Atlanticus Holdings (ATLC) Stock Overview
A financial technology company, provides products and services to lenders in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 5/6 |
| Past Performance | 3/6 |
| Financial Health | 2/6 |
| Dividends | 0/6 |
ATLC Community Fair Values
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Analyst Price Targets
Atlanticus Holdings Corporation Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$111.79 |
| 52 Week High | US$114.34 |
| 52 Week Low | US$47.50 |
| Beta | 2.05 |
| 1 Month Change | 14.80% |
| 3 Month Change | 31.81% |
| 1 Year Change | 125.34% |
| 3 Year Change | 200.75% |
| 5 Year Change | 139.84% |
| Change since IPO | 677.67% |
Recent News & Updates
Narrative Update • Jul 24
ATLC: AI Underwriting And Mercury Deal Expected To Drive Future Upside
The analyst fair value estimate for Atlanticus Holdings has been raised to $179 from $105. This change reflects recent price target increases across the Street as analysts factor in updated expectations around loan fair value marks, credit demand, and the impact of acquisitions and product initiatives.Seeking Alpha • Jul 10
Atlanticus Holdings Corporation: Its Underwriting Advantage Is Not Yet Reflected In The Share Price
Summary Atlanticus Holdings Corporation focuses on serving consumers with sub-720 FICO scores, a large and underserved market segment. ATLC's dedication to this demographic differentiates its business model and underpins its growth prospects. Few competitors address this customer base, positioning ATLC well for continued success. I see ATLC's strategy as a sustainable advantage in the evolving consumer credit landscape. Read the full article on Seeking Alpha
Narrative Update • Jul 10
ATLC: AI Credit Platform And Buybacks Are Expected To Unlock Upside
Atlanticus Holdings' fair value estimate has been updated from $104.00 to $121.80. This reflects analysts' higher price targets that factor in expectations for stronger earnings power, continued balance sheet and revenue expansion, and potential benefits from healthy credit demand and AI-enabled operating leverage.Recent updates
Narrative Update • Jul 24
ATLC: AI Underwriting And Mercury Deal Expected To Drive Future Upside
The analyst fair value estimate for Atlanticus Holdings has been raised to $179 from $105. This change reflects recent price target increases across the Street as analysts factor in updated expectations around loan fair value marks, credit demand, and the impact of acquisitions and product initiatives.Seeking Alpha • Jul 10
Atlanticus Holdings Corporation: Its Underwriting Advantage Is Not Yet Reflected In The Share Price
Summary Atlanticus Holdings Corporation focuses on serving consumers with sub-720 FICO scores, a large and underserved market segment. ATLC's dedication to this demographic differentiates its business model and underpins its growth prospects. Few competitors address this customer base, positioning ATLC well for continued success. I see ATLC's strategy as a sustainable advantage in the evolving consumer credit landscape. Read the full article on Seeking AlphaNarrative Update • Jul 10
ATLC: AI Credit Platform And Buybacks Are Expected To Unlock Upside
Atlanticus Holdings' fair value estimate has been updated from $104.00 to $121.80. This reflects analysts' higher price targets that factor in expectations for stronger earnings power, continued balance sheet and revenue expansion, and potential benefits from healthy credit demand and AI-enabled operating leverage.Narrative Update • Jun 26
ATLC: Fair Value View Balances AI Operating Leverage And Credit Risk
Analysts have lifted their fair value estimate for Atlanticus Holdings from $92.40 to $104.00, reflecting updated views on revenue growth, margins, and a slightly higher discount rate. This change is supported by recent Street research pointing to continued balance sheet and revenue expansion and the potential for AI enabled operating leverage.Analysis Article • Jun 17
Atlanticus Holdings (ATLC) Stock Could Be 4.2% Overvalued After Macro Relief And Earnings Beats
Atlanticus Holdings (ATLC) is back in focus after a Trump administration peace deal paved the way to reopen the Strait of Hormuz, coinciding with lower Treasury yields and petrol prices that directly affect consumer lenders. See our latest analysis for Atlanticus Holdings. Against this backdrop, Atlanticus Holdings has gathered strong momentum, with a 22.52% 1 month share price return and a 78.75% 3 month share price return feeding into a 90.95% 1 year total shareholder return from a latest...New Narrative • Apr 20
Mercury Integration And Receivable Expansion Will Reshape Near Prime Consumer Credit Over Time
Catalysts About Atlanticus Holdings Atlanticus Holdings provides credit and related financial products to near prime and underserved consumers, primarily through general purpose cards and point of sale programs. What are the underlying business or industry changes driving this perspective?
New Narrative • Apr 03
Mercury Integration And Credit Risks Will Test Resilient Near Prime Demand Over Time
Catalysts About Atlanticus Holdings Atlanticus Holdings provides consumer credit products, including general purpose cards and point of sale financing, primarily to near prime and underserved customers. What are the underlying business or industry changes driving this perspective?New Narrative • Mar 20
Mercury Integration And Repricing Will Transform Scale And Earnings Power Over The Next Cycle
Catalysts About Atlanticus Holdings Atlanticus Holdings provides general purpose and private label credit products to near prime and subprime consumers through cards and point of sale financing partnerships. What are the underlying business or industry changes driving this perspective?Analysis Article • Dec 17
Investors Still Aren't Entirely Convinced By Atlanticus Holdings Corporation's (NASDAQ:ATLC) Earnings Despite 26% Price Jump
Atlanticus Holdings Corporation ( NASDAQ:ATLC ) shareholders are no doubt pleased to see that the share price has...Analysis Article • Jul 01
Atlanticus Holdings Corporation's (NASDAQ:ATLC) Subdued P/E Might Signal An Opportunity
With a price-to-earnings (or "P/E") ratio of 8.7x Atlanticus Holdings Corporation ( NASDAQ:ATLC ) may be sending very...Seeking Alpha • Mar 27
Atlanticus Holdings: 9% Baby Bond Is Attractive For Income Investors
Summary Atlanticus Holdings showed significant growth in 2024, with operating revenue surpassing $1.3 billion and net income rising to $87 million. The company’s balance sheet strengthened, with loans growing to $2.63 billion and cash reserves nearing $500 million, enhancing shareholder equity. Despite economic risks, Atlanticus maintains strong liquidity with $800 million available, ensuring stability and ability to cover debt obligations. Baby bonds remain a solid investment, yielding over 9% to maturity, as Atlanticus is well-insulated from insolvency and can honor its debt payments. Read the full article on Seeking AlphaAnalysis Article • Mar 11
The Market Doesn't Like What It Sees From Atlanticus Holdings Corporation's (NASDAQ:ATLC) Earnings Yet As Shares Tumble 26%
Atlanticus Holdings Corporation ( NASDAQ:ATLC ) shareholders that were waiting for something to happen have been dealt...Seeking Alpha • Feb 24
Atlanticus Holdings: Fully Priced At This Point
Summary Atlanticus Holdings' stock is now fully valued at 13x FWD earnings, leading me to downgrade my buy rating to hold. Q3 2024 earnings showed strong performance with a 19% revenue increase and 21% ROE, but these strengths are already priced in. Rising interest expenses and provisions for credit losses pose significant risks, especially given the company's subprime lending focus. The potential upside is limited at the current $60 share price, making the risk/reward less favorable than before. Read the full article on Seeking AlphaAnalysis Article • Nov 09
Atlanticus Holdings Corporation's (NASDAQ:ATLC) Price Is Right But Growth Is Lacking After Shares Rocket 28%
Despite an already strong run, Atlanticus Holdings Corporation ( NASDAQ:ATLC ) shares have been powering on, with a...Seeking Alpha • Oct 07
Atlanticus Holdings: Subprime Still Shines
Summary Atlanticus Holdings remains a buy due to its high ROEs, solid growth prospects, and a cheap P/E ratio of 7.65x. The weaker economy benefits Atlanticus as more Americans fall into the subprime category, increasing demand for its credit services. The enhanced partnership with Synchrony boosts long-term growth by expanding Atlanticus' reach to more merchant partners and subprime borrowers. Shares are still a buy with a revised price target of $45. Read the full article on Seeking AlphaAnalysis Article • Jul 24
Market Might Still Lack Some Conviction On Atlanticus Holdings Corporation (NASDAQ:ATLC) Even After 26% Share Price Boost
Atlanticus Holdings Corporation ( NASDAQ:ATLC ) shares have continued their recent momentum with a 26% gain in the last...Analysis Article • May 21
Market Still Lacking Some Conviction On Atlanticus Holdings Corporation (NASDAQ:ATLC)
With a price-to-earnings (or "P/E") ratio of 4.8x Atlanticus Holdings Corporation ( NASDAQ:ATLC ) may be sending very...Seeking Alpha • Mar 28
Atlanticus Holdings: A Cheap, High ROE Business
Summary Atlanticus Holdings Corporation is undervalued and has potential for steady growth and higher earnings. The company focuses on serving underserved consumers in the sub-prime market who have limited credit history. Atlanticus Holdings makes money through its Credit As A Service segment, offering customized credit cards and banking products to subprime borrowers. Shares are a buy with price target of $50. Read the full article on Seeking AlphaAnalysis Article • Feb 06
Investors Aren't Buying Atlanticus Holdings Corporation's (NASDAQ:ATLC) Earnings
With a price-to-earnings (or "P/E") ratio of 6.4x Atlanticus Holdings Corporation ( NASDAQ:ATLC ) may be sending very...Seeking Alpha • Oct 13
Atlanticus Holdings: Contrarian Opportunity
Summary Fears of recession, inflation, rising rates, and consumer defaults appear to have weighed heavily on Atlanticus’ share price. With the share price in the mid-$20s, down from above $90, we believe that this is a compelling risk vs. reward contrarian opportunity. Atlanticus is sitting on $20 per share of pro forma cash compared to a stock price of around $26 per share. In addition, Atlanticus is producing approximately $6 per share of earnings with imbedded peak default rates already factored in. All told, we see little downside below $20 per share and multiple of money upside. We have published extensively on Atlanticus (ATLC) starting a little over two years ago. These reports can be found here. Since the time of our introductory report on October 1, 2020, the stock is up 106% through today (October 10, 2022) compared to an 8% increase in the S&P 500. Of course, this does not tell the full story of this stock as, between these two dates, the stock reached an intraday high of over $90 per share before retreating to its current levels in the mid-$20s. During this time, Atlanticus’ share price and financial results were buoyed by both the rapid growth of its loan portfolio, as its direct and second look retail credit product offerings found acceptance in the marketplace, and defaults ran at historically low levels in part due to the large government stimulus programs that saw consumers flush with cash. During this period, the company also completed numerous other initiatives that created value for shareholders. More recently, as the market has become more risk-averse and macro headwinds have increased, the stock has languished. Background We encourage readers to read our introductory report mentioned above for more about Atlanticus’ business lines, but, essentially, Atlanticus is a technology-oriented subprime lender. It is the reincarnation of CompuCredit Corporation, Inc., founded in 1996, that ran into trouble in the 2008 financial crisis and had to dramatically restructure their business to avoid collapse. We believe that Atlanticus management, which owns over 50% of the company’s beneficial interests, has learned valuable lessons from this time and has positioned the company well to endure through challenging environments. We like to quote Mark Twain on this point in that “good judgment is the result of experience and experience the result of bad judgment”. We certainly believe that this is the case here. We believe that these learnings can be seen in Atlanticus’ significant cash position, its long-dated fixed rate financing facilities, and its approach to underwriting, servicing, and management of customer credit availability. Given the level of insider ownership, we also believe that management is highly aligned with the outside shareholders. The only area of concern for us in this area is that, given the current attractive share price, management may seek to enter into a transaction whereby they take Atlanticus private, or similar, at prices that may not reflect the full value of the company. We believe that this is mitigated, in part, by the company’s oft-stated optimism around the share price, which only a few months ago they claimed could be worth as much as $396 per share. For more information on Atlanticus, the company also publishes a helpful investor presentation on its website’s investor portal. Thesis We published our detailed internal projections for Atlanticus in a report dated January 4, 2021. We continue to believe that these projections, particularly from a cash perspective, reflect the earnings power of Atlanticus’ businesses of currently around $10 per share. On that note, Atlanticus’ cash generation has been consistently strong and generally in line with our projections. As a result, Atlanticus sits today with a pro forma cash position of over $400 million dollars. We look at this cash position on a pro forma basis as the company’s financing facilities provide them with revolving credit flexibility and, as of June 30, 2022, Atlanticus had $100 million undrawn on their most recently completed financing facility alone (which, reassuringly, was completed during a time of market dislocation). This translates to cash per fully diluted share of over $20. On the other hand, reported earnings have been more volatile as the company has been effectively “provisioning” their balance sheet for higher delinquencies than it has been experiencing. Management has repeatedly said in the MD&A sections of their public filings that they were using loss rate assumptions in the models they employ for their financial statement accounting that were higher than the levels actually being experienced due to macroeconomic uncertainty. We have discussed this repeatedly in our prior reports. For example, in the second quarter of 2022, we read that Atlanticus employed an “expected principal credit loss rate" of 31.2%. This compares to a realized “net charge-off ratio” of 19.0% for the same period. To put this in context, we calculate that the realized “net interest margin ratio” for this period was 21.7%, of which 12.2% (or more than half) effectively went to building reserves. Or, said differently, the realized margin appears to be twice that which was reported. We further note that, upon review of Atlanticus’ historical financials, we see that the company only briefly exceeded the 30% loss levels during the 2008-era financial collapse. In fact, the average credit losses for the 5 and 10 year periods prior to the pandemic were 18.9% and 19.3%, respectively, which is fairly consistent with the currently observed realized numbers. All of that said, in these unpredictable times, we cannot fault management for being conservative. However, we are encouraged that Atlanticus is able to generate $6 per share of run-rate earnings (based on the results from the second quarter of 2022) using historical peak default assumptions. Valuation We encourage readers to review our detailed report concerning our internal projections. The metric, to which we pay closest attention, is Level Free Cash Flow per Share. This metric attempts to quantify the cash flow being generated by the business before portfolio growth, after preferred dividends, adjusting for convertible instruments, and utilizing the fully diluted share count. We have been focused on this metric since the inception of our position as it helps us to eliminate some of the “noise” resulting from Atlanticus’ fairly complex accounting. It does not eliminate all of the noise, as we utilize the loan balances from the beginning and end of each period, which now are affected by management’s fair value adjustments (vs. in the past when we could simply exclude the separately presented provision) but have found it to be a more reliable indicator (and we have not sought to adjust the loan balances for the accumulated fair value adjustments, which would present this metric in a more favorable light). The ”noise” in Atlanticus’ GAAP earnings has stemmed from several sources, particularly, in prior periods before the company adopted fair value accounting, when the company has to post large upfront provision charges that swamped earnings given the rapid growth. In later period, as the company transitioned new originations and then the entire consumer portfolio (excluding its auto dealer lending business) to fair value, noise likewise existed. As set forth in our detailed projection report, we have been anticipating that the company should produce around $10 per share of level free cash flow per share. We continue to believe that this is a reasonable expectation. As noted above, the company is currently reporting around $6 per fully diluted share of GAAP earnings after incorporating what we view to be peak loss assumptions. In addition, the company has posted consistent year over year growth and, while the current environment is challenging from a delinquency standpoint, it should present the company with favorable opportunities. As such, we believe that an $80 price target (or $60 net of cash) is reasonable. This would require a 10x multiple of the above earnings or 6x multiple against level free cash flow. Risks We believe that the most significant risk the company faces are the macroeconomic risks that are in the headlines every day: inflation, rising rates, and the possibility (likelihood?) of recession. These risks would impact the company most severely in terms of credit losses above and beyond our, the market’s, and the company’s expectations. We believe there are several mitigants that should be considered here. First, are the company’s substantial margins. With a portfolio yield in excess of 40% and funding costs below 5%, there is quite a bit of room to absorb losses. Second, the company’s financial results already incorporate loss assumptions north of 30% (while they are currently actually below 20%), so, again here, there is room to absorb expanding losses. We also note that, upon our review of the company’s historical financials, the company experienced losses above 30% only in the aftermath of the 2008/2009 financial crisis, and these loss levels were short-lived, returning back to the long-term average in the high-teens (around where they are now). Thirdly, we believe the company has learned valuable lessons from their previous brush with collapse and will not make the same mistakes again (primarily by aggressively reducing their “open to buy” upon any customer weakness, as they have alluded to in their public filings). Lastly, we note that Atlanticus has continued to buy back stock, which we do not believe they would be doing if there were substantial concerns around performance. In addition, we have not observed any of the key management making any material stock sales (in fact, the chief accounting officer recently purchased some of the perpetual preferred stock). Like any financial company, a risk exists that rates will continue to rise materially, increasing Atlanticus' cost of funding and compressing their net interest margins. While this is certainly a concern, we note that the company’s financing facilities are primarily fixed rate and long-dated (perhaps a lesson learned) and, as discussed above, there is a substantial spread between their portfolio yield and interest cost to absorb widening of capital costs.Shareholder Returns
| ATLC | US Consumer Finance | US Market | |
|---|---|---|---|
| 7D | 5.4% | 6.0% | 5.5% |
| 1Y | 125.3% | 10.6% | 20.8% |
Return vs Industry: ATLC exceeded the US Consumer Finance industry which returned 10.6% over the past year.
Return vs Market: ATLC exceeded the US Market which returned 20.8% over the past year.
Price Volatility
| ATLC volatility | |
|---|---|
| ATLC Average Weekly Movement | 7.6% |
| Consumer Finance Industry Average Movement | 7.0% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: ATLC has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: ATLC's weekly volatility (8%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1996 | 576 | Jeff Howard | www.atlanticus.com |
Atlanticus Holdings Corporation, a financial technology company, provides products and services to lenders in the United States. The company operates in two segments, Credit as a Service (CaaS) and Auto Finance. Its CaaS segment offers private label credit products associated with the healthcare space under the Curae brand, as well as consumer electronics, furniture, elective medical procedures, and home-improvement under the Fortiva brand and its retail partners’ brands; and general-purpose credit cards under the Aspire, Imagine, Mercury, and Fortiva brand names.
Atlanticus Holdings Corporation Fundamentals Summary
| ATLC fundamental statistics | |
|---|---|
| Market cap | US$1.68b |
| Earnings (TTM) | US$125.72m |
| Revenue (TTM) | US$628.89m |
13.4x
P/E Ratio2.7x
P/S RatioIs ATLC overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ATLC income statement (TTM) | |
|---|---|
| Revenue | US$628.89m |
| Cost of Revenue | US$173.61m |
| Gross Profit | US$455.27m |
| Other Expenses | US$329.56m |
| Earnings | US$125.72m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 8.32 |
| Gross Margin | 72.39% |
| Net Profit Margin | 19.99% |
| Debt/Equity Ratio | 925.5% |
How did ATLC perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/06 22:11 |
| End of Day Share Price | 2026/08/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Atlanticus Holdings Corporation is covered by 6 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Randy Binner | B. Riley Securities, Inc. |
| Harold Goetsch | B. Riley Securities, Inc. |
| Vincent Caintic | BTIG |