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OMF, OneMain Holdings Inc.
Our national branch network and digital platform, combined with our central operations and our network of auto dealerships, provide the opportunity for the Company to serve this market efficiently and responsibly.
At December 31, 2025, we had $24.8 billion of finance receivables due from approximately 3.6 million customer accounts.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Return on equity 23%Very high (≥17%)Net income $783M ÷ equity $3.4BIndustry peers: median 21%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- Very high (≥18%)Net income ÷ (equity − goodwill $1.5B − intangibles $282M)Industry peers: median 25%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Efficiency ratio 39%Low cost ratio (<58%)Noninterest expense $1.9B ÷ (net interest income + fees)Industry peers: median 39%
What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.
Is it sound?
- Capital (equity / assets) 12.4%Well capitalizedEquity $3.4B ÷ assets $27.4B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost (provision / NII) 27%ElevatedProvision for credit losses $1.1B ÷ net interest income $4.2B
What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | Mr. Shulman | $21.7M | $39.6M | — |
| 2022 | Mr. Shulman | $10.8M | $3.7M | — |
| 2023 | Mr. Shulman | $15.4M | $19.4M | — |
| 2024 | Mr. Shulman | $11.3M | $11.4M | — |
| 2025 | Mr. Shulman | $15.1M | $28.4M | — |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- CEO pay ratio172:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Consumer Finance
The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| DFSDiscover Financial Services | $17.9B | 25% | 26% | 39% | 8.6% |
| BKKTBakkt Inc. | $2.3B | -146% | -252% | — | 0.5% |
| GDOTGreen DOT Corp | $2.0B | 5% | 13% | — | -0.1% |
| ATLCAtlanticus Holdings Corporation | $2.0B | 42% | 42% | 55% | 21.3% |
| SOFISoFi Technologies | $3.6B | -6% | -9% | 85% | 3.6% |
| OMFOneMain Holdings Inc. | $4.9B | 23% | 48% | 39% | 15.3% |
| SLMSLM Corporation | $2.0B | 30% | 31% | 33% | 5.0% |
| SYFSynchrony Financial | $19.0B | 21% | 25% | 27% | 15.5% |
| Group median | — | 22% | 25% | 39% | 6.8% |
The price
What a price has to assume.
What the price implies
reverse-DCFA bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← OMER its page in the Manual ON →
Industry order: ← LPRO the Consumer Finance chapter ORBS →