MeritValue

NAVIENT CORP

NAVIdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

NAVIENT CORP earns about 2% on invested capital, and has bought back 42% of its shares over 5 years. The applicable estimate puts fair value near $23.87 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$507M1$332M2$321M2$271M2$3.11B3
Net income$717M4$645M5$228M6$131M6−$80M6
Operating cash flow$702M7$305M8$676M9$459M9$441M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$77B10$66.9B11$57.6B12$48.3B13$45.7B13
Cash & equivalents$905M14$1.54B15$839M16$722M16$637M16
Diluted shares172.0M144.0M123.0M111.0M99.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$242.32
your share of equity
Profit it earned you last year
−$8.08
Free cash flow it threw off
—
Debt you’d be carrying
$4,616.77

10 shares is a claim on $242.32 of net worth that earned you −$8.08 last year, against $4,616.77 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 2%FY22 3%FY23 5%FY24 1%FY25 1%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−42% shares · 5y

Share count is down 42% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 41% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$23.87
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$228M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-020149 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-032042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001193125-26-076753 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020149 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-032042 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076753 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020149 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-032042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076753 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-004376 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-020149 (LongTermDebt)
  12. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-032042 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-076753 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-24-020149 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-032042 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001193125-26-076753 (CashAndCashEquivalentsAtCarryingValue)