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olivLaw · US equity research

Enova International, Inc. ENVA

Personal Credit Institutions · SIC 6141 · Vertical: Personal Credit Institutions (SIC 6141)

181.18USD+3.47% · 1 dayClose 04 Nov 2026

Enova International is a technology and analytics company that provides online loans and financing to consumers and small businesses, especially those who have bank accounts but limited access to traditional credit. In the third quarter of 2026 it reported revenue above one billion dollars, a first for the company.

At the close of 04 Nov 2026, Enova International, Inc. (ENVA) stock was 181.18 USD (+3.47% on the day), with market capitalisation 4.4 bn USD, P/E 12.5 on diluted EPS of 14.50 USD over the last 12 months, dividend yield 2.05%, beta 1.46, 52-week range 119.49–265.45 USD. Latest reported quarter (Q3 2026): revenue of 1.0 bn USD (+25.7% YoY), net income of 107.3 m USD (+33.6% YoY), diluted EPS 4.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
4.4 bn USD
shares as of 19 Oct 2026
P/E (TTM)
12.5
Diluted EPS TTM 14.50 · TTM to 30 Sept 2026
E/P (TTM)
8.01%
TTM to 30 Sept 2026
Dividend yield
2.05%
DPS 12m 3.71
Beta (2y)
1.46
Volatility (1y) 48%
52-week range
119.49265.45

Price history

Loading chart…

Technical reading

RSI (14)
51.6
neutral
Bollinger (20, 2)
168.08 – 184.53
in the upper half of the band · %B 0.80 · band width 9.3%
SMA 50 / 200
188.85 / 184.09
mixed trend
MACD (12, 26, 9)
-2.89 / -4.50
MACD above 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

CompanyS&P 500vs S&P 500Vertical median
1 month+1.8%−1.1%+2.9 pp—
3 months−31.1%−0.5%−30.7 pp—
6 months+5.0%+4.4%+0.6 pp—
Year to date+15.3%+12.3%+2.9 pp—
1 year+47.9%+13.5%+34.4 pp+5.4%
3 years+323.2%+76.4%+246.8 pp+99.1%
5 years+347.4%+63.7%+283.7 pp—
Max drawdown (1y)
−37.8%
14 Aug 2026 → 23 Oct 2026
Max drawdown (5y)
−42.8%
10 Feb 2022 → 16 Jun 2022
Compound annual growth (5y)
+34.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.0 bn USD
+25.7% YoY
Net income
107.3 m USD
+33.6% YoY
Diluted EPS
4.06
+34.0% YoY
net / operating
10.6% / 24.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue729.6 m745.5 m764.0 m802.7 m839.4 m875.1 m928.9 m1.0 bn
Gross profit413.0 m426.2 m441.5 m460.7 m501.9 m529.0 m568.1 m614.4 m
Operating income155.2 m171.9 m184.1 m196.8 m186.6 m207.1 m237.1 m247.2 m
Depreciation & amortisation10.2 m10.1 m10.3 m12.4 m9.1 m8.9 m8.4 m10.6 m
Interest expense77.0 m80.5 m82.8 m87.0 m89.0 m94.0 m97.8 m103.5 m
Pre-tax income77.4 m91.0 m101.1 m110.2 m98.8 m112.9 m140.1 m142.8 m
Income tax13.7 m18.1 m24.9 m29.9 m19.8 m21.8 m35.0 m35.5 m
Net income63.7 m72.9 m76.1 m80.3 m79.0 m91.1 m105.1 m107.3 m
Diluted EPS2.30 ≈2.692.863.032.98 ≈3.464.004.06
Operating cash flow430.5 m391.1 m447.4 m ≈481.8 m ≈498.8 m474.5 m544.0 m ≈535.6 m ≈
Capex10.2 m12.9 m11.2 m ≈11.3 m ≈11.7 m10.8 m12.6 m ≈11.6 m ≈
Share repurchases51.2 m85.5 m55.3 m ≈38.4 m ≈35.3 m39.6 m19.8 m ≈46.3 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.

Today's P/E sits at the 68 percentile of its own 40-quarter history (min 2.2, median 10.8, max 72.5; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue972.6 m1.2 bn1.1 bn1.2 bn1.7 bn2.1 bn2.7 bn3.2 bn
Revenue YoY+33.4%+20.8%−7.8%+11.5%+43.7%+22.0%+25.5%+18.6%
Net income70.1 m36.6 m377.8 m256.3 m207.4 m175.1 m209.4 m308.4 m
Net income YoY+139.7%−47.8%+932.0%−32.2%−19.1%−15.6%+19.6%+47.2%
Diluted EPS1.991.0611.706.796.195.497.4311.52
Diluted EPS YoY+131.4%−46.7%+1,003.8%−42.0%−8.8%−11.3%+35.3%+55.0%
net %7.2%3.1%34.9%21.2%11.9%8.3%7.9%9.8%
Free cash flow670.2 m828.6 m711.4 m442.2 m850.4 m1.1 bn1.5 bn1.8 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
71.7 m USD
Financial debt
4.5 bn USD
Net debt
4.4 bn USD
Equity
1.3 bn USD
Total assets
6.5 bn USD
Debt / equity
3.37x
Current ratio
unavailable
ROE
24.3%
ROA
5.3%
FCF margin
56.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.1 bn
2024
2.7 bn
2025
3.2 bn

SEC (XBRL)· 20 Feb 2026verified

Gross profit
2023
1.2 bn
2024
1.5 bn
2025
1.8 bn

SEC (XBRL)· 20 Feb 2026verified

Operating income
2023
422.1 m
2024
584.8 m
2025
739.4 m

SEC (XBRL)· 20 Feb 2026verified

Depreciation & amortisation
2023
38.2 m
2024
40.2 m
2025
41.8 m

SEC (XBRL)· 20 Feb 2026verified

EBITDA
2023
460.3 m ≈
2024
625.0 m ≈
2025
781.3 m ≈

SEC (XBRL)· 20 Feb 2026derived

Interest expense
2023
194.8 m
2024
290.4 m
2025
339.3 m

SEC (XBRL)· 20 Feb 2026verified

Pre-tax income
2023
227.2 m
2024
271.1 m
2025
401.0 m

SEC (XBRL)· 20 Feb 2026verified

Income tax
2023
52.1 m
2024
61.7 m
2025
92.6 m

SEC (XBRL)· 20 Feb 2026verified

Net income
2023
175.1 m
2024
209.4 m
2025
308.4 m

SEC (XBRL)· 20 Feb 2026verified

Diluted EPS
2023
5.49
2024
7.43
2025
11.52

SEC (XBRL)· 20 Feb 2026verified

Weighted average diluted shares
2023
31.9 m
2024
28.2 m
2025
26.8 m

SEC (XBRL)· 20 Feb 2026verified

Balance sheet · USD

Cash
2023
54.4 m
2024
73.9 m
2025
71.7 m

SEC (XBRL)· 20 Feb 2026verified

Property, plant & equipment, net
2023
108.7 m
2024
120.0 m
2025
132.6 m

SEC (XBRL)· 20 Feb 2026verified

Goodwill
2023
279.3 m
2024
279.3 m
2025
279.3 m

SEC (XBRL)· 20 Feb 2026verified

Intangibles (excl. goodwill)
2023
19.0 m
2024
11.0 m
2025
3.7 m

SEC (XBRL)· 20 Feb 2026verified

Total assets
2023
4.6 bn
2024
5.3 bn
2025
6.5 bn

SEC (XBRL)· 20 Feb 2026verified

Long-term debt
2023
2.9 bn
2024
3.6 bn
2025
4.5 bn

SEC (XBRL)· 20 Feb 2026verified

Total liabilities
2023
3.3 bn
2024
4.1 bn
2025
5.1 bn

SEC (XBRL)· 20 Feb 2026verified

Equity
2023
1.2 bn
2024
1.2 bn
2025
1.3 bn

SEC (XBRL)· 20 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
1.2 bn
2024
1.5 bn
2025
1.8 bn

SEC (XBRL)· 20 Feb 2026verified

Capex
2023
45.2 m
2024
43.4 m
2025
47.1 m

SEC (XBRL)· 20 Feb 2026verified

Free cash flow
2023
1.1 bn ≈
2024
1.5 bn ≈
2025
1.8 bn ≈

SEC (XBRL)· 20 Feb 2026derived

Investing cash flow
2023
-1.5 bn
2024
-1.9 bn
2025
-2.4 bn

SEC (XBRL)· 20 Feb 2026verified

Financing cash flow
2023
526.5 m
2024
318.9 m
2025
711.8 m

SEC (XBRL)· 20 Feb 2026verified

Share repurchases
2023
153.2 m
2024
289.3 m
2025
214.6 m

SEC (XBRL)· 20 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
18.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
22.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
23.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
26.5%
computed by olivLawFY 2025
Net income growth (YoY)
47.2%
computed by olivLawFY 2025
Net income CAGR 3Y
14.1%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-4.0%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
55.0%
computed by olivLawFY 2025
EPS CAGR 3Y
23.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-0.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
18.5%
computed by olivLawFY 2025

Profitability

Gross margin
60.6%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
25.1%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
24.0%
computed by olivLawTTM to 30 Sept 2026
Net margin
10.5%
computed by olivLawTTM to 30 Sept 2026
FCF margin
54.9%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
26.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
5.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
11.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
5.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
5.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
3.4x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
2.3x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
2.1 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
46.7 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
2.0 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
524.6%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
224.3%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
4.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
9.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
11.6x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
12.5x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
8.0%
computed by olivLawTTM to 30 Sept 2026
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
10.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
11.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
2.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
2.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
45.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2.0%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 62 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

181.18 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 4.4 bn USD

Key indicators

Market capitalisation
4.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
12.5x
computed by olivLawTTM to 30 Sept 2026
P/B
2.8x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
10.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
26.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
10.5%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
18.6%
computed by olivLawFY 2025
Dividend yield
2.0%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 19 Oct 2026
Source: SEC (XBRL)published 22 Oct 2026
verified 1873derived 135

Score by group

  • Balance sheet5
  • Growth100
  • Quality76
  • Returns45
  • Valuation65

Estimated value range

Low
131.41
USD per share
Mid
192.16
USD per share
High
225.05
USD per share
Price: 181.18 USD
The price is within the range
Potential to the central value: 6.1% (value / price − 1)
Margin of safety: 5.7% (1 − price / value)
Agreement between methods: low · 3 methods used · 3 independent bases

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: 48.75 – 4,374.06 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)2,040.46 – 4,374.06 (Mid 2,796.05)
    WACC 6.7% · starting FCFF 2.3 bn USD · terminal value share of EV 83%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/E131.41 – 225.05 (Mid 192.16)
    8 companies used · median multiple 13.2x · quartiles 9.1x – 15.5x
    AFRM, ATLC, BFH, CACC, HAPN, NNI, RM, WRLD
  • Dividend discount (DDM)48.75 – 65.56 (Mid 55.92)
Multiple comparisons use the SIC vertical: Personal Credit Institutions (SIC 6141)

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

Neutral profile · Score 62/100

FactorValueScoreWeight used
ROIC · Quality11.2%70 (on a fixed band)11%
Net margin · Quality10.5%60 (vs peers)7%
FCF conversion · Quality524.6%100 (on a fixed band)7%
Revenue CAGR 3Y · Growth22.0%100 (on a fixed band)9%
EPS CAGR 3Y · Growth23.0%100 (on a fixed band)9%
Net debt / EBITDA · Balance sheet5.8x0 (on a fixed band)11%
Interest coverage · Balance sheet2.3x12 (on a fixed band)7%
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation12.5x63 (vs peers)11%
EV/EBITDA · Valuation10.6x40 (on a fixed band)11%
FCF yield · Valuation45.3%100 (on a fixed band)9%
Shareholder yield (distributions) · Returns3.2%45 (on a fixed band)7%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet5/100 · 2/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality76/100 · 3/3 factors with a value
  • Returns· partial45/100 · 1/2 factors with a value
  • Valuation65/100 · 3/3 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

Enova International, Inc. (ENVA). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 18.6%; net margin 10.5%; ROE 26.8%; net debt/EBITDA 5.8x.

The estimated value range is 131.41–225.05 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 192.16 USD, the price of 181.18 USD leaves a potential of 6.1% (value / price − 1) and a margin of safety of 5.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 11.2%
  • FCF conversion: 524.6%
  • Revenue CAGR 3Y: 22.0%
  • EPS CAGR 3Y: 23.0%
  • FCF yield: 45.3%

What contradicts it

  • Net debt / EBITDA: 5.8x
  • Interest coverage: 2.3x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Current ratio, Payout ratio (FCF).

Versus the vertical median

Personal Credit Institutions (SIC 6141) · same industry (4-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
12.5x
vertical median 13.2x
below median (−5.7%)
EV/EBITDA
10.6x
vertical median —
P/S
1.2x
vertical median 1.1x
above median (+15.5%)
P/B
2.8x
vertical median 1.2x
above median (+134.1%)
ROE
26.8%
vertical median 14.8%
above median (+80.7%)
Net margin
10.5%
vertical median 7.0%
above median (+50.5%)
EBIT margin
24.0%
vertical median —
Revenue YoY
18.6%
vertical median 7.2%
above median (+159.6%)
Net debt/EBITDA
5.8x
vertical median —
Dividend yield
2.0%
vertical median 0.9%
above median (+133.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CACCCredit Acceptance Corp5.1 bn16.322.7%14.4%+7.2%+8% / +9%
AFRMAffirm Holdings, Inc.4.5 bn13.745.1%45.3%+32.2%+7% / +120%
ENVAEnova International, Inc.4.4 bn12.526.8%10.5%+18.6%+48% / +323%
BFHBread Financial Holdings, Inc.4.0 bn8.315.9%—−19.0%+55% / +273%
HAPNHappen, Inc.1.9 bn9.313.8%—−58.5%−8% / +165%
ATLCAtlanticus Holdings Corp1.5 bn12.824.3%5.8%+50.1%+69% / +223%
WRLDWorld Acceptance Corp751.2 m19.49.9%6.6%+3.7%+4% / +45%
RMRegional Management Corp.353.4 m8.012.6%7.0%+9.7%+4% / +79%
NNINelnet, Inc.—15.38.2%—unavailable−1% / +52%

1- and 3-year price returns: for ENVA 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

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
127.62
Total return -30% · Per year -30%
224.60
Total return 24% · Per year 24%
336.89
Total return 86% · Per year 86%
3 years
151.38
Total return -16% · Per year -6%
297.03
Total return 64% · Per year 18%
485.13
Total return 168% · Per year 39%
5 years
179.56
Total return -1% · Per year -0%
392.82
Total return 117% · Per year 17%
698.58
Total return 286% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 74.26
  • Net margin± 51.98
  • Annual revenue growth± 38.77
  • Annual dilution± 4.37

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.

In brief

Enova International is a technology and analytics company that provides online loans and financing to consumers and small businesses, especially those who have bank accounts but limited access to traditional credit. In the third quarter of 2026 it reported revenue above one billion dollars, a first for the company 3.

SWOT

Strengths

  • The company holds an extensive behavioral data set built over more than two decades of online lending, which supports its underwriting models 1.
  • Credit quality improved in the third quarter of 2026, and the net revenue margin rose compared with the prior year 3.
  • Liquidity and funding access are solid, allowing both investment and share repurchases 23.

Weaknesses

  • The business is heavily exposed to US regulation, where legislative changes can directly affect the products it offers 1.
  • High yields on some products attract public criticism, which could harm the company's reputation and demand 1.
  • The company relies on bank partners and payment processing, and disruptions in these systems could affect collections 1.

Opportunities

  • The Grasshopper acquisition could give access to banking products and a more diversified funding base if approvals and closing go as planned 1.
  • The small business lending market is large, and banks leaving loans under one million dollars could favor the company's growth 1.
  • Expansion in Brazil, where the company plans further investment, could add volume outside the United States 1.

Threats

  • New laws or changed interpretations of lending rules could restrict products, raise compliance costs or close markets 1.
  • Litigation or regulatory proceedings could have significant effects on results if courts reject the company's contractual terms 1.
  • A weaker economy could raise credit losses and reduce demand for the company's products 1.

Risks

  • Strict regulationhigh

    The business is subject to extensive regulation, and failure to comply could lead to penalties and added costs 1.

  • Litigation and enforcementhigh

    Ongoing litigation or regulatory proceedings could have a material adverse effect on financial condition 1.

  • Reliance on fundingmedium

    The company carries significant indebtedness, and if capital markets weaken, the cost or availability of funding could be affected 1.

  • Grasshopper acquisitionmedium

    Regulatory approvals could take longer than expected or impose conditions not currently anticipated, and the deal might not close on the announced timetable 1.

  • Rising customer defaultsmedium

    Higher default rates could make the company's loans less attractive to lenders and investors and could affect access to capital 1.

Investment thesis

What would need to be true (bull case)

  • If revenue and origination growth persist alongside stable credit quality, margins could remain high 3.
  • If the Grasshopper acquisition closes, the company could gain its own bank platform and a more diversified funding structure 1.
  • If demand in its large markets keeps growing, the company could benefit from its technology edge and accumulated data 1.

What would break the thesis

  • If regulation tightens, high-yield products could become harder to offer, and revenue could fall 1.
  • If the economy weakens, credit losses could rise faster than revenue, reducing profitability 1.
  • If the company's reputation suffers from criticism of credit costs, demand could decline 1.

What to watch

  • Completion of the Grasshopper acquisition and OCC and Federal Reserve approvals2026
  • Net charge-off ratio and net revenue marginQ4 2026
  • CFPB developments on the Small Dollar Rule and Section 1071next 10-K
  • Use of share repurchase capacity and investment in Brazil2027

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.

The business

Enova operates through one reportable segment covering all its online financial services, from installment loans and lines of credit for consumers to financing for small businesses 12. Its proprietary underwriting models, largely machine learning enabled, let it approve and fund applications quickly, usually the next business day 1. In December 2025 the company agreed to acquire Grasshopper Bancorp, with closing expected in the second half of 2026 1.

Segments

Consumer installment loans

Consumer installment loans carry terms of 3 to 60 months and sizes between 300 and 10,000 dollars, with an average annualized yield of 90% in 2025 1. The product is offered in 36 US states and in Brazil, where the company arranges unsecured loans 2.

Small business financing

Small business installment loans and lines of credit are available in all 49 states and Washington D.C., with sizes between 5,000 and 400,000 dollars 12. The average annualized yield was 48% for installment loans and 49% for lines of credit in 2025 1.

Consumer lines of credit

Consumer lines of credit are offered in 31 states with limits between 100 and 7,000 dollars, and the average annualized yield was 147% in 2025 1. This is the highest-yielding product in the portfolio and the one most exposed to public criticism of credit costs.

Market context

The company estimates an 85 billion dollar consumer lending market in the United States and a 49 billion dollar market in Brazil, while the US small business loan market is estimated at 313 billion dollars 1. Demand could stay high if banks keep withdrawing from loans under one million dollars, a trend the source attributes to tighter banking rules 1.

Trends

  • Small Dollar Rule enforcementmixed

    The CFPB said it would not prioritize enforcement of certain payment provisions, but indicated it might narrow the rule; if enforcement tightens, changes to payment processes could affect operations 1.

  • Small business data reportingheadwind

    Section 1071 requires collection and reporting of small business credit application data, and its deadlines were pushed back; if the rule stays in force, the company will need to update its application process 1.

  • Improving credit qualitytailwind

    The consolidated net charge-off ratio fell to 8.1% from 8.5% a year earlier, and the net revenue margin rose to 61%, suggesting stable credit risk 3.

  • Funding costs and capital marketsmixed

    Total liquidity reached 1.3 billion dollars, and favorable capital markets execution supported growth; if markets deteriorate, access to capital could become more expensive 23.

Competitive position

The sources list banks, credit card companies and other online consumer and small business lenders as competitors 1. The company's claimed advantage rests on its data history, its licenses in all required jurisdictions and the brand recognition built over more than two decades 1.

  • Commercial and digital banks

    Banks compete in small business lending and are withdrawing from smaller loans; the Grasshopper deal shows digital banks are also part of the picture 1.

  • Credit card companies

    Card issuers are named as alternatives for consumers with limited access to bank credit 1.

  • Other online consumer lenders

    The sources cite online lenders as ongoing pressure on pricing and approval rates 1.

  • Online small business lenders

    Platforms funding small businesses are named as an alternative to traditional bank financing 1.

News & filings

In the press

The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Current report04 Nov 2026
    Other events · Financial statements and exhibits
  • Current report03 Nov 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report30 Oct 2026
    Material agreement · Creation of a direct financial obligation
  • Quarterly report22 Oct 2026
  • Current report22 Oct 2026
    Results of operations · Financial statements and exhibits
  • Current report16 Oct 2026
    Material agreement · Termination of a material agreement · Financial statements and exhibits
  • Current report13 Oct 2026
    Material agreement · Creation of a direct financial obligation
  • Current report25 Sept 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report17 Sept 2026
    Material agreement · Creation of a direct financial obligation
  • Current report15 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Enova International, Inc. · 20 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Enova International, Inc. · 22 Oct 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Enova International, Inc. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.