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Dear Reader,
Recently, America's national debt hit a new all-time high: $40.07 trillion.1
It's been growing by several billion per day.
Not over a year. Not over a month. In one day.
Washington has added trillions to that number in just the past few years, and there's no plan on the table that meaningfully slows it down.
Here's why that matters to you, personally: every dollar of that debt eventually gets paid for somehow — through higher taxes, higher interest rates, or a dollar that buys less than it used to.
Investors used to treat the debt clock as background noise. That's changing.
More are now asking a simple question: if Washington can't stop borrowing, what happens to the value of the money I've saved?
[Get Your FREE Precious Metals Guide] and see how many Americans are answering that question.
For many, the answer isn't more paper assets tied to government spending. It's physical gold and silver — held directly, outside a system that just added another $12 billion in debt today.
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Washington keeps borrowing. The only question is whether your savings are protected either way.
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Here's to taking control of what you've built.
P.S. $40 trillion and climbing. By the time you read this, it's already higher. Claim your free guide before September 31st.
Sources:
1 U.S. national debt hits $39.39 trillion: https://www.usdebtclock.org
Enova’s Earnings Surge Meets a Valuation Test
By Peter Frank. Posted: 9/3/2026.
Key Points
- Enova International posted strong second-quarter results, with revenue up 21.6% and adjusted earnings per share rising 33% year-over-year, beating analyst estimates.
- Enova's pending $369 million acquisition of Grasshopper Bancorp would grant it a national bank charter, though it still needs approval from the OCC and Federal Reserve.
- Wall Street remains bullish on Enova with eight Buy and one Strong Buy rating, though its 88% one-year stock gain leaves limited upside to price targets.
- Special Report: The company SpaceX cannot operate without
Enova International (NYSE: ENVA) has been one of the top-performing financial stocks of the past year.
Through brands like CashNetUSA, NetCredit, OnDeck, Headway Capital, Simplic and Pangea, Enova lends to consumers and small businesses that traditional banks often turn away. That has been the source of its strength and, more recently, some unwanted attention.
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See exactly how this weekly-paying gold fund works todayThe company is also in the middle of the biggest deal in its history: a pending agreement to acquire Grasshopper Bancorp and give itself an actual bank charter.
Combining its lending business, the pending transaction and a long string of earnings beats, Enova is a financial growth stock that analysts rate as a solid Buy.
Earnings Growth Accelerates
The second quarter provided more evidence of that growth. Revenue for the three months rose 21.6% year-over-year (YOY) to $928.93 million, beating the $909.61 million analysts had modeled by roughly $19.3 million. Adjusted earnings per share came in at $4.31, topping the $3.99 consensus estimate and rising sharply from $3.23 a year earlier, a 33% increase.
On a GAAP basis, diluted earnings per share climbed to $4 from $2.86, while net income jumped 38% to $105.1 million from $76.1 million in the prior-year quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose roughly 26% to about $255.8 million.
The company's net revenue margin, a key profitability gauge for online lenders, expanded to 61% from 58% a year earlier.
Loan Growth With Improving Credit Quality
The second quarter was not unusual. It was the company's eighth consecutive quarter of adjusted earnings-per-share growth above 30%. Consolidated loan originations grew 27% YOY to roughly $2.3 billion, helping push ending receivables up 28% to a record $5.5 billion.
At the same time, credit quality kept improving even as the loan book expanded. Consolidated net charge-offs fell to 7.3% from 8.1% a year ago.
In turn, management raised full-year 2026 guidance to revenue growth of 20% to 25% and adjusted earnings-per-share growth of 30% to 35%.
Grasshopper Could Transform Enova
What has received significant attention recently is the broader strategic story surrounding its pending purchase of Grasshopper Bancorp, the parent of Grasshopper Bank. If completed, the roughly $369 million cash-and-stock deal would give Enova a national bank charter for the first time. With access to Grasshopper Bank's deposits, the move could lower Enova's funding costs and allow it to hold more loans on its balance sheet instead of relying on securitizations and credit facilities.
Management has told investors that the deal should be more than 25% accretive once synergies fully mature. However, the deal still needs approval from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve. Both companies expect it to close sometime in the second half of 2026.
Regulatory Approval Remains a Hurdle
Fed approval, more than the company’s balance sheet, is the lingering risk here. Back in May, it was reported that Senators Elizabeth Warren and Chris Van Hollen sent letters urging federal regulators to block the Grasshopper acquisition. They argued that, with a bank charter, Enova could originate loans nationwide at annual rates as high as 300% under looser state usury limits.
Because both the OCC and the Fed must approve the deal, the senators’ objections could carry weight, despite recent leniency by regulators in similar matters. But if regulators delay or reject the deal, Enova could once again be viewed as a specialty lender rather than a future chartered bank.
Wall Street Remains Bullish
For now, though, Wall Street appears convinced that Enova’s future is bright. Of the nine analysts currently covering the stock, eight have placed a Buy rating on the company, and one has given it a Strong Buy rating. With a consensus Buy recommendation, Enova currently has no Sell or Hold ratings.
The average 12-month price target of $247.83 gives the stock only moderate upside, signaling that much of the optimism may already be priced in. Among the ratings, the highest price target is $280 per share, while the lowest is $200.
Indeed, much of that value has been created over time. Enova is up 44% year-to-date and 88% over the past year. Over the past five years, the stock has climbed well over 500%.
Stock Gains Raise the Valuation Bar
Based on these figures, Enova's underlying business appears to be executing about as well as a specialty consumer and small-business lender can. Its revenue and profits are both climbing, credit quality is improving, and a possible bank charter could significantly lower funding costs.
Ironically, the risk lies in how well the stock has been doing. Shares are down nearly 15% after hitting highs in August. At some point, a prolonged run of this size signals less and less room for surprises. The fate of the Grasshopper deal also matters, perhaps even more than a single quarter’s earnings.
The fact is that every company carries some degree of risk. Whether Enova’s risks are weighty remains to be seen.
Lithia’s Record Quarter Keeps the Bull Case Alive
By Peter Frank. Posted: 9/9/2026.
Key Points
- Lithia Motors reported record second-quarter revenue of $9.79 billion and adjusted EPS of $10.03, both topping analyst expectations.
- The company raised its quarterly dividend 23% to 70 cents per share and repurchased $242 million of stock while expanding its buyback authorization by $500 million.
- Analysts hold a Moderate Buy consensus with an average price target of $436.33, though risks include tariff exposure, acquisition integration, and quarterly earnings volatility.
- Special Report: The company SpaceX cannot operate without
Car dealerships don’t get as much attention as automakers, but perhaps they should.
Lithia Motors (NYSE: LAD) has grown into the largest automotive retailer in the United States, and shareholders have recently enjoyed the ride.
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See exactly how this weekly-paying gold fund works todayThe company, which operates as Lithia & Driveway, just delivered a record quarter. Shares are up by one-third over the past three months, and management says growth is just getting started. Analysts generally like the stock, with many recently raising their targets.
But after a sharp run higher, investors might be wondering how much of that good news is already priced into the stock.
Autos Deliver Record Results
Founded 80 years ago, Lithia is the nation’s largest auto dealer by revenue and new-vehicle sales. From its beginnings in the Pacific Northwest, it has grown to 467 stores across the United States, Canada and the United Kingdom, anchored by its Driveway online marketplace and captive lender, Driveway Finance Corporation.
That presence was reflected in the numbers. Second-quarter results, reported July 29, showed revenue reaching a record $9.79 billion, topping analysts’ estimates of $9.64 billion.
Adjusted diluted earnings per share (EPS) reached $10.03, up 9% from a year earlier. That compared with expectations of roughly $8.73, with management attributing the increase to steady new-vehicle margins, improving used-car profitability and a leaner cost structure. The increase came even as same-store revenue dipped slightly compared with 2025’s tariff-driven buying rush.
Overall, reported net income rose slightly to $261.6 million, while adjusted net income reached $227.6 million. That represented a margin of just 2.3%, a reminder of how thin profit spreads remain in vehicle retailing, even for an industry leader. Adjusted EBITDA margin came in at a healthy 4.5%. New-vehicle margins declined to 5.9% from 6.7% last year, but used-vehicle margins rose to 6.1%.
Finance Arm Helps Fuel Growth
Interestingly, one of the company’s leading growth engines is not on the sales lot. Driveway Finance Corporation, its in-house lending arm, originated a record $884 million in loans during the quarter, with a 17.5% penetration rate. Financing income more than doubled to $37 million.
Management has said it wants captive-finance penetration to eventually exceed 20% of vehicle sales, turning one-time transactions into recurring, countercyclical income. That ambition, paired with a long-standing goal of pushing selling, general and administrative (SG&A) expenses below 60% of gross profit, is the backbone of the bull case.
Returning Cash to Shareholders
Management has also been aggressive in returning cash to shareholders. The board raised the quarterly dividend 23%, to 70 cents per share from 57 cents, and the company repurchased $242 million of stock during the quarter, retiring about 3.7% of its shares outstanding. A new authorization also expanded the scope of its buyback program by $500 million.
At an annual dividend of $2.80, the yield is less than 1%, signifying that buybacks, rather than dividends, remain management’s preferred lever.
Analysts Are Bullish but Not Unanimous
Analyst sentiment is positive but divided. Coverage from 11 Wall Street firms produces a consensus rating of Moderate Buy, with an average price target of $436.33, implying upside of about 17%.
Six analysts rate Lithia a Buy, while five currently list it as a Hold. Targets ranging from a high of $500 to a low of $340 reflect a broad range of expectations over the next 12 months.
Notably, six analysts have raised their targets since the earnings announcement. UBS downgraded the stock to Neutral from Buy in July, even while lifting its price target to $440. That may signal that even the company’s supporters are debating how much good news is already priced in.
The stock has indeed become more expensive recently, climbing about 28% over the past three months, though it is up only 13% since the start of the year. With recent prices near $373, the stock’s 52-week low came in March, when a month of tariff fears sent it as low as $239.78. Second-quarter earnings, however, had the opposite effect, propelling the stock to its recent high of $439.49 per share.
Risks Remain After the Rally
There are, of course, risks in the automotive sales business.
Skeptics might look back to the prior quarter, when first-quarter EPS dropped 46% to $4.28 for several reasons. The results missed consensus estimates and showed that Lithia’s performance can swing from one quarter to the next.
Tariff exposure also remains a concern, since much of the inventory sold is manufactured abroad. The stock’s sensitivity to trade policy and consumer credit is therefore clear. In addition, a brisk acquisition pace, including recent dealership purchases in Oregon, Tennessee and Southern California, adds integration risk to the list of considerations.
Competition also remains strong despite Lithia’s leadership. The company operates alongside AutoNation (NYSE: AN), Penske Automotive (NYSE: PAG), Asbury Automotive (NYSE: ABG), Group 1 Automotive (NYSE: GPI) and online disruptor Carvana (NYSE: CVNA). All are chasing the same buyers in a business where scale determines which companies can best absorb investments in software and financing.
Lithia Still Offers Upside
For investors, Lithia still looks like a reasonably priced way to own a piece of the U.S. auto retail business. The earnings beat, record financing income and rising dividend argue for patience with any stake.
The recent appointment of Scott Cooke, a 25-year Toyota Financial Services veteran, to oversee Driveway Finance may also signal that management is doubling down on the lending engine as its next chapter of growth.
But the industry tends to be cyclical, and operating leverage is a cost of doing business. The ride appears smooth for now, but the economy and interest rates can make any auto trip bumpy.
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