Enova International Inc

Enova International is an online lender to consumers and small businesses that have bank accounts but limited access to traditional bank credit. In 2025 it extended about $7.8 billion in credit. As of December 31, 2025, it served consumers in 37 US states and Brazil, and small businesses in 49 states and Washington, D.C. About 90% of its in-house models use machine learning.

Enova offers installment loans, repaid in regular payments, and lines of credit, which let borrowers draw cash as needed up to a limit. The credit is costly. For 2025, the average annualized yield (interest and fees as a yearly share of the balance) was 90% on consumer installment loans, 147% on consumer lines of credit and 48% to 49% on small business products. Its 2020 purchase of OnDeck expanded small business lending, with loans up to $400,000.

Enova reports one business segment, and its 10-K gives no clean revenue split by product or region. Revenue was about $3.15 billion in fiscal 2025. Five partner banks originate some loans that Enova markets and may later purchase; those purchases made up 31.6% of its 2025 originations and purchases. It also arranges and guarantees loans in Texas, and runs Pangea, a money transfer service that earns a fee per transfer plus an exchange-rate spread.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.01B, up 25.7% from a year earlier, and net income was $107.3M (+33.6%).
• For fiscal 2025, revenue was $3.15B (+18.6% year over year; +23.8% a year from FY2020 to FY2025) with a 9.8% net margin.

• Over FY2021–FY2025: $916.8M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -32.8% from Oct 27, 2021 to Oct 19, 2026.

Rank among 1514 US companies

Market value at each year end

Enova International’s market value went from $416.8M at the end of 2016 to $4.40B on Oct 28, 2026, about 10.6 times as much; since the end of 2025 it is up 13%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 20 sales ($43.2M), 10 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in ENVA

1. Tighter rules on high-cost lending. Consumer lines of credit averaged a 147% yield in 2025. New state or federal rules, including from the Consumer Financial Protection Bureau, could restrict products, raise costs or force exits from states, as happened before.
2. Bank partnership model could be challenged. Purchases through five partner banks made up 31.6% of 2025 lending volume. If those ties end or courts reject the structure, Enova may need extra state licenses, face usury (interest-rate cap) claims, or exit states.
3. Defaults could rise in a weaker economy. Customers often have limited access to bank credit. A sustained downturn could raise defaults, cut demand and make lenders and investors who purchase bundles of its loans less willing to fund it.
4. Heavy reliance on borrowed money. As of September 30, 2026, total debt was about $5.38 billion against $1.57 billion of equity. Debt terms limit flexibility, and a capital-market disruption could reduce the money available to lend.
5. Losing access to payment networks. Enova sends loans and collects repayments through payment systems such as the Automated Clearing House, the US bank transfer network. Any interruption or limit on that access could seriously disrupt its business.
6. Grasshopper deal may face delays or costs. As of its February 20, 2026, 10-K, Enova's Grasshopper acquisition needed regulatory approvals, which could be delayed or carry conditions. Enova expected substantial merger expenses, and failing to close could hurt the share price.

• Oct 30, 2026 Major agreement signed; New debt or financial obligation
• Oct 22, 2026 Quarterly results released
• Oct 16, 2026 Major agreement signed; Major agreement ended
• Oct 13, 2026 Major agreement signed; New debt or financial obligation
• Sep 25, 2026 Major agreement signed; New debt or financial obligation
• Sep 15, 2026 Investor presentation or announcement
• Aug 21, 2026 Major agreement signed; New debt or financial obligation
• Aug 14, 2026 Major agreement signed; New debt or financial obligation; Other company announcement
• Jul 23, 2026 Quarterly results released
• Jul 10, 2026 Executive or board change

Enova does not pay a dividend, and its 10-K, filed February 20, 2026, says it does not expect to pay one in the foreseeable future. That means an income investor could get cash from the holding only by cashing in shares. The company returns cash through buybacks instead: it spent about $917 million repurchasing stock from fiscal 2021 through fiscal 2025, and the share count fell about 33%, from 36.4 million in October 2021 to 24.5 million as of October 19, 2026. Fewer shares can lift earnings per share, but buybacks can stop at any time.

The stock has fallen hard in downturns. It dropped about 61% from peak to trough in the 2020 COVID crash and about 43% in the 2022 bear market, recovering both times in roughly eight months. Its worst decline over its 12-year price history was about 82%, as of October 28, 2026. A single stock like this carries much more risk than a diversified fund.