Enova International (ENVA) Company Report

Enova, an online financial services firm serving underbanked consumers and small businesses, has funded over $65 billion of loans since inception and manages a balance sheet of approximately $6 billion in assets.
The company reported strong Q3 performance, with its installment business seeing about a 30% increase year-over-year in Q3, primarily driven by existing customers. For Q4, Enova expects 10%-15% year-over-year top-line growth and approximately 20% year-over-year EPS growth.
Enova's credit metrics for its consumer segment have been in line with expectations, with an anticipated improvement in Q4. The small business portfolio has been growing north of 30% year-over-year for several quarters, with over 90% of small business respondents expecting growth in the coming year.
The company maintains a strong funding structure, including a recently closed $260 million small business fixed-rate three-year term deal at 5.75% and a tangible capital ratio of around 18%. Capital allocation priorities are organic growth and opportunistic share buybacks, with a Q3 return on equity of approximately 28%.

Nov 19, 2025, 5:00 PM

Transcript

Enova Announces CEO and CFO Transitions, Provides Q4 2025 Outlook

ENVA

CEO Change

CFO Change

Guidance Update

Steve Cunningham, currently CFO, is set to become CEO of Enova, with Scott Cornelis appointed as the new CFO.
Enova anticipates 10%-15% year-over-year top-line growth and 20% year-over-year EPS growth for Q4 2025.
The company reported strong small business growth, exceeding 30% year-over-year for several quarters, and expects consumer credit metrics to improve in Q4.
Enova maintains a diversified funding strategy, including securitization and bank facilities, and targets a tangible capital ratio of 17%-20%, currently at 18%.
Capital allocation prioritizes organic growth and share buybacks, with a Q3 return on equity of 28%.

Nov 19, 2025, 5:00 PM

Transcript

Enova Discusses Business Strategy and Outlook at Stephens Conference

ENVA

CEO Change

Guidance Update

Share Buyback

Steve Cunningham is transitioning from CFO to CEO of Enova.
Enova reported strong growth in small business and stable consumer credit metrics in Q3, with a Q4 2025 outlook for 10%-15% year-over-year top-line growth and around 20% year-over-year EPS growth.
The company manages approximately $6 billion in assets with a tangible capital ratio around 18%, utilizing a diversified funding strategy including securitizations and bank facilities.
Capital allocation prioritizes organic growth and share buybacks, as management believes the company is undervalued despite a 20% EPS compound average growth over the past decade.

Nov 19, 2025, 5:00 PM

Transcript

Enova International's Subsidiary Issues $261 Million Asset-Backed Notes

ENVA

Debt Issuance

New Projects/Investments

On November 13, 2025, Enova International, Inc.'s indirect subsidiary, OnDeck Asset Securitization IV, LLC (ODAS IV), issued $261,434,000 in Fixed-Rate Asset Backed Notes (Series 2025-2 Notes).
The Series 2025-2 Notes, issued in four classes, carry a weighted average fixed interest coupon of 5.65% per annum.
Proceeds from the issuance were used to purchase small business loans from ODK Capital, LLC (OnDeck), another wholly-owned indirect subsidiary, with the pledged loan portfolio totaling approximately $275 million at issuance.
The transaction is structured as bankruptcy remote, meaning investors do not have direct recourse to Enova International, Inc. or OnDeck.

Nov 13, 2025, 9:20 PM

8-K

Enova International Authorizes New $400 Million Share Repurchase Program

ENVA

Share Buyback

Enova International's Board of Directors has authorized a new share repurchase program totaling $400 million.
This program, which is the largest in the company's history, is effective immediately and expires on June 30, 2027.
The new authorization replaces the existing $300 million repurchase program that was scheduled to expire on December 31, 2025.

Nov 12, 2025, 9:20 PM

8-K

Enova Announces New Share Repurchase Program

ENVA

Share Buyback

Enova International's Board of Directors has authorized a new $400 million share repurchase program.
This new program, which is the largest in the company's history, will expire on June 30, 2027, and replaces the existing $300 million program that was set to expire on December 31, 2025.
Steve Cunningham, Enova's CFO, stated that the program reinforces conviction in the strength of the business model, long-term growth prospects, and consistent performance, supported by a strong balance sheet and liquidity.

Nov 12, 2025, 9:16 PM

Press Release

Enova International Subsidiary Announces Private Offering of Asset-Backed Notes

ENVA

Debt Issuance

New Projects/Investments

Enova International, Inc.'s indirect subsidiary, OnDeck Asset Securitization IV, LLC, announced a private offering of $261,434,000 in Series 2025-2 Fixed Rate Asset-Backed Notes.
The closing of this transaction is anticipated on or about November 13, 2025, with a legal final payment date of November 17, 2032.
The Offered Notes will be collateralized by a revolving pool of small business loans originated or purchased by ODK Capital, LLC, another wholly-owned indirect subsidiary of Enova International, Inc..
Proceeds from the offering will be used by the Issuer to purchase small business loans from OnDeck and fund a reserve account, while OnDeck will use its share for general corporate purposes and purchasing loans from affiliates.

Nov 5, 2025, 10:15 PM

8-K

LanzaTech Secures €40 Million EU Innovation Fund Grant

ENVA

New Projects/Investments

Product Launch

LanzaTech Global, Inc. (NASDAQ: LNZA) has been awarded a €40 million grant from the European Union’s Innovation Fund, subject to finalization, for a project in Norway.
This project marks the first commercial deployment of LanzaTech’s second-generation bioreactor, aiming to produce 23.5 kt (~8M U.S. gallons) of ethanol per year by consuming smelter furnace greenhouse gases.
The initiative targets up to a 97% reduction in emissions, with an annual GHG avoidance of 1,698,175 tons CO2e, and includes permanent geological storage of co-produced CO2 in the North Sea.

Nov 5, 2025, 9:30 PM

Press Release

Enova International Announces Proposed Private Notes Offering and Discloses Supplemental Loan Data

ENVA

Debt Issuance

New Projects/Investments

Enova International, Inc. (ENVA) announced a proposed private offering of $261,434,000 in aggregate principal amount of Series 2025-2 Fixed Rate Asset-Backed Notes.
The notes will be issued by a wholly-owned indirect subsidiary and collateralized by a revolving pool of small business loans, with proceeds used for general corporate purposes; these notes will not be obligations of, or guaranteed by, Enova International, Inc. or OnDeck.
On October 30, 2025, the company made supplemental historic loan performance data available to potential purchasers of the Offered Notes, covering specific subsets of OnDeck's U.S. term loans and lines of credit.
As of August 31, 2025, the Annualized Net Charge-off Rate was 11.51% for term loans and 11.37% for lines of credit. The Aggregate Unpaid Principal Balance for lines of credit was $740,668,987.

Oct 30, 2025, 1:00 PM

8-K

Enova International Reports Strong Q3 2025 Results

ENVA

Earnings

Revenue Acceleration/Inflection

Enova International reported Q3 2025 Adjusted EPS of $3.36, reflecting 37% year-over-year growth.
The company achieved $2 billion in total originations in Q3 2025, an increase of 22% year-over-year, driving ending receivables to $4.5 billion.
The Quarterly Annualized Return on Equity (ROE) for Q3 2025 was 28%, marking the third consecutive quarter with consolidated ROE greater than 27%.
As of September 30, 2025, the company's total assets stood at $5,962 million with total debt of $4,106 million.

Oct 23, 2025, 9:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Enova International.

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