# Navient (NAVI.US)

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

Analysis as of: 2026-10-16T07:30:31.727Z. Financial observations: FY2000–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: $9.56 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 1

- Operating margin variation: 1.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.44×

- FY2017: 0.35×

- FY2018: 0.27×

- FY2019: 0.37×

- FY2020: 0.32×

- FY2021: 0.44×

- FY2022: 1.69×

- FY2023: 0.25×

- FY2024: 0.15×

- FY2025: 4.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.6%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: -6.9 pp

- Typical gross margin (annual median): 84.1%

- Recent gross margin (lower of latest and 3-year median): 91.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.6%

- FY2017: 0.4%

- FY2018: 0.4%

- FY2019: 0.7%

- FY2020: 0.5%

- FY2021: 0.9%

- FY2022: 3.4%

- FY2023: 0.4%

- FY2024: 0.3%

- FY2025: 4.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.8B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: 16.6%

- Working capital / revenue, annual change: 492.5 pp

- Working capital / revenue, change between three-year averages: 3405.4 pp

- Working capital / revenue, final three-year average: 206.7%

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

- FY2021: 1.04×

- FY2022: 1.03×

- FY2023: 1.04×

- FY2024: 2.11×

- FY2025: 0.96×

### management: fail

- 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: 0.4% vs 0.4%

- Per-share earnings: 2.11 to 1.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -12.6%

- Ordinary dilution, 5-year annual growth: -12.7%

- Market cap gain: -$4.0B

- Cumulative retained earnings: $1.7B

- Diluted shares, 10-year annual growth: -12.6%

- Diluted shares, 5-year annual growth: -12.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: -$0.93

- Per-share value, starting three-year median: $2.11

- Per-share value, ending three-year median: $1.18

- Buybacks concentrated in cheaper years (correlation): 0.84

- Average buyback yield: 13.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $232M

- Cumulative net income, 10 years: $4.0B

- ROIC, first three-year median: 0.4%

- ROIC, last three-year median: 0.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.11

- FY2017: $1.04

- FY2018: $1.50

- FY2019: $2.56

- FY2020: $2.11

- FY2021: $4.17

- FY2022: $4.48

- FY2023: $1.85

- FY2024: $1.18

- FY2025: -$0.81

### accounting: fail

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

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.66×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 4.8%

- Earnings backed by cash: Yes

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -0.8%

- FY2018: -0.7%

- FY2019: -0.4%

- FY2020: -0.7%

- FY2021: 0.0%

- FY2022: 0.5%

- FY2023: -0.7%

- FY2024: -0.6%

- FY2025: -1.1%

## Holders

## Price story

Down 55% since Dec 2021 · "NAVI Q4 Earnings Top on Lower Expenses, Shares Fall as NII Decline Y/Y" (finance.yahoo.com, Jan 2026) · sales -47%

Story as of 2026-10-16T09:59:14.466Z; price observation 2026-10-15.

- 2025-07-30: Navient Corp (NASDAQ:NAVI) Q2 2025 Earnings Miss Estimates, Shares Drop in Pre-Market Trading ([chartmill.com](https://www.chartmill.com/news/NAVI/Chartmill-31881-Navient-Corp-NASDAQNAVI-Q2-2025-Earnings-Miss-Estimates-Shares-Drop-in-Pre-Market-Trading))

- 2026-01-28: NAVI Q4 Earnings Top on Lower Expenses, Shares Fall as NII Decline Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/navi-q4-earnings-top-lower-181500348.html))

### Sales · FY2024–2025

sales -47%; source https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm; observed 2026-02-26.

- FY2016: $2.5B 

- FY2017: $2.2B 

- FY2018: $1.9B 

- FY2019: $2.0B 

- FY2020: $1.7B 

- FY2021: $2.1B 

- FY2022: $1.7B 

- FY2023: $1.3B 

- FY2024: $1.2B 

- FY2025: $610M 

### Gross margin · FY2024

gross margin 73.6%; source https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm; observed 2026-02-26.

- FY2016: 83.0% 

- FY2017: 80.8% 

- FY2018: 80.0% 

- FY2019: 85.2% 

- FY2020: 91.1% 

- FY2021: 47.0% 

- FY2023: 91.0% 

- FY2024: 73.6% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are USD 610 million.

- Source: https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm#000119312526076753 (filed 2026-02-26); FY2025: revenue 610000000; grossProfit 2808000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NAVI.US: Navient Corporation provides technology-enabled education finance  for education in the United States. It operates through two segments: Federal Education Loans and Consumer Lending. The company owns and manages portfolio of private education loans; and offers education lending and digital financial services, in-school student loans, and refinancing products under Earnest brand. It also owns Federal Family Education Loan Program (FFELP) loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing on its portfolios, as well as federal education loans held by other institutions. Navient Corporation was founded in 1973 and is headquartered in Herndon, Virginia.

### Why customers stay

It earns 0.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 91%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 73.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 460.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.006137091826300361],[2017,0.0044738335690669455],[2018,0.0039162808221215335],[2019,0.006512277333566045],[2020,0.004874009227493197],[2021,0.009222813922975998],[2022,0.03351143493981084],[2023,0.0038535645472061657],[2024,0.002611851024802616],[2025,0.04318105018322252]]; median 0.005505550526896779. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 111 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 0; owner earnings 717000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 0; owner earnings 442000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 0; owner earnings 627000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 0; owner earnings 434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 0; cash acquisitions 16000000; owner earnings 747000000. Growth capex plus acquisitions / owner earnings = 0.0214190093708166.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 664000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 238000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 277000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,201000000],[2017,176000000],[2018,166000000],[2019,147000000],[2020,123000000],[2021,107000000],[2022,91000000],[2023,78000000],[2024,70000000],[2025,63000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 111000000 USD.

### Are managers owners

Insiders own 2.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NAVI.US SharesStats.PercentInsiders = 2.3009999999999997 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 9.56 USD; reporting-to-trading FX 1; FY2025 annual sales per share 6.161616161616162; price multiple 1.5515409836065575. FY2025 cash earnings/share -0.7777777777777778. Closing-price date 2026-10-15.

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

- 2016-10: $12.78 per share

- 2016-11: $17.23 per share

- 2016-12: $16.43 per share

- 2017-01: $15.04 per share

- 2017-02: $15.41 per share

- 2017-03: $14.76 per share

- 2017-04: $15.20 per share

- 2017-05: $14.43 per share

- 2017-06: $16.65 per share

- 2017-07: $14.75 per share

- 2017-08: $13.20 per share

- 2017-09: $15.02 per share

- 2017-10: $12.46 per share

- 2017-11: $12.61 per share

- 2017-12: $13.32 per share

- 2018-01: $14.25 per share

- 2018-02: $12.96 per share

- 2018-03: $13.12 per share

- 2018-04: $13.26 per share

- 2018-05: $13.81 per share

- 2018-06: $13.03 per share

- 2018-07: $13.21 per share

- 2018-08: $13.64 per share

- 2018-09: $13.48 per share

- 2018-10: $11.58 per share

- 2018-11: $11.50 per share

- 2018-12: $8.81 per share

- 2019-01: $11.40 per share

- 2019-02: $12.22 per share

- 2019-03: $11.57 per share

- 2019-04: $13.51 per share

- 2019-05: $13.04 per share

- 2019-06: $13.65 per share

- 2019-07: $14.15 per share

- 2019-08: $12.74 per share

- 2019-09: $12.80 per share

- 2019-10: $13.77 per share

- 2019-11: $14.35 per share

- 2019-12: $13.68 per share

- 2020-01: $14.38 per share

- 2020-02: $11.23 per share

- 2020-03: $7.58 per share

- 2020-04: $7.62 per share

- 2020-05: $7.44 per share

- 2020-06: $7.03 per share

- 2020-07: $7.96 per share

- 2020-08: $9.09 per share

- 2020-09: $8.45 per share

- 2020-10: $8.01 per share

- 2020-11: $9.37 per share

- 2020-12: $9.82 per share

- 2021-01: $11.26 per share

- 2021-02: $12.38 per share

- 2021-03: $14.31 per share

- 2021-04: $16.83 per share

- 2021-05: $18.27 per share

- 2021-06: $19.33 per share

- 2021-07: $20.43 per share

- 2021-08: $23.21 per share

- 2021-09: $19.73 per share

- 2021-10: $19.70 per share

- 2021-11: $19.73 per share

- 2021-12: $21.22 per share

- 2022-01: $17.43 per share

- 2022-02: $17.61 per share

- 2022-03: $17.04 per share

- 2022-04: $15.89 per share

- 2022-05: $16.00 per share

- 2022-06: $13.99 per share

- 2022-07: $16.47 per share

- 2022-08: $15.39 per share

- 2022-09: $14.69 per share

- 2022-10: $15.14 per share

- 2022-11: $16.57 per share

- 2022-12: $16.45 per share

- 2023-01: $18.97 per share

- 2023-02: $18.05 per share

- 2023-03: $15.99 per share

- 2023-04: $16.54 per share

- 2023-05: $15.15 per share

- 2023-06: $18.58 per share

- 2023-07: $19.04 per share

- 2023-08: $17.65 per share

- 2023-09: $17.22 per share

- 2023-10: $15.91 per share

- 2023-11: $17.13 per share

- 2023-12: $18.62 per share

- 2024-01: $17.22 per share

- 2024-02: $16.26 per share

- 2024-03: $17.40 per share

- 2024-04: $15.02 per share

- 2024-05: $15.07 per share

- 2024-06: $14.56 per share

- 2024-07: $16.41 per share

- 2024-08: $16.93 per share

- 2024-09: $15.59 per share

- 2024-10: $14.23 per share

- 2024-11: $15.58 per share

- 2024-12: $13.29 per share

- 2025-01: $13.67 per share

- 2025-02: $14.31 per share

- 2025-03: $12.63 per share

- 2025-04: $12.38 per share

- 2025-05: $13.44 per share

- 2025-06: $14.10 per share

- 2025-07: $12.94 per share

- 2025-08: $13.71 per share

- 2025-09: $13.15 per share

- 2025-10: $12.23 per share

- 2025-11: $12.40 per share

- 2025-12: $13.00 per share

- 2026-01: $9.81 per share

- 2026-02: $8.79 per share

- 2026-03: $8.18 per share

- 2026-04: $9.24 per share

- 2026-05: $8.56 per share

- 2026-06: $8.51 per share

- 2026-07: $8.39 per share

- 2026-08: $9.51 per share

- 2026-09: $9.07 per share

- 2026-10: $9.56 per share

## Annual estimated value (USD 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

Prior published observations retained from 2026-10-15T06:36:15.597Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.