olivLaw · US equity research
Navient Corp JSM
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Navient is a US education finance company that manages private and federal student loan portfolios through its Earnest brand and its Consumer Lending and Federal Education Loans segments. The company is in a period of restructuring and refocusing on lending, as the student loan market shifts, with a private portfolio of $15.5 billion and a 77% rise in originations in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Navient Corp (JSM) stock was 15.59 USD (+1.30% on the day), with market capitalisation 1.5 bn USD, dividend yield 4.11%, beta 0.26, 52-week range 14.65–20.38 USD. Latest reported quarter (Q2 2026): net income of 25.0 m USD (+78.6% YoY), diluted EPS 0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.0
- weak (30–45)
- Bollinger (20, 2)
- 14.87 – 16.99
- in the lower half of the band · %B 0.34 · band width 13.3%
- SMA 50 / 200
- 16.92 / 18.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.46 / -0.45
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.7% | −1.1% | −4.6 pp | — |
| 3 months | −11.4% | −0.5% | −11.0 pp | — |
| 6 months | −16.4% | +4.4% | −20.8 pp | — |
| Year to date | −23.4% | +12.3% | −35.7 pp | — |
| 1 year | −16.4% | +13.5% | −30.0 pp | −11.1% |
| 3 years | −14.6% | +76.4% | −91.0 pp | +64.7% |
| 5 years | −39.4% | +63.7% | −103.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70.0 m | 43.0 m | — | — | — | — | — | — |
| Pre-tax income | 12.0 m | 26.0 m | -5.0 m | 18.0 m | -117.0 m | -7.0 m | 32.0 m | 39.0 m |
| Income tax | 14.0 m | 2.0 m | -3.0 m | 4.0 m | -31.0 m | -2.0 m | 15.0 m | 14.0 m |
| Net income | -2.0 m | 24.0 m | -2.0 m | 14.0 m | -86.0 m | -5.0 m | 17.0 m | 25.0 m |
| Diluted EPS | -0.02 | 0.22 ≈ | -0.02 | 0.13 | -0.87 | -0.05 ≈ | 0.17 | 0.26 |
| Operating cash flow | -10.0 m ≈ | 8.0 m | 71.0 m | 126.0 m ≈ | 70.0 m ≈ | 174.0 m | -47.0 m | 143.0 m ≈ |
| Dividends paid | 18.0 m ≈ | 17.0 m | 16.0 m | 16.0 m ≈ | 16.0 m ≈ | 15.0 m | 15.0 m | 15.0 m ≈ |
| Share repurchases | 33.0 m ≈ | 65.0 m | 35.0 m | 24.0 m ≈ | 26.0 m ≈ | 26.0 m | 23.0 m | 3.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 359.0 m | 391.0 m | 388.0 m | 507.0 m | 332.0 m | 321.0 m | 271.0 m | unavailable |
| Revenue YoY | unavailable | +8.9% | −0.8% | +30.7% | −34.5% | −3.3% | −15.6% | unavailable |
| Net income | 395.0 m | 597.0 m | 412.0 m | 717.0 m | 645.0 m | 228.0 m | 131.0 m | -80.0 m |
| Net income YoY | +35.3% | +51.1% | −31.0% | +74.0% | −10.0% | −64.7% | −42.5% | −161.1% |
| Diluted EPS | 1.49 | 2.56 | 2.12 | 4.18 | 4.49 | 1.85 | 1.18 | -0.81 |
| Diluted EPS YoY | +43.3% | +71.8% | −17.2% | +97.2% | +7.4% | −58.8% | −36.2% | −168.6% |
| net % | 110.0% | 152.7% | 106.2% | 141.4% | 194.3% | 71.0% | 48.3% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 637.0 m USD
- Financial debt
- 45.7 bn USD
- Net debt
- 45.1 bn USD
- Equity
- 2.4 bn USD
- Total assets
- 48.7 bn USD
- Debt / equity
- 19.05x
- Current ratio
- unavailable
- ROE
- -3.2%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 388.0 m | 507.0 m | 332.0 m | 321.0 m | 271.0 m | — | SEC (XBRL)· 27 Feb 2025verified |
| Interest expense | 2.0 bn | 1.3 bn | 2.1 bn | 3.6 bn | — | — | SEC (XBRL)· 26 Feb 2024verified |
| Pre-tax income | 532.0 m | 936.0 m | 827.0 m | 313.0 m | 174.0 m | -111.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 120.0 m | 219.0 m | 182.0 m | 85.0 m | 43.0 m | -31.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 412.0 m | 717.0 m | 645.0 m | 228.0 m | 131.0 m | -80.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 2.12 | 4.18 | 4.49 | 1.85 | 1.18 | -0.81 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 195.0 m | 172.0 m | 144.0 m | 123.0 m | 111.0 m | 99.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 905.0 m | 1.5 bn | 839.0 m | 722.0 m | 637.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 116.0 m | 95.0 m | 74.0 m | 62.0 m | 52.0 m | 23.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 665.0 m | 671.0 m | 670.0 m | 670.0 m | 428.0 m | 428.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 70.0 m | 55.0 m | 35.0 m | 25.0 m | 9.0 m | 6.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 87.4 bn | 80.6 bn | 70.8 bn | 61.4 bn | 51.8 bn | 48.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 6.6 bn | 2.5 bn | 5.9 bn | 4.2 bn | 5.1 bn | 5.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 77.3 bn | 74.5 bn | 61.0 bn | 53.4 bn | 43.2 bn | 40.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 85.0 bn | 78.0 bn | 67.8 bn | 58.6 bn | 49.1 bn | 46.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 2.4 bn | 2.6 bn | 3.0 bn | 2.8 bn | 2.6 bn | 2.4 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 987.0 m | 702.0 m | 305.0 m | 676.0 m | 459.0 m | 441.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | 6.4 bn | 6.7 bn | 10.6 bn | 7.4 bn | 8.5 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -7.7 bn | -7.3 bn | -9.7 bn | -10.0 bn | -9.6 bn | -3.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 123.0 m | 107.0 m | 91.0 m | 78.0 m | 70.0 m | 63.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 400.0 m | 600.0 m | 400.0 m | 310.0 m | 179.0 m | 111.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.41 – 11.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)8.41 – 11.31 (Mid 9.65)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -18.8% | 0 (on a fixed band) | 36% |
| EPS CAGR 3Y · Growth | -34.4% | 0 (on a fixed band) | 36% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.5% | 100 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Navient Holdings, Inc. (JSM). Latest full fiscal year: 2024; data up to 2026-06-30.
Figures computed from the financial statements: revenue 271.0 m USD in 2024; YoY growth -15.6%; ROE -2.0%.
The estimated value range is 8.41–11.31 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.65 USD, the price of 15.59 USD leaves a potential of -38.1% (value / price − 1) and a margin of safety of -61.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 9.5%
What contradicts it
- Revenue CAGR 3Y: -18.8%
- EPS CAGR 3Y: -34.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −16% / −15% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for JSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Navient is a US education finance company that manages private and federal student loan portfolios through its Earnest brand and its Consumer Lending and Federal Education Loans segments. The company is in a period of restructuring and refocusing on lending, as the student loan market shifts, with a private portfolio of $15.5 billion 1 and a 77% rise in originations in 2025 1.
SWOT
Strengths
- Long experience in education finance, portfolio management and capital markets, combined with Earnest technology 1.
- The cost reduction target was exceeded, which improved financial flexibility 1.
- Most portfolios are funded long term through non-recourse securitization debt, which reduces exposure to short-term funding 1.
Weaknesses
Opportunities
Risks
- Credit qualityhigh
Elevated delinquencies and a weaker macroeconomic outlook could lead to further provisions and higher losses 1.
- Repayment and regulatory policyhigh
Legislative changes on repayment, debt forgiveness or income-based programs could quickly change portfolio duration and returns 1.
- Interest rates and asset-liability mismatchmedium
Assets and debt do not always share the same interest characteristics, which could affect margins 1.
- Access to fundingmedium
Higher costs or lower availability of funding in capital markets could constrain growth 1.
- Cybersecurity and third-party dependencemedium
A systems breach or a failure by third-party providers could affect essential services 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in loan loss provisions and credit quality of the private education loan portfolioQ2 2026
- Volume of private loan originations after the end of GradPLUS2026
- Trend in net interest margins in the Consumer Lending and Federal Education Loans segmentsnext 10-K
- Quarterly results and any strategic actions, including divestitures or acquisitionsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Navient (Nasdaq: NAVI) builds its business on responsible lending, flexible refinancing, trusted servicing oversight and decades of education finance and portfolio management expertise 2. Through the Earnest brand it originates in-school private education loans and refinancing products, along with digital financial services 1. The company sold its healthcare services business in September 2024 and its government services business in February 2025 1.
Its main revenue comes from net interest income on its loan portfolios, and operating expenses fell from $800 million in 2023 to $421 million in 2025 1. The GAAP equity-to-asset ratio was 4.9% at the end of 2025, and the company repurchased $111 million of shares that year 1. At year-end 2025 it had approximately 670 employees 1.
The company has used an outsourced, variable servicing model since July 2024, and its two primary reporting segments are Consumer Lending and Federal Education Loans 1. The strategy aims to grow high-quality private originations and to pursue refinancing and in-school lending opportunities, with a focus on graduate borrowers 1.
Segments
Consumer Lending
The segment manages private education loans with a portfolio of $15.5 billion at the end of 2025 1. The net interest margin was 2.49% in 2025 1, and the segment earned net income of $20 million 1.
Other
The Other segment covers the corporate liquidity portfolio, unallocated shared costs and restructuring expenses, as well as transition service revenue tied to the outsourcing of loan servicing 1.
Market context
US education finance remains a large market, but Navient is shrinking its federal portfolio as FFELP loans pay down. The company reported higher originations of $2.5 billion in 2025 1, while FFELP prepayments fell to $977 million 1.
Legislation passed in July 2025 eliminates the GradPLUS program from July 2026, which could increase demand for private graduate education loans 1. The company is positioning itself for this change, although the effect on volumes remains uncertain.
Trends
- Elimination of GradPLUStailwind
If the GradPLUS program ends in July 2026, demand for private graduate education loans could rise, supporting Earnest originations 1.
- FFELP prepayments at historic lowsmixed
Low prepayments keep cash flows from the FFELP portfolio intact, but they limit reinvestment returns and reduce the income base over time 1.
- Deterioration in credit qualityheadwind
The rise in loan loss provisions to $280 million in 2025 reflects elevated delinquencies and a weaker macroeconomic outlook, which can weigh on profitability 1.
- Cost of funding and interest ratesmixed
Changes in interest rates and index resets can alter margins, particularly for assets and debt with different reset profiles 1.
Competitive position
Navient competes with banks and other private lenders for education loans, as well as with digital refinancing platforms. Its stated advantage is combining decades of education finance experience with Earnest technology 1.
The provided sources do not name competitors, so the competitive landscape is only partly described. The company maintains its position through outsourced servicing and cost reduction, without detailing competitive pressures 1.
- Commercial banks offering private student loans
Direct competitors in private education loan originations, not named in the provided sources.
- Digital refinancing lenders
Platforms offering student loan refinancing that compete with the Earnest brand.
- Student loan servicing providers
Firms that take over loan servicing, relevant to Navient's outsourced servicing model.
- Federal and private student loan lenders
Players active in the same education finance space, not named in the provided sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Navient Corp · 26 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Navient Corp · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.