Filing Flows › Enova International (ENVA) › Takeover & LBO
Is Enova International (ENVA) a takeover target?
A leveraged buyout at today's price plus 30% ($226.32 a share) would return about 10% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $144.82 a share (−17% against today's $174.09). Historically 3.0% of companies with its figures were bought within a year (0.6× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $226.32 | today's $174.09 plus 30% |
| × shares | 26.4 million | |
| = Equity value | $6.0B | |
| + Debt refinanced | $5.4B | |
| − Cash | $106M | |
| = Enterprise value | $11.3B | 12.3× EBITDA of $915M |
| Fees | $225M | 2% of the price |
| New debt | $5.0B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $6.4B | 56% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.9B | $988M | $385M | $396M | $4.6B |
| Year 2 | $4.2B | $1.1B | $355M | $471M | $4.2B |
| Year 3 | $4.4B | $1.1B | $319M | $544M | $3.6B |
| Year 4 | $4.6B | $1.2B | $277M | $616M | $3.0B |
| Year 5 | $4.8B | $1.2B | $230M | $682M | $2.3B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.9B | |
| − Debt left | $2.3B | |
| = Buyer's equity | $10.6B | |
| Money multiple | 1.64× | on $6.4B put in |
| Buyer's yearly return (IRR) | 10.4% |
Price against return
What the buyer makes at other premiums over today's $174.09; the IRR reaches 20% at $144.82 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $191.50 | 13.9% |
| 20% | $208.91 | 12.1% |
| 30% | $226.32 | 10.4% |
| 40% | $243.73 | 8.9% |
| 50% | $261.13 | 7.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.7B | |
| EBITDA, last 12 months | $915M | 25.1% of revenue |
| Depreciation and amortization | $37.0M | |
| Capital spending | $46.7M | |
| Debt | $5.4B | |
| Cash | $106M | |
| Share price | $174.09 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 23% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Enova International would cost about $200.03 a share, $5.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 9.5% | $190.63 | $5.0B |
| Median | 14.9% | $200.03 | $5.3B |
| High end (a quarter paid more) | 33.6% | $232.58 | $6.1B |
The odds, from history
Historically 3.0% of companies with its figures were bought within a year (0.6× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Enova International's latest quarter
Enova International, Q3 2026: revenue $1.0B (+26% year over year), operating margin 24.5%, net earnings $107M, operating cash flow $536M. The chart follows the revenue to costs, profit and cash.
Questions
Is Enova International being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Enova International?
A leveraged buyout at today's price plus 30% ($226.32 a share) would return about 10% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $144.82 a share (−17% against today's $174.09).
What would a takeover of Enova International cost?
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Enova International would cost about $200.03 a share, $5.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.