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NEWTI

NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028

NEWTI

NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 • NASDAQ
$25.20 ▲ 0.00% (+0.00)
Market Cap $323.76 M
52w High $25.82
52w Low $23.90
Dividend Yield 2.00%
P/E 0
Volume 7
Outstanding Shares 12.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $85.49M ▼ $0 ▼ $17.901M ▲ 20.939% ▲ $0.72 ▲ $49.919M ▲
Q2-2025 $92.793M ▲ $34.32M ▲ $13.703M ▲ 14.767% ▲ $0.55 ▲ $44.928M ▲
Q1-2025 $90.288M ▼ $32.167M ▲ $9.367M ▼ 10.375% ▼ $0.36 ▼ $40.169M ▼
Q4-2024 $97.801M ▲ $29.008M ▲ $18.324M ▲ 18.736% ▲ $0.68 ▲ $50.781M ▲
Q3-2024 $83.122M $27.964M $11.934M 14.357% $0.47 $41.996M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $216.931M ▲ $2.399B ▲ $2.02B ▲ $386.707M ▲
Q2-2025 $190.137M ▼ $2.126B ▼ $1.814B ▼ $312.18M ▲
Q1-2025 $269.983M ▼ $2.137B ▲ $1.834B ▲ $302.28M ▲
Q4-2024 $353.148M ▲ $2.06B ▲ $1.764B ▲ $296.282M ▲
Q3-2024 $162.493M $1.674B $1.392B $281.785M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $13.703M ▲ $-199.814M ▼ $-44.831M ▲ $163.8M ▲ $-80.845M ▲ $-199.777M ▼
Q1-2025 $9.367M ▼ $-60.704M ▼ $-79.245M ▲ $52.709M ▼ $-87.24M ▼ $-60.741M ▼
Q4-2024 $18.324M ▲ $964K ▼ $-178.777M ▼ $368.765M ▲ $190.952M ▲ $91.324M ▲
Q3-2024 $11.934M ▲ $12.432M ▲ $-63.17M ▼ $36.286M ▼ $-15.916M ▼ $-73.141M ▼
Q2-2024 $10.945M $-26.607M $-24.428M $94.167M $43.132M $-26.678M

Five-Year Company Overview

Income Statement

Income Statement The business has grown its revenue and core profits steadily over the past several years, showing that its lending and service model can scale. Profitability at the operating level has been fairly consistent, which suggests decent pricing power and cost control. However, bottom‑line earnings have been more uneven, with one especially strong year followed by more moderate results. Overall, the income statement tells a story of growth and resilience, but not a perfectly smooth earnings path, which is typical for a lender exposed to credit cycles and interest‑rate swings.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets rising as the company has grown its lending activities and service platform. Cash levels are stronger than they were a few years ago, which adds some financial flexibility. At the same time, debt has increased sharply more recently, outpacing the growth in equity, which means leverage has gone up and the capital structure is heavier on borrowed money. Equity has grown, but more slowly than debt, so investors in the notes should recognize that the company is operating with a more leveraged balance sheet than in the past.

Cash Flow

Cash Flow Cash generation has been choppy. Operating cash flow flipped from positive to negative in recent years, and free cash flow has followed the same pattern, though capital spending needs are very light. For a financial company, this volatility often reflects shifts in loan growth, funding mix, and working capital rather than big physical investments. Still, the recent weakness in cash flow is something to watch, because servicing debt relies on the company’s ability to turn accounting earnings into actual cash over time.

Competitive Edge

Competitive Edge NewtekOne targets small and midsize businesses with a broad, bundled menu of services rather than just loans. Its specialization in government‑backed small‑business lending, preferred lender status, and strong track record in this niche give it a recognizable position versus traditional banks. Becoming a bank holding company provides access to lower‑cost deposits, which can support margins and stability compared with relying solely on wholesale funding. Its referral network with other financial institutions adds a differentiated distribution channel. The flip side is that it competes in a crowded field against banks and fintechs, and its focus on smaller businesses ties its fortunes closely to the health of that segment of the economy.

Innovation and R&D

Innovation and R&D The company leans heavily on technology to build a moat. Its Newtek Advantage platform, QuickBooks integration, and NewTracker referral system aim to make it a one‑stop operating hub for small businesses, deepening relationships and making customers less likely to switch. Use of automation and artificial intelligence to process documents and streamline underwriting can reduce costs and speed up decisions. The Alternative Loan Program expands its reach beyond traditional borrowers and is positioned as a major future growth driver. Continued platform enhancements, data analytics, and smart partnerships will be critical to staying ahead, but they also require consistent execution and ongoing investment in technology and risk management.

Summary

Overall, the notes are backed by a company that has grown steadily, built a specialized position in small‑business finance, and invested in a tech‑enabled, one‑stop model that can support recurring, diversified revenue. The main positives are its niche expertise, preferred status in key lending programs, integrated technology platform, and access to deposit funding as a bank holding company. The key risks center on higher leverage than in the past, uneven cash flow, exposure to small‑business credit quality and the broader economic cycle, and the need to keep innovating in a competitive, regulated financial environment. The story is one of a growing, tech‑driven lender with meaningful strengths but also a capital structure and business profile that require careful monitoring over time.