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what it is
Enova lends money online to consumers in 37 states and Brazil, and to small businesses in 49 states and Washington D.C.
how it gets paid
Last year Enova International made $3.2B in revenue. consumer lending was the main engine at $1.9B, or 59% of sales.
why it's growing
Revenue grew 18.6% last year. Revenue grew 188% vs. prior year. Gross margin -> revenue left after direct costs -> 57.4% means more than half of each dollar stayed before.
what just happened
Revenue hit $2.3B, and gross margin held at 57.4%.
At a glance
C++ balance sheet — some cracks in the foundation
50/100 earnings predictability — expect surprises
11.7x trailing p/e — the market's not buying it — or you found a deal
7.5% return on capital — nothing to write home about
$7.43 fy2024 eps est
xvary composite: 48/100 — below average
What they do
Enova lends money online to consumers in 37 states and Brazil, and to small businesses in 49 states and Washington D.C.
You are not buying a branch network. You are buying software that scores borrowers fast across 37 states and Brazil for consumers, plus 49 states and Washington D.C. for small businesses. Leaving is painful because the same system already decides who gets credit and who gets turned away.
How they make money
$3.2B
annual revenue · their business grew +18.6% last year
consumer lending
$1.9B
small business lending
$1.0B
other financing fees
$0.3B
The products that matter
automated underwriting engine
Colossus platform
23.6% operating margin
This is the decision engine behind the business model. The proof is a 23.6% operating margin in a part of finance where manual underwriting is slower and usually more expensive.
speed moat
consumer lending
Consumer loans
$2.4B · 75% of revenue
This is still the core business. It brings in $2.4B of the company’s $3B revenue base, which means the consumer book still decides whether the quarter feels great or painful.
core profit pool
small business lending
Small business loans
$800M · +32%
This segment is smaller at $800M, but it grew 32% last year versus 18% for consumer. That's the segment pushing the mix and giving you the cleaner growth argument.
growth engine
Key numbers
23.5%
operating margin
operating margin -> profit after running the business -> 23.5% means $23.50 of every $100 stays before interest and taxes.
$4.1B
long debt
long-term debt -> borrowings due later -> $4.1B equals 55% of capital, so leverage is not a footnote.
11.7x
trailing p/e
price-to-earnings ratio -> share price divided by past profit -> 11.7x is cheap next to a 23.5% operating margin.
1.5
beta
beta -> share-price swing versus the market -> 1.5 means a 10% market move can feel like 15% here.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $4.1B (55% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for ENVA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $2.3B, and gross margin held at 57.4%.
Revenue grew 188% vs. prior year. Gross margin -> revenue left after direct costs -> 57.4% means more than half of each dollar stayed before overhead.
$2.3B
revenue
$8.53
eps
57.4%
gross margin
the number that mattered
The $2.3B revenue number mattered most because it came with a 57.4% gross margin, so growth did not come from selling for pennies.
source: company earnings report, 2026
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What could go wrong
the biggest risk here is simple: Enova is earning lender-style returns in a part of credit where pricing, underwriting, and regulation all matter at once.
high
Regulatory action
The business depends on being allowed to price and underwrite risk in parts of consumer and small-business lending that banks often avoid.
If regulators limit pricing, data use, or product terms, the 23.6% operating margin can compress fast.
high
Credit deterioration
Enova lends to non-prime consumers and smaller businesses. That works beautifully when repayment trends behave and gets painful when they do not.
Q4 net revenue margin improved to 60% from 57%. If that reverses, earnings quality changes with it.
med
Balance sheet debt load
Debt-to-equity is 3.37x, and long-term debt stands at $4.1B, or 55% of capital.
Borrowed money boosts returns in good periods and narrows your margin for error in bad ones.
med
Execution around the Grasshopper acquisition
The current snapshot points to regulatory hurdles around the deal and a stated deadline of feb 22, 2026.
When a deal needs approval, timing risk is real. We are not going to invent a clean outcome before the filings do.
Here is what would change our mind in a hurry: net revenue margin rolling back toward 57% or worse, a clear regulatory hit to pricing or underwriting, or debt looking heavier because growth stops carrying it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulation
Grasshopper deadline
The current snapshot points to a feb 22, 2026 deadline and regulatory risk around the deal. That is an event, not background noise.
earnings
Q1 2026 earnings
Estimated report date is 2026-05-05. You want updated credit trends here, not just another revenue beat.
credit
Net revenue margin
It moved to 60% from 57%. If that keeps rising, the underwriting story gets stronger. If it slips, the cheap multiple will make more sense.
growth mix
Small-business share
Small business is 25% of revenue but grew 32% versus 18% for consumer. That gap is where the revenue mix changes first.
Analyst rankings
earnings predictability
50 / 100
in human-speak, analysts see a business that can print strong quarters but is still exposed to credit and policy swings.
risk rank
3
That puts ENVA around the middle on overall safety — not reckless, not conservative, and definitely not sleepy.
source: institutional data
Institutional activity
institutional ownership data for ENVA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$162
current price
n/a
target midpoint · n/a from current
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