# Credit Acceptance (CACC.US)

Canonical: https://gigainvestors.com/s/CACC

Analysis as of: 2026-10-16T07:27:11.919Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $549.87 per share; close as of 2026-10-15.

Estimated value: low $470.39 per share, central $535.25 per share, high $621.59 per share. Buy at or below the central value $535.25 per share. Valuation as of 2026-10-16T07:27:11.919Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.55×

- FY2017: 0.53×

- FY2018: 0.59×

- FY2019: 0.57×

- FY2020: 0.32×

- FY2021: 0.68×

- FY2022: 0.38×

- FY2023: 0.19×

- FY2024: 0.15×

- FY2025: 0.48×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: -26.4 pp

- Typical gross margin (annual median): 72.4%

- Recent gross margin (lower of latest and 3-year median): 98.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.7%

- FY2017: 10.2%

- FY2018: 9.9%

- FY2019: 9.7%

- FY2020: 5.9%

- FY2021: 14.9%

- FY2022: 6.9%

- FY2023: 4.5%

- FY2024: 3.4%

- FY2025: 11.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -60.7 pp

- Working capital / revenue, change between three-year averages: -444.1 pp

- Working capital / revenue, final three-year average: 1.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.04×

- FY2023: 1.08×

- FY2024: 1.10×

- FY2025: 1.06×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.9% vs 4.5%

- Per-share earnings: 16.31 to 21.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.7%

- Ordinary dilution, 5-year annual growth: -8.3%

- Market cap gain: $413M

- Cumulative retained earnings: $77M

- Diluted shares, 10-year annual growth: -5.7%

- Diluted shares, 5-year annual growth: -8.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.8%

- Per-share value change: $5.68

- Per-share value, starting three-year median: $16.31

- Per-share value, ending three-year median: $21.99

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 7.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $4.9B

- ROIC, first three-year median: 9.9%

- ROIC, last three-year median: 4.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $16.31

- FY2017: $24.04

- FY2018: $29.39

- FY2019: $34.57

- FY2020: $23.47

- FY2021: $59.52

- FY2022: $39.32

- FY2023: $21.99

- FY2024: $19.88

- FY2025: $36.38

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 14.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.49×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -1.9%

- FY2018: -2.1%

- FY2019: -2.1%

- FY2020: -7.5%

- FY2021: -1.6%

- FY2022: -10.2%

- FY2023: -10.9%

- FY2024: -9.1%

- FY2025: -6.6%

## Holders

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Vinall](https://gigainvestors.com/RVC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 20% since Dec 2021 · "Management highlighted underperforming loan vintages from 2022 to 2024, which weighed on loan performance." (finance.yahoo.com, Nov 2025) · sales +7.2%

Story as of 2026-10-16T09:58:27.024Z; price observation 2026-10-15.

Price needs cash profits to grow 1.2% a year for ten years

- 2025-08-01: CACC's Q2 Earnings Lag on High Costs, Finance Charges Provide Support ([finance.yahoo.com](https://finance.yahoo.com/news/caccs-q2-earnings-lag-high-120200463.html))

- 2025-10-31: CACC Q3 Deep Dive: Revenue Misses, Competitive Pressures and Leadership Transition ([finance.yahoo.com](https://finance.yahoo.com/news/cacc-q3-deep-dive-revenue-125041130.html))

- 2026-01-30: CACC Up on Q4 Earnings Beat Despite Y/Y Rise in Expenses, Provisions ([finance.yahoo.com](https://finance.yahoo.com/news/cacc-q4-earnings-beat-despite-182000218.html))

### Sales · FY2024–2025

sales +7.2%; source https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm; observed 2026-02-13.

- FY2016: $969M 

- FY2017: $1.1B 

- FY2018: $1.3B 

- FY2019: $1.5B 

- FY2020: $1.7B 

- FY2021: $1.9B 

- FY2022: $1.8B 

- FY2023: $1.9B 

- FY2024: $2.2B 

- FY2025: $2.3B 

### Gross margin · FY2025

gross margin 98.7%; source https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm; observed 2026-02-13.

- FY2016: 68.8% 

- FY2017: 69.3% 

- FY2018: 67.9% 

- FY2019: 71.2% 

- FY2020: 74.8% 

- FY2021: 77.0% 

- FY2022: 73.6% 

- FY2024: 61.6% 

- FY2025: 98.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm#000088555026000047 (filed 2026-02-13); FY2025: revenue 2317200000; grossProfit 2288200000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 61.6% to 100% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 61.6%.

- Source: https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 98.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.07651803918092367],[2017,0.10225295755045233],[2018,0.09920326299234372],[2019,0.09677297115053207],[2020,0.059233963750872205],[2021,0.14866879580116527],[2022,0.06880833604634723],[2023,0.045101995775136364],[2024,0.03374581277405394],[2025,0.11231976729290409]]; median 0.08664550516572787. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 725.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 5500000; owner earnings 342600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 8400000; owner earnings 478200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 4229731.8703321405; upkeep 20870268.12966786; owner earnings 572629731.8703321. Growth capex / owner earnings = 0.007386504114127858.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 4400000; upkeep 22400000; owner earnings 656100000. Growth capex / owner earnings = 0.006706294772138394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 8500000; owner earnings 436300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 7600000; owner earnings 977000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 3100000; owner earnings 558300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 4000000; owner earnings 308700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 1800000; owner earnings 273900000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 1600000; owner earnings 448900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,11800000],[2022,15100000],[2023,5200000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 725400000 USD.

### Are managers owners

Insiders own 36.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CACC.US SharesStats.PercentInsiders = 36.721 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.2% yearly over ten years; actual growth was 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.004796558472374701. Price 549.87; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 14.77068053753838 → FY2025 38.52963232568345. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $184.10 per share

- 2016-11: $191.84 per share

- 2016-12: $217.51 per share

- 2017-01: $205.28 per share

- 2017-02: $200.46 per share

- 2017-03: $199.41 per share

- 2017-04: $203.25 per share

- 2017-05: $215.02 per share

- 2017-06: $257.14 per share

- 2017-07: $249.10 per share

- 2017-08: $272.30 per share

- 2017-09: $280.17 per share

- 2017-10: $286.73 per share

- 2017-11: $302.90 per share

- 2017-12: $323.48 per share

- 2018-01: $329.71 per share

- 2018-02: $314.69 per share

- 2018-03: $330.41 per share

- 2018-04: $330.84 per share

- 2018-05: $353.01 per share

- 2018-06: $353.40 per share

- 2018-07: $383.60 per share

- 2018-08: $456.71 per share

- 2018-09: $438.07 per share

- 2018-10: $424.42 per share

- 2018-11: $409.42 per share

- 2018-12: $381.76 per share

- 2019-01: $398.02 per share

- 2019-02: $439.86 per share

- 2019-03: $451.93 per share

- 2019-04: $496.22 per share

- 2019-05: $456.39 per share

- 2019-06: $483.83 per share

- 2019-07: $478.03 per share

- 2019-08: $452.65 per share

- 2019-09: $461.31 per share

- 2019-10: $437.81 per share

- 2019-11: $430.46 per share

- 2019-12: $442.33 per share

- 2020-01: $428.98 per share

- 2020-02: $403.20 per share

- 2020-03: $255.69 per share

- 2020-04: $311.57 per share

- 2020-05: $369.82 per share

- 2020-06: $419.01 per share

- 2020-07: $467.94 per share

- 2020-08: $386.80 per share

- 2020-09: $338.64 per share

- 2020-10: $298.12 per share

- 2020-11: $298.48 per share

- 2020-12: $346.14 per share

- 2021-01: $385.77 per share

- 2021-02: $363.02 per share

- 2021-03: $360.23 per share

- 2021-04: $394.79 per share

- 2021-05: $447.46 per share

- 2021-06: $454.11 per share

- 2021-07: $484.77 per share

- 2021-08: $579.68 per share

- 2021-09: $585.30 per share

- 2021-10: $598.21 per share

- 2021-11: $624.90 per share

- 2021-12: $687.68 per share

- 2022-01: $539.56 per share

- 2022-02: $550.12 per share

- 2022-03: $550.37 per share

- 2022-04: $512.50 per share

- 2022-05: $595.31 per share

- 2022-06: $473.41 per share

- 2022-07: $575.91 per share

- 2022-08: $532.08 per share

- 2022-09: $438.00 per share

- 2022-10: $465.62 per share

- 2022-11: $473.96 per share

- 2022-12: $474.40 per share

- 2023-01: $462.64 per share

- 2023-02: $444.34 per share

- 2023-03: $436.04 per share

- 2023-04: $489.50 per share

- 2023-05: $445.68 per share

- 2023-06: $507.93 per share

- 2023-07: $556.60 per share

- 2023-08: $501.77 per share

- 2023-09: $460.12 per share

- 2023-10: $402.43 per share

- 2023-11: $457.00 per share

- 2023-12: $532.73 per share

- 2024-01: $541.07 per share

- 2024-02: $553.60 per share

- 2024-03: $551.55 per share

- 2024-04: $513.72 per share

- 2024-05: $490.83 per share

- 2024-06: $514.68 per share

- 2024-07: $574.90 per share

- 2024-08: $466.53 per share

- 2024-09: $443.42 per share

- 2024-10: $425.00 per share

- 2024-11: $497.70 per share

- 2024-12: $469.46 per share

- 2025-01: $507.77 per share

- 2025-02: $492.39 per share

- 2025-03: $516.35 per share

- 2025-04: $487.42 per share

- 2025-05: $477.30 per share

- 2025-06: $509.43 per share

- 2025-07: $490.28 per share

- 2025-08: $514.73 per share

- 2025-09: $466.93 per share

- 2025-10: $447.34 per share

- 2025-11: $461.97 per share

- 2025-12: $443.46 per share

- 2026-01: $498.24 per share

- 2026-02: $473.18 per share

- 2026-03: $423.46 per share

- 2026-04: $504.91 per share

- 2026-05: $573.64 per share

- 2026-06: $636.74 per share

- 2026-07: $568.91 per share

- 2026-08: $599.74 per share

- 2026-09: $531.00 per share

- 2026-10: $549.87 per share

## Annual estimated value (USD per share)

- FY2016: low $242.41 per share, central $346.29 per share, high $406.78 per share

- FY2017: low $293.37 per share, central $419.08 per share, high $492.28 per share

- FY2018: low $340.29 per share, central $486.12 per share, high $571.03 per share

- FY2019: low $459.56 per share, central $656.49 per share, high $771.17 per share

- FY2020: low $524.58 per share, central $720.30 per share, high $844.57 per share

- FY2021: low $690.55 per share, central $986.46 per share, high $1,158.77 per share

- FY2022: low $771.18 per share, central $1,053.11 per share, high $1,234.48 per share

- FY2023: low $486.81 per share, central $553.94 per share, high $643.29 per share

- FY2024: low $495.42 per share, central $563.73 per share, high $654.66 per share

- FY2025: low $421.14 per share, central $479.20 per share, high $556.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/885550/000088555026000047/cacc-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Bill Ruane](https://gigainvestors.com/RC): 5,279 CACC shares; USD 3,361,000 reported position value; 0.05% of portfolio; reduce; quarter 2026 Q2.
- [Robert Vinall](https://gigainvestors.com/RVC): 108,272 CACC shares; USD 68,941,000 reported position value; 18.01% of portfolio; reduce; quarter 2026 Q2.

# CACC — Credit Acceptance Corp.

Held by 2 investors · USD 72,302,000 total · 2026 Q2 · reported price USD 636.74 (split-adjusted).
Page: https://gigainvestors.com/s/CACC

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Robert Vinall (https://gigainvestors.com/RVC) | USD 68,941,000 | 18% | reduce -12.8% |
| Bill Ruane (https://gigainvestors.com/RC) | USD 3,361,000 | 0.1% | reduce -96.39% |

## Total held by quarter

- 2012 Q1: USD 5,083,225 · 1 holder · USD 101.02
- 2012 Q2: USD 26,481,892 · 1 holder · USD 84.43
- 2012 Q3: USD 26,405,916 · 1 holder · USD 85.51
- 2012 Q4: USD 30,972,236 · 1 holder · USD 101.68
- 2013 Q1: USD 37,085,368 · 1 holder · USD 122.14
- 2013 Q2: USD 48,795,725 · 1 holder · USD 105.05
- 2013 Q3: USD 51,160,201 · 1 holder · USD 110.81
- 2013 Q4: USD 60,073,969 · 1 holder · USD 129.99
- 2014 Q1: USD 65,022,253 · 1 holder · USD 142.15
- 2014 Q2: USD 56,369,952 · 1 holder · USD 123.10
- 2014 Q3: USD 57,213,087 · 1 holder · USD 126.07
- 2014 Q4: USD 62,022,626 · 1 holder · USD 136.41
- 2015 Q1: USD 88,379,460 · 1 holder · USD 195.00
- 2015 Q2: USD 109,057,248 · 1 holder · USD 246.18
- 2015 Q3: USD 86,937,398 · 1 holder · USD 196.87
- 2015 Q4: USD 94,789,030 · 1 holder · USD 214.02
- 2016 Q1: USD 77,148,039 · 1 holder · USD 181.55
- 2016 Q2: USD 95,066,527 · 2 holders · USD 185.08
- 2016 Q3: USD 103,086,779 · 2 holders · USD 201.07
- 2016 Q4: USD 139,225,541 · 2 holders · USD 217.51
- 2017 Q1: USD 126,862,050 · 2 holders · USD 199.41
- 2017 Q2: USD 122,274,699 · 2 holders · USD 257.14
- 2017 Q3: USD 102,196,210 · 1 holder · USD 280.17
- 2017 Q4: USD 154,595,497 · 3 holders · USD 323.48
- 2018 Q1: USD 166,787,663 · 3 holders · USD 330.41
- 2018 Q2: USD 154,400,903 · 3 holders · USD 353.83
- 2018 Q3: USD 180,320,564 · 2 holders · USD 438.07
- 2018 Q4: USD 200,287,712 · 3 holders · USD 381.76
- 2019 Q1: USD 234,594,151 · 3 holders · USD 451.93
- 2019 Q2: USD 227,348,643 · 3 holders · USD 483.83
- 2019 Q3: USD 190,002,979 · 2 holders · USD 461.31
- 2019 Q4: USD 179,094,994 · 2 holders · USD 442.33
- 2020 Q1: USD 106,527,613 · 2 holders · USD 255.69
- 2020 Q2: USD 201,866,910 · 3 holders · USD 419.01
- 2020 Q3: USD 210,433,347 · 4 holders · USD 338.64
- 2020 Q4: USD 327,582,104 · 4 holders · USD 346.14
- 2021 Q1: USD 182,248,244 · 4 holders · USD 360.23
- 2021 Q2: USD 230,002,531 · 3 holders · USD 454.11
- 2021 Q3: USD 292,565,301 · 3 holders · USD 585.30
- 2021 Q4: USD 314,915,341 · 3 holders · USD 687.68
- 2022 Q1: USD 257,712,004 · 3 holders · USD 550.37
- 2022 Q2: USD 222,249,589 · 3 holders · USD 473.41
- 2022 Q3: USD 203,374,077 · 3 holders · USD 438.00
- 2022 Q4: USD 218,358,255 · 3 holders · USD 474.40
- 2023 Q1: USD 188,494,625 · 3 holders · USD 436.04
- 2023 Q2: USD 229,442,047 · 3 holders · USD 507.93
- 2023 Q3: USD 201,032,428 · 3 holders · USD 460.12
- 2023 Q4: USD 310,801,914 · 4 holders · USD 532.73
- 2024 Q1: USD 717,466,236 · 5 holders · USD 551.55
- 2024 Q2: USD 659,268,178 · 6 holders · USD 514.68
- 2024 Q3: USD 576,745,427 · 6 holders · USD 443.42
- 2024 Q4: USD 465,553,330 · 5 holders · USD 469.46
- 2025 Q1: USD 488,952,484 · 5 holders · USD 516.35
- 2025 Q2: USD 378,871,279 · 4 holders · USD 509.43
- 2025 Q3: USD 333,708,976 · 4 holders · USD 466.93
- 2025 Q4: USD 295,594,028 · 2 holders · USD 443.46
- 2026 Q1: USD 114,608,351 · 2 holders · USD 424.43
- 2026 Q2: USD 72,302,000 · 2 holders · USD 636.74