World Acceptance Corporation
- Open
- 225.01
- Day high
- 226.91
- Day low
- 215.86
- Prev close
- 223.83
- Volume
- 74K
- Mkt cap
- $1.0B
- P/E (TTM)
- 29.3
- EPS (TTM)
- $7.54
- P/B
- 2.9
- P/S
- 1.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$335K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
World Acceptance Corporation (WRLD) is a Financial Services company listed on NASDAQ. The stock is up 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
World Acceptance Corporation (WRLD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WRLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $7.74 | $7.70 | -0.5% | $178M | +5.4% |
| Jan 27, 2026 | $0.58 | $-0.19 | -132.8% | $141M | -16.1% |
| Oct 23, 2025 | $1.87 | $-0.38 | -120.3% | $134M | +0.7% |
| Jul 24, 2025 | $2.44 | $0.25 | -89.8% | $132M | +2.6% |
| Apr 29, 2025 | $6.42 | $8.13 | +26.6% | $165M | +27.1% |
| Jan 28, 2025 | $1.23 | $2.45 | +99.2% | $139M | -10.3% |
| Oct 25, 2024 | $1.99 | $3.99 | +100.5% | $131M | -5.8% |
| Jul 26, 2024 | $1.69 | $1.79 | +5.9% | $130M | -8.1% |
| May 2, 2024 | $4.35 | $6.09 | +40.0% | $159M | +6.6% |
| Jan 19, 2024 | $1.88 | $2.84 | +51.1% | $138M | -3.3% |
| Oct 20, 2023 | $1.77 | $2.71 | +53.1% | $137M | +0.7% |
| Jul 21, 2023 | $0.63 | $1.62 | +157.1% | $139M | +2.5% |
WRLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Caulder Alice Lindsayofficer: SVP, Human Resources | Sell | 609 | $181.00 |
| Jun 15, 2026 | Umstetter Luke J.officer: See remarks | Sell | 1,000 | $181.66 |
| May 26, 2026 | Robinson Benjamin E IIIdirector | Sell | 90 | $160.00 |
| May 14, 2026 | Matricciani Janet Lewisofficer: Interim President and CEO | Tax | 264 | $149.88 |
| May 1, 2026 | Robinson Benjamin E IIIdirector | Sell | 180 | $160.00 |
| Apr 17, 2026 | Matricciani Janet Lewisofficer: Interim President and CEO | Grant | 7,095 | — |
| Apr 14, 2026 | Prashad R Chaddirector, officer: President and CEO | Tax | 8,277 | $148.80 |
| Apr 2, 2026 | Dyer Daniel Clintonofficer: See remarks | Tax | 3,467 | $135.04 |
| Mar 11, 2026 | Calmes John L Jrofficer: See remarks | Sell | 1,000 | $141.88 |
| Feb 18, 2026 | Turner James Tobinofficer: EVP, Chief Operating Officer | Grant | 6,000 | — |
| Dec 19, 2025 | McIntyre Scottofficer: SVP, Accounting | Tax | 1,224 | $147.94 |
| Dec 19, 2025 | Umstetter Luke J.officer: See remarks | Tax | 2,040 | $147.94 |
| Dec 19, 2025 | Calmes John L Jrofficer: See remarks | Sell | 189 | $148.11 |
| Dec 19, 2025 | Calmes John L Jrofficer: See remarks | Sell | 811 | $149.47 |
| Dec 19, 2025 | Dyer Daniel Clintonofficer: See remarks | Tax | 2,590 | $147.94 |
Source: WRLD SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full WRLD insider & 13F page →World Acceptance Corporation company profile
Overview
World Acceptance Corporation (NASDAQ:WRLD) is a consumer finance company founded in 1962 and headquartered in Greenville, South Carolina. The company went public in 1991 and has operated for over six decades as a specialized lender serving consumers with limited access to traditional credit sources. World Acceptance operates through a network of over 1,100 branches across 16 states in the southeastern and midwestern United States, focusing primarily on small-dollar installment loans to underbanked consumers.
Business
World Acceptance Corporation operates in the consumer finance industry, specifically in the subprime lending sector that serves individuals who typically cannot access credit from traditional sources like banks, credit unions, or mainstream credit card companies. The company's core business revolves around providing small-dollar installment loans to working-class consumers who need short-term financial assistance. The company's primary product is installment loans, which are structured loans that borrowers repay in regular monthly payments over a predetermined period. These loans typically range from small amounts (around $800-$850 average) to larger amounts, though the company has been strategically shifting toward smaller loan sizes. The loans generally have terms of 12-13 months, though the actual average loan life is 7-8 months due to early repayment and refinancing. World Acceptance also offers several ancillary services and products. The company provides credit insurance products including credit life, credit accident and health, credit property and auto, unemployment, and accidental death and dismemberment insurance that borrowers can purchase alongside their loans. Additionally, the company offers income tax preparation and electronic filing services, particularly valuable during tax season, and automobile club memberships to borrowers. The company operates through a single business segment focused on consumer lending, with the vast majority of revenue coming from interest and fees on installment loans. Insurance and tax preparation services represent smaller but complementary revenue streams that help enhance customer relationships and provide additional income during seasonal periods.
Revenue model
World Acceptance generates revenue primarily through interest and fees charged on installment loans. The company's customers are typically working-class individuals with limited credit options who need small amounts of cash for emergencies, debt consolidation, or other personal expenses. These borrowers pay significantly higher interest rates than prime borrowers due to their higher credit risk profile. The company's business model involves several revenue streams. The primary source is loan interest and origination fees, where the company earns money on the spread between its cost of funds and the rates charged to borrowers. The company has been improving its gross yields, with recent improvements of over 100 basis points year-over-year. Secondary revenue comes from insurance product sales, where the company earns commissions on credit insurance products sold to borrowers. The company also generates revenue from tax preparation services, which saw 25% revenue growth in recent periods due to price increases. A significant aspect of the business model is the refinancing cycle, where approximately 45% of customers refinance their loans within the first year. This creates recurring revenue opportunities as customers take out new, often larger loans to pay off existing ones while accessing additional cash. Several factors impact the company's margins. Credit losses represent the largest margin pressure, with annualized charge-off rates currently around 17.5%. Economic downturns, unemployment, and consumer financial stress can increase default rates. Regulatory changes at state and federal levels can impact allowable interest rates and lending practices. The company is currently under CFPB supervision, which could lead to operational changes. Competition from online lenders, traditional banks expanding into subprime lending, and fintech companies can pressure pricing and market share. Funding costs directly impact margins, as the company relies on credit facilities and securitization for funding. Finally, operational efficiency in branch operations and customer acquisition costs significantly influence profitability.
Competitive moat
World Acceptance Corporation operates in a business with limited sustainable competitive advantages. The company's primary moat comes from its extensive branch network and local market presence across 16 states, which provides geographic diversification and established customer relationships. This physical presence creates some barriers to entry for new competitors and allows for face-to-face customer service that many subprime borrowers prefer. The company also benefits from regulatory barriers that limit competition, as consumer lending requires state licensing and compliance with complex regulations that vary by jurisdiction. This creates some protection from new entrants who must navigate the regulatory landscape in each state. However, the company's moat is relatively weak overall. The lending business is highly commoditized, with limited ability to differentiate products significantly. Customer loyalty is low in the subprime lending space, as borrowers typically shop for the best available terms and may switch lenders based on approval odds or convenience. The company faces increasing competition from online lenders and fintech companies that can offer faster approvals and more convenient application processes without requiring branch visits. Regulatory risk represents a significant threat to the business model, as state and federal regulators continue to scrutinize subprime lending practices. Interest rate caps, lending restrictions, and consumer protection regulations can materially impact profitability. The company's current CFPB supervision highlights this ongoing regulatory pressure. The business also faces technological disruption from digital-first lenders who can operate with lower cost structures and provide faster, more convenient service. Traditional banks expanding into subprime lending with better funding costs and broader product offerings also pose competitive threats. Overall, while World Acceptance has some defensive characteristics, its moat is narrow and faces ongoing erosion from multiple competitive and regulatory pressures.
Risks & safety
World Acceptance Corporation presents a mixed margin of safety profile with both strengths and concerns. **Liquidity and Solvency:** - Cash position: $9.7 million (relatively low) - Current ratio: 19.32 (very strong) - Total debt-to-equity: 1.20 (moderate leverage) - The company relies heavily on credit facilities for funding, creating refinancing risk **Valuation Metrics:** - Price-to-earnings ratio: 3.89 (very attractive) - Price-to-book ratio: 1.57 (reasonable) - EV/EBITDA: 4.38 (attractive) - Graham number suggests potential undervaluation **Credit and Operational Risks:** - Annualized charge-off rate: 17.5% (high but typical for subprime) - Regulatory oversight: Under CFPB supervision - Cyclical business model vulnerable to economic downturns - Customer concentration in lower-income demographics increases recession sensitivity **Other Considerations:** - Strong free cash flow generation capability - Profitable operations with improving credit metrics - Geographic diversification across 16 states provides some stability - Management's conservative approach to growth and credit quality improvements
Recent development
Over the past few years, World Acceptance has undergone significant strategic repositioning focused on portfolio optimization and risk reduction. The company has deliberately shifted away from larger loans, reducing the large loan portfolio from 60% to 48% of total loans, while increasing focus on smaller, higher-yielding loans with average balances of $800-$850, down from $1,100-$1,150 in 2021-2022. The company has implemented tighter underwriting standards and improved credit quality metrics, with 60-day delinquency rates improving from 5.5% to 5% and 90-day delinquency rates improving from 3.5% to 3.1%. Management has prioritized returning to the company's historical roots of focusing on small-loan customers through targeted marketing and underwriting adjustments. Customer acquisition and retention strategies have been enhanced, with new customer approval rates returning to historical 50% levels after being significantly tightened. The company has increased focus on former customers, with former customer loan volume growing 11-14% annually. Non-refinance loan volume has rebounded, increasing 12.6% year-over-year in the most recent period. A significant new initiative is the launch of World's first credit card pilot program, designed to align yield with risk, help customers manage credit more effectively, lower acquisition and service costs, and expand market reach beyond traditional branch-based lending. The company has also been exploring loan securitization opportunities with plans for a warehouse facility, which could provide additional funding sources and potentially improve cost of capital. Additionally, World Acceptance has been increasing ancillary revenue streams, particularly tax preparation services which saw 25% revenue growth through strategic pricing increases.
WRLD company profile · for informational purposes only — not investment advice.
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