Dave Inc. (DAVE)

Price$387.48Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is already reflected in what investors pay.

At the observed market value, Dave trades at roughly 22 times the midpoint of management’s 2026 adjusted earnings-per-share guidance and about seven times trailing revenue. That is not cheap, but guidance still implies 31%–33% revenue growth, while second-quarter adjusted net income rose 39%. Management’s adjusted earnings exclude items such as stock compensation, legal and financing costs, and warrant remeasurement. The price therefore assumes several more years of strong growth and credit performance, leaving only a modest margin of safety.

Big pictureDave now earns real profits and cash, but its extraordinary growth pace is already slowing.

Revenue rose 60% in 2025 to $554.2 million, while net income reached $195.9 million and operating cash flow rose to $290.0 million from $125.1 million in 2024. First-half 2026 revenue was $329.2 million and operating cash flow was $150.4 million. Still, second-quarter revenue growth slowed to 30% from 47% in the first quarter. Operating cash flow also overstates underlying cash generation when Dave itself funds ExtraCash receivables, historically recorded as investing outflows; the Coastal arrangement should reduce that burden.

Business strengthCredit performance is strong and liquidity is adequate, though bank funding does not remove credit risk.

Second-quarter monthly transacting members grew 17% to 3.08 million and ExtraCash originations rose 27% to $2.3 billion, while the 28-day past-due rate improved to 2.12%. Nearly 85% of revenue came from processing and overdraft service fees, making credit losses the clearest consumer-cycle risk. Dave held $254.4 million in cash, investments and restricted cash. The Q2 filing separately shows a $75 million term loan due in December 2026 plus $193.1 million of convertible notes, and Dave still bears economic credit risk on $93 million of Coastal-held ExtraCash receivables.

What could change the storyBetter underwriting can drive upside, while slower growth or dilution would quickly weaken the case.

The bull case is that CashAI, higher ExtraCash limits and the Coastal funding model keep credit losses controlled while growth remains above 25%. Dave also repurchased about $205.9 million of shares in the first half of 2026. The bear case is that growth keeps decelerating while credit costs rise. Capital allocation also adds complexity: a $200 million zero-coupon convertible note helped fund buybacks, capped calls only partly protect against future dilution, and outstanding warrants could represent roughly 358,000 additional shares.

AI: News

Growth slowdown punishedDave raised its yearly outlook, but investors punished the clear slowdown in revenue growth.

On August 5, Dave reported $170.8 million of quarterly revenue, up 30%, and $56.4 million of adjusted net income, up 39%. It raised 2026 revenue guidance to $725–$735 million and adjusted earnings per share guidance to $17.00–$17.50. Shares fell 15.1% the next session and another 13.0% the following day. Zacks linked the selloff to slowing growth versus 47% in the prior quarter and 64% a year earlier; that explanation is plausible, but price timing alone does not prove causation.

Coastal funding transitionDave moved ExtraCash funding to Coastal, freeing company cash while retaining meaningful credit risk.

On June 9, Dave said it had begun moving ExtraCash receivables to Coastal Community Bank, with the structure expected to unlock more than $200 million of liquidity once fully transitioned. By June 30, Coastal held $93.0 million of these receivables, while Dave still guaranteed their economic credit risk. The change matters because it can reduce cash tied up in advances and support growth or share repurchases, but it does not eliminate losses if borrowers fail to repay.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$554.2M	$347.1M	$259.1M	$204.8M	$153.0M
Operating expenses	$367.6M	$312.5M	$301.3M	$339.2M	$199.9M
Operating income	$186.6M	$34.6M	−$42.2M	−$134.4M	−$6.4M
Operating margin	33.68%	9.97%	−16.29%	−65.61%	−4.17%
EBITDA	$182.2M	$76.0M	−$31.1M	−$112.6M	−$3.3M
EBITDA margin	32.88%	21.90%	−12.00%	−54.99%	−2.17%
Net income	$195.9M	$57.9M	−$48.5M	−$128.9M	−$20.0M
Net profit margin	35.34%	16.67%	−18.73%	−62.93%	−13.07%
Basic EPSper basic share	$14.65	$4.62	-$4.07	-$11.12	-$14,984.03
Diluted EPSper diluted share	$13.53	$4.19	-$4.07	-$11.12	-$14,984.03

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.58%of listed shares

BlackRock, Inc.1.67M shares · Jun 30, 2026

View holders

Top 20 reported holders of DAVE
Holder	% owned
BlackRock, Inc.	14.58%1.67M shares
Hood River Capital Management LLC	9.65%1.1M shares
Maris William J / Section 32 Fund 1, LP / Section 32 GP 1, LLC	≈8.99%1.03M shares
Divisadero Street Capital Management, LP	6.11%699.37K shares
FMR LLC	4.19%479.75K shares
VANGUARD CAPITAL MANAGEMENT LLC	4.14%474.14K shares
STATE STREET CORP	3.56%406.75K shares
RENAISSANCE TECHNOLOGIES LLC	3.21%367.38K shares
Wilk Jason	≈3.04%347.83K shares
GEODE CAPITAL MANAGEMENT, LLC	2.99%341.84K shares
Driehaus Capital Management LLC	2.90%331.54K shares
JANE STREET GROUP, LLC	2.73%312.2K shares
Invesco Ltd.	2.59%296.16K shares
DIMENSIONAL FUND ADVISORS LP	2.23%255.68K shares
GOLDMAN SACHS GROUP INC	2.09%239.47K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.05%234.65K shares
AMERICAN CENTURY COMPANIES INC	1.99%227.83K shares
Whetstone Capital Advisors, LLC	1.95%223.08K shares
WELLINGTON MANAGEMENT GROUP LLP	1.85%212.18K shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.80%205.55K shares

Percentages use 11.44M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)320$214.34M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4 · 10b5-1	Preston DanDirector	SellClass A Common Stock	275	$259.83	$71.5K	5.2K
Jun 4, 2026Form 4 · 10b5-1	Preston DanDirector	SellClass A Common Stock	275	$247.65	$68.1K	5.5K
Jun 2, 2026Form 4	Beilman KyleCFO and COO and Secretary	SellClass A Common Stock	4.1K	$275.00	$1.12M	196.2K
Jun 2, 2026Form 4	Beilman KyleCFO and COO and Secretary	SellClass A Common Stock	49	$277.23	$13.6K	200.2K
Jun 2, 2026Form 4	Wilk JasonChief Executive Officer	SellClass A Common Stock	8.3K	$275.01	$2.28M	299.9K