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Dave

DAVE on Nasdaq. Dave sells cash advances to people who need money before payday. Market value $3.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
-3.6%five-year median

Yearly profit per dollar of owners' money: -4 cents. Above 10 is good.

Price to book
quarterly report to June 2026
23.9×

What you pay for each dollar of net assets: $23.90.

Earnings yield
past 12 months to June 2026
4.5%

Profit per $100 you pay: $4.48.

Quality score: 46 of 100. Price score: 28 of 100. Our list needs 70 on quality and 60 on price.

$343.14 a share, 125% above its 1-year low

Over the past year the price has ranged from $152.21 to $458.25.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$153m$205m$259m$347m$554m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.00bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 38.0% a year
  • Buying back its own sharesNo, 239% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $171 million last quarter, up 30% on a year ago.
  • Profit: $7 million, down 26% on a year ago.
  • Spare cash over the past 12 months: $319 million, up from $185 million.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$92m
December 2024$101m
March 2025$108m
June 2025$132m
September 2025$151m
December 2025$164m
March 2026$158m
June 2026$171m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$466,000
December 2024$17m
March 2025$29m
June 2025$9m
September 2025$92m
December 2025$66m
March 2026$58m
June 2026$7m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 347 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    13.8%+8.2 pts
    Since 31 May 2026
  • Jason Wilk
    Insider or founder
    11.8%+0.9 pts
    Since 11 September 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On September 11, 2026, the Reporting Person entered into the Forward Contract with an unaffiliated counterparty. The Forward Contract obligates the Reporting Person to deliver shares of Class…

    Read the filing
  • 9.2%−0.4 pts
    Since 31 December 2025
  • at least 6.1%−3.1 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • JANE STREET GROUP, LLC
    Passive investor
    at least 5.4%
    (filed with 2 related holders)
    Since 20 April 2026
  • G1 Execution Services, LLC
    Passive investor
    at least 2.5%−2.9 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Norwest Venture Partners XIV LP
    Passive investor
    at least 2.0%
    (filed with 4 related holders)
    Since 30 June 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 6 sold $31m, $26m of it under preset trading plans.

  • Preston Dan
    Director
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    275
    Price
    $259.83
    Value
    $71,453
  • Preston Dan
    Director
    Sold
    under a preset trading plan
    Date
    4 June 2026
    Shares
    275
    Price
    $247.65
    Value
    $68,104
  • Beilman Kyle
    CFO and COO and Secretary
    Sold
    Date
    2 June 2026
    Shares
    4,122
    Price
    $275.03
    Value
    $1m
  • Wilk Jason
    Chief Executive Officer, Director
    Sold
    Date
    2 June 2026
    Shares
    8,474
    Price
    $275.05
    Value
    $2m
  • Mitchell Andrea
    Director
    Sold
    under a preset trading plan
    Date
    6 March 2026
    Shares
    15,000
    Price
    $210.94
    Value
    $3m
  • Mitchell Andrea
    Director
    Sold
    under a preset trading plan
    Date
    5 March 2026
    Shares
    15,000
    Price
    $215.12
    Value
    $3m
  • POPE MICHAEL W
    Director
    Sold
    under a preset trading plan
    Date
    2 February 2026
    Shares
    544
    Price
    $162.00
    Value
    $88,128
  • Khan Imran
    Director
    Sold
    under a preset trading plan
    Date
    18 December 2025
    Shares
    1,146
    Price
    $204.00
    Value
    $233,778
  • Khan Imran
    Director
    Sold
    under a preset trading plan
    Date
    18 December 2025
    Shares
    3,108
    Price
    $200.75
    Value
    $623,937
  • Khan Imran
    Director
    Sold
    under a preset trading plan
    Date
    17 December 2025
    Shares
    33,270
    Price
    $199.34
    Value
    $7m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.