Highlights

  • Enova shows 33.84% one-year basic EPS growth, a P/E of 11.40 and PEG of 0.00.
  • Third quarter net income was $107,304 thousand against $80,314 thousand a year earlier.
  • Total revenue was $1,009.2 million in the third quarter, up 25.7%.
  • Enova mutually terminated its Grasshopper Bancorp merger agreement on October 16, 2026.

One-year earnings growth of 33.84%, paired with a trailing twelve-month P/E of 11.40 and an expected-basis PEG of 0.00, puts Enova (NYSE:ENVA) among undervalued growth stocks, with shares trading at USD 178.16 on October 28, 2026, up 4.00%. In its latest disclosures, the online financial services provider withdrew its bank regulatory applications on September 14, entered a mutual termination agreement with Grasshopper Bancorp on October 16, and reported third quarter 2026 net income of $107,304 thousand on October 22.

Enova is headquartered in Chicago, Illinois, and incorporated in Delaware. It describes itself as a technology and analytics company focused on online financial services, with one reportable segment. It offers or arranges consumer installment loans and lines of credit in 38 states and Brazil, and small business installment loans and lines of credit in 49 states and Washington D.C. Its brands include CashNetUSA, NetCredit, OnDeck and Headway Capital, and it operates the Pangea money transfer platform.

Growth: Third Quarter Earnings, Revenue and Receivables

Net income was $107,304 thousand in the third quarter against $80,314 thousand a year earlier, and $303,461 thousand for the nine months against $229,408 thousand. Basic earnings per share were $4.31 against $3.22 for the quarter and $12.20 against $9.07 for the nine months. Diluted earnings per share were $4.06 against $3.03 for the quarter.

Total revenue increased $206.5 million, or 25.7%, to $1,009.2 million, and net revenue was $614.4 million against $460.7 million. Income from operations increased 25.6% to $247.2 million. Marketing expense was $229,680 thousand against $147,351 thousand.

Consumer loans and finance receivables ended September 30, 2026 at $1,913.3 million, up 23.7%, and small business receivables ended at $3,984.6 million, up 34.0%. Delinquency of more than 30 days was 8.6% of consumer receivables against 9.2% a year earlier, and 7.8% of small business receivables against 6.2%.

Valuation: P/E of 11.40, PEG of 0.00 and Book Value

The P/E ratio of 11.40 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 on expected growth. Total stockholders' equity was $1,568.6 million at September 30, 2026 against $1,336.7 million at December 31, 2025. Book value per share outstanding was $63.47 against $54.08.

On the earnings call for the third quarter of 2026, Chief Executive Officer Steven Cunningham said the company will continue to repurchase shares opportunistically to support its valuation.

Capital and Balance Sheet: Repurchases, Debt and Funding

Enova repurchased $81.0 million of common stock in the nine months. Under the $400.0 million program authorized November 12, 2025 and running through June 30, 2027, it had repurchased $97.6 million at September 30, 2026. In the third quarter it bought 243,661 shares at an average price of $189.93, and $302,393 thousand could still be purchased. The company stated that it does not plan to declare cash dividends in the foreseeable future.

Cash, cash equivalents and restricted cash were $496.4 million, of which $390.4 million was restricted. Aggregate funding capacity was $817.4 million, and the company has no recourse debt maturing until December 2028. Corporate debt totaled $1,613,000 thousand: $713,000 thousand drawn on the $825,000 thousand revolving line of credit due August 2029, $500,000 thousand of 9.125% senior notes due 2029 and $400,000 thousand of 11.25% senior notes due 2028.

Disclosed Risks and Outlook

The Grasshopper termination carried a $4.0 million cash payment, and Enova recorded $5.5 million of costs related to the planned acquisition in the nine months. The company disclosed a risk factor stating that the termination and the withdrawal of its applications may negatively affect its share price, business and financial results, and that it cannot be assured of finding an alternative route to a bank charter or bank functionality.

Combined receivables more than 30 days delinquent were 8.0% against 7.2% a year earlier. In small business, the company said its delinquency level remains within the range of 6.2% to 8.8% observed over three years. A Virginia consent decree resolved a lawsuit against a subsidiary in January 2026, with a $3.4 million payment already accrued.

For the fourth quarter of 2026, management said on the call that it expects consolidated revenue to be about 25% higher year over year, a net revenue margin of 55% to 60% and marketing expense of about 20% of revenue. It stated these expectations should lead to adjusted earnings per share 30% to 35% higher than the fourth quarter of 2025, and that they depend on the macroeconomic environment, customer payment rates and origination mix.