Atlanticus Holdings Corporation
- Open
- 98.36
- Day high
- 100.96
- Day low
- 96.44
- Prev close
- 96.61
- Volume
- 146K
- Mkt cap
- $1.5B
- P/E (TTM)
- 11.9
- EPS (TTM)
- $8.22
- P/B
- 2.2
- P/S
- 1.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.5M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions mixed (13F)
Atlanticus Holdings Corporation (ATLC) is a Financial Services company listed on NASDAQ. The stock is up 66% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Atlanticus Holdings Corporation (ATLC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATLC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.69 | $2.23 | +32.0% | $680M | -9.3% |
| Mar 12, 2026 | $1.59 | $1.75 | +10.1% | $1.5B | +118.5% |
| Aug 7, 2025 | $1.30 | $1.51 | +16.2% | $394M | +5.4% |
| May 8, 2025 | $1.33 | $1.49 | +12.0% | $345M | -0.6% |
| Mar 13, 2025 | $1.21 | $1.42 | +17.4% | $353M | -0.4% |
| Nov 7, 2024 | $1.23 | $1.27 | +3.3% | $351M | -1.0% |
| Aug 8, 2024 | $0.91 | $0.99 | +8.8% | $316M | -7.5% |
| May 10, 2024 | $1.01 | $1.09 | +7.9% | $291M | -6.6% |
| Mar 4, 2024 | $0.96 | $1.06 | +10.4% | $309M | +0.9% |
| Aug 9, 2022 | $1.45 | $1.46 | +0.7% | $270M | +9.8% |
| Mar 15, 2022 | $2.10 | $2.13 | +1.4% | $217M | +1.6% |
| Nov 12, 2021 | $1.50 | $2.57 | +71.3% | $204M | -2.2% |
ATLC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | Paulson Blakedirector | Grant | 1,050 | — |
| Jul 7, 2026 | Dickerson William Brinkleydirector | Grant | 1,050 | — |
| Jul 2, 2026 | Howard Jeffrey A.director, officer: President & CEO | Sell | 10,000 | $103.01 |
| Jul 2, 2026 | McCamey Williamofficer: Chief Financial Officer | Sell | 10,000 | $103.01 |
| Jul 1, 2026 | Saunders Mitchellofficer: Chief Accounting Officer | Sell | 10,000 | $102.20 |
| Jul 1, 2026 | HANNA FRANK J III10 percent owner | Sell | 8,319 | $103.08 |
| Jul 1, 2026 | HANNA DAVID Gdirector, 10 percent owner, officer: Executive Chairman | Sell | 8,319 | $103.08 |
| Jul 1, 2026 | HANNA FRANK J III10 percent owner | Sell | 15,676 | $104.26 |
| Jul 1, 2026 | HANNA FRANK J III10 percent owner | Sell | 1,005 | $105.00 |
| Jul 1, 2026 | HANNA DAVID Gdirector, 10 percent owner, officer: Executive Chairman | Sell | 1,005 | $105.00 |
| Jul 1, 2026 | HANNA DAVID Gdirector, 10 percent owner, officer: Executive Chairman | Sell | 15,676 | $104.26 |
| Jun 26, 2026 | McCamey Williamofficer: Chief Financial Officer | Sell | 10,000 | $109.45 |
| Jun 26, 2026 | Howard Jeffrey A.director, officer: President & CEO | Sell | 10,000 | $109.45 |
| Mar 23, 2026 | McCamey Williamofficer: Chief Financial Officer | Tax | 330 | $54.67 |
| Mar 23, 2026 | McCamey Williamofficer: Chief Financial Officer | Grant | 18,574 | — |
Source: ATLC SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full ATLC insider & 13F page →Atlanticus Holdings Corporation company profile
Overview
Atlanticus Holdings Corporation (NASDAQ:ATLC) is a financial services company founded in 1996 and headquartered in Atlanta, Georgia. The company went public in 1999 and has evolved into a specialized provider of credit and related financial services primarily serving underbanked and credit-challenged consumers in the United States. Atlanticus operates through two main business segments and has established itself as a niche player in the alternative lending and automotive finance markets, focusing on customers who may have difficulty accessing traditional banking services.
Business
Atlanticus operates in the financial services sector, specifically within the credit services industry, providing lending solutions to consumers who typically fall outside the prime credit spectrum. The company's business is divided into two primary segments: **Credit as a Service (CaaS)** represents the larger portion of the business, generating the majority of revenue. This segment originates various consumer loan products including private label credit cards and general purpose credit cards that are issued by partner lenders through multiple distribution channels. The company partners with retailers in sectors such as consumer electronics, furniture, healthcare, and home improvement to offer point-of-sale financing solutions. For example, when a customer wants to purchase furniture but cannot qualify for traditional financing, Atlanticus's partners can provide credit approval and financing at the point of sale. The segment also includes loan servicing operations where Atlanticus provides risk management, customer service, and collection services for third-party lenders. Additionally, this segment invests in and tests emerging consumer finance technology platforms. **Auto Finance** focuses on the subprime automotive lending market, purchasing and servicing loans secured by automobiles from independent automotive dealers, particularly those in the "buy-here, pay-here" used car business. This segment serves customers who typically cannot obtain financing from traditional auto lenders due to poor or limited credit history. The company also provides floor plan financing to dealers, which allows them to purchase inventory, and offers installment lending products. This segment represents a smaller but significant portion of overall revenue. The company also maintains investment activities in portfolios of credit card receivables, essentially purchasing and managing existing credit card debt from other financial institutions.
Revenue model
Atlanticus generates revenue through multiple streams within its lending and financial services operations. The primary revenue sources include interest income from loans and credit products, fees from loan origination and servicing, and gains from loan sales and securitizations. In the **Credit as a Service segment**, the company earns money by originating loans and credit products, then either holding these assets to collect interest payments over time or selling them to investors and securitization vehicles. The company also generates fee income from providing loan servicing, risk management, and customer service outsourcing to third parties. When partnering with retailers, Atlanticus may earn origination fees, ongoing servicing fees, and a share of the interest income generated from the credit products. The **Auto Finance segment** generates revenue primarily through interest income from auto loans, fees from loan purchases and originations, and servicing fees. The company purchases loans from dealers at a discount to face value and earns the spread between the purchase price and the collections over time. Floor plan financing provides interest income from dealers who borrow to purchase vehicle inventory. Several factors can significantly impact Atlanticus's margins and profitability. **Positive factors** include rising interest rates, which can improve net interest margins on floating-rate products, economic conditions that improve employment and consumer spending power, and technological improvements that reduce operational costs and improve underwriting accuracy. **Negative factors** include economic downturns that increase default rates among subprime borrowers, increased competition from fintech lenders and traditional banks expanding into subprime lending, regulatory changes that could limit lending practices or increase compliance costs, and rising funding costs that compress net interest margins. The company's focus on subprime lending makes it particularly sensitive to economic cycles and consumer financial stress.
Competitive moat
Atlanticus operates in a competitive lending environment with limited sustainable competitive advantages. The company's primary moat comes from its **specialized expertise in subprime lending and risk management**, developed over nearly three decades of serving credit-challenged consumers. This experience allows the company to better assess and price risk for borrowers that traditional lenders typically avoid, potentially leading to better risk-adjusted returns. The company also benefits from **established relationships with retail partners and automotive dealers**, which provide consistent origination channels and reduce customer acquisition costs compared to direct marketing approaches. These partnerships create some switching costs and relationship stickiness, though they are not insurmountable barriers. However, Atlanticus faces significant competitive pressures that limit the strength of its moat. **Fintech lenders** have increasingly entered the subprime and near-prime lending space with technology-driven underwriting models and streamlined customer experiences. **Traditional banks** periodically expand into subprime lending during favorable economic cycles, bringing greater capital resources and lower funding costs. **Regulatory risks** also pose ongoing challenges, as changes in consumer lending regulations could impact the company's business model or require costly compliance investments. The lending business is inherently commoditized, with limited ability to differentiate products significantly. While Atlanticus has carved out a niche in serving underbanked consumers, this market position is more about operational execution and risk management expertise than sustainable competitive advantages. The company's moat should be considered **moderate at best**, relying primarily on specialized knowledge and established relationships rather than structural barriers to competition.
Risks & safety
Atlanticus presents a **moderate margin of safety** with some concerning leverage metrics but strong cash generation and reasonable valuation. **Liquidity and Solvency:** - Strong cash position with $350-375 million in cash and short-term investments - Debt-to-equity ratio of approximately 5.0x, which is high and represents significant leverage risk - Current ratio of 4.3x indicates good short-term liquidity coverage - Positive operating cash flow of $131 million in Q1 2025 demonstrates cash generation capability **Valuation Metrics:** - Price-to-earnings ratio of 6.8x appears attractive for a profitable financial services company - Price-to-book ratio of 1.4x is reasonable given the company's ROE of approximately 5-6% - Graham number calculations suggest the stock may be undervalued relative to fundamental metrics **Other Considerations:** - High leverage creates vulnerability during economic downturns or credit stress - Subprime lending focus increases sensitivity to economic cycles - Strong free cash flow generation provides some downside protection - Relatively small market capitalization may limit institutional investor interest
Recent development
Based on the available financial data, Atlanticus has demonstrated several key developments over recent years. The company has maintained **consistent profitability** across economic cycles, with net income ranging from $24-31 million quarterly and strong annual results exceeding $100 million in both 2022 and 2024. The company has shown **strong cash generation capabilities**, with operating cash flows consistently exceeding $100 million quarterly and annual free cash flow reaching $467 million in 2024. This cash generation has allowed the company to maintain substantial cash reserves while continuing to invest in loan originations and business growth. **Revenue patterns** indicate the cyclical nature of the business, with quarterly revenues varying significantly from $133 million to $351 million, suggesting the company actively manages its loan portfolio and may engage in periodic loan sales or securitizations that create lumpy revenue recognition. The company appears to have maintained its focus on **risk management and operational efficiency**, as evidenced by consistent profitability despite operating in the higher-risk subprime lending market. The maintenance of substantial cash reserves suggests a conservative approach to capital management, which is prudent given the cyclical nature of credit markets. **Technology investments** in consumer finance platforms, as mentioned in the business description, indicate the company is working to modernize its operations and potentially improve underwriting capabilities, though specific details about these initiatives are not available from the financial data.
ATLC company profile · for informational purposes only — not investment advice.
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