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ATLCP

Atlanticus Holdings Corporation

ATLCP

Atlanticus Holdings Corporation • NASDAQ
$23.99 ▲ 0.02% (+0.01)
Market Cap $363.25 M
52w High $25.00
52w Low $21.66
Dividend Yield 1.43%
P/E 3.15
Volume 2.46K
Outstanding Shares 15.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $494.676M ▲ $69.309M ▲ $24.977M ▼ 5.049% ▼ $1.5 ▼ $34.969M ▼
Q2-2025 $394.163M ▲ $48.089M ▲ $30.573M ▼ 7.756% ▼ $1.87 ▲ $41.833M ▼
Q1-2025 $345.166M ▼ $45.203M ▲ $31.52M ▲ 9.132% ▲ $1.85 ▲ $42.468M ▲
Q4-2024 $353.491M ▲ $41.788M ▲ $31.303M ▲ 8.855% ▲ $1.77 ▲ $41.269M ▲
Q3-2024 $351.224M $35.005M $29.543M 8.411% $1.58 $38.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $425.023M ▲ $7.08B ▲ $6.495B ▲ $589.344M ▲
Q2-2025 $329.421M ▼ $3.643B ▲ $3.084B ▲ $563.324M ▲
Q1-2025 $350.39M ▼ $3.272B ▲ $2.743B ▼ $532.712M ▲
Q4-2024 $375.416M ▲ $3.271B ▲ $2.781B ▲ $492.906M ▲
Q3-2024 $308.651M $3.04B $2.586B $457.723M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.588M ▼ $107.452M ▼ $-506.908M ▼ $442.158M ▲ $42.702M ▲ $107.394M ▼
Q2-2025 $30.29M ▼ $132.688M ▲ $-405.526M ▼ $294.624M ▲ $21.786M ▲ $130.545M ▲
Q1-2025 $31.122M ▼ $131.572M ▲ $-114.893M ▲ $-54.866M ▼ $-38.187M ▼ $128.893M ▲
Q4-2024 $31.303M ▲ $122.602M ▲ $-175.995M ▲ $168.32M ▼ $114.927M ▲ $121.006M ▲
Q3-2024 $28.685M $112.364M $-306.287M $171.469M $-22.454M $112.495M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q2-2025
Merchant Fees
Merchant Fees
 $0 ▲$0 ▲$0 ▲$60.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Credit and Debit Card
Credit and Debit Card
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Service Charges and Other Customer Related Fees
Service Charges and Other Customer Related Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Atlanticus has grown into a solidly profitable lender focused on non‑prime and near‑prime consumers. Revenue has expanded meaningfully over the past five years, especially most recently, while the company has kept operating profits positive and relatively stable. Profit margins have compressed compared with the peak year earlier in the decade, suggesting higher funding costs, credit losses, or growth investments are weighing on bottom-line results. Even so, the business continues to earn consistent net income, which is important in such a credit‑sensitive segment. Overall, this is a growth‑plus‑profit story rather than a pure growth or turnaround profile.

Balance Sheet

Balance Sheet The balance sheet has scaled up quickly, with total assets and loan receivables growing each year. Debt has also risen, which is typical for a specialty lender funding a larger portfolio, but it does mean the business relies heavily on access to capital markets and bank funding. Equity has been building steadily, indicating that earnings are being retained and the capital base is strengthening over time. Cash balances have been kept fairly stable in recent years, suggesting adequate day‑to‑day liquidity, though leverage remains a key structural feature of the model and a central risk to watch if credit conditions deteriorate.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and has grown along with the business, which is encouraging for a lender operating in a riskier consumer segment. Because the model is technology‑ and data‑driven rather than physical‑asset‑heavy, capital spending needs are modest, so free cash flow closely tracks operating cash flow. That makes the company more flexible in how it deploys cash—whether for funding receivables growth, acquisitions, or balance‑sheet strengthening. As with any credit platform, though, cash flows can shift quickly if credit losses spike or funding conditions tighten.

Competitive Edge

Competitive Edge Atlanticus operates in a focused niche: serving everyday consumers who fall outside traditional prime credit boxes. Its long operating history in this space, large credit data set, and underwriting models give it an information advantage that can be difficult for new entrants to replicate. Deep partnerships—with retailers, healthcare providers, banks, and especially the “second‑look” role alongside Synchrony—provide a steady flow of customers who have already been screened once by a prime lender. At the same time, the company is exposed to intense competition from other specialty finance and fintech players, as well as to regulatory scrutiny and economic cycles that hit non‑prime borrowers hardest.

Innovation and R&D

Innovation and R&D The company’s edge rests heavily on its technology and data rather than on traditional bricks‑and‑mortar lending. Its fully automated decisioning, cloud‑based infrastructure, and API‑driven integrations allow partners to embed credit offers directly into their own customer journeys. The Aspire banking platform and Credit‑as‑a‑Service model are notable examples of product innovation aimed at turning underserved consumers into long‑term, profitable relationships. The Mercury acquisition shows a willingness to use M&A to expand its data set and reach. The main question is execution: how well the firm continues to refine its models, manage risk in a non‑prime book, and integrate new platforms without slipping on credit quality or compliance.

Summary

Atlanticus has evolved into a scaled, data‑driven specialty finance platform with a clear focus on underserved consumers and strong, recurring partnership channels. Financially, it combines steady profitability with growing revenues and a strengthening equity base, supported by healthy free cash flow and relatively low capital spending needs. On the other hand, its model is inherently leveraged and tightly linked to the health of non‑prime consumers, funding markets, and regulation. Its long credit history, technology stack, and preferred “second‑look” status with large partners form a meaningful competitive moat, but they do not eliminate cyclical and credit risks. The company’s future trajectory will largely hinge on its ability to maintain underwriting discipline as it scales, expand high‑quality partnerships, and continue enhancing its analytics platform without overextending its balance sheet.