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NELNET INC（NNI）与SLM Corp（SLM）财务数据对比。点击上方公司名可切换其他公司
SLM Corp的季度营收约是NELNET INC的5.2倍（$560.0M vs $107.1M）。SLM Corp净利率更高（55.0% vs 53.9%，领先1.1%）。过去两年SLM Corp的营收复合增速更高（22.7% vs 20.1%）
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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
NNI vs SLM — 直观对比
营收规模更大
SLM
是对方的5.2倍
$107.1M
净利率更高
SLM
高出1.1%
53.9%
两年增速更快
SLM
近两年复合增速
20.1%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $107.1M | $560.0M |
| 净利润 | $57.8M | $308.0M |
| 毛利率 | 50.5% | — |
| 营业利润率 | — | — |
| 净利率 | 53.9% | 55.0% |
| 营收同比 | 33.8% | — |
| 净利润同比 | -8.8% | 1.0% |
| 每股收益（稀释后） | $1.62 | $1.54 |
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NNISLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $107.1M | $377.1M | ||
| Q3 25 | $85.3M | $373.0M | ||
| Q2 25 | $79.4M | $376.8M | ||
| Q1 25 | $82.7M | $375.0M | ||
| Q4 24 | $80.1M | $362.2M | ||
| Q3 24 | $72.2M | $359.4M | ||
| Q2 24 | $66.4M | $372.2M |
净利润NNISLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | $57.8M | $233.2M | ||
| Q3 25 | $106.7M | $135.8M | ||
| Q2 25 | $181.5M | $71.3M | ||
| Q1 25 | $82.6M | $304.5M | ||
| Q4 24 | $63.4M | $111.6M | ||
| Q3 24 | $2.4M | $-45.2M | ||
| Q2 24 | $45.1M | $252.0M |
毛利率NNISLM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NNISLM
| Q1 26 | — | — | ||
| Q4 25 | — | 83.8% | ||
| Q3 25 | — | 49.8% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | 97.7% | 36.5% | ||
| Q3 24 | -3.1% | -16.6% | ||
| Q2 24 | 88.0% | 91.0% |
净利率NNISLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | 53.9% | 61.8% | ||
| Q3 25 | 125.1% | 36.4% | ||
| Q2 25 | 228.4% | 18.9% | ||
| Q1 25 | 99.8% | 81.2% | ||
| Q4 24 | 79.1% | 30.8% | ||
| Q3 24 | 3.3% | -12.6% | ||
| Q2 24 | 67.9% | 67.7% |
每股收益（稀释后）NNISLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $1.62 | $1.11 | ||
| Q3 25 | $2.94 | $0.63 | ||
| Q2 25 | $4.97 | $0.32 | ||
| Q1 25 | $2.26 | $1.40 | ||
| Q4 24 | $1.75 | $0.53 | ||
| Q3 24 | $0.07 | $-0.23 | ||
| Q2 24 | $1.23 | $1.11 |
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 | $5.2B |
| 总债务越低越好 | $7.8B | $6.2B |
| 股东权益账面价值 | $3.7B | $2.4B |
| 总资产 | $14.1B | $29.4B |
| 负债/权益比越低杠杆越低 | 2.11× | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资NNISLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $296.0M | $4.2B | ||
| Q3 25 | $216.4M | $3.5B | ||
| Q2 25 | $225.8M | $4.1B | ||
| Q1 25 | $220.5M | $3.7B | ||
| Q4 24 | $194.5M | $4.7B | ||
| Q3 24 | $219.7M | $4.5B | ||
| Q2 24 | $145.5M | $5.3B |
总债务NNISLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $7.8B | $5.4B | ||
| Q3 25 | $7.8B | $6.8B | ||
| Q2 25 | $7.9B | $6.4B | ||
| Q1 25 | $8.7B | $6.1B | ||
| Q4 24 | $8.3B | $6.4B | ||
| Q3 24 | $8.9B | $6.0B | ||
| Q2 24 | $9.6B | $5.4B |
股东权益NNISLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $3.7B | $2.5B | ||
| Q3 25 | $3.7B | $2.3B | ||
| Q2 25 | $3.6B | $2.4B | ||
| Q1 25 | $3.4B | $2.4B | ||
| Q4 24 | $3.3B | $2.2B | ||
| Q3 24 | $3.3B | $2.1B | ||
| Q2 24 | $3.3B | $2.3B |
总资产NNISLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $14.1B | $29.7B | ||
| Q3 25 | $13.9B | $29.6B | ||
| Q2 25 | $13.7B | $29.6B | ||
| Q1 25 | $14.2B | $28.9B | ||
| Q4 24 | $13.8B | $30.1B | ||
| Q3 24 | $14.1B | $30.0B | ||
| Q2 24 | $14.5B | $28.8B |
负债/权益比NNISLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | 2.11× | 2.19× | ||
| Q3 25 | 2.14× | 2.92× | ||
| Q2 25 | 2.21× | 2.70× | ||
| Q1 25 | 2.53× | 2.56× | ||
| Q4 24 | 2.48× | 2.98× | ||
| Q3 24 | 2.72× | 2.83× | ||
| Q2 24 | 2.90× | 2.37× |
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 | $137.6M | — |
| 自由现金流经营现金流 - 资本支出 | $130.1M | — |
| 自由现金流率自由现金流/营收 | 121.5% | — |
| 资本支出强度资本支出/营收 | 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 | $396.7M | — |
8季度趋势，按日历期对齐
经营现金流NNISLM
| Q1 26 | — | — | ||
| Q4 25 | $137.6M | $-64.5M | ||
| Q3 25 | $112.4M | $-49.3M | ||
| Q2 25 | $81.8M | $-138.7M | ||
| Q1 25 | $91.2M | $-146.1M | ||
| Q4 24 | $180.5M | $4.5M | ||
| Q3 24 | $137.0M | $-113.4M | ||
| Q2 24 | $133.4M | $-143.8M |
自由现金流NNISLM
| Q1 26 | — | — | ||
| Q4 25 | $130.1M | — | ||
| Q3 25 | $100.8M | — | ||
| Q2 25 | $78.1M | — | ||
| Q1 25 | $87.8M | — | ||
| Q4 24 | $163.2M | — | ||
| Q3 24 | $132.6M | — | ||
| Q2 24 | $122.8M | — |
自由现金流率NNISLM
| Q1 26 | — | — | ||
| Q4 25 | 121.5% | — | ||
| Q3 25 | 118.2% | — | ||
| Q2 25 | 98.3% | — | ||
| Q1 25 | 106.1% | — | ||
| Q4 24 | 203.7% | — | ||
| Q3 24 | 183.8% | — | ||
| Q2 24 | 184.9% | — |
资本支出强度NNISLM
| Q1 26 | — | — | ||
| Q4 25 | 7.0% | — | ||
| Q3 25 | 13.7% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 21.7% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 16.0% | — |
现金转化率NNISLM
| Q1 26 | — | — | ||
| Q4 25 | 2.38× | -0.28× | ||
| Q3 25 | 1.05× | -0.36× | ||
| Q2 25 | 0.45× | -1.95× | ||
| Q1 25 | 1.10× | -0.48× | ||
| Q4 24 | 2.85× | 0.04× | ||
| Q3 24 | 57.39× | — | ||
| Q2 24 | 2.96× | -0.57× |
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
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
