NNINELNET INC
Personal Credit Institutions
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.4B
- Employees
- 220
- Net debt / EBITDA
- —
- $6.9B net debt
- AI in 10-K
- 3.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo99% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo27% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.3 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo−$52K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $393M | $407M | $90M | $184M | $428M | 133% |
| Operating cash flow | $480M | $683M | $432M | $663M | $423M | 36% |
| Capex | $59M | $59M | $74M | $21M | $26M | 26% |
| Stock-based comp | $11M | $14M | $16M | $12M | $13M | 10% |
| Buybacks | $58M | $98M | $28M | $83M | $69M | 17% |
| Dividends | $34M | $37M | $39M | $41M | $43M | 5.3% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 5, 2026 | MAGNOLIA CAPITAL FUND, LP | SCHEDULE 13D/A | 5.9% | Passive |
| Nov 13, 2025 | DUNLAP MICHAEL S | SCHEDULE 13D/A | 37.8% | Active |
| Nov 18, 2024 | DUNLAP MICHAEL S | SC 13D/A | 42.8% | Passive |
| Feb 13, 2024 | DUNLAP MICHAEL S | SC 13D/A | 42.3% | Passive |
| Sep 19, 2023 | DUNLAP MICHAEL S | SC 13D/A | 42.1% | Passive |
| Feb 13, 2023 | DUNLAP MICHAEL S | SC 13D/A | 43.5% | Passive |
| Mar 21, 2022 | MAGNOLIA CAPITAL FUND, LP | SC 13D | 7.0% | Passive |
| Jan 28, 2022 | DUNLAP MICHAEL S | SC 13D/A | 42.5% | Passive |
| Aug 23, 2021 | DUNLAP MICHAEL S | SC 13D/A | 42.1% | Passive |
| Feb 11, 2021 | DUNLAP MICHAEL S | SC 13D/A | 43.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $52K · 1
- Net
- −$52K
Pay vs performance
No pay-versus-performance disclosure yet.