Loading financials from SEC filings…
Credit services · Financial Services · Fiscal year ends Dec 31
Dave reported revenue of $554M in the fiscal year ended Dec 2025, up 59.7% from the year before. Operating income was $175M, an operating margin of 31.6%, and net income was $196M. Operating cash flow of $290M less capital expenditure of $317,000 left free cash flow of $290M. It held more cash than debt (net cash $81M).
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 153 | 205 | 259 | 347 | 554 |
| Operating incomederived: pre-tax income + interest | −6.4 | −120 | −36.6 | 68.3 | 175 |
| Interest expense | 2.5 | 9.2 | 11.8 | 8.0 | 7.0 |
| Pre-tax income | −19.9 | −129 | −48.4 | 60.4 | 168 |
| Income tax | 0.1 | −0.1 | 0.1 | 2.5 | −27.8 |
| Net income | −20.0 | −129 | −48.5 | 57.9 | 196 |
| Diluted EPS | −4.69 | −11.12 | −4.07 | 4.19 | 13.53 |
| Diluted shares | 4.3 | 11.6 | 11.9 | 13.8 | 14.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 32.0 | 22.9 | 41.8 | 49.7 | 80.5 |
| Current assets | 100 | 309 | 277 | 282 | 437 |
| Net PP&E | 0.7 | 1.0 | 1.1 | 0.7 | 0.5 |
| Total assets | 147 | 321 | 294 | 299 | 487 |
| Payables | 13.0 | 11.4 | 5.5 | 6.8 | 8.4 |
| Deferred revenue | – | 0.7 | – | – | – |
| Current liabilities | 68.6 | 36.4 | 25.6 | 35.1 | 114 |
| Long-term debt | 35.0 | 75.0 | 75.0 | 75.0 | 0.0 |
| Total liabilities | 108 | 215 | 207 | 116 | 135 |
| Shareholders' equity | 38.7 | 107 | 87.1 | 183 | 353 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −0.5 | −44.9 | 33.8 | 125 | 290 |
| Capital expenditure | 0.4 | 0.7 | 0.7 | 0.3 | 0.3 |
| Free cash flow | −0.9 | −45.6 | 33.1 | 125 | 290 |
| Depreciation & amortisation | 3.1 | 7.1 | 5.5 | 7.7 | 7.1 |
| Stock-based compensation | 2.1 | 40.6 | 26.7 | 37.3 | 29.9 |
| Share buybacks | 0.0 | 0.5 | 0.0 | 0.0 | 43.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 33.9% | 26.5% | 34.0% | 59.7% |
| Operating income growth (YoY) | – | – | – | – | 156.2% |
| EPS growth (YoY) | – | – | – | – | 222.9% |
| Operating margin | −4.2% | −58.5% | −14.1% | 19.7% | 31.6% |
| Net margin | −13.1% | −62.9% | −18.7% | 16.7% | 35.3% |
| Return on equityBlank when equity is negative | −51.6% | −121.0% | −55.7% | 31.6% | 55.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.1% | −42.0% | −13.6% | 25.9% | 46.9% |
| Free cash flow margin | −0.6% | −22.3% | 12.8% | 36.0% | 52.3% |
| Cash conversion (CFO ÷ net income) | 0.03x | 0.35x | −0.70x | 2.16x | 1.48x |
| Interest cover | −2.51x | −13.0x | −3.11x | 8.55x | 24.9x |
| Debt ÷ equity | 0.90x | 0.70x | 0.86x | 0.41x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3.0 | 52.1 | 33.2 | 25.3 | −80.5 |
| Current ratio | 1.46x | 8.47x | 10.8x | 8.05x | 3.83x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.