A Business at a Glance
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Unless otherwise noted or the context otherwise requires, the disclosures in this Item 1 refer to Dave Inc. and its consolidated subsidiaries following the consummation of the Business Combination. Company Overview Dave Inc. ("Dave," the "Company," "we," "us," or "our") is one of the nation's leading neobanks, providing a mobile-first financial services platform designed to help everyday Americans manage their money more effectively. We serve millions of Members who are often underserved by traditional financial institutions, offering them access to short-term liquidity, fee-free banking, and financial management tools at a fraction of the cost of incumbents. Founded in 2017 and inspired by the story of David vs. Goliath, we set out to challenge legacy banking by leveraging technology to expand financial access and improve consumer financial health.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 554M | 554M | 347M | 259M | 205M | 153M |
| Net Income | 196M | 196M | 58M | -49M | -129M | -20M |
| EPS | $13.53 | $13.53 | $4.19 | $-4.07 | $-11.12 | $-4.69 |
| Free Cash Flow | 290M | 290M | 125M | 33M | -46M | -912K |
| ROIC | -6.2% | 64.1% | 22.4% | -29.9% | -71.0% | -27.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.21 | 0.21 | 0.41 | 0.86 | 0.70 | 1.81 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -19M | -19M | 26M | -6.2M | - | 27M |
| Operating Margin | -3.4% | -3.4% | 7.4% | -2.4% | - | 17.6% |
| ROE | 55.5% | 73.1% | 31.6% | -55.7% | -121.0% | -51.6% |
| Shares Outstanding | 14M | 14M | 14M | 12M | 12M | 12M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 153M | 205M | 259M | 347M | 554M | 554M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 27M | N/A | -6.2M | 26M | -19M | -19M |
| Op. Margin | 17.6% | N/A | -2.4% | 7.4% | -3.4% | -3.4% |
| Net Income | -20M | -129M | -49M | 58M | 196M | 196M |
| Net Margin | -13.1% | -62.9% | -18.7% | 16.7% | 35.3% | 35.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | -27.1% | -71.0% | -29.9% | 22.4% | 64.1% | -6.2% |
| ROE | -51.6% | -121.0% | -55.7% | 31.6% | 73.1% | 55.5% |
| ROA | -13.6% | -40.1% | -16.5% | 19.3% | 49.8% | 40.2% |
| Cash Flow | ||||||
| Op. Cash Flow | -541K | -45M | 34M | 125M | 290M | 290M |
| Free Cash Flow | -912K | -46M | 33M | 125M | 290M | 290M |
| Owner Earnings | -3.6M | -52M | 28M | 117M | 270M | 270M |
| CapEx | 371K | 728K | 688K | 262K | 317K | 317K |
| Maint. CapEx | 3.1M | 7.1M | 5.5M | 7.7M | 7.1M | 7.1M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.1M | 7.1M | 5.5M | 7.7M | 7.1M | 7.1M |
| CapEx/OCF | N/A | N/A | 2.0% | 0.2% | 0.1% | 0.1% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 536K | 0 | 0 | 44M | 44M |
| Buyback Yield | N/A | 0.5% | N/A | N/A | 1.3% | 1.4% |
| Stock-Based Comp | N/A | N/A | N/A | 0 | 13M | 13M |
| Debt Repayment | 3.9M | 0 | 0 | 1.3M | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 30M | 52M | 32M | 25M | -5.5M | -5.5M |
| Cash & Equiv. | 32M | 23M | 42M | 50M | 81M | 81M |
| Long-Term Debt | 35M | 75M | 75M | 75M | 0 | N/A |
| Debt/Equity | 1.81 | 0.70 | 0.86 | 0.41 | 0.21 | 0.21 |
| Interest Coverage | 10.6 | N/A | -0.5 | 3.2 | -2.6 | -2.6 |
| Equity | 39M | 107M | 87M | 183M | 353M | 353M |
| Total Assets | 147M | 321M | 294M | 299M | 487M | 487M |
| Total Liabilities | 108M | 215M | 207M | 116M | 135M | 135M |
| Intangibles | 7.8M | 10M | 13M | 14M | 14M | 14M |
| Retained Earnings | -33M | -162M | -210M | -152M | 43M | 43M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||
| EPS | -4.69 | -11.12 | -4.07 | 4.19 | 13.53 | 13.53 |
| Owner EPS | -0.30 | -4.49 | 2.37 | 8.50 | 18.62 | 18.62 |
| Book Value | 3.27 | 9.19 | 7.30 | 13.26 | 24.37 | 24.37 |
| Cash Flow/Share | -0.05 | -3.87 | 2.83 | 9.06 | 20.03 | 14.02 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 11.9M | 11.6M | 11.9M | 13.8M | 14.5M | 14.5M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 23.3 | 16.9 | 15.8 |
| P/FCF | N/A | N/A | 3.1 | 10.8 | 11.5 | 10.7 |
| EV/EBIT | 141.1 | N/A | N/A | 53.5 | N/A | N/A |
| Price/Book | 97.5 | 0.9 | 1.2 | 7.4 | 9.4 | 8.8 |
| Price/Sales | 24.6 | 5.4 | 0.3 | 1.6 | 4.5 | 5.6 |
| FCF Yield | -0.0% | -45.7% | 32.0% | 9.2% | 8.7% | 9.4% |
| Market Cap | 3.8B | 100M | 103M | 1.4B | 3.3B | 3.1B |
| Avg. Price | 317.04 | 95.06 | 6.58 | 41.41 | 170.66 | 213.76 |
| Year-End Price | 318.72 | 8.61 | 8.68 | 97.81 | 229.22 | 213.76 |
Dave Inc./DE passes 2 of 9 quality checks, indicating weak fundamentals.
Dave Inc./DE trades at 15.8x trailing earnings, compared to its 15-year median P/E of 20.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 9.0x vs a median of 10.8x. Total shareholder yield (buybacks) is 1.4%. At current prices, the estimated annualized return to fair value is +87.8%.
Dave Inc./DE (DAVE) has a current P/E ratio of 15.8, compared to its historical median P/E of 20.1. The stock is currently considered Cheap based on its historical valuation range.
Dave Inc./DE (DAVE) has a 5-year average return on invested capital (ROIC) of -8.3%. This is below average and may indicate limited pricing power.
Dave Inc./DE (DAVE) has a market capitalization of $3.1B. It is classified as a mid-cap stock.
Dave Inc./DE (DAVE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.41%.
Based on historical P/E analysis, Dave Inc./DE (DAVE) appears cheap. The current P/E of 15.8 is 22% below its historical median of 20.1. The estimated fair value CAGR (P/E method) is 97.4%.
Dave Inc./DE (DAVE) operates in the Finance Services industry, within the Financials sector.
Dave Inc./DE (DAVE) reported annual revenue of $554 million in its most recent fiscal year, based on SEC EDGAR filings.
Dave Inc./DE (DAVE) has a net profit margin of 35.3%. This is a strong margin indicating high profitability.
Dave Inc./DE (DAVE) generated $290 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Dave Inc./DE (DAVE) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
Dave Inc./DE (DAVE) reported earnings per share (EPS) of $13.53 in its most recent fiscal year.
Dave Inc./DE (DAVE) has a return on equity (ROE) of 73.1%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 5 years of financial data for Dave Inc./DE (DAVE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Dave Inc./DE (DAVE) has a book value per share of $24.37, based on its most recent annual SEC filing.
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