Dave (DAVE)
NASDAQ:DAVE
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Dave
(NASDAQ:DAVE)
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Rating:80Outperform
Price Target:
$320.00
▲(27.64% Upside)
Action:ReiteratedDate:04/17/26
The score is driven primarily by the strong financial turnaround (profitability, cash generation, and deleveraging) and solid forward guidance from the latest earnings call. Valuation appears reasonable on earnings, while technicals indicate an uptrend but with overbought conditions that add near-term risk.
Positive Factors
Cash Generation
A sustained step-change in cash generation (operating and free cash flow ~ $289–290M in 2025, FCF growth ~22%) underpins durable self-funding capacity. Strong cash conversion supports organic investment, buybacks, debt repayment and reduces reliance on external capital over the medium term.
Negative Factors
Regulatory / Legal Uncertainty
An unresolved DOJ investigation represents a persistent risk: potential fines, remediation costs, injunctive relief or heightened oversight could materially affect operations, product offerings and customer trust. Legal uncertainty can constrain strategic options and increase compliance costs over many quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
A sustained step-change in cash generation (operating and free cash flow ~ $289–290M in 2025, FCF growth ~22%) underpins durable self-funding capacity. Strong cash conversion supports organic investment, buybacks, debt repayment and reduces reliance on external capital over the medium term.
Read all positive factors
Dave (DAVE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.58B
Dividend YieldN/A
Average Volume (3M)554.09K
Price to Earnings (P/E)15.1
Beta (1Y)2.47
Revenue Growth59.64%
EPS Growth212.70%
CountryUS
Employees274
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)4.57
Shares Outstanding11,499,286
10 Day Avg. Volume659,447
30 Day Avg. Volume554,091
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)8.39
Price to Sales (P/S)5.78
P/FCF Ratio10.22
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue6.65
Enterprise Value/Gross Profit8.34
Enterprise Value/Ebitda18.72
Forecast
1Y Price Target
$312.83Price Target Upside24.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)13.05
Revenue Forecast (FY)$697.43M
Dave Business Overview & Revenue Model
Company Description
Dave Inc. provides a suite of financial products and services through its financial service online platform. The company offers Insights, a personal financial management tool to manage income and expenses between paychecks for members; ExtraCash, ...
How the Company Makes Money
Dave makes money primarily through (1) transaction-based revenue tied to its cash-advance product and (2) interchange and related revenues associated with its banking features, along with other ancillary fees. For cash advances, users can access s...
Dave Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based operating performance in 2025 — high revenue growth (60%), sizable adjusted EBITDA expansion (162% YoY), record margins, improving credit metrics via CashAI v5.5, and clear 2026 growth and profitability guidance. Management reported durable unit economics (improved payback, higher ARPU, record originations) and concrete balance sheet actions (off-balance-sheet receivables, expanded buyback). Key risks included an ongoing DOJ matter, seasonality-related provision timing in Q1, increased near-term marketing spend, and early-stage uncertainty around the pay in 4 product and Coastal fees affecting non-GAAP gross profit. Overall, positives materially outweigh the limited near-term and ongoing risks.Positive Updates
Record Annual Revenue and Adjusted EBITDA
Full-year 2025 revenue grew 60% year-over-year to $554.2 million, and adjusted EBITDA reached $226.7 million (≈41% margin). Adjusted EBITDA grew ~162% year-over-year, driven by gross margin expansion and operating leverage.
Negative Updates
Ongoing DOJ Matter
Department of Justice matter remains in discovery with no material update; company states it is vigorously defending itself. This represents ongoing legal uncertainty and potential risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Adjusted EBITDA
Full-year 2025 revenue grew 60% year-over-year to $554.2 million, and adjusted EBITDA reached $226.7 million (≈41% margin). Adjusted EBITDA grew ~162% year-over-year, driven by gross margin expansion and operating leverage.
Read all positive updates
Company Guidance
The company guided to 2026 revenue of $690M–$710M (≈25%–28% YoY) with adjusted EBITDA of $290M–$305M and introduced adjusted EPS of $14–$15 (estimated annual effective tax rate ~23%); it expects gross margins in the low‑70s (Q4 gross margin was 74%, FY2025 72%) and reiterated its medium‑term “growth algorithm” of mid‑teens monthly transacting member (MTM) growth and low‑to‑mid double‑digit ARPU growth (FY2025: revenue $554.2M, adj. EBITDA $226.7M at a 41% margin; Q4 revenue $163.7M, adj. EBITDA $72.3M at a 45% margin). The guide assumes continued strong unit economics (Q4 net monetization rate 4.8%, 28‑day DPD 1.89% implying ~1.3% 121‑day loss), efficient acquisition ($20 CAC, 867k new members in Q4, gross profit payback <4 months), modest Q1 marketing moderation for seasonal refund effects, no meaningful pay‑in‑4 revenue in 2026, the planned Coastal transition to unlock >$200M of liquidity (reducing cost of capital and enabling credit‑facility repayment midyear), and an expanded share‑repurchase authorization raised to $300M.Dave Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
88
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 511.91M | 347.08M | 259.09M | 204.84M | 153.01M |
| Gross Profit | 408.56M | 316.70M | 230.17M | 172.89M | 129.55M |
| EBITDA | 182.20M | 76.02M | -31.08M | -112.64M | -14.30M |
| Net Income | 195.87M | 57.87M | -48.52M | -128.91M | -19.99M |
Balance Sheet | |||||
| Total Assets | 487.42M | 299.33M | 294.02M | 321.49M | 147.19M |
| Cash, Cash Equivalents and Short-Term Investments | 80.52M | 90.29M | 155.94M | 191.96M | 40.23M |
| Total Debt | 75.20M | 75.55M | 181.29M | 178.15M | 73.64M |
| Total Liabilities | 134.69M | 116.23M | 206.96M | 214.93M | 108.45M |
| Stockholders Equity | 352.73M | 183.10M | 87.06M | 106.56M | 38.74M |
Cash Flow | |||||
| Free Cash Flow | 289.71M | 124.88M | 25.17M | -54.20M | -7.02M |
| Operating Cash Flow | 290.02M | 125.14M | 33.75M | -44.88M | -541.00K |
| Investing Cash Flow | -202.75M | -45.84M | -14.38M | -285.58M | -37.20M |
| Financing Cash Flow | -56.29M | -71.00M | 22.00K | 321.77M | 65.05M |
Dave Technical Analysis
Positive
250.71
Price Trends
193.63
Positive
198.39
Positive
207.62
Positive
Market Momentum
8.41
Negative
75.47
Negative
96.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DAVE, the sentiment is Positive. The current price of 250.71 is above the 20-day moving average (MA) of 193.21, above the 50-day MA of 193.63, and above the 200-day MA of 207.62, indicating a bullish trend. The MACD of 8.41 indicates Negative momentum. The RSI at 75.47 is Negative, neither overbought nor oversold. The STOCH value of 96.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DAVE.
Dave Risk Analysis
Dave disclosed 76 risk factors in its most recent earnings report. Dave reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dave Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.58B | 15.11 | 73.90% | ― | 59.64% | 212.70% | |
73 Outperform | $2.33B | 19.41 | 18.70% | ― | 16.43% | ― | |
67 Neutral | $2.51B | 27.11 | 60.60% | ― | 27.64% | ― | |
63 Neutral | $3.01B | 36.75 | 7.99% | ― | 12.17% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $1.49B | -12.84 | -94.12% | ― | 9.25% | 28.34% | |
53 Neutral | $3.14B | -19.67 | -26.59% | ― | 5.38% | 80.93% |
* Technology Sector Average
DAVE
Dave
257.27
162.45
171.32%
ASAN
Asana
6.40
-9.74
-60.35%
GBTG
Global Business Travel Group
5.76
-0.95
-14.16%
GRND
Grindr
13.29
-8.68
-39.51%
RUM
Rumble
6.66
-1.06
-13.73%
FRSH
Freshworks
8.25
-6.52
-44.14%
Dave Corporate Events
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Dave Announces Convertible Notes Offering and Share Repurchases
Positive
Mar 9, 2026
On March 9, 2026, Dave Inc. completed a private Rule 144A placement of $200 million aggregate principal amount of 0% Convertible Senior Notes due 2031 to qualified institutional buyers, generating net proceeds of about $192.1 million. The notes, w...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Dave Announces Upsized Convertible Notes Offering and Buybacks
Positive
Mar 6, 2026
On March 4 and 5, 2026, Dave Inc. entered into a purchase agreement and announced the pricing of a private offering of $175 million aggregate principal amount of 0% Convertible Senior Notes due 2031, upsized from a previously planned $150 million,...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Dave Announces $150 Million Convertible Senior Notes Offering
Positive
Mar 4, 2026
On March 3, 2026, Dave Inc. announced a planned private offering of $150 million in Convertible Senior Notes due 2031, with an option for initial purchasers to buy an additional $22.5 million, targeting qualified institutional buyers under Rule 14...
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
Dave Announces Strong 2025 Results and New Buyback Plan
Positive
Mar 2, 2026
Dave Inc. reported another year of rapid expansion on March 2, 2026, with 2025 revenue climbing 60% to $554.2 million and net income surging 238% to $195.9 million, driven by 62% fourth-quarter revenue growth, higher ARPU, and a 19% rise in monthl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.