Dave Inc. (DAVE)

Nasdaq: DAVE · Finance Services · Los Angeles, CA · filing with the SEC since 2021

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Grade6.6

◀ Past 5.2● Present 7.4▶ Future 7.6

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Dave Inc.

Nine metrics read from its own filings, by tense

Headline grade

6.6/10

◀ Past5.240% of the headline

● Present7.435% of the headline

▶ Future7.625% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.2/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed

3.3/10

Has it survived what it has been through?

8 warning events since 2021; the latest 2022-08-12.

weight 45% of this tense · 33rd percentile among 130 sector filers · read for itself

From the record

Dave Inc.'s filings since 2021 show 8 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2022-07-28); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2022-08-12); an auditor change (8-K item 4.01, 2 times, the latest 2022-06-13); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2022-08-12) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.5/10

What has it actually done, year after year?

+38% a year over 5 filed years; profitable in 2 of 5.

weight 22% of this tense · 75th percentile among 104 sector filers · read for its customers

From the record

Dave Inc.'s 5 filed years say what it did: revenue went from $153 million in fiscal 2021 to $554 million in fiscal 2025, up 38% a year; it rose in 4 of 4 years; it never fell from a peak; net income was positive in 2 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span38.0%top 37% of its family
the share of years revenue rosetop 13% of its family
the share of filed years with a profittop 37% of its family
the deepest fall from a revenue peak0.0%top 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

6.4/10

How has it treated the people who own it?

Share count grew 7.7% a year. 10% of cash flow returned. Insiders: 111 sales, 0 purchases.

weight 33% of this tense · 64th percentile among 53 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Dave Inc.'s diluted share count grew about 7.7% a year, and dividends and buybacks returned about 10% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 111 sales (104 under scheduled 10b5-1 plans) and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 37% of its family
cash returned against operating cash flowtop 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.4/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.9/10

Is it financially healthy right now?

ROE 56%: 56¢ of profit per shareholder dollar. Leverage 28%: owes 28¢ per asset dollar.

weight 45% of this tense · 79th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Dave Inc. earned about 56 cents of profit for every dollar of shareholders' money. Leverage: it owed about 28 cents per dollar of assets, and net share issuance: its share count grew 4.8% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 30% of its family
return on equitytop 1% of its family
the share count against the year beforetop 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

8.0/10

How strong is its position in its industry?

top 20% of 114 in its family; net margin 35.3%.

weight 33% of this tense · 80th percentile among 114 sector filers · read for its customers

From the record

Dave Inc.'s standing among 114 graded names in its industry family: revenue of $554 million in fiscal 2025 ranks in the top 22% by size; a net margin of 35.3% ranks in the top 12%; revenue growth of 39.3% a year over the last 3 filed years ranks in the top 27% (its annual reports).

What it rests on

revenue against the family$554Mtop 22% of its family
net margin35.3%top 12% of its family
three-year revenue growth39.3%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.5/10

What are the people in charge doing?

SI estimate 5.5/10, confidence 35 of 100 (one part).

weight 22% of this tense · 55th percentile among 92 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 45% of 92 in its family; the record of its people begins on 2022-01-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2022-01-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 92 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Dave Inc.'s leadership is put at 5.5 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 45% of 92 in its family; the record of its people begins on 2022-01-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

7.6/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

8.3/10

How much room does it have to grow?

top 17% of 108 in its family for room to expand.

weight 33% of this tense · 83rd percentile among 108 sector filers · read for itself

From the record

Dave Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $82 million against debt of $0 thousand leaves 16.9% of its assets as net cash, top 27% of its family; cash from operations less capital spending is 52.3% of revenue (top 7%) (its annual report).

What it rests on

cash less debt against assets16.9%top 27% of its family
cash from operations less capital spending against revenue52.3%top 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.2/10

What could actually drive growth from here?

top 38% of 100 in its family for growth drivers.

weight 33% of this tense · 62nd percentile among 100 sector filers · read for its customers

From the record

Dave Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 39.3% a year over the last three filed years against 38% over all 5, speeding up (top 22% of its family); the newest year grew 59.7% (top 23%); capital spending grew -24.2% a year (bottom 31%) (its annual reports). Dave Inc. reported 7 product lines in fiscal 2025: Processing and Overdraft Service Fees Net at $467 million (84%), Subscriptions at $37 million (7%), Interchange Revenue Net at $24 million (4%), and 4 more; 4 of 7 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+1.4 points a yeartop 22% of its family
the newest year's revenue growth59.7%top 23% of its family
three-year growth of capital spending-24.2%bottom 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

8.1/10

Did its newest year beat what its own record pointed to?

top 19% of 78 in its family for expectations against reality.

weight 33% of this tense · 81st percentile among 78 sector filers · read for its shareholders

From the record

Dave Inc.'s newest year against its own record: revenue of $554 million in fiscal 2025 came in 22.7% above the $452 million its prior three years' pace pointed to (top 32% of its family); net income of $196 million against a prior three-year average of $40 million (top 3%); a net margin of 35.3% against -21.7% before (top 21%) (its annual reports).

What it rests on

revenue against the prior three years' pace22.7%top 32% of its family
net income against the prior three years' averagefive times its prior average or moretop 3% of its family
net margin against its prior average+57.0 pointstop 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton DAVE · research, not advice