Dave Inc.
- Open
- 376.00
- Day high
- 387.42
- Day low
- 374.91
- Prev close
- 372.85
- Volume
- 67K
- Mkt cap
- $4.9B
- P/E (TTM)
- 23.0
- EPS (TTM)
- $16.56
- P/B
- 23.4
- P/S
- 7.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$68K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Dave Inc. (DAVE) is a Technology company listed on NASDAQ. The stock is up 77% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering DAVE.
Dave Inc. (DAVE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DAVE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $3.44 | $0.49 | -85.8% | $171M | -0.2% |
| May 5, 2026 | $2.64 | $4.02 | +52.3% | $158M | +3.1% |
| Aug 6, 2025 | $1.90 | $3.14 | +65.3% | $132M | -0.6% |
| May 8, 2025 | $1.54 | $2.48 | +61.0% | $108M | +3.4% |
| Mar 3, 2025 | $1.09 | $2.04 | +87.2% | $101M | +11.7% |
| Mar 5, 2024 | $-2.05 | $0.03 | +101.5% | $73M | +14.8% |
| Mar 6, 2023 | $-1.95 | $-4.79 | -145.6% | $60M | +0.6% |
| Nov 14, 2022 | $-1.92 | $-4.15 | -116.1% | $57M | +6.1% |
| Aug 22, 2022 | $-2.24 | $-2.24 | +0.0% | $46M | -7.3% |
| May 13, 2022 | $-1.60 | $-3.19 | -99.4% | $43M | -2.8% |
| Mar 25, 2022 | — | $-1.31 | — | $41M | — |
| Aug 13, 2021 | — | $-0.07 | — | $37M | — |
DAVE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Preston Dandirector | Sell | 275 | $247.65 |
| Jun 4, 2026 | POPE MICHAEL Wdirector | Grant | 637 | — |
| Jun 4, 2026 | Wilk Jasondirector, officer: Chief Executive Officer | Sell | 104 | $276.55 |
| Jun 4, 2026 | Wilk Jasondirector, officer: Chief Executive Officer | Sell | 8,290 | $275.01 |
| Jun 4, 2026 | Wilk Jasondirector, officer: Chief Executive Officer | Sell | 80 | $277.49 |
| Jun 4, 2026 | Beilman Kyleofficer: CFO and COO and Secretary | Sell | 4,073 | $275.00 |
| Jun 4, 2026 | Carroll Brendandirector | Grant | 637 | — |
| Jun 4, 2026 | Beilman Kyleofficer: CFO and COO and Secretary | Sell | 49 | $277.23 |
| Jun 4, 2026 | Preston Dandirector | Grant | 637 | — |
| Jun 4, 2026 | Khajehnouri Nimadirector | Grant | 637 | — |
| Jun 4, 2026 | Rozov Yadindirector | Grant | 637 | — |
| Mar 20, 2026 | Beilman Kyleofficer: CFO and COO and Secretary | Tax | 3,261 | $206.09 |
| Mar 11, 2026 | Wilk Jasondirector, officer: Chief Executive Officer | Grant | 13,767 | — |
| Mar 11, 2026 | Beilman Kyleofficer: CFO and COO and Secretary | Grant | 8,260 | — |
| Mar 11, 2026 | Wilk Jasondirector, officer: Chief Executive Officer | Grant | 72,539 | — |
Source: DAVE SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full DAVE insider & 13F page →DAVE research & analysis
[DAVE] Dave Inc Thesis 2026: A Neobank-and-ExtraCash Compounder Rides AI-Underwriting
Dave Inc. (NASDAQ: DAVE), headquartered in Los Angeles, California, is a neobank + ExtraCash-cash-advance + emerging-AI-financial-services + emerging-credit-and-emerging-banking digital-financial-services platform providing distinctive multi-cycle Dave-neobank + ExtraCash-cash-advance + emerging-AI-underwriting + emerging-Banking-Subscription services to US-mainland-consumer + emerging-international customer base. Distinctive multi-cycle Jason-Wilk-and-Dave heritage: founded 2016 in Los Angeles-CA by Jason Wilk + Paras Chitrakar + John Wolanin + multi-cycle-Dave-entrepreneurs; multi-cycle 2016-2022 private-stage Dave; January 2022 NASDAQ Dave-VPC-Impact-Acquisition-Holdings-III-SPAC-merger; 2022-2023 substantial Dave-CashAI-AI-underwriting-pivot. Multi-decade strategic-evolution: 2016-2022 private-stage Jason-Wilk-and-Paras-Chitrakar-and-John-Wolanin platform; January 2022 NASDAQ Dave-SPAC-merger; 2022-2025 substantial multi-cycle post-NASDAQ-SPAC-merger Dave + emerging-AI-underwriting + emerging-Banking-Subscription + emerging-Credit + emerging-International + multi-cycle-deleveraging-post-NASDAQ-SPAC-merger + multi-cycle-emerging-Dave; 2022-2023 substantial Dave-CashAI-AI-underwriting-pivot driving Dave-and-emerging-Dave-AI-underwriting-and-credit-economics-improvement. Under founder-CEO Jason Wilk (since 2016, ~9+ year founder-and-CEO + multi-cycle-Dave entrepreneur) + co-founder Paras Chitrakar CTO, FY2025 closes with selected various aggregate revenue ~$390-470M, adj. EBITDA ~$130-200M, adj. EPS ~$3.50-5.50, net cash ~$60-110M, and ~12-13M shares outstanding. The first deep-dive — ExtraCash-cash-advance + emerging-AI-underwriting + emerging-Banking-Subscription neobank franchise — covers entire neobank + ExtraCash-cash-advance + emerging-AI-financial-services + emerging-credit-and-emerging-banking business + Dave-and-emerging-Dave positioning. Geographic + Member composition: ~12M+ registered-members + ~2.5M+ monthly-transacting-members: US-mainland-consumer (largest-customer-base 50-state + emerging-paycheck-to-paycheck-consumer + emerging-Generation-Z + emerging-Millennial); Emerging international (selective-multi-jurisdiction). Revenue mix: ExtraCash-Cash-Advance ~75-85% (largest-business + emerging-AI-underwriting-and-credit-economics-improvement); Banking-and-Subscription ~10-20% (Dave-Banking + Subscription); Other ~5-10%. Customer base: US-mainland consumer (paycheck-to-paycheck consumer + emerging-Generation-Z + emerging-Millennial-consumer + multi-cycle-emerging-mass-market-consumer). 2022-NASDAQ-Dave-VPC-Impact-Acquisition-Holdings-III-SPAC-merger + 2022-2023-Dave-CashAI-AI-underwriting-pivot. Competes with Chime Financial (private + 2025-NASDAQ-Chime-IPO most-direct-Chime-Financial-neobank-comp), Cash App (XYZ Block subsidiary most-direct-Cash-App-Block-XYZ-neobank-comp), MoneyLion (ML most-direct-MoneyLion-paycheck-to-paycheck-fintech-comp), Brigit (private most-direct-Brigit-cash-advance-comp), Earnin (private most-direct-Earnin-cash-advance-comp), Klover (private), Albert (private), Empower (private), B9 (private), Possible Finance (private), FloatMe (private), Branch (private + Mastercard-Pay-Anyone-2024), Klarna (KLAR-NASDAQ-pending-IPO most-direct-Klarna-BNPL-comp), Affirm (AFRM most-direct-Affirm-BNPL-comp), Sezzle (SEZL most-direct-Sezzle-BNPL-comp), Afterpay (Block-XYZ subsidiary 2022), Zip Co (ZIP-AU), PayPal (PYPL + Venmo + Pay-in-4 most-direct-PayPal-larger-fintech-comp), SoFi Technologies (SOFI most-direct-SoFi-Technologies-fintech-neobank-comp), Lending Club (LC), Upstart (UPST most-direct-Upstart-AI-credit-underwriting-comp), OneMain Financial (OMF), World Acceptance (WRLD), Enova International (ENVA); banking-and-credit-card customers Bancorp Bank (TBBK), Cross River Bank (private + Eldridge-Industries), Coastal Community Bank (CCB-private), Pathward Financial (CASH), Sutton Bank (private), Lincoln Savings Bank (private), Evolve Bank & Trust (private); large-cap-US JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Capital One (COF + Discover-acquired 2024), Discover Financial (DFS Capital-One-acquired 2024), American Express (AXP), Synchrony Financial (SYF), Bread Financial (BFH). The second deep-dive — Jason-Wilk + 2022-NASDAQ-SPAC-Merger + Dave-CashAI-AI-Underwriting-Pivot + multi-decade compounder thesis — covers Jason-Wilk-founder-CEO + ~9+ year founder-and-CEO + multi-cycle-Dave expertise, co-founder Paras Chitrakar CTO leadership-continuity, January-2022-NASDAQ-Dave-SPAC-merger transformational-platform + 2022-2023-Dave-CashAI-AI-underwriting-pivot + multi-cycle-disciplined-bolt-on-M&A, emerging-US-paycheck-to-paycheck-consumer-fintech + emerging-AI-underwriting + emerging-Banking-Subscription + emerging-Credit + emerging-International + emerging-strategic-acquisition-target structural-tailwinds. Multi-cycle-growth-and-emerging-investment-focused: no-regular-dividend + no-buyback. Multi-decade compounder thesis combines Jason-Wilk-and-Dave ~9+ year heritage, ~12M+ registered-members + ~2.5M+ monthly-transacting-members, January-2022-NASDAQ-SPAC-merger + 2022-2023-Dave-CashAI-AI-underwriting-pivot + multi-cycle-disciplined-bolt-on-M&A, Jason Wilk + Paras Chitrakar + Dave expertise, no-regular-dividend + no-buyback + non-IG balance-sheet (multi-cycle-cash-positive + emerging-strategic-acquisition-target potential), emerging-US-paycheck-to-paycheck-consumer-fintech + emerging-AI-underwriting + emerging-Banking-Subscription + emerging-Credit + emerging-International + emerging-strategic-acquisition-target structural-tailwinds. Capital position is post-NASDAQ-SPAC-merger non-IG (B+/BB-), no-regular-dividend, no-buyback, multi-cycle-cash-positive: net cash ~$60-110M (zero-leverage), B+/BB- equivalent, $60-110M cash + undrawn revolver liquidity, FCF ~$80-150M/yr deployed into capex ~$8-25M/yr + no dividend + no buyback + multi-cycle-disciplined-bolt-on-M&A + emerging-AI-underwriting-and-Banking-Subscription capex, ~12-13M shares. At ~$180-300 per share, equity value ~$2.2-3.9B, EV ~$2.1-3.8B (net cash), ~35-65x EPS and ~13-25x EV/EBITDA. Base case: ExtraCash-cash-advance growth constructive + emerging-AI-underwriting + emerging-Banking-Subscription + emerging-Credit + multi-cycle-disciplined-bolt-on-M&A + revenue $440-530M + adj. EBITDA $155-240M + adj. EPS $4.20-6.50 + multi-cycle-growth + ~5-25% return. Bull case: ExtraCash-cash-advance growth accelerates + emerging-AI-underwriting inflects-substantially (credit-economics-improvement + emerging-Lifetime-Value-improvement) + emerging-Banking-Subscription inflects + emerging-Credit inflects + emerging-International inflects + revenue $480-600M + adj. EBITDA $180-300M + adj. EPS $5.20-8.00 + multi-cycle-growth + selective-M&A + emerging-strategic-acquisition-target (Block-XYZ + Chime-Financial + PayPal + SoFi-Technologies + Capital-One + JPMorgan-Chase + American-Express + emerging-private-equity-fintech interest) + re-rate 45-75x + 25-75%+ return + takeout-premium-upside. Bear case: ExtraCash-cash-advance growth stresses + emerging-AI-underwriting disappoints + emerging-Banking-Subscription disappoints + emerging-Credit-stress-cycle + adj. EPS $1.80-2.40 + de-rate 20-30x + flat-to-substantially-negative.
Dave (DAVE) CashAI Underwriting: v6 Reaches a Third of Users
Dave says CashAI v6 now underwrites about a third of its members, with Q2 28-day past due at 2.12%, but fee-cap and pricing changes keep the model's own share unquantified.
Dave Inc. company profile
Overview
Dave Inc. (NASDAQ:DAVE) is a financial technology company founded in 2015 and based in West Hollywood, California. The company went public in April 2021 through a SPAC merger. Dave operates as a digital financial services platform that provides banking alternatives and short-term credit solutions primarily targeting consumers who live paycheck to paycheck and may not have access to traditional banking overdraft protection or credit products. The company has evolved from a loss-making startup to achieving profitability, with over 12 million members and strong growth in key metrics across its product suite.
Business
Dave operates in the financial technology sector, specifically focusing on digital banking and alternative credit services for underbanked consumers. The company's core business revolves around four main products that work together as an integrated financial platform. ExtraCash is Dave's flagship product, functioning as a short-term cash advance service that allows users to access up to $500 from their next paycheck without traditional overdraft fees. Unlike payday loans, ExtraCash uses artificial intelligence-driven underwriting called Cash AI to assess creditworthiness based on bank account activity and spending patterns. Users can access funds instantly and repay when their next paycheck arrives. The service now operates on a fee structure of 5% of the advance amount, with a $5 minimum and $15 maximum fee per transaction. Dave Banking provides a digital checking account and demand deposit services through partnerships with FDIC-insured banks. This product serves as the foundation for the company's ecosystem, allowing users to receive direct deposits, manage their finances, and access other Dave services seamlessly. Dave Card is a debit card linked to the Dave Banking account that generates interchange revenue when users make purchases. The company focuses on encouraging users to make Dave Card their primary spending vehicle to increase transaction volume and deepen customer relationships. Side Hustle operates as a job application portal and gig economy platform, helping users find additional income opportunities to improve their financial situation. Revenue distribution is heavily weighted toward ExtraCash, which generates approximately 70-75% of total revenue, while Dave Card interchange fees and banking services contribute the remaining 25-30%. The company also offers Insights, a personal financial management tool that helps users track income and expenses between paychecks.
Revenue model
Dave generates revenue through multiple streams within its integrated financial platform. The primary revenue driver is ExtraCash fees, where users pay a 5% fee (minimum $5, maximum $15) for each cash advance. With over $1.5 billion in quarterly originations, this represents the majority of the company's revenue. The second major revenue stream comes from interchange fees generated when users make purchases with the Dave Card, earning the company a small percentage of each transaction. Additional revenue sources include banking services fees from the digital checking account, though Dave positions itself as a low-fee alternative to traditional banks. The company also generates modest revenue from its Side Hustle job platform through employer partnerships and placement fees. Dave's paying customers are primarily consumers living paycheck to paycheck, often lacking access to traditional credit or facing high overdraft fees from conventional banks. The target demographic includes younger adults, gig economy workers, and individuals with limited credit history who need short-term liquidity solutions. Several factors influence Dave's margins positively or negatively. Credit performance is crucial - lower delinquency rates directly improve profitability, which Dave manages through its AI-driven underwriting system. Customer acquisition costs significantly impact margins, with the company focusing on efficient marketing channels and improving customer lifetime value. Regulatory changes in the earned wage access and banking sectors could affect fee structures and operational requirements. Economic conditions influence both customer demand for cash advances and their ability to repay, with economic stress potentially increasing both volume and delinquencies. Competition from traditional banks offering low-cost overdraft alternatives or other fintech companies could pressure pricing and market share.
Competitive moat
Dave's competitive moat is moderate but faces significant challenges from multiple directions. The company's primary defensive advantage lies in its integrated ecosystem approach, where ExtraCash, banking, and card services work together to create switching costs for users who adopt multiple products. The company's Cash AI underwriting technology provides some differentiation through its ability to assess creditworthiness using bank account data rather than traditional credit scores, allowing Dave to serve underbanked populations while maintaining relatively low delinquency rates. However, Dave's moat is not particularly strong. The regulatory environment poses ongoing risks, with potential changes to earned wage access regulations that could impact the business model. The barrier to entry in fintech banking is relatively low, with numerous competitors like Chime, Current, and traditional banks launching similar services. Large technology companies with deeper pockets, such as Apple with Apple Cash or Google with financial services, could easily replicate Dave's offerings with better funding and distribution advantages. The company's network effects are limited - unlike social media platforms or marketplaces, Dave's value doesn't necessarily increase with more users. Brand loyalty in financial services tends to be weak, especially among younger demographics who are comfortable switching between apps. The company's dependence on banking partnerships creates additional vulnerability, as changes in these relationships could disrupt operations. Dave's competitive position relies more on execution, customer acquisition efficiency, and product innovation rather than structural advantages that would be difficult for competitors to replicate.
Risks & safety
Dave demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. • Liquidity and Solvency: Excellent financial position with $47 million in cash, current ratio of 8.6x, minimal debt (debt-to-equity ratio of 0.002), and strong free cash flow generation of $45 million in Q1 2025 • Profitability Trends: Significant improvement from losses in 2022-2023 to consistent profitability, with Q1 2025 net income of $29 million and EBITDA margins around 25% • Valuation Metrics: - P/E ratio of 9.4x appears reasonable for a growing fintech - EV/EBITDA of 10.4x is moderate but not deeply discounted - Price-to-book ratio of 5.4x reflects premium valuation - Revenue growing 47% year-over-year suggests growth premium justified • Business Model Risks: Regulatory uncertainty around earned wage access, dependence on banking partnerships, and competitive pressure from larger financial institutions create operational risks despite strong financial metrics • Market Position: Strong customer growth (13% year-over-year) and improving unit economics provide fundamental support, though the stock price has appreciated significantly from earlier lows
Recent development
Over the past few years, Dave has undergone a significant strategic transformation from a loss-making startup to a profitable fintech platform. The most critical development was the implementation of a new fee structure for ExtraCash in early 2025, moving from an optional tipping model to a mandatory 5% fee with $5 minimum and $15 maximum. This change dramatically improved monetization and provided more predictable revenue streams. The company has heavily invested in artificial intelligence and machine learning capabilities, particularly through its Cash AI underwriting system. This technology has enabled Dave to significantly improve credit performance, with 28-day delinquency rates improving from over 2.5% to 1.5% while simultaneously increasing average advance sizes and approval rates. Strategic banking partnerships have been a key focus, with Dave transitioning to a new partnership with Coastal Community Bank to reduce counterparty risk and enable new product launches. This relationship is expected to facilitate the launch of longer-duration credit products, potentially including a "Dave Credit" product in 2025. The company has also focused on customer acquisition efficiency, reducing customer acquisition costs by over 50% while improving customer quality metrics. Dave has diversified its marketing channels and implemented more sophisticated targeting to attract higher-value customers who engage with multiple products. Product integration and cross-selling has become increasingly important, with efforts to drive Dave Card adoption among ExtraCash users and encourage direct deposit adoption to deepen customer relationships. The company has authorized a $50 million share repurchase program, signaling confidence in its financial position and commitment to returning capital to shareholders.
DAVE company profile · for informational purposes only — not investment advice.
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