Atlanticus Holdings Financials
This page shows Atlanticus Holdings (ATLCZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Growth is being financed through rapid balance-sheet expansion, while rising funding costs increasingly absorb a larger share of each new revenue dollar.
Across recent years, operating cash flow stayed well above net income, which usually signals that reported earnings are backed by cash collections; but investing outflows still outran that cash, so expansion has depended on external funding rather than on retained profits alone. In FY2025, assets reached$7.6B and interest expense climbed to$302M , which helps explain why a sharp revenue rebound still translated into thinner net profitability.
Gross margin stayed in the low-seventies, so the pressure is not coming from the basic revenue-minus-cost spread or from a collapse in customer economics in recent years. The visible squeeze is lower on the income statement, where interest expense rose from
The balance sheet became much more levered, with debt-to-equity moving from 5.5x to 11.5x as liabilities outpaced equity growth. At the same time, return on assets fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Atlanticus Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Atlanticus Holdings's revenue surged 38.8% year-over-year to $557.2M, reflecting rapid business expansion. This strong growth earns a score of 76/100.
Atlanticus Holdings has elevated debt relative to equity (D/E of 11.47), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Atlanticus Holdings's ROE of 19.8% shows moderate profitability relative to equity, earning a score of 59/100. This is down from 22.3% the prior year.
Atlanticus Holdings passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Atlanticus Holdings generates $5.29 in operating cash flow ($638.0M OCF vs $120.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Atlanticus Holdings generated $557.2M in revenue in fiscal year 2025. This represents an increase of 38.8% from the prior year.
Atlanticus Holdings reported $120.6M in net income in fiscal year 2025. This represents an increase of 9.5% from the prior year.
Atlanticus Holdings earned $5.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 24.9% from the prior year.
Cash & Balance Sheet
Atlanticus Holdings held $621.1M in cash against $0 in long-term debt as of fiscal year 2025.
Atlanticus Holdings had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
Atlanticus Holdings's gross margin was 71.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Atlanticus Holdings's net profit margin was 21.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.8 percentage points from the prior year.
Atlanticus Holdings's ROE was 19.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.
Capital Allocation
Atlanticus Holdings spent $69.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 32.1% from the prior year.
ATLCZ Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $189.7M+7.9% | $175.9M+24.9% | $140.8M+15.1% | $122.3M+3.5% | $118.2M+0.6% | $117.5M+17.0% | $100.4M+11.4% | $90.1M |
| Cost of Revenue | $44.9M-19.2% | $55.6M+42.4% | $39.0M+14.5% | $34.1M+6.0% | $32.2M-10.2% | $35.8M+27.6% | $28.1M+1.3% | $27.7M |
| Gross Profit | $144.8M+20.4% | $120.3M+18.2% | $101.8M+15.4% | $88.2M+2.5% | $86.1M+5.4% | $81.7M+13.0% | $72.3M+15.9% | $62.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $28.6M+27.4% | $22.5M+23.6% | $18.2M+36.0% | $13.4M-13.7% | $15.5M+23.4% | $12.6M+2.1% | $12.3M+2.7% | $12.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $122.8M-2.0% | $125.2M+65.9% | $75.5M+40.6% | $53.7M+12.9% | $47.5M+6.4% | $44.7M+5.1% | $42.5M+12.0% | $37.9M |
| Income Tax | $14.3M+22.9% | $11.6M+47.1% | $7.9M-19.9% | $9.9M+1.1% | $9.7M+9.6% | $8.9M+9.9% | $8.1M+80.9% | $4.5M |
| Net Income | $44.2M+31.7% | $33.5M+34.3% | $25.0M-18.3% | $30.6M-3.0% | $31.5M+4.7% | $30.1M+1.9% | $29.5M+21.7% | $24.3M |
| EPS (Diluted) | $2.23 | N/A | $1.21-19.9% | $1.51+1.3% | $1.49 | N/A | $1.27+28.3% | $0.99 |
ATLCZ Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.5B-2.1% | $7.6B+7.7% | $7.1B+94.3% | $3.6B+11.3% | $3.3B0.0% | $3.3B+7.6% | $3.0B+7.1% | $2.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $651.1M+4.8% | $621.1M+46.1% | $425.0M+29.0% | $329.4M-6.0% | $350.4M-6.7% | $375.4M+21.6% | $308.7M-12.0% | $350.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.8B-2.8% | $7.0B+8.1% | $6.5B+112.1% | $3.0B+12.6% | $2.7B+0.4% | $2.7B+8.9% | $2.5B+9.0% | $2.3B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $648.4M+6.5% | $608.7M+3.3% | $589.3M+4.6% | $563.3M+5.7% | $532.7M+8.1% | $492.9M+7.7% | $457.7M+5.5% | $433.8M |
| Retained Earnings | $548.3M+8.3% | $506.4M+6.9% | $473.6M+5.0% | $450.9M+6.7% | $422.6M+7.1% | $394.6M+7.1% | $368.3M+6.7% | $345.1M |
ATLCZ Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $286.3M+7.5% | $266.3M+147.8% | $107.5M-19.0% | $132.7M+0.8% | $131.6M+7.3% | $122.6M+9.1% | $112.4M-2.8% | $115.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$51.2M+89.4% | -$484.5M+4.4% | -$506.9M-25.0% | -$405.5M-253.0% | -$114.9M+34.7% | -$176.0M+42.5% | -$306.3M-55.3% | -$197.2M |
| Financing Cash Flow | -$198.5M-143.2% | $459.8M+4.0% | $442.2M+50.1% | $294.6M+637.0% | -$54.9M-132.6% | $168.3M-1.8% | $171.5M+2565.0% | $6.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $3.8M-76.6% | $16.4M+65424.0% | $25K-98.7% | $1.9M-96.3% | $51.2M+104.7% | $25.0M-3.1% | $25.8M+1928.6% | $1.3M |
ATLCZ Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.3%+7.9pp | 68.4%-3.9pp | 72.3%+0.2pp | 72.1%-0.7pp | 72.8%+3.3pp | 69.5%-2.5pp | 72.0%+2.8pp | 69.3% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 23.3%+4.2pp | 19.1%+1.3pp | 17.7%-7.3pp | 25.0%-1.7pp | 26.7%+1.0pp | 25.6%-3.8pp | 29.4%+2.5pp | 27.0% |
| Return on Equity | 6.8%+1.3pp | 5.5%+1.3pp | 4.2%-1.2pp | 5.4%-0.5pp | 5.9%-0.2pp | 6.1%-0.3pp | 6.5%+0.9pp | 5.6% |
| Return on Assets | 0.6%+0.1pp | 0.4%+0.1pp | 0.4%-0.5pp | 0.8%-0.1pp | 1.0%+0.0pp | 0.9%-0.1pp | 1.0%+0.1pp | 0.9% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 10.46-1.0 | 11.47+0.5 | 10.95+5.5 | 5.40+0.3 | 5.07-0.4 | 5.46+0.1 | 5.40+0.2 | 5.22 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Atlanticus Holdings's annual revenue?
Atlanticus Holdings (ATLCZ) reported $557.2M in total revenue for fiscal year 2025. This represents a 38.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Atlanticus Holdings's revenue growing?
Atlanticus Holdings (ATLCZ) revenue grew by 38.8% year-over-year, from $401.4M to $557.2M in fiscal year 2025.
Is Atlanticus Holdings profitable?
Yes, Atlanticus Holdings (ATLCZ) reported a net income of $120.6M in fiscal year 2025, with a net profit margin of 21.6%.
What is Atlanticus Holdings's gross margin?
Atlanticus Holdings (ATLCZ) had a gross margin of 71.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Atlanticus Holdings's net profit margin?
Atlanticus Holdings (ATLCZ) had a net profit margin of 21.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Atlanticus Holdings's return on equity (ROE)?
Atlanticus Holdings (ATLCZ) has a return on equity of 19.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Atlanticus Holdings's operating cash flow?
Atlanticus Holdings (ATLCZ) generated $638.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Atlanticus Holdings's total assets?
Atlanticus Holdings (ATLCZ) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Atlanticus Holdings's debt-to-equity ratio?
Atlanticus Holdings (ATLCZ) had a debt-to-equity ratio of 11.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Atlanticus Holdings's return on assets (ROA)?
Atlanticus Holdings (ATLCZ) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Atlanticus Holdings's Piotroski F-Score?
Atlanticus Holdings (ATLCZ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Atlanticus Holdings's earnings high quality?
Atlanticus Holdings (ATLCZ) has an earnings quality ratio of 5.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Atlanticus Holdings?
Atlanticus Holdings (ATLCZ) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.