Atlanticus Holdings Corporation 9.25% Senior Notes due 2029 (ATLCZ)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I start by remembering that ATLCZ is not common stock; it is a 9.25% senior note due 2029. The filed figures show a financial-services business that has grown: in fiscal 2023, the year ended 2023-12-31, revenue was $160.9M and net income $102.8M; in fiscal 2024, ended 2024-12-31, revenue was $204.7M and net income $111.3M; in fiscal 2025, ended 2025-12-31, revenue was $309.6M and net income $122.2M. The latest data are firm: in fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $71.9M, net income $44.2M, and diluted EPS $2.23; in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $103.7M, net income $49.7M, and diluted EPS $2.50, versus revenue $85.7M, net income $30.6M, and diluted EPS $1.51 in fiscal Q2 2025. That is real operating momentum. But the profit line has not kept pace with revenue over the annual record, and the computed Lynch category is SLOW GROWER, citing profit growth of 5.4% a year over five years and revenue 82.2%. I see no evidence of a durable moat from these numbers alone, and for a financial-services issuer, credit quality and balance-sheet strength matter more than revenue growth. The trouble is D/E, ROE, ROCE, and interest coverage are not provided, so I cannot judge financial health. The note price is $25.14 at the 2026-10-16 close, inside a 52-week range of $24.72 to $25.89 and near the high end. With no yield to maturity or credit spread, I cannot call it cheap. Graham would demand a margin of safety in the claim; here the price looks fair to full, not demonstrably bargained.

In plain English: These are debt notes from a financial-services company, paying 9.25% and due in 2029. The filed results show revenue and net income grew from fiscal 2023 to fiscal 2025, and the latest reported quarter was stronger than the year-earlier quarter, though profit has grown more slowly than revenue. At $25.14 on 2026-10-16, near the top of its 52-week range, the note does not look clearly cheap or expensive without the yield and credit details.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer