NELNET, INC. vs SLM Corp, two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin lines mislead in opposite ways: Nelnet's 111.7% net margin is an investment-gain artifact, SLM's 49.8% a genuine student-loan spread, so returns on equity are the honest read, SLM's 30.7% against Nelnet's 11.2%. Both are student-lending-adjacent (SLM originates private student loans, Nelnet services and invests), yet SLM earns nearly triple the return on equity. SLM trades at 7.1 times earnings against Nelnet's 11.7, cheaper despite the better returns; both pay near-2% and 0.4% dividends and carry heavy leverage. The pair prices two ends of the student-loan business, origination against servicing-plus-investment; SLM's originating spreads are fatter and its multiple lower, the policy overhang weighing the originator more than the servicer.
Comparison updated 2026-07-11.
| Metric | NNI | SLM |
|---|---|---|
| Price | $134.48 | $25.47 |
| Market cap | $4.9B | $5.0B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| Implied growth (priced in) | +16.4% | — |
| P/E | 11.7 | 7.1 |
| P/B | 1.30 | 2.07 |
| P/S | 12.99 | 3.35 |
| EV/EBITDA | 138.8 | 1397.9 |
| Revenue growth | +23.6% | +2.3% |
| Net margin | 111.7% | 49.8% |
| Return on equity | 11.2% | 30.7% |
| Return on assets | 2.9% | 2.5% |
| Dividend yield | 0.4% | 2.0% |
| Debt / equity | 2.06 | 2.53 |
| Altman Z (solvency) | 0.67 | 0.40 |
| Piotroski F (quality) | 8 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.