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ZYBERNO

Stock Report

Updated Aug 31, 2026

Atlanticus Holdings Corp (ATLC)

Financial Services • NASDAQ

$91.08

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

52.0/100

AVERAGE BUSINESS

Atlanticus Holdings Corp (ATLC) scores 52/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ATLC quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+47.7%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ATLC valuation analysis · → View full ATLC Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (24.3%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.07x)

Operating Margin (Operational Efficiency):POOR (7.7%)

Return on Capital (Capital Efficiency):EXCELLENT (90.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Atlanticus Holdings Corp (ATLC) stock report — Zyberno Score 52/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Atlanticus Holdings Corp (ATLC) shows a Brina Gap of +47.7%, which strengthens the case: based on the company's ROIC (90.1%) and reinvestment rate (41.1%), the business can fundamentally grow at 37.0% — but the current enterprise value implies the market expects -10.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:91.08

Market Cap:$1.38B

Valuation Multiples (4)

P/E Ratio:

11.84x

📊 Click to view full ATLC P/E analysis →

P/B Ratio:1.98x

P/S Ratio:0.52x

Peg Ratio:0.34x

Enterprise Metrics (2)

Enterprise Value:$853.04M

Ev Ebitda Ratio:3.92x

Price Action & Momentum (3)

12-1 Momentum:

+110.0% (90th pctile)

📈 Click to view full ATLC Momentum analysis →

Momentum Percentile:90 / 100

% of 52-Week High:79.7%

B. Profitability Assessment

Return Metrics (7)

ROE:

24.3%

📊 Click to view full ATLC ROE analysis →

ROA:2.1%

Roic:

90.1%

📊 Click to view full ATLC ROIC analysis →

Reinvestment Rate:41.1%

Fundamental Growth Rate (g):37.0%

Market-Implied Growth Rate:-10.7%

Brina Gap:

47.7%

☷ Click to view full ATLC Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:7.7%

Net Margin Ttm:5.8%

Ebitda Margin:8.2%

TTM Performance (3)

Gross Margin Ttm:92.6%

Operating Margin Ttm:7.7%

Net Margin Ttm:5.8%

Yield Metrics (2)

Earnings Yield:$8.44

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+2.12

📊 Click to view full ATLC Earnings Surprise analysis →

EPS Surprise vs Expected:72.0%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):31.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):12.8%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):25.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):15.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.08x

Quick Ratio:0.08x

Cash Ratio:0.08x

Leverage Analysis (3)

Debt To Equity Ttm:0.07x

Debt-to-Equity Ratio:0.07x

Debt To Ebitda:0.13x

Coverage Ratios (2)

Interest Coverage Ratio:0.36x

Times Interest Earned:0.36

Capital Structure (4)

Working Capital:-6,199,079,000.00

Cash And Cash Equivalents:555,215,000.00

Long Term Debt:$23.57M

Net Debt:-$527.27M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $2.65B

Linear Growth: 31.3%

📊 Click to view full ATLC Revenue analysis & methodology →

Cost Of Revenue Ttm:$197.39M

Profitability Breakdown (2)

Gross profit TTM: $2.46B

Linear Growth: 31.8%

📊 Click to view full ATLC Gross Profit analysis & methodology →

Operating income TTM: $203.55M

Linear Growth: 15.2%

📊 Click to view full ATLC Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $154.01M

Linear Growth: 12.8%

📊 Click to view full ATLC Net Income analysis & methodology →

Income Before Tax:$203.55M

Ebitda Ttm:217,833,000.00

Operating Expenses (5)

Operating Expenses:526,387,000.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$50.06M

Interest Expense:446,881,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:8.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$7.49B

Current Assets:$555.22M

Ppe Net:10,867,000.00

Goodwill:0.00

Intangible Assets:$25.13M

Liability Structure (4)

Total Liabilities:6,754,294,000.00

Current Liabilities:6,754,294,000.00

Long Term Debt:$23.57M

Short Term Debt:$4.37M

Equity & Capital (3)

Equity:$697.48M

Retained Earnings:$595.70M

Common Stock:150,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:275,313,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,393,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $792.74M

Linear Growth: 25.5%

$0.00

Investment Activities (1)

Investing Cash Flow:-$51.21M

Financing Activities (3)

Financing Cash Flow:-$198.48M

Dividends Paid Ttm:0.00

Stock Repurchase:3,831,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$736.67M

Non-Cash Items (1)

Depreciation Amortization Ttm:14,279,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):9.61

Eps diluted TTM: $7.69

Linear Growth: 20.0%

📊 Click to view full ATLC EPS analysis & methodology →

Earnings Per Share Ttm:$10.16

Revenue & Cash Per Share (2)

Sales Per Share Ttm:175.06

Operating Cash Flow Per Share:$42.10

Book Value & Capital (2)

Book Value Per Share:$46.02

Cash Per Share:36.64

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.36x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:509.09

Cash Conversion Cycle:-2,507.09

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:90.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:41.1%

Fundamental Growth Rate (g):37.0%

Market-Implied Growth Rate:-10.7%

Brina Gap:

47.7%

☷ Click to view full ATLC Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):31.3%

Net Income Growth Rate (Linear):12.8%

Operating Income Growth Rate (Linear):15.2%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):25.5%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):31.8%

Book Value Growth Rate (Linear):24.1%

C. Company Profile & Context

Corporate Information (6)

Symbol:ATLC

Company Name:Atlanticus Holdings Corp

Sector:Financial Services

Industry:Consumer Finance

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:15.16M

Shares Outstanding Basic:15.16M

Shares Outstanding Diluted:19.17M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 19:04:48 UTC

Data Timestamp:2026-08-31T19:04:48.047282