COMP <GO>

NNI vs DAVE // 10Y YIELD & FRED MACRO BETA

Nelnet Inc. (NYSE) VS. Dave Inc. (NASDAQ) • 15-METRIC TALLY: NNI 4 — DAVE 3

■ METRIC PARITY

LAST: $122.47 (-0.87%) • MKT CAP: $4.42B

macro-sensitivity

—

LAST: $316.79 (-5.38%) • MKT CAP: $4.27B

macro-sensitivity

0.96

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NNI VS. DAVE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NNI	DAVE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	11.60%	55.30%	-43.70	DAVE	/roic <GO>
EV/EBITDA & P/E Valuation	—	17.5x	—	TIE	/valuation <GO>
Free Cash Flow Yield	8.98%	6.78%	+2.20	NNI	/fcf-yield <GO>
Operating Margin	—	43.10%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	35.40%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	59.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.97%	0.00%	+0.97	NNI	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	9/9	-5.00	DAVE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	45.7	46.2	-0.50	DAVE	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	—	0.96	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	9.6x	18.3x	-8.70	NNI	/forward-pe <GO>
Enterprise Scale & Market Cap	$4.42B	$4.27B	$149.6M	NNI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NNI REV	DAVE REV	NNI GROSS %	DAVE GROSS %	NNI FCF	DAVE FCF
FY 2025	$0	$554.2M	—	—	$396.7M	$289.7M
FY 2024	$0	$347.1M	—	—	$642.0M	$124.9M
FY 2023	$0	$259.1M	—	—	$432.0M	$22.1M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NNI // BETA —

DAVE // BETA 0.96