<h2>资产负债表的变化使 LendingClub 备受关注</h2>
<p>LendingClub (LC) 在更加关注其 “积极中间” 借款人并将更多贷款从持有投资转向持有出售后，吸引了关注，这一战略转变具有明显的收入影响。</p>
<p>请查看我们对 LendingClub 的最新分析。</p>
<p>这种资产负债表战略的转变似乎与市场的看法一致，三个月的股价回报约为 18%，三年的总股东回报超过 100%，这表明投资者看到的是增长势头而非减弱。</p>
<p>如果这种由贷款驱动的重新评级引起了你的关注，可能值得扫描其他稳健的资产负债表和基本面股票筛选器（无结果），以寻找类似的资产负债表强度和上行潜力。</p>
<p>尽管股票在三年和五年内强劲上涨，但仍低于分析师目标和一些内在价值估计，LendingClub 今天是否被低估，还是已经反映了其未来增长的大部分？</p>
<h2>最受欢迎的叙述：11.3% 被低估</h2>
<p>LendingClub 最近收盘价为 19.43 美元，而叙述的公允价值为 21.91 美元，如果增长路径保持不变，故事倾向于上行。</p>
<blockquote>
<p><em>混合数字市场/银行模型继续扩展。市场起源和资产负债表贷款同步增长，前者提供高利润、轻资本的收入，后者则构建持久的净利息收入；这一双引擎为持续的盈利和有形账面价值增长提供了运营杠杆。</em></p>
</blockquote>
<p>阅读完整的叙述。</p>
<p>想知道什么样的收入滑行路径和利润扩张可以证明更高的公允价值，即使增长放缓。想看看完整的操作手册吗？</p>
<p><strong>结果：公允价值为 21.91 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，竞争加剧和对个人贷款的更大依赖可能会压缩利润并加大信用周期的冲击，这可能迅速挑战当前的低估情况。</p>
<p>了解影响 LendingClub 叙述的关键风险。</p>
<h2>估值的另一种角度</h2>
<p>在盈利方面，LendingClub 看起来一点也不便宜，交易价格约为 21.6 倍利润，超过美国消费金融平均水平的 10.3 倍，并且远高于同行的 6 倍。即使公允比率接近 23.1 倍，投资者可能也在为尚未到来的增长提前支付。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8743b529-3d06-41c2-8642-e6684525ea51/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8743b529-3d06-41c2-8642-e6684525ea51/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:LC 截至 2025 年 12 月的市盈率</p>
<h2>自建 LendingClub 叙述</h2>
<p>如果你对数字有不同的看法或想要压力测试自己的假设，可以在几分钟内创建一个新的叙述：按你的方式进行</p>
<p>进行 LendingClub 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>准备好更多投资想法了吗？</h2>
<p>不要止步于一个机会。使用 Simply Wall St 筛选器发现新的、基于数据的想法，这些想法可能会悄然重塑你的投资组合回报。</p>
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</ul>
<p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

<p>LendingClub (LC) 正因其在资产负债管理上的战略转变而受到关注，重点关注 “有动机的中间” 借款人，并将贷款从持有投资转为持有出售。这导致了显著的股价回报，表明投资者信心。尽管被低估，公允价值为 21.91 美元，但 LendingClub 的市盈率较高，表明投资者正在为预期的增长付费。日益激烈的竞争和对个人贷款的依赖对利润率构成风险。该分析提供了对 LendingClub 增长潜力和估值挑战的洞察</p>

<h2>Balance Sheet Shift Puts LendingClub in a New Light</h2>
<div class="lb-trans"><h2>资产负债表的变化使 LendingClub 备受关注</h2>
</div><p>LendingClub (LC) is drawing attention after leaning harder into its “motivated middle” borrowers and shifting more loans from held for investment to held for sale, a strategic pivot with clear revenue implications.</p>
<div class="lb-trans"><p>LendingClub (LC) 在更加关注其 “积极中间” 借款人并将更多贷款从持有投资转向持有出售后，吸引了关注，这一战略转变具有明显的收入影响。</p>
</div><p>See our latest analysis for LendingClub.</p>
<div class="lb-trans"><p>请查看我们对 LendingClub 的最新分析。</p>
</div><p>That shift in balance sheet strategy seems to line up with the market’s view, with a roughly 18 percent 3 month share price return and a 3 year total shareholder return above 100 percent, signaling that investors see momentum building rather than fading.</p>
<div class="lb-trans"><p>这种资产负债表战略的转变似乎与市场的看法一致，三个月的股价回报约为 18%，三年的总股东回报超过 100%，这表明投资者看到的是增长势头而非减弱。</p>
</div><p>If this kind of lending driven re rating has your attention, it might be worth scanning other solid balance sheet and fundamentals stocks screener (None results) for similar balance sheet strength and upside potential.</p>
<div class="lb-trans"><p>如果这种由贷款驱动的重新评级引起了你的关注，可能值得扫描其他稳健的资产负债表和基本面股票筛选器（无结果），以寻找类似的资产负债表强度和上行潜力。</p>
</div><p>With the shares up strongly over three and five years, but still trading below analyst targets and some intrinsic value estimates, is LendingClub quietly undervalued today or already reflecting the bulk of its future growth?</p>
<div class="lb-trans"><p>尽管股票在三年和五年内强劲上涨，但仍低于分析师目标和一些内在价值估计，LendingClub 今天是否被低估，还是已经反映了其未来增长的大部分？</p>
</div><h2>Most Popular Narrative Narrative: 11.3% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：11.3% 被低估</h2>
</div><p>With LendingClub last closing at $19.43 against a narrative fair value of $21.91, the story leans toward upside if the growth path holds.</p>
<div class="lb-trans"><p>LendingClub 最近收盘价为 19.43 美元，而叙述的公允价值为 21.91 美元，如果增长路径保持不变，故事倾向于上行。</p>
</div><blockquote>
<p><em>The hybrid digital marketplace/bank model continues to scale. Marketplace originations and balance sheet loans are growing in tandem, with the former providing high-margin, capital-light revenue, and the latter building durable recurring net interest income; this dual engine offers operating leverage for sustained growth in earnings and tangible book value.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>混合数字市场/银行模型继续扩展。市场起源和资产负债表贷款同步增长，前者提供高利润、轻资本的收入，后者则构建持久的净利息收入；这一双引擎为持续的盈利和有形账面价值增长提供了运营杠杆。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整的叙述。</p>
</div><p>Curious what kind of revenue glidepath and margin expansion could justify that higher fair value, even as growth cools. Want to see the full playbook?</p>
<div class="lb-trans"><p>想知道什么样的收入滑行路径和利润扩张可以证明更高的公允价值，即使增长放缓。想看看完整的操作手册吗？</p>
</div><p><strong>Result: Fair Value of $21.91 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 21.91 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, rising competition and heavier reliance on personal loans could squeeze margins and amplify credit cycle hits, which could quickly challenge the current undervaluation case.</p>
<div class="lb-trans"><p>然而，竞争加剧和对个人贷款的更大依赖可能会压缩利润并加大信用周期的冲击，这可能迅速挑战当前的低估情况。</p>
</div><p>Find out about the key risks to this LendingClub narrative.</p>
<div class="lb-trans"><p>了解影响 LendingClub 叙述的关键风险。</p>
</div><h2>Another Angle on Valuation</h2>
<div class="lb-trans"><h2>估值的另一种角度</h2>
</div><p>On earnings, LendingClub looks anything but cheap, trading at about 21.6 times profits, more than double the US consumer finance average of 10.3 times and well above peers at 6 times. Even if the fair ratio sits nearer 23.1 times, investors may be paying up early for growth that still has to arrive.</p>
<div class="lb-trans"><p>在盈利方面，LendingClub 看起来一点也不便宜，交易价格约为 21.6 倍利润，超过美国消费金融平均水平的 10.3 倍，并且远高于同行的 6 倍。即使公允比率接近 23.1 倍，投资者可能也在为尚未到来的增长提前支付。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8743b529-3d06-41c2-8642-e6684525ea51/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/8743b529-3d06-41c2-8642-e6684525ea51/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:LC PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>NYSE:LC 截至 2025 年 12 月的市盈率</p>
</div><h2>Build Your Own LendingClub Narrative</h2>
<div class="lb-trans"><h2>自建 LendingClub 叙述</h2>
</div><p>If you see the numbers differently or want to stress test your own assumptions, you can spin up a fresh narrative in minutes: Do it your way</p>
<div class="lb-trans"><p>如果你对数字有不同的看法或想要压力测试自己的假设，可以在几分钟内创建一个新的叙述：按你的方式进行</p>
</div><p>A great starting point for your LendingClub research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>进行 LendingClub 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Ready for more investment ideas?</h2>
<div class="lb-trans"><h2>准备好更多投资想法了吗？</h2>
</div><p>Do not stop with one opportunity. Use the Simply Wall St Screener to uncover fresh, data driven ideas that could quietly reshape your portfolio returns.</p>
<div class="lb-trans"><p>不要止步于一个机会。使用 Simply Wall St 筛选器发现新的、基于数据的想法，这些想法可能会悄然重塑你的投资组合回报。</p>
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<div class="lb-trans"><ul>
<li>通过扫描这 907 只基于现金流强度和错误定价增长的被低估股票，提前捕捉高潜力的便宜货。</li>
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</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

LendingClub (LC)：随着资产负债表战略和对 “积极中间层” 的关注推动增长潜力，重新审视估值