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Back of Napkin

Navient Corporation NAVI

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Navient's federal student loan portfolio shrank 10.3% in a year, to $26.6B, and that is the business working as designed.

The whole company is worth $890M and sits on $47.3B of assets against $2.40B of equity.

NAVI · price with moving averages

Daily · 6MWeekly · 3Y
$7$10$14$17$20 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Navient owns old student loans and collects them. The federal book, $26.6B of loans made under a government programme that stopped originating in 2010, carries a guarantee that covers most of the principal if a borrower defaults. It runs off a little each month and cannot be replaced.

Alongside sits Earnest, which refinances private student loans for people with good credit, $15.7B of it. That book can grow. The services business that used to run call centres was sold off entirely by February 2025.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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