🚀 New Assets on HTX Collateral Swap!Now supporting $ZEC and $CRV as collateral.✅Borrow $USDT, $BTC, & major cryptos✅Optimize your fund allocation✅Unlock greater potential returnsMaximize your capital efficiency today! https://t.co/Pyu4o26Q4x ...

Financial Data and Key Metrics Changes - In Q4 2025, core earnings per share were reported at $0.02, while the full-year core loss per share was $0.35 [13] - Total expenses for 2025 were $438 million, a decrease of nearly 50% compared to 2023, with Q4 total core operating expenses at $88 million, a 40% improvement year-over-year [24][26] - The adjusted tangible equity ratio stood at 9.1% [25] Business Line Data and Key Metrics Changes - Earnest achieved its highest-ever refi loan origination volume of $634 million in Q4 2025, bringing full-year refi originations to $2.1 billion, more than doubling from the previous year [8][15] - In-school lending originated $401 million in new loans in 2025, marking a significant increase [9] - Consumer lending segment net income for Q4 was $25 million, down from $37 million in Q4 2024, primarily due to lower outstanding balances [18] Market Data and Key Metrics Changes - The delinquency rate for private loans increased from 2.48% in Q3 to 2.24% in Q4, while 31+ day delinquency rates rose from 6.1% to 6.3% [19] - The total delinquency rate for federal education loans improved slightly from Q3, declining from 18.1% to 17.5% [21] Company Strategy and Development Direction - The company is targeting total loan originations of $4 billion in 2026, representing a growth of approximately 60% over 2025 [9][26] - A shift towards a holding company management structure is underway, with a focus on reducing central costs and improving operational efficiency [11][12] - The company continues to invest in capabilities at Earnest and aims to leverage existing capital for growth [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's prospects for 2026, citing strong momentum in loan origination and improved capital efficiency [12][17] - The macroeconomic environment remains a concern, with management noting a deterioration in the economic outlook impacting delinquency rates [32][69] Other Important Information - The company completed its fourth securitization of the year in Q4 2025, totaling nearly $2.2 billion in term ABS financing [25] - Share repurchases totaled 2.1 million shares at an average price of $12.67, with a total of $41 million returned to shareholders through repurchases and dividends [25][26] Q&A Session Summary Question: What prompted the increase in reserves for the private legacy portfolio? - Management indicated that a comprehensive review of assumptions regarding life of loan cash flows led to adjustments, with a significant portion of the provision related to the macroeconomic scenario and delinquency trends [30][32] Question: What is the outlook for the personal loan product? - The personal loan product is still in a pilot phase, with initial results being encouraging, but it is not expected to impact financials significantly in 2026 [41] Question: What are the macro assumptions underpinning the guidance? - The guidance reflects consensus macroeconomic assumptions for unemployment and interest rates, which will be provided offline [62] Question: What is driving the deterioration in the private legacy portfolio? - Management noted that various factors, including macroeconomic conditions and borrower challenges, have contributed to the higher delinquency rates in the legacy portfolio [68][69]

RT Fluid 🌊 (@0xfluid)Building on @0xPolygon means focusing on scale and accessibility.Fluid is now a top 10 protocol on Polygon with $13M in total market size. Early signals of what connected liquidity and real capital efficiency can enable.Stay Fluid 🌊 https://t.co/buRR3inufL ...

RT Morgan Krupetsky (@MorganKrupetsky)Proud to see @vaneck_us launch the first AVAX ETF, marking another meaningful step in institutional adoption of the Avalanche network.@avax is a blockchain platform built for adoption at internet scale, where institutions, enterprises, and governments alike can deploy applications that solve real-world pain point, drive meaningful revenue gains, and enable greater capital and operational efficiencyAvalanche’s architecture supports scalable, purpose-built blockchains--in ...

Greetings. I'm Sean Puit, Zach's equity strategist, and today I'm going to be discussing if Nvidia is the most capital efficient stock to invest in. So, Nvidia's aggressive expansion in AI infrastructure, data centers, and advanced semiconductor manufacturing is a reason that investors and analysts will want to watch its capital efficiency metrics more closely.And to that point, Nvidia's capex has soared over 500% in the last 5 years to nearly 6 billion on a trailing 12-month basis. uh and when capex grows ...

Core Viewpoint - Nvidia's aggressive expansion in AI infrastructure and semiconductor manufacturing necessitates close monitoring of its capital efficiency metrics, particularly as capital expenditures (CapEx) have surged over 500% in the last five years to nearly $6 billion on a trailing twelve-month basis [1][2]. Group 1: Capital Efficiency Metrics - Significant growth in CapEx leads to heightened scrutiny of capital efficiency metrics, as the stakes increase with rising investments [2]. - Nvidia's next-generation AI computing platforms, Blackwell and Vera Rubin, demonstrate that the company's capital investments are yielding substantial returns [3]. - The company's return on invested capital (ROIC) is a critical efficiency metric, showcasing how effectively Nvidia converts its investments into profits, indicating a high-quality business model [4][5]. Group 2: ROIC Performance - Nvidia's ROIC is exceptionally high at 84%, significantly above the industry average of 63%, placing it in the top percentile of large publicly traded companies [6][7]. - The high ROIC reflects the current demand surge in the chipmaking sector, particularly for AI-related products, where companies are achieving ROIC percentages of 20% or higher [6]. Group 3: Invested Capital - Nvidia's invested capital is approaching $14 billion, indicating rapid growth as the company scales its operations in AI technology [10]. - Invested capital includes accumulated investments in R&D, supply chain commitments, and long-term assets, representing the total capital deployed in the business [11]. Group 4: Free Cash Flow Conversion - Nvidia's free cash flow (FCF) conversion rate is a favorable 81%, indicating effective conversion of earnings into cash after necessary reinvestments [12][15]. - A high FCF conversion rate reflects management's discipline and investment efficiency, with the preferred rate being 80% or higher [15]. Group 5: Conclusion - Nvidia's high ROIC, expansive invested capital base, and favorable FCF conversion position it as one of the most capital-efficient stocks currently available, even outperforming traditional high-ROIC software companies [17]. - The company is experiencing a positive trend in earnings estimate revisions, with projected EPS growth exceeding 55% for FY26 and FY27, contributing to its strong buy rating [18].

Core Insights - Tesla's Robotaxi efforts are being recognized as significantly more capital efficient compared to competitors like Waymo, with a claim of being seven times more efficient [2] - Waymo is currently facing cost challenges, making it less competitive against ride-hailing services like Uber [3] Group 1: Tesla's Competitive Advantage - Tesla leverages its existing vehicle owners to contribute to the Robotaxi network, enhancing capital efficiency during peak hours [4] - The company benefits from a simpler sensor suite and lower manufacturing costs compared to Waymo [5] Group 2: Industry Dynamics - Uber's strategy to compete with Tesla's fleet advantage may involve partnerships with Robotaxi providers, such as Baidu's Apollo Go and Waymo [5] - Elon Musk's recent claims about Tesla's AI capabilities suggest advancements in self-driving technology, which could further enhance Tesla's competitive position [6] Group 3: Customer Incentives - Tesla is offering a free Full Self-Driving (FSD) transfer service until March 31, incentivizing customers to place orders for new vehicles [7] Group 4: Market Performance - Tesla's stock price experienced a slight decline, closing at $437.50, with a minor drop in after-hours trading [8]

Core Insights - Starbucks Corporation (SBUX) is strategically reshaping its store base in North America, focusing on closures and portfolio pruning to enhance unit economics [1][4] - The company recorded a net decline of approximately 107 global company-operated store closures in fiscal Q4 2025, indicating a reassessment of its cafe portfolio [1][10] Store Closures and Operational Strategy - The stores selected for closure were underperforming and lacked a clear path to profitability, with expectations that operating margins will improve as lost sales shift to higher-productivity cafes [2][10] - The closures are part of a broader strategy to enhance unit-level economics and capital efficiency, with investments in targeted cafe renovations and lower-cost store prototypes [3][10] Focus on Portfolio Quality - Starbucks is emphasizing portfolio quality over quantity, aiming to rebuild traffic in key segments while maintaining a productive store base to improve profitability [4] - Management indicated that margin recovery will be gradual, but early improvements in comparable transactions support the operational reset aimed at strengthening unit-level profitability [4] Competitive Landscape - Starbucks' portfolio reset contrasts with the growth strategies of competitors like Dutch Bros Inc. and Chipotle Mexican Grill, which are focused on unit expansion despite current market challenges [5][6] - While Dutch Bros emphasizes unit growth with strong early productivity, Chipotle is accelerating development while managing softer traffic trends [5][6] Valuation and Earnings Estimates - Starbucks shares have declined 4.1% over the past year, compared to a 3.1% decline in the industry [8] - The company trades at a forward price-to-sales ratio of 2.56, below the industry average of 3.52 [12] - The Zacks Consensus Estimate for SBUX's fiscal 2026 earnings per share (EPS) implies an 8.9% year-over-year increase, although EPS estimates have declined in the past 30 days [14]

Overview - Gauntlet 与 RedStone 合作发布报告，探讨 Solana 的高吞吐量基础设施如何支持下一代风险管理借贷市场 [1] - 报告重点关注 Solana 的 DeFi 生态系统正在进入资本效率的新时代 [1] TVL Growth - Gauntlet 在 Solana 网络上管理的 TVL 从 1500 万美元增长到 2025 年的超过 21500 万美元 [1] Focus Area - 报告提供关于 Solana 收益策略管理的见解 [1]

Investment Recommendation - Zach's equity strategist recommends buying the dip in Comfort Systems USA (FIX) and Anigo Eagle Mines (AEM), both considered capital efficient stocks [1][11] - Both stocks have shown year-to-date gains of over 100% despite recent pullbacks [1] - The recommendation is supported by positive EPS revisions, magnifying expectations of high double-digit earnings growth in fiscal years 2025 and 2026 [11] Comfort Systems USA (FIX) Analysis - Comfort Systems dominates as a provider of comprehensive heating, ventilation, and air conditioning systems and services [2] - The stock has increased over 670% in the last three years and has traded at an all-time peak of over $1,000 [3] - Return on invested capital (ROIC) has soared to 35.9%, significantly higher than the industry average of 6% [4][5] - Invested capital funds are at new peaks of $2.75 billion [6] - Free cash flow conversion rate is above 80%, indicating efficiency in turning accounting profits into cash [6] - The company has returned over $500 million to shareholders this year via stock buybacks and a modest but increasing annual dividend, currently at $2.40 per share, which has grown by 39% in the last 5 years [7] Anigo Eagle Mines (AEM) Analysis - Anigo Eagle Mines has capitalized on historically high gold prices and has emerged as a leader among gold miners [2][7] - The stock hit a high of $187 a share in October, with total returns of more than 200% in the last three years [7] - Return on invested capital (ROIC) is currently at new peaks of 12%, surpassing the basin material sector's average of 4.33% [8] - Invested capital has swelled to record highs of $3 billion [9] - Free cash flow conversion rate is 106% [9] - The gold miner has returned nearly $900 million to shareholders in 2025 through its 0.96% annual dividend yield and stock repurchases [10]