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LendingClub Corp（LC）与NELNET INC（NNI）财务数据对比。点击上方公司名可切换其他公司
LendingClub Corp的季度营收约是NELNET INC的2.5倍（$266.5M vs $107.1M）。NELNET INC同比增速更快（33.8% vs 22.7%）。NELNET INC自由现金流更多（$130.1M vs $-919.3M）。过去两年LendingClub Corp的营收复合增速更高（21.4% vs 20.1%）
LendingClub Corp是总部位于美国加利福尼亚州旧金山的金融服务企业，是全球首家将旗下产品作为证券完成注册的P2P借贷平台，同时支持贷款在二级市场交易。巅峰时期它是全球规模最大的P2P借贷平台，截至2015年12月31日，平台累计促成贷款发放额达159.8亿美元。
Nelnet（耐尔奈特）是总部位于美国内布拉斯加州林肯市的综合性企业集团，核心业务涵盖金融服务领域，主营学生贷款、消费贷款的发放与服务，同时设有投资板块与互联网银行，还持有有线电视及网络服务商Allo Fiber 26%的股权。
LC vs NNI — 直观对比
营收规模更大
LC
是对方的2.5倍
$107.1M
营收增速更快
NNI
高出11.1%
22.7%
自由现金流更多
NNI
多$1.0B
$-919.3M
两年增速更快
LC
近两年复合增速
20.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $266.5M | $107.1M |
| 净利润 | — | $57.8M |
| 毛利率 | — | 50.5% |
| 营业利润率 | 18.8% | — |
| 净利率 | — | 53.9% |
| 营收同比 | 22.7% | 33.8% |
| 净利润同比 | — | -8.8% |
| 每股收益（稀释后） | $0.36 | $1.62 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LCNNI
| Q4 25 | $266.5M | $107.1M | ||
| Q3 25 | $266.2M | $85.3M | ||
| Q2 25 | $248.4M | $79.4M | ||
| Q1 25 | $217.7M | $82.7M | ||
| Q4 24 | $217.2M | $80.1M | ||
| Q3 24 | $201.9M | $72.2M | ||
| Q2 24 | $187.2M | $66.4M | ||
| Q1 24 | $180.7M | $74.2M |
净利润LCNNI
| Q4 25 | — | $57.8M | ||
| Q3 25 | $44.3M | $106.7M | ||
| Q2 25 | $38.2M | $181.5M | ||
| Q1 25 | $11.7M | $82.6M | ||
| Q4 24 | — | $63.4M | ||
| Q3 24 | $14.5M | $2.4M | ||
| Q2 24 | $14.9M | $45.1M | ||
| Q1 24 | $12.3M | $73.2M |
毛利率LCNNI
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
营业利润率LCNNI
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 5.1% | 97.7% | ||
| Q3 24 | 8.9% | -3.1% | ||
| Q2 24 | 10.4% | 88.0% | ||
| Q1 24 | 9.1% | — |
净利率LCNNI
| Q4 25 | — | 53.9% | ||
| Q3 25 | 16.6% | 125.1% | ||
| Q2 25 | 15.4% | 228.4% | ||
| Q1 25 | 5.4% | 99.8% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | 7.2% | 3.3% | ||
| Q2 24 | 8.0% | 67.9% | ||
| Q1 24 | 6.8% | 98.6% |
每股收益（稀释后）LCNNI
| Q4 25 | $0.36 | $1.62 | ||
| Q3 25 | $0.37 | $2.94 | ||
| Q2 25 | $0.33 | $4.97 | ||
| Q1 25 | $0.10 | $2.26 | ||
| Q4 24 | $0.08 | $1.75 | ||
| Q3 24 | $0.13 | $0.07 | ||
| Q2 24 | $0.13 | $1.23 | ||
| Q1 24 | $0.11 | $1.97 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $296.0M |
| 总债务越低越好 | $0 | $7.8B |
| 股东权益账面价值 | $1.5B | $3.7B |
| 总资产 | $11.6B | $14.1B |
| 负债/权益比越低杠杆越低 | 0.00× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资LCNNI
| Q4 25 | — | $296.0M | ||
| Q3 25 | — | $216.4M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | — | $220.5M | ||
| Q4 24 | — | $194.5M | ||
| Q3 24 | — | $219.7M | ||
| Q2 24 | — | $145.5M | ||
| Q1 24 | — | $179.7M |
总债务LCNNI
| Q4 25 | $0 | $7.8B | ||
| Q3 25 | $0 | $7.8B | ||
| Q2 25 | $0 | $7.9B | ||
| Q1 25 | $0 | $8.7B | ||
| Q4 24 | $0 | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
股东权益LCNNI
| Q4 25 | $1.5B | $3.7B | ||
| Q3 25 | $1.5B | $3.7B | ||
| Q2 25 | $1.4B | $3.6B | ||
| Q1 25 | $1.4B | $3.4B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $1.3B | $3.3B | ||
| Q2 24 | $1.3B | $3.3B | ||
| Q1 24 | $1.3B | $3.3B |
总资产LCNNI
| Q4 25 | $11.6B | $14.1B | ||
| Q3 25 | $11.1B | $13.9B | ||
| Q2 25 | $10.8B | $13.7B | ||
| Q1 25 | $10.5B | $14.2B | ||
| Q4 24 | $10.6B | $13.8B | ||
| Q3 24 | $11.0B | $14.1B | ||
| Q2 24 | $9.6B | $14.5B | ||
| Q1 24 | $9.2B | $15.4B |
负债/权益比LCNNI
| Q4 25 | 0.00× | 2.11× | ||
| Q3 25 | 0.00× | 2.14× | ||
| Q2 25 | 0.00× | 2.21× | ||
| Q1 25 | 0.00× | 2.53× | ||
| Q4 24 | 0.00× | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 3.20× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-903.8M | $137.6M |
| 自由现金流经营现金流 - 资本支出 | $-919.3M | $130.1M |
| 自由现金流率自由现金流/营收 | -345.0% | 121.5% |
| 资本支出强度资本支出/营收 | 5.8% | 7.0% |
| 现金转化率经营现金流/净利润 | — | 2.38× |
| 过去12个月自由现金流最近4个季度 | $-2.9B | $396.7M |
8季度趋势，按日历期对齐
经营现金流LCNNI
| Q4 25 | $-903.8M | $137.6M | ||
| Q3 25 | $-770.8M | $112.4M | ||
| Q2 25 | $-713.1M | $81.8M | ||
| Q1 25 | $-339.3M | $91.2M | ||
| Q4 24 | $-185.4M | $180.5M | ||
| Q3 24 | $-669.8M | $137.0M | ||
| Q2 24 | $-932.5M | $133.4M | ||
| Q1 24 | $-846.5M | $211.9M |
自由现金流LCNNI
| Q4 25 | $-919.3M | $130.1M | ||
| Q3 25 | $-791.8M | $100.8M | ||
| Q2 25 | $-803.8M | $78.1M | ||
| Q1 25 | $-352.3M | $87.8M | ||
| Q4 24 | $-202.6M | $163.2M | ||
| Q3 24 | $-682.3M | $132.6M | ||
| Q2 24 | $-945.3M | $122.8M | ||
| Q1 24 | $-858.3M | $188.7M |
自由现金流率LCNNI
| Q4 25 | -345.0% | 121.5% | ||
| Q3 25 | -297.4% | 118.2% | ||
| Q2 25 | -323.5% | 98.3% | ||
| Q1 25 | -161.8% | 106.1% | ||
| Q4 24 | -93.3% | 203.7% | ||
| Q3 24 | -338.0% | 183.8% | ||
| Q2 24 | -504.9% | 184.9% | ||
| Q1 24 | -475.0% | 254.2% |
资本支出强度LCNNI
| Q4 25 | 5.8% | 7.0% | ||
| Q3 25 | 7.9% | 13.7% | ||
| Q2 25 | 36.5% | 4.7% | ||
| Q1 25 | 6.0% | 4.1% | ||
| Q4 24 | 7.9% | 21.7% | ||
| Q3 24 | 6.2% | 6.2% | ||
| Q2 24 | 6.9% | 16.0% | ||
| Q1 24 | 6.5% | 31.3% |
现金转化率LCNNI
| Q4 25 | — | 2.38× | ||
| Q3 25 | -17.41× | 1.05× | ||
| Q2 25 | -18.68× | 0.45× | ||
| Q1 25 | -29.07× | 1.10× | ||
| Q4 24 | — | 2.85× | ||
| Q3 24 | -46.33× | 57.39× | ||
| Q2 24 | -62.57× | 2.96× | ||
| Q1 24 | -69.10× | 2.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LC
| Lending Club Bank | $162.8M | 61% |
| Other | $82.3M | 31% |
| Servicing Fees | $12.8M | 5% |
| Lending Club Corporation | $8.5M | 3% |
NNI
| Reinsurance Premiums Earned | $33.5M | 31% |
| Tuition Payment Plan Services | $32.2M | 30% |
| Private Education And Consumer Loan Servicing | $24.8M | 23% |
| Software Services | $11.4M | 11% |
| Solar Construction Revenue | $3.4M | 3% |
| Investment Advice | $1.4M | 1% |
