Atlanticus Holdings Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Unlike many scanner "rockets", Atlanticus earns real money — which makes the stock not a pure warning case but a watch case. Its value does not hang on the reported revenue jump but on whether the high return on equity survives the next wave of defaults and the next regulatory push. What matters are the charge-off rate and the net interest margin of the coming quarters, plus every concrete step on the 10 percent interest-rate cap. Only when credit quality stabilizes and the margin holds does the growth story deserve trust beyond pure momentum trading. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Atlanticus is no 404-percent rocket but a subprime lender profitable for six straight years with a return on equity of roughly 21 percent — wrapped in a growth number that is a pure measurement error (gross mixed against net; really +96.9 percent, two-thirds of it acquired). Against the genuine earnings stand rising charge-offs (17.1 percent), nearly tenfold leverage and a regulatory risk that could strike the pricing model at its core. Not investment advice.
Profitability
Six profitable years in a row ($94 to $178 million per year since 2020), return on equity of roughly 21 percent — no red ink even through the rate shock of 2022 to 2024. Unlike many scanner hits, a genuine, carrying business stands behind this one.
Revenue "growth"
The +404.6 percent in the scanner is a data artifact: the series mixes gross and net revenue. Really, total revenue grew 96.9 percent gross, two-thirds of it from the Mercury acquisition; versus the prior quarter it fell 7.5 percent. On clean data, the scanner's 2x condition would not be met.
Credit quality
$406 million of gross charge-offs in a single quarter, the annualized charge-off rate up to 17.1 percent, 7.0 percent of the portfolio more than 90 days past due. The net interest margin fell from 12.1 to 9.3 percent within one quarter — the defaults grow along with the book.
Leverage
Roughly $6.3 billion of financial debt on only $0.65 billion of equity (about 9.8 times); new senior notes cost 9.25 to 9.75 percent, and interest expense rose roughly 158 percent in the first quarter of 2026. The growth must be continuously and expensively refinanced.
Regulation & share structure
A 10 percent interest-rate cap (bills pending in Congress) and the "true lender" litigation risk could strike the model at its core; loans in individual states could become "void and unenforceable". Insiders hold 65.5 percent, the float comprises only 5.4 million shares with 22.9 percent short interest — very volatile.
Worth Noting
The scanner metric "+404.6 percent revenue growth" rests on a data series mixing gross and net revenue; on a consistent gross basis it would be +96.9 percent (YoY) and −7.5 percent (versus the prior quarter). Computed cleanly, the filter's 2x condition would not be met.
Mercury Financial was acquired on September 11, 2025 (roughly $3.08 billion of receivables). Credit-quality ratios have been period-wise distorted since, because the Mercury book is included — the company points this out itself.
Q4 quarterly values for 2024 and 2025 are derived from the annual figure minus the nine-month sum. All credit-quality percentages are the company's non-GAAP metrics based on "managed receivables".
Stock Watch
This analysis is as of August 7, 2026. Stock Watch will tell you what's changed at ATLC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 48.00 $ to 111.80 $ · Last price: 95.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Credit Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Atlanticus Holdings Corporation ATLC | 1.4 | – | 0.0 | 73.0 | – | 53.3 | 32.6 |
| Visa Inc. Class A V | 699.4 | 33.2 | 24.3 | 97.7 | 67.4 | 11.3 | 7.7 |
| Mastercard Inc MA | 500.7 | 33.9 | 23.1 | 100.0 | 60.8 | 16.4 | -4.9 |
| American Express Company AXP | 213.1 | 19.5 | 0.0 | 62.3 | 21.3 | 8.4 | -6.4 |
| Capital One Financial Corporation COF | 124.4 | 62.2 | 0.0 | 100.0 | 28.6 | 28.4 | -9.1 |
| PayPal Holdings Inc PYPL | 45.7 | 10.1 | 6.6 | 40.5 | 17.0 | 4.3 | -20.3 |
| Synchrony Financial SYF | 25.3 | 7.7 | 0.0 | 100.0 | 48.0 | -7.9 | 2.1 |
| Affirm Holdings Inc AFRM | 23.7 | 63.7 | 25.7 | 48.9 | 8.5 | 38.8 | -22.3 |
| SoFi Technologies Inc. SOFI | 21.0 | 35.7 | 0.0 | 83.7 | 18.3 | 82.6 | -38.4 |
| Median of companies shown | 45.7 | 33.5 | 0.0 | 83.7 | 24.9 | 16.4 | -6.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 76 | -12 | -6 | -0.45 | 39 | 6 | 364 |
| 2017 | 100 | -47 | -41 | -2.93 | -26 | -36 | 426 |
| 2018 | 192 | 3 | 8 | 0.56 | 43 | -22 | 583 |
| 2019 | 408 | 32 | 26 | 1.73 | 100 | 40 | 936 |
| 2020 | 392 | 114 | 94 | 4.68 | 213 | 117 | 1,207 |
| 2021 | 454 | 220 | 178 | 8.51 | 212 | 328 | 1,944 |
| 2022 | 374 | 149 | 136 | 7.00 | 346 | 365 | 2,388 |
| 2023 | 366 | 129 | 103 | 5.45 | 459 | 395 | 2,706 |
| 2024 | 460 | 139 | 111 | 5.92 | 469 | 493 | 3,271 |
| 2025 | 705 | 160 | 122 | 6.37 | 638 | 609 | 7,623 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.07 | 19.00 | 133 | 35.50 | 23.50 | 123 | 121 |
| 2025: Q1 | 2.08 | 20.40 | 135 | 28.60 | 23.40 | 132 | 129 |
| 2025: Q2 | 2.02 | 25.90 | 143 | 40.40 | 21.30 | 133 | 131 |
| 2025: Q3 | 1.65 | -15.50 | 179 | 49.70 | 14.00 | 108 | 107 |
| 2025: Q4 | 2.32 | 12.20 | 248 | 85.70 | 14.20 | 266 | 266 |
| 2026: Q1 | 2.92 | 40.10 | 680 | 404.60 | 6.50 | 286 | 286 |
| 2026: Q2 | 2.50 | 23.80 | 744 | 419.40 | 6.70 | 277 | 277 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 26 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 9.63 | 9.25 – 10.07 | 3,018 | 61.6% | 4 |
| 12/31/2027 | 13.35 | 12.29 – 14.86 | 3,433 | 38.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $936.5M |
|---|---|
| Market cap | $1.41B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 24.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Atlanticus setzt KI operativ ein — die Kredit-Entscheidungsplattform ist laut 10-K/10-Q durch künstliche Intelligenz und Machine Learning gestützt und das Unternehmen investiert in Large Language Models für Kundenservice und Inkasso —, erzielt aber keinen Umsatz mit KI-Produkten; die KI-Risikoabsätze sind generisches Branchen-Boilerplate ohne konkrete Bedrohung des eigenen Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„Atlanticus’ decisioning platform is enhanced by artificial intelligence and machine learning, enabling fast, sound decision-making when it matters most."
Die Entscheidungsplattform von Atlanticus wird durch künstliche Intelligenz und Machine Learning verbessert und ermöglicht schnelle, fundierte Entscheidungen, wenn es am meisten darauf ankommt.
10-K · 2026-03-12 · View SEC filing
„We continually assess our collection strategies as new technologies and practices evolve and anticipate that further investments in large language models will enable us to refine our customer-centric approach to customer service and collections."
Wir überprüfen unsere Inkasso-Strategien fortlaufend, während sich neue Technologien und Verfahren entwickeln, und erwarten, dass weitere Investitionen in Large Language Models es uns ermöglichen werden, unseren kundenzentrierten Ansatz bei Kundenservice und Forderungseinzug zu verfeinern.
10-K · 2026-03-12 · View SEC filing
„Using our technology and proprietary predictive analytics, lenders can make instant credit decisions utilizing hundreds of inputs from multiple sources and thereby offer credit to consumers overlooked by many providers of financing that focus exclusively on consumers with higher FICO scores. Atlanticus’ decisioning platform is enhanced by artificial intelligence and machine learning, enabling fast, sound decision-making when it matters most."
Mithilfe unserer Technologie und proprietären prädiktiven Analytik können Kreditgeber sofortige Kreditentscheidungen auf Basis hunderter Eingangsgrößen aus mehreren Quellen treffen und so Verbrauchern Kredit anbieten, die von vielen Finanzierungsanbietern übersehen werden, die sich ausschließlich auf Verbraucher mit höheren FICO-Scores konzentrieren. Die Entscheidungsplattform von Atlanticus wird durch künstliche Intelligenz und Machine Learning verbessert und ermöglicht schnelle, fundierte Entscheidungen, wenn es am meisten darauf ankommt.
10-Q · 2026-05-07 · View SEC filing
„We anticipate that further investments in large language models will enable us to refine our customer-centric approach to customer service and collections."
Wir erwarten, dass weitere Investitionen in Large Language Models es uns ermöglichen werden, unseren kundenzentrierten Ansatz bei Kundenservice und Forderungseinzug zu verfeinern.
10-K · 2025-03-13 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-03-12 · 10-K 2025-03-13
Rated on July 7, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 23.5%
- More than 10% revenue growth is expected for the coming year 13.2%
- Share count grows by less than 3% a year -0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 143.1%
- Gross margin at 40% or higher and without meaningful erosion 56.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 34.9 x EBITDA
- Operating cash flow covers the profits of the last three years 1,230 m
- Return on capital at 15% or higher, or up versus two years ago 2.2%
- Insiders hold at least 10% or are net buyers 65.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 28.1%
- Exp. sales growth 3Y > 5% 120.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 44.8%
- Net debt < 4x EBIT 37.1x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 41.4%
- Return on equity > 15% 21.1%
- ROCE > 15% 2.2%
- Expected return > 10% 109.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Saunders Mitchell | Chief Accounting Officer | Other | 1,500 | 0.00 | – |
| May 18, 2026 | Paulson Blake | Director | Other | 1,050 | 0.00 | – |
The company
About the Company
Atlanticus Holdings Corporation, ein Finanztechnologieunternehmen, bietet Produkte und Dienstleistungen für Kreditgeber in den USA an. Das Unternehmen ist in zwei Segmenten tätig: Credit as a Service (CaaS) und Auto Finance.
- Employees
- 576
- Headquarters
- Atlanta, GA
- Address
- Five Concourse Parkway, 30328 Atlanta, United States
- Phone
- 770 828 2000
- Website
- atlanticus.com
- IPO Date
- 04/23/1999
- ISIN
- US04914Y1029
Management
| Name | Title | Birth Year |
|---|---|---|
| David G. Hanna | Executive Chairman | 1965 |
| Jeffrey A. Howard | President, CEO & Director | 1970 |
| William R. McCamey | Chief Financial Officer | 1969 |
| Mitchell C. Saunders | Chief Accounting Officer | 1973 |
| Linda Brooks | Chief Technology Officer | – |
| Kas Naderi | Chief Information Officer & Senior VP of Technology Systems | – |
| Rosalind T. Drakeford | Managing Counsel, Chief Compliance Officer & Corporate Secretary | – |
| Matt Zalubowski | Senior Vice President of Marketing | – |
| David Caruso | Chief Commercial Officer | – |
| Brian Stone | Chief Data Science & Risk Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/17/2026 Atlanticus Holdings Corp (ATLC): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.