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SLM

SLM Corporation

SLM

SLM Corporation • NASDAQ
$29.29 ▲ 0.83% (+0.24)
Market Cap $6.13 B
52w High $34.97
52w Low $23.81
Dividend Yield 0.52%
P/E 10.1
Volume 565.31K
Outstanding Shares 209.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $830.289M ▲ $180.404M ▲ $135.85M ▲ 16.362% ▲ $0.64 ▲ $190.691M ▲
Q2-2025 $683.535M ▼ $167.244M ▲ $71.272M ▼ 10.427% ▼ $0.32 ▼ $92.5M ▼
Q1-2025 $862.134M ▲ $154.609M ▲ $304.54M ▲ 35.324% ▲ $1.43 ▲ $408.093M ▲
Q4-2024 $689.155M ▲ $149.628M ▼ $111.553M ▲ 16.187% ▲ $0.51 ▲ $132.495M ▲
Q3-2024 $677.162M $172.023M $-45.152M -6.668% $-0.23 $-54.115M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.539B ▼ $29.605B ▲ $27.264B ▲ $2.341B ▼
Q2-2025 $4.092B ▲ $29.603B ▲ $27.228B ▲ $2.375B ▼
Q1-2025 $3.695B ▼ $28.899B ▼ $26.498B ▼ $2.401B ▲
Q4-2024 $4.7B ▲ $30.072B ▲ $27.912B ▲ $2.16B ▲
Q3-2024 $4.539B $30.013B $27.879B $2.134B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $135.85M ▲ $-52.772M ▲ $-251.341M ▼ $-220.618M ▼ $-525.006M ▼ $-52.772M ▲
Q2-2025 $71.272M ▼ $-138.729M ▲ $-34.993M ▼ $561.387M ▲ $387.665M ▲ $-138.729M ▲
Q1-2025 $304.54M ▲ $-146.051M ▼ $496.928M ▲ $-1.357B ▼ $-1.006B ▼ $-146.051M ▼
Q4-2024 $111.553M ▲ $4.539M ▲ $268.67M ▲ $-59.472M ▼ $213.737M ▲ $4.539M ▲
Q3-2024 $-45.152M $-113.421M $-1.814B $1.183B $-744.155M $-113.421M

Revenue by Products

Product Q2-2013Q3-2013Q4-2013Q1-2014
Business Services
Business Services
 $200.00M ▲$170.00M ▼$170.00M ▲$170.00M ▲
Consumer Lending
Consumer Lending
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Core Earnings
Core Earnings
 $90.00M ▲$80.00M ▼$70.00M ▼$60.00M ▼
Ffelp Loans
Ffelp Loans
 $20.00M ▲$20.00M ▲$20.00M ▲$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, SLM has shown steady revenue growth with generally healthy profitability. Earnings have been positive each year, though they can swing with credit conditions, interest rates, and loan sales. Profit margins look solid for a lender, but the spike in profitability a few years ago stands out as unusually strong, with more recent results settling into a more normal, but still respectable, range. Overall, the income statement reflects a mature, profitable credit business that is sensitive to the broader credit and rate environment, but not structurally weak.

Balance Sheet

Balance Sheet The balance sheet is relatively stable in size, with total assets hovering in a similar range over the period. Equity is a small slice of the balance base, which is typical for a financial institution but underscores that the business is meaningfully leveraged. Debt funding has ticked up recently, while cash holdings have remained fairly steady, suggesting SLM maintains a decent liquidity cushion but continues to rely heavily on borrowed funds to finance its loan portfolio. The balance sheet looks consistent with a specialized lender: efficient, but with ongoing sensitivity to funding markets and credit quality.

Cash Flow

Cash Flow Reported operating cash flow has been slightly negative or near breakeven in most recent years, which for a lender often reflects loan growth and changes in the loan book rather than underlying weakness. Capital spending is minimal because this is not a heavy bricks‑and‑mortar or manufacturing business. Free cash flow can look volatile from year to year, influenced by how quickly the company is growing or shrinking its loan portfolio and any one‑off items. The cash flow profile highlights a key feature of this model: SLM depends more on access to funding markets and loan repayments than on traditional free cash generation like an industrial company would.

Competitive Edge

Competitive Edge SLM holds a strong position in private student lending, supported by a very well‑known brand, deep relationships with thousands of universities, and a broad presence on financial aid and lender recommendation lists. Its scale provides data advantages for underwriting and cost efficiency. The exit of a major competitor from the space strengthens SLM’s relative standing and could make it easier to win additional volume. On the other hand, the company operates in a politically sensitive, highly regulated segment, with exposure to changes in education policy, economic cycles, and public sentiment about student debt. Federal lending policy shifts may create growth opportunities, but also regulatory and reputational risks.

Innovation and R&D

Innovation and R&D SLM is leaning into a digital‑first approach, focusing on making the student financing process simpler through online tools, mobile apps, and self‑service features. Its apps and calculators help with loan management, college planning, and financial literacy, which can deepen customer engagement. The company is also investing in data and analytics, and has earmarked a meaningful, though not massive, budget for research and development to enhance its technology and customer experience. While it has not detailed extensive use of advanced artificial intelligence, its direction suggests a gradual strengthening of digital capabilities rather than a dramatic technology overhaul. The risk is that innovation remains incremental while fintech competitors move faster; the opportunity is to fully leverage its data, brand, and relationships with better tech and smarter underwriting.

Summary

SLM today looks like a focused, profitable specialty lender with a stable, leveraged balance sheet typical of its industry, and a cash flow profile driven more by loan book dynamics than by classic free cash generation. Its core strengths lie in brand recognition, entrenched university relationships, and a leading share in private student loans, now potentially enhanced by a major competitor’s withdrawal and by policy trends that may favor private lending. The company is investing in digital tools and analytics to deepen its moat and improve the customer journey, though its innovation path appears evolutionary, not disruptive. Key uncertainties revolve around credit performance, interest rates, regulatory and political shifts in student lending, and SLM’s ability to turn its technology investments into clear, measurable advantages over emerging and established competitors.

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