NELNET, INC. vs S&P Global Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
S&P Global earns 15.3% on equity and 7.9% on assets from its ratings-and-index franchise; Nelnet earns 11.2% and 2.9% from student-loan servicing and investments, the asset-light data business out-returning the diversified financial holding on both, especially on assets where it is nearly triple. S&P trades at 25.8 times earnings against Nelnet's 11.7, the recurring-revenue premium against the lumpy-holding discount. S&P carries 0.51 turns of debt against Nelnet's 2.06, and pays a similar small dividend. Nelnet's 111.7% net margin is an investment-gain artifact against S&P's clean 30.4%. The pair prices financial-market infrastructure against a diversified lender-servicer; S&P's clean, recurring economics command more than double the multiple for a business that earns nearly triple on its assets.
Comparison updated 2026-07-11.
| Metric | NNI | SPGI |
|---|---|---|
| Price | $134.48 | $408.17 |
| Market cap | $4.9B | $121.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| Implied growth (priced in) | +16.4% | +14.6% |
| P/E | 11.7 | 25.8 |
| P/B | 1.30 | 3.88 |
| P/S | 12.99 | 7.72 |
| EV/EBITDA | 138.8 | 16.8 |
| Revenue growth | +23.6% | +8.5% |
| Operating margin | — | 48.0% |
| Net margin | 111.7% | 30.4% |
| Return on equity | 11.2% | 15.3% |
| Return on assets | 2.9% | 7.9% |
| Dividend yield | 0.4% | 0.9% |
| Debt / equity | 2.06 | 0.51 |
| Current ratio | — | 0.68 |
| Altman Z (solvency) | 0.67 | 3.84 |
| 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.