Atlanticus Holdings Corporation (ATLC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+102.5%

$188.56

vs $93.13 price

Levered DCF

$1,060.23

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.68

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.06×	9.41×	7.23×	3.47×	6.91×	4.63×	5.18×	6.5×
P/B	1.66×	1.67×	1.42×	1.17×	3.73×	4.62×	144.19×	-2.33×
P/S	1.44×	1.79×	1.53×	1.02×	2.37×	0.91×	0.32×	0.26×
EV / EBITDA	40.88×	20.54×	16.95×	11.78×	9.42×	9.01×	20.14×	109.27×
Gross margin	56.3%	61.6%	69.5%	77.8%	80.0%	50.4%	26.7%	28.3%
Operating margin	22.7%	30.2%	35.2%	39.9%	48.4%	29.2%	7.8%	1.8%
Net margin	17.3%	24.2%	28.1%	36.2%	39.2%	24.0%	6.5%	4.1%
Current ratio	1.76×	5.21×	5.51×	9.3×	10.06×	4.63×	3.62×	4.69×
Debt / equity	10.75×	5.08×	5.13×	5.57×	4.95×	11.95×	882.43×	-22.89×
Interest coverage	0.53×	0.87×	1.18×	1.82×	4.06×	2.22×	0.63×	0.09×
Dividend yield	1.2%	3.1%	4.4%	6.5%	2.0%	3.8%	0.0%	0.0%
Payout ratio	10.2%	23.1%	24.2%	18.3%	12.3%	14.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.1%	22.6%	26.1%	41.5%	61.8%	121.8%	2918.7%	-36.1%
Return on invested capital	1.7%	3.4%	3.9%	5.7%	9.3%	8.1%	2.9%	0.7%
Return on assets	1.6%	3.4%	3.8%	5.7%	9.2%	7.8%	2.8%	1.3%
Free cash flow yield	62.5%	56.8%	81.2%	89.0%	19.1%	59.4%	76.3%	81.8%
Earnings yield	12.1%	13.5%	18.3%	35.4%	16.5%	26.4%	20.2%	15.5%
Enterprise value	$6.9B	$3B	$2.2B	$1.8B	$2.1B	$1.1B	$794.7M	$488.3M
Net debt / EBITDA	34.91×	14.81×	12.72×	9.3×	4.58×	6.09×	16.83×	97.93×
Cash conversion cycle (days)	-337	-149	-202	-195	-170	-78	-51	526