher in the fourth quarter of 2025, driven by strong SMB growth and a reacceleration of growth in the consumer portfolios. The company expects its total company net revenue margin to be in the range of 55% to 60% in the fourth quarter. For the full year 2026, analysts estimate revenue growth of 15.8%, indicating a strong outlook for the company's continued growth.

Valuation and Capital Returns

Enova International's valuation metrics appear reasonable, with a P/E Ratio of 10.32 and a P/S Ratio of 1.0. The company's ROE is 23.9%, and its ROIC is 207.85%, indicating strong profitability. The company has a history of returning capital to shareholders, with $38 million spent on share repurchases in the third quarter. Enova believes that its current share price has meaningful upside and will continue to focus on growth, financial consistency, and capital returns through opportunistic share repurchases.

Credit Performance and Market Trends

Enova's credit performance remained solid, with a consolidated net charge-off ratio of 8.5%. The company's subprime business has seen some of the best credit metrics in a long time, and it is not seeing any significant pockets of deterioration in credit trends. The company's competitive dynamics are favorable, with banks being conservative and not entering the non-prime credit space. Enova expects to take share in the market and is pushing hard on the consumer side.

3. NewsRoom

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ENOVA ANNOUNCES NEW $400 MILLION SHARE REPURCHASE PROGRAM

Nov -12

Source: prnewswire.com

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Enova To Present at the Stephens Investment NASH2025 Conference

Nov -05

Source: prnewswire.com

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Is Enova Stock a Buy, Sell, or Hold After Its CFO Sells Shares Worth $1.8 Million?

Nov -02

Source: fool.com

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Enova International: High-Growth Could Drive The Stock To Outperform

Nov -02

Source: seekingalpha.com

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Enova International (NYSE:ENVA) and EZCORP (NASDAQ:EZPW) Critical Contrast

Oct -30

Source: defenseworld.net

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Enova Sees Subprime Borrowers Managing Debt, Driving Strong Loan Growth

Oct -24

Source: pymnts.com

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Enova International, Inc. (ENVA) Q3 2025 Earnings Call Transcript

Oct -23

Source: seekingalpha.com

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Enova International (ENVA) Q3 Earnings Top Estimates

Oct -23

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.35%)

6. Segments

Consumer Loans and Finance Receivables

Expected Growth: 10.27%

Enova International, Inc.'s 10.27% growth in Consumer Loans and Finance Receivables is driven by increasing demand for online lending, expansion into new markets, and strategic partnerships. Additionally, the company's proprietary technology and data analytics capabilities enable efficient underwriting and risk management, contributing to the segment's growth.

Small Business Loans and Finance Receivables

Expected Growth: 10.47%

Enova International, Inc.'s 10.47% growth in Small Business Loans and Finance Receivables is driven by increasing demand for online lending, expansion into new markets, and strategic partnerships. Additionally, the company's proprietary technology and data analytics capabilities enable efficient underwriting and risk management, contributing to the segment's growth.

Other

Expected Growth: 10.58%

Enova International's 10.58% growth in 'Other' segment is driven by increasing demand for its fintech solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digital lending and online financial services has enabled it to capitalize on the shift towards online transactions, further fueling growth.

7. Detailed Products

NetCredit

A personal loan product that provides customers with access to credit for various financial needs

CashNetUSA

A payday loan and line of credit product that provides customers with short-term financial assistance

Headway Capital

A line of credit product designed for small businesses and entrepreneurs

The Business Backer

A funding platform that provides small businesses with access to capital through a variety of financing options

OnDeck

An online lender that provides small businesses with term loans and lines of credit

8. Enova International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Enova International, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified product offerings and strong brand recognition.

Bargaining Power Of Customers

Enova International, Inc. has a large customer base, but the bargaining power of customers is high due to the availability of alternative products and services.

Bargaining Power Of Suppliers

Enova International, Inc. has a diversified supplier base, which reduces the bargaining power of suppliers. The company's strong financial position also gives it negotiating power with suppliers.

Threat Of New Entrants

The threat of new entrants in the industry is moderate, as there are barriers to entry such as regulatory hurdles and high capital requirements. However, the industry is constantly evolving, and new entrants can still disrupt the market.

Intensity Of Rivalry

The industry in which Enova International, Inc. operates is highly competitive, with many established players and new entrants vying for market share. The company must continually innovate and improve its products and services to stay ahead of the competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 70.52%
Debt Cost 8.46%
Equity Weight 29.48%
Equity Cost 11.60%
WACC 9.38%
Leverage 239.17%

11. Quality Control: Enova International, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Regional Management

A-Score: 6.5/10

Value: 7.7

Growth: 6.8

Quality: 5.4

Yield: 6.0

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Navient

A-Score: 6.3/10

Value: 9.6

Growth: 5.0

Quality: 5.6

Yield: 8.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Atlanticus

A-Score: 5.7/10

Value: 7.5

Growth: 8.6

Quality: 5.8

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Enova International

A-Score: 5.5/10

Value: 6.6

Growth: 8.2

Quality: 5.3

Yield: 0.0

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
World Acceptance

A-Score: 5.3/10

Value: 7.6

Growth: 5.3

Quality: 6.7

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
NerdWallet

A-Score: 4.5/10

Value: 5.2

Growth: 7.1

Quality: 7.6

Yield: 0.0

Momentum: 3.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

136.16$

Current Price

136.16$

Potential

-0.00%

Expected Cash-Flows