SLM Corp Stock Research

Market Summary

USD12.44+0.08

Delayedas of 16 Mar 2023, 12:36 pm

0.65%

SLM Alerts

Big jump in Revenue (Y/Y)
Big fall in earnings (Y/Y)
Losses in recent quarter

SLM Stock Price

SLM RSI Chart

SLM Valuation

Market Cap

3.1B

Price/Earnings (Trailing)

6.75

Price/Sales (Trailing)

1.53

EV/EBITDA

1.74

Price/Free Cashflow

622.12

SLM Price/Sales (Trailing)

SLM Profitability

EBT Margin

31.05%

Return on Equity

26.64%

Return on Assets

1.6%

Free Cashflow Yield

0.16%

SLM Fundamentals

SLM Revenue

Revenue (TTM)

2.0B

Revenue Y/Y

27.3%

Revenue Q/Q

12.25%

SLM Earnings

Earnings (TTM)

460.0M

Earnings Y/Y

-126.39%

Earnings Q/Q

-210.83%

Price Action

52 Week Range

11.6220.17

(Low)(High)

Last 7 days

-11.1%

Last 30 days

-18.6%

Last 90 days

-24.9%

Trailing 12 Months

-29.5%

SLM Financial Health

Debt/Equity

3.03

Debt/Cashflow

10e-4

SLM Investor Care

Dividend Yield

3.56%

Dividend/Share (TTM)

0.44

Buy Backs (1Y)

16.21%

Diluted EPS (TTM)

1.7

Peers (Alternatives to SLM)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AXP	118.7B	43.0B	-11.87%	-8.27%	15.8	2.76	24.07%	-6.77%
COF	35.4B	31.2B	-20.82%	-29.61%	4.81	1.13	21.22%	-40.60%
DFS	26.3B	12.9B	-17.13%	-11.23%	5.99	2.04	20.78%	-19.40%
MID-CAP
ALLY	7.0B	10.6B	-29.15%	-41.66%	4.11	0.66	22.77%	-43.99%
CACC	5.1B	1.8B	-18.56%	-18.44%	9.57	2.8	-1.27%	-44.09%
FCFS	4.3B	2.7B	2.18%	40.15%	16.8	1.56	60.62%	102.94%
OMF	4.2B	4.4B	-22.66%	-13.76%	4.78	0.95	1.63%	-33.18%
NNI	3.4B	1.2B	-5.70%	5.93%	8.25	2.7	27.53%	3.58%
SLM	3.1B	2.0B	-18.63%	-29.53%	6.75	1.53	14.34%	-60.20%
SMALL-CAP
ENVA	1.3B	1.7B	-15.79%	21.97%	6.44	0.77	43.72%	-19.07%
WRLD	515.5M	621.6M	-14.89%	-52.98%	36.89	0.83	10.55%	-82.63%
ATLC	354.1M	995.1M	-28.23%	-49.25%	2.19	0.36	47.76%	4.52%
TREE	340.9M	985.0M	-40.38%	-73.81%	-1.81	0.35	-10.33%	-371.94%
RM	250.0M	507.2M	-20.84%	-40.21%	4.88	0.49	18.40%	-42.24%

Financials for SLM

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	6.6%	2,032	1,906	1,834	1,806	1,777
Operating Expenses	-	519	-	-	-	-
EBITDA	-18.7%	2,137	2,629	2,604	2,317	-
EBITDA Margin	-23.7%	1.05*	1.38*	1.44*	1.28*	-
Earnings Before Taxes	-44.5%	631	1,137	1,125	862	1,540
EBT Margin	-48.0%	0.31*	0.60*	0.62*	0.48*	-
Interest Expenses	1.0%	1,489	1,475	1,463	1,439	1,395
Net Income	-45.6%	460	846	845	643	1,156
Net Income Margin	-49.0%	0.23*	0.44*	0.47*	0.36*	-
Free Cahsflow	-90.3%	5.00	51.00	133	-32.49	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-1.1%	28,811	29,139	27,499	29,052	29,222
Cash Equivalents	-4.8%	4,616	4,847	3,650	3,263	4,335
Net PPE	-2.3%	141	144	147	148	151
Goodwill	0%	51.00	51.00	51.00	-	-
Liabilities	-0.3%	27,084	27,157	25,522	27,008	27,072
Long Term Debt	-5.2%	5,235	5,522	5,219	5,552	5,931
Shareholder's Equity	-12.9%	1,727	1,982	1,977	2,044	2,150
Retained Earnings	-3.3%	3,164	3,271	3,226	2,914	2,817
Additional Paid-In Capital	0.7%	1,109	1,102	1,095	1,087	1,074
Accumulated Depreciation	-	103	-	-	-	-
Shares Outstanding	-3.9%	251	261	277	-	-

Cashflow (Last 12 Months)					(In Thousands)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-90.3%	4,992	51,469	132,910	-32,486	-49,522
Share Based Compensation	1.4%	34,000	33,547	33,377	31,446	30,649
Cashflow From Investing	-55.8%	1,077,392	2,436,982	1,175,479	-774,556	2,604,673
Cashflow From Financing	-139.5%	-854,892	-357,005	-2,172,899	-2,114,112	-2,619,516
Dividend Payments	-3.9%	112,961	117,577	98,868	80,049	60,462
Buy Backs	-11.9%	713,197	809,609	799,594	423,996	1,530,683

Risks for SLM

What is the probability of a big loss on SLM?

66.2%

Probability that SLM stock will be more than 20% underwater in next one year

41.5%

Probability that SLM stock will be more than 30% underwater in next one year.

18.9%

Probability that SLM stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SLM drawdown profile look like?

Y-axis is the maximum loss one would have experienced if SLM was unfortunately bought at previous high price.

Drawdowns

Returns for SLM

Cumulative Returns on SLM

5.9%

10-Year Cumulative Returns

11.5%

7-Year Cumulative Returns

2.5%

5-Year Cumulative Returns

15.4%

3-Year Cumulative Returns

What are the long-term rolling returns for SLM?

FIve years rolling returns for SLM.

Annualized Returns

Which funds bought or sold SLM recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-1.37	13,131,600	90,249,600	0.10%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-92.28	-20,978,000	2,114,000	0.01%
2023-02-28	Voya Investment Management LLC	added	0.99	93,229	561,229	-%
2023-02-24	SRS Capital Advisors, Inc.	added	0.18	20,934	131,934	0.02%
2023-02-24	NATIXIS	sold off	-100	-832,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-0.45	3,016,000	19,653,000	0.21%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-36.22	-123,627	384,373	0.01%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-152,000	-	-%
2023-02-17	TRUIST FINANCIAL CORP	reduced	-7.89	2,082,510	24,486,500	0.04%
2023-02-16	MAVERICK CAPITAL LTD	added	30.9	97,319	273,319	0.01%

Latest Funds Activity

Are funds buying SLM calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SLM

No. of Funds

SLM News

Schedule 13G FIlings of SLM

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	ubs asset management americas inc	6.62%	16,562,446	SC 13G
Feb 09, 2023	vanguard group inc	12.64%	31,617,580	SC 13G/A
Feb 08, 2023	massachusetts financial services co /ma/	7.0%	17,456,866	SC 13G/A
Jan 30, 2023	barclays plc	14.17%	355,801	SC 13G
Jan 25, 2023	blackrock inc.	8.8%	22,052,246	SC 13G
Aug 01, 2022	impactive capital lp	9.0%	22,593,389	SC 13D/A
May 03, 2022	impactive capital lp	6.8%	18,430,839	SC 13D/A
Mar 10, 2022	impactive capital lp	5.5%	15,485,159	SC 13D
Feb 14, 2022	va partners i, llc	4.9%	14,501,031	SC 13D/A
Feb 11, 2022	barclays plc	19.41%	487,399	SC 13G

SLM Fair Value

SLM fair value in different scenarios

The table shows the Fair Value estimates for SLM for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	17.19 38.18%	26.83 115.68%	55.90 349.36%	114.71 822.11%	149.72 1103.54%
Very High Inflation	- -	- -	- -	- -	- -

Historical SLM Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of SLM

View All Filings

Date Filed	Form Type	Document
Mar 07, 2023	8-K	Current Report
Mar 03, 2023	8-K	Current Report
Feb 23, 2023	10-K	Annual Report
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading

Latest Insider Trading transactions for SLM

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-18	Palmer Kerri A.	sold (taxes)	-27,347	14.57	-1,877	evp, chief operational officer
2023-02-18	McGarry Steven	sold (taxes)	-40,737	14.57	-2,796	evp & chief financial officer
2023-02-18	VIEIRA DONNA F	sold (taxes)	-32,738	14.57	-2,247	evp & chief commercial officer
2023-02-18	Kennedy Daniel P	sold (taxes)	-34,662	14.57	-2,379	evp
2023-02-18	Boyles Jonathan	sold (taxes)	-29,970	14.57	-2,057	svp & controller
2023-02-18	Jafarieh Nicolas	sold (taxes)	-30,465	14.57	-2,091	evp -legal, govt, comm officer
2023-02-18	Witter Jonathan W.	sold (taxes)	-311,667	14.57	-21,391	ceo
2023-02-17	Boyles Jonathan	acquired	-	-	26,767	svp & controller
2023-02-17	Kennedy Daniel P	acquired	-	-	20,324	evp
2023-02-17	Jafarieh Nicolas	acquired	-	-	34,591	evp -legal, govt, comm officer

About SLM

Jonathan W. Witter

www.salliemae.com

1450

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It also offers retail deposit accounts, including certificates of deposit, money market deposit accounts, and high-yield savings accounts; and omnibus accounts, as well as credit card loans. It serves students and families through financial aid, federal loans, and student and family resources. The company was formerly known as New BLC Corporation and changed its name to SLM Corporation in December 2013. SLM Corporation was founded in 1972 and is headquartered in Newark, Delaware.

SLM Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans	$ 1,914,554,000	$ 1,756,945,000	$ 1,989,004,000
Investments	35,304,000	13,859,000	11,743,000
Cash and cash equivalents	81,722,000	6,040,000	20,913,000
Total interest income	2,031,580,000	1,776,844,000	2,021,660,000
Interest expense:
Deposits	368,914,000	225,370,000	393,194,000
Interest expense on short-term borrowings	11,956,000	18,945,000	14,459,000
Interest expense on long-term borrowings	161,929,000	137,763,000	134,014,000
Total interest expense	542,799,000	382,078,000	541,667,000
Net interest income	1,488,781,000	1,394,766,000	1,479,993,000
Provisions for credit losses	633,453,000	(32,957,000)	93,133,000
Net interest income (loss) after provisions for credit losses	855,328,000	1,427,723,000	1,386,860,000
Non-interest income:
Gains on sales of loans, net	327,750,000	548,315,000	238,315,000
Gains (losses) on securities, net	(60,267,000)	39,096,000	4,372,000
Gains (losses) on derivatives and hedging activities, net	(5,000)	144,000	49,544,000
Other income	67,160,000	44,894,000	39,218,000
Total non-interest income	334,638,000	632,449,000	331,449,000
Operating expenses:
Compensation and benefits	270,354,000	258,321,000	282,497,000
FDIC assessment fees	20,939,000	23,368,000	21,956,000
Other operating expenses	260,169,000	236,964,000	233,635,000
Total operating expenses	551,462,000	518,653,000	538,088,000
Acquired intangible assets amortization expense	7,779,000	0	0
Restructuring expenses	0	1,255,000	26,215,000
Total non-interest expenses	559,241,000	519,908,000	564,303,000
Income before income tax expense	630,725,000	1,540,264,000	1,154,006,000
Income tax expense	161,711,000	379,751,000	273,316,000
Net income	469,014,000	1,160,513,000	880,690,000
Preferred stock dividends	9,029,000	4,736,000	9,734,000
Net income attributable to SLM Corporation common stock	$ 459,985,000	$ 1,155,777,000	$ 870,956,000
Basic earnings per common share (in usd per share)	$ 1.78	$ 3.67	$ 2.27
Average common shares outstanding (in shares)	258,439	314,993	383,705
Diluted earnings per common share (in usd per share)	$ 1.76	$ 3.61	$ 2.25
Average common and common equivalent shares outstanding (in shares)	261,503	319,912	387,195
Declared dividends per common share (in usd per share)	$ 0.44	$ 0.20	$ 0.12

SLM Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 4,616,117,000	$ 4,334,603,000
Investments:
Trading investments at fair value (cost of $47,554 and $29,049, respectively )	55,903,000	37,465,000
Available-for-sale investments	2,342,089,000	2,517,956,000
Other investments	94,716,000	140,037,000
Total investments	2,492,708,000	2,695,458,000
Loans held for investment (net of allowance for losses of $1,357,075 and $1,165,335, respectively)	19,626,868,000	20,341,283,000
Loans held for sale	29,448,000	0
Restricted cash	156,719,000	210,741,000
Other interest-earning assets	11,162,000	9,655,000
Accrued interest receivable	1,202,059,000	1,205,667,000
Premises and equipment, net	140,728,000	150,516,000
Goodwill and acquired intangible assets, net	118,273,000	0
Income taxes receivable, net	380,058,000	239,578,000
Tax indemnification receivable	2,816,000	8,047,000
Other assets	34,073,000	26,351,000
Total assets	28,811,029,000	29,221,899,000
Liabilities
Deposits	21,448,071,000	20,828,124,000
Long-term borrowings	5,235,114,000	5,930,990,000
Other liabilities	400,874,000	313,074,000
Total liabilities	27,084,059,000	27,072,188,000
Commitments and contingencies
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized: Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070,000	251,070,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 435.1 million and 432.0 million shares issued, respectively	87,025,000	86,403,000
Additional paid-in capital	1,109,072,000	1,074,384,000
Accumulated other comprehensive loss (net of tax benefit of $(30,160) and $(5,707), respectively)	(93,870,000)	(17,897,000)
Retained earnings	3,163,640,000	2,817,134,000
Total SLM Corporation stockholders’ equity before treasury stock	4,516,937,000	4,211,094,000
Less: Common stock held in treasury at cost: 194.4 million and 153.1 million shares, respectively	(2,789,967,000)	(2,061,383,000)
Total equity	1,726,970,000	2,149,711,000
Total liabilities and equity	$ 28,811,029,000	$ 29,221,899,000