At a glance
Dave Inc is worth $4.12B, about 24 times its fiscal 2025 earnings. Revenue grew 59.7% to $554.2M in fiscal 2025, with 35.3% kept as profit; over 4 years it has grown 38.0% a year. It pays no dividend; it spent $44.3M buying back its shares over FY2021–FY2025. The stock returned +28.6% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Dave Inc. calls itself a neobank: a finance company that works through a mobile app and partner banks rather than branches. It targets everyday Americans living paycheck to paycheck whom traditional banks often underserve. In its annual report filed March 2, 2026, Dave said over 19 million people had signed up since its 2017 founding and over 14 million had used a product.
Its main product, ExtraCash, offers up to $500 of short-term credit between paychecks. Technically it is a discretionary overdraft: the partner bank lets a member's account dip below zero by an amount Dave's CashAI software sets from the member's bank transactions. There is no interest, late fee or credit check; since February 2025, members pay a mandatory 5% fee, with a $5 minimum. Processing and overdraft service fees made up 84% of Dave's $554.2 million in revenue for the year ended December 31, 2025.
Monthly membership fees, raised from $1 to $3 for new members in mid-2025, were another 6.7% of revenue. Dave Checking is a fee-free account with a Dave debit Mastercard and FDIC pass-through insurance, meaning federal deposit insurance reaches each customer through the partner bank. Interchange, a small fee merchants pay when the card is used, was 4.4% of revenue; Dave also earns Mastercard incentives and partner-bank interest.
Price history
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DAVE +28.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Processing And Overdraft Service Fees Net | $466.8M | 84.2% |
| Subscriptions | $37.2M | 6.7% |
| Interchange Revenue Net | $24.4M | 4.4% |
| Transaction Based Revenue Other Net | $15.7M | 2.8% |
| Tips | $7.5M | 1.4% |
| Atm Revenue Net | $2.3M | 0.4% |
| Other | $349K | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $170.8M, up 29.6% from a year earlier, and net income was $6.7M (-26.0%).
- For fiscal 2025, revenue was $554.2M (+59.7% year over year; +38.0% a year from FY2021 to FY2025) with a 35.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +38.0% good |
|---|---|
| Return on equity | 55.5% good |
| Net income / revenue | 35.3% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $153.0M | $-20.0M | — |
| FY2022 | $204.8M | $-128.9M | — |
| FY2023 | $259.1M | $-48.5M | — |
| FY2024 | $347.1M | $57.9M | — |
| FY2025 | $554.2M | $195.9M | — |
Valuation snapshot
| Market value | $4.12B |
|---|---|
| P/E ratio | 23.8 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DAVE price data to Oct 28, 2026 | +45.7% | +28.6% | +294.9% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +45.7% |
| 2025 | +154.7% |
| 2024 | +936.6% |
| 2023 | -13.3% |
| 2022 | -94.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 68 sales ($17.6M), 63 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 2, 2026 | Jason Wilk Chief Executive Officer, Director | sell | $2.3M |
| Jun 2, 2026 | Kyle Beilman CFO and COO and Secretary | sell | $1.1M |
| Mar 5, 2026 | Andrea Mitchell Director | sell (plan) | $866K |
| Dec 17, 2025 | Imran Khan Director | sell (plan) | $775K |
| Dec 17, 2025 | Imran Khan Director | sell (plan) | $751K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | May 31, 2026 |
| Hood River Capital Management LLC | 9.15% | Dec 31, 2025 |
| Divisadero Street Capital Management, LP | 6.1% | Jun 30, 2026 |
| JANE STREET GROUP, LLC | 5.4% | Apr 20, 2026 |
| G1 Execution Services, LLC | 2.5% | Jun 30, 2026 |
| Norwest Venture Partners XIV LP | 2% | Jun 30, 2025 |
ETFs with the most weight in DAVE
| FDLS Inspire Fidelis Multi Factor ETF | 1.07% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.7% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.35% |
| AFSM First Trust Active Factor Small Cap ETF | 0.31% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.28% |
| VFMO Vanguard U.S. Momentum Factor ETF | 0.22% |
| SEIS SEI Select Small Cap ETF | 0.21% |
| IWC iShares Micro-Cap ETF | 0.19% |
What could go wrong
- Members may not repay ExtraCash. ExtraCash is not backed by collateral and needs no credit check. If CashAI misjudges members, or the bank data it relies on is wrong, more members could fail to repay. Its loss history is short.
- Revenue rests on a single product. Processing and overdraft service fees were 84% of revenue for the year ended December 31, 2025. If members reject the 5% fee, or rules restrict it, results would suffer.
- Dependence on partner banks. Dave's accounts and ExtraCash run through partner banks. It relies on two, including Evolve Bank & Trust, and plans to eventually use one. Losing a partner, or regulators restricting one, could disrupt its business.
- Lending and consumer protection rules. If regulators or courts decide ExtraCash breaks state usury laws, which cap interest rates, or other lending rules, the business could be badly hurt. Dave also faces investigations, lawsuits and mass arbitration claims.
- Downturns could raise defaults. Dave serves people who often live paycheck to paycheck. Dave says its industry is cyclical: in an economic downturn, more members may fail to repay and demand for its products may fall.
- Founder controls the vote. Dave has two share classes with different voting rights, giving founder and CEO Jason Wilk concentrated control. That limits other shareholders' say on decisions such as a takeover and may weigh on the share price.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Major agreement signed; Other company announcement
- Other company announcement
- Quarterly results released; Executive or board change; Other company announcement
- Acquisition or sale of assets completed
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Dave pays no dividend. It has never paid one and does not expect to in the foreseeable future. For an income investor, the stock produces no regular cash; any return depends on the share price, and drawing income would mean trimming shares at the going price. Dave has repurchased some of its own shares, which can shrink the share count, spending $43.7 million in fiscal 2025 out of $44.3 million over fiscal 2021 to 2025.
As of October 28, 2026, Dave's shares had about 4.8 years of price history, missing the 2008 and 2020 crashes. The stock lost 94.4% in 2022 and 13.3% in 2023, then rose 936.6% in 2024 and 154.7% in 2025. Its largest fall from a peak was 99%, and its one-year beta of 2.32 means it has tended to move more than twice as much as the broad market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Dave make money?
Mostly from fees on ExtraCash, its short-term overdraft product. Processing and overdraft service fees made up 84.2% of Dave's $554.2 million in revenue for the year ended December 31, 2025. Since February 2025, members pay a mandatory 5% fee, with a $5 minimum, on ExtraCash overdrafts of up to $500. The rest came mainly from monthly subscriptions (6.7%), debit card interchange fees paid by merchants (4.4%), other transaction fees (2.8%) and tips (1.4%).
Does Dave pay a dividend?
No. Dave has never paid a cash dividend and says in its annual report that it does not expect to pay one in the foreseeable future. It has instead repurchased shares, spending $43.7 million in fiscal 2025 and $44.3 million across fiscal 2021 to 2025. Investors who depend on portfolio income would receive no cash from holding the stock; any return would come from changes in the share price, which has swung widely.
Is Dave a bank?
Not in the traditional sense. Dave describes itself as a neobank, a mobile-first financial company, but its products run through FDIC-insured partner banks. Those banks, including Evolve Bank & Trust, originate ExtraCash overdrafts, issue Dave debit cards and hold customer funds, which are eligible for FDIC insurance up to the standard limit. Dave does not hold customer money itself. It relies on two partner banks and plans to eventually rely on one, so losing that relationship could disrupt the business.
Is Dave profitable?
Yes, based on its latest annual results. Dave earned $195.9 million in net income on $554.2 million of revenue for the year ended December 31, 2025, up from $57.9 million in 2024, after losing money each year from 2021 to 2023. In the quarter ended June 30, 2026, revenue rose 29.6% from a year earlier to $170.8 million, but net income fell 26% to $6.7 million. Dave warns there is no guarantee it will stay profitable.
How volatile is Dave stock?
Highly volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 70.3%, and its beta of 2.32 means it has tended to move more than twice as much as the broad market. Shares lost 94.4% in 2022, then gained 936.6% in 2024. Within the year to October 28, 2026, they fell as much as 39.1% from a peak; their worst fall since trading began was 99%.