OneMain Holdings Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for valuation and cycle risk, not a threat to substance. Against red: $783 million of net income in 2025, $226 million in the first quarter of 2026, $11.8 billion of unencumbered receivables against $1.1 billion of scheduled payments for 2026, a dividend covered by earnings and a falling share count. Against green, equally documented: the net charge-off ratio rose to 8.41 percent in the first quarter of 2026, the allowance fell from $2,865 million to $2,819 million because losses exceeded the provision, the equity ratio is 12.4 percent, and operations and investing together produced a $29 million net outflow in 2025.
What the thesis turns on
Assessment: Opportunities & Risks
OneMain Holdings is a profitable market leader with a headline metric that measures something other than its name suggests. Of $3,132 million of operating cash flow in 2025, $1,997 million is the add-back of the loan loss provision; operations and investing combined produced a $29 million outflow according to the annual report. Dividends and buybacks totaling $640 million stood against $1,148 million of net new borrowings. Against that sits a real, growing business: $4,183 million of net interest income, $783 million of net income, more than 1,300 branches, a share count reduced by almost 4 million and a payout ratio a little over 60 percent. The leverage sits entirely in the charge-off rate, which climbed to 8.41 percent in the first quarter of 2026. Not investment advice.
Core business
Market leader in installment lending to nonprime borrowers: more than 1,300 branches in 44 states, approximately 9,300 employees, 2.4 million personal loans totaling $21.43 billion, 53 percent of them secured (December 31, 2025). Net interest income rose from $3,545 million (2023) through $3,808 million (2024) to $4,183 million (2025), and the yield on consumer loans ran at 22.60 percent in the first quarter of 2026.
Earnings power
Net income recovered to $783 million in 2025 after $509 million (2024) and $641 million (2023); $6.56 diluted per share. The first quarter of 2026 followed with $226 million after $213 million a year earlier. Return on equity most recently ran at about 24 percent (data as of July 27, 2026).
Validity of the hook
The price-to-free-cash-flow ratio of 2.17 (measured July 27, 2026, scanner run of July 26, 2026) measures the interest margin before losses at an installment lender. Of the $3,132 million of operating cash flow in 2025, $1,997 million is the add-back of the loan loss provision. The annual report itself reports a $29 million net outflow from operating and investing activities combined. Adjusted for actual net charge-offs of $1,837 million, the ratio lands on the order of 5.
Credit quality
The net charge-off ratio rose to 8.41 percent in the first quarter of 2026 after 8.16 percent a year earlier (full years 7.48 / 8.12 / 7.65 percent for 2023 to 2025). Actual net charge-offs of $511 million exceeded the $465 million provision, and the allowance fell from $2,865 million to $2,819 million. The company’s own pretax capital generation metric stagnated at $258 million while reported net income rose 6.1 percent.
Balance sheet and funding
The equity ratio is 12.4 percent ($3,401 million of $27,388 million at December 31, 2025), and $12.7 billion of consumer loan receivables are pledged (March 31, 2026). Against that sit $11.8 billion of unencumbered receivables versus $1.1 billion of scheduled principal and interest payments for 2026, plus $5.9 billion of undrawn conduit capacity. Dividends ($499 million) and buybacks ($141 million) stood against $1,148 million of net new borrowings in 2025.
Shareholder returns
Shares outstanding fell from 119,360,509 (December 31, 2024) through 117,196,792 (December 31, 2025) to 115,627,261 (March 31, 2026); a new $1.0 billion repurchase program running to December 31, 2028 was authorized on October 23, 2025. The quarterly dividend is $1.05 per share and the payout ratio a little over 60 percent of 2025 diluted earnings. $100 invested on December 31, 2020 with dividends reinvested had become $236.43 by December 31, 2025 (figure from the annual report).
Worth Noting
Hook: rank 46 in our in-house P/FCF ranking with the U.S. market filter at a price-to-free-cash-flow ratio of 2.17. The scanner page shows only the 25 strongest hits — OneMain is not among them; 544 stocks passed the criteria in total. Measured July 27, 2026, underlying scanner run of July 26, 2026; the lists are recalculated daily.
Data basis: annual report 10-K for 2025 (filed February 6, 2026), quarterly report 10-Q for March 31, 2026 (filed May 1, 2026), current report 8-K of June 22, 2026; valuation metrics and analyst votes as of July 27, 2026.
Risk of confusion: the listed company was named Springleaf Holdings, Inc. until November 9, 2015; the subsidiary OneMain Finance Corporation (OMFC) reports inside the same 10-K, which is why some figures appear twice and differ slightly (2025 net income: $783 million for OMH, $782 million for OMFC).
Meaningless at a lender: Altman Z-score, enterprise value and price-to-sales. The balance sheet consists almost entirely of receivables from customers, and debt is the raw material of the business.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at OMF since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 49.30 $ to 71.40 $ · Last price: 60.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Credit Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| OneMain Holdings Inc OMF | 7.1 | 9.0 | 0.0 | 93.7 | 37.4 | 9.1 | 8.2 |
| Visa Inc. Class A V | 699.4 | 33.2 | 24.3 | 97.7 | 67.4 | 11.3 | 7.7 |
| Mastercard Inc MA | 500.7 | 33.9 | 23.1 | 100.0 | 60.8 | 16.4 | -4.9 |
| American Express Company AXP | 213.1 | 19.5 | 0.0 | 62.3 | 21.3 | 8.4 | -6.4 |
| Capital One Financial Corporation COF | 124.4 | 62.2 | 0.0 | 100.0 | 28.6 | 28.4 | -9.1 |
| PayPal Holdings Inc PYPL | 45.7 | 10.1 | 6.6 | 40.5 | 17.0 | 4.3 | -20.3 |
| Synchrony Financial SYF | 25.3 | 7.7 | 0.0 | 100.0 | 48.0 | -7.9 | 2.1 |
| Affirm Holdings Inc AFRM | 23.7 | 63.7 | 25.7 | 48.9 | 8.5 | 38.8 | -22.3 |
| SoFi Technologies Inc. SOFI | 21.0 | 35.7 | 0.0 | 83.7 | 18.3 | 82.6 | -38.4 |
| Median of companies shown | 45.7 | 33.2 | 0.0 | 93.7 | 28.6 | 11.3 | -6.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 3,729 | 356 | 215 | 1.59 | 1,326 | 3,066 | 18,123 |
| 2017 | 3,785 | 431 | 183 | 1.35 | 1,555 | 3,278 | 19,433 |
| 2018 | 4,241 | 624 | 447 | 3.29 | 2,046 | 3,799 | 20,090 |
| 2019 | 4,682 | 1,098 | 855 | 6.27 | 2,362 | 5,571 | 22,817 |
| 2020 | 4,933 | 977 | 730 | 5.41 | 2,212 | 4,626 | 22,471 |
| 2021 | 4,973 | 1,741 | 1,314 | 9.88 | 2,247 | 4,328 | 22,079 |
| 2022 | 5,091 | 1,155 | 872 | 7.01 | 2,387 | 3,029 | 22,533 |
| 2023 | 5,299 | 840 | 641 | 5.31 | 2,519 | 3,186 | 24,294 |
| 2024 | 5,722 | 667 | 509 | 4.24 | 2,699 | 3,191 | 25,910 |
| 2025 | 6,242 | 1,001 | 783 | 6.56 | 3,130 | 3,401 | 27,388 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.05 | -23.60 | 1,498 | 8.90 | 8.40 | 752 | 752 |
| 2025: Q1 | 1.78 | 37.70 | 1,501 | 10.80 | 14.20 | 665 | 665 |
| 2025: Q2 | 1.40 | 136.80 | 1,536 | 9.30 | 10.90 | 774 | 774 |
| 2025: Q3 | 1.67 | 27.50 | 1,594 | 8.80 | 12.50 | 828 | 828 |
| 2025: Q4 | 1.72 | 64.40 | 1,612 | 7.60 | 12.70 | 865 | 865 |
| 2026: Q1 | 1.93 | 8.50 | 1,587 | 5.70 | 14.20 | 739 | 739 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.09 | 6.68 – 7.42 | 5,267 | 6.5% | 16 |
| 12/31/2027 | 8.59 | 8.15 – 9.13 | 5,659 | 21.2% | 16 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $3.23B |
|---|---|
| Market cap | $7.08B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 7.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs ausgewerteten SEC-Berichten (vier Quartalsberichte 10-Q und zwei Geschäftsberichte 10-K) kommt kein einziger Treffer für „artificial intelligence“, „machine learning“, „AI“ oder „generative“ vor; OneMain beschreibt sein Kreditgeschäft ausschließlich über Filialnetz, zentrale Bearbeitung, digitale Vertriebskanäle und ein „conservative and disciplined underwriting model“ ohne KI-Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-01 · 10-K 2026-02-06 · 10-Q 2025-10-31 · 10-Q 2025-07-29 · 10-Q 2025-05-02 · 10-K 2025-02-07
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.0%
- More than 10% revenue growth is expected for the coming year 6.9%
- Share count grows by less than 3% a year -1.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 59.2%
- Gross margin at 40% or higher and without meaningful erosion 47.6%
- Goodwill from acquisitions does not grow faster than revenue 5.4%
- Net debt below twice EBITDA 16.6 x EBITDA
- Operating cash flow covers the profits of the last three years 6,415 m
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 0.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.9%
- Exp. sales growth 3Y > 5% -4.8%
- EBIT growth 10Y > 5% 12.2%
- Exp. EBIT growth 3Y > 5% 14.4%
- Net debt < 4x EBIT 21.3x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 61.7%
- Return on equity > 15% 47.6%
- ROCE > 15% –
- Expected return > 10% 65.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Conrad Micah R. | EVP & COO | Sell | 5,000 | 65.40 | 327,005 |
| Jul 29, 2026 | Hedlund Michael A | pao, SVP and Group Controller | Sell | 2,500 | 64.00 | 160,000 |
| Apr 17, 2026 | Micah R Conrad | COO | Sell | 5,000 | 60.00 | 300,000 |
The company
About the Company
OneMain Holdings, Inc., eine Finanzdienstleistungsholding, ist im Verbraucherfinanzierungs- und Versicherungsgeschäft in den USA tätig.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 9,300
- Headquarters
- Evansville, IN
- Address
- 601 N.W. Second Street, 47708 Evansville, United States
- Phone
- 812 424 8031
- Website
- onemainfinancial.com
- IPO Date
- 10/16/2013
- ISIN
- US68268W1036
Management
| Name | Title | Birth Year |
|---|---|---|
| Douglas H. Shulman J.D. | Chairman, President & CEO | 1968 |
| Jeannette E. Osterhout | Executive VP & CFO | 1982 |
| Micah R. Conrad C.F.A. | Executive VP & COO | 1971 |
| Michael A. Hedlund | Senior VP & Group Controller | 1973 |
| Larry Fitzpatrick | Executive VP & Chief Technology Officer | – |
| Peter R. Poillon | Head of Investor Relations | – |
| Lily Fu Claffee | Executive VP, Chief Legal Officer & Corporate Secretary | 1970 |
| Karen M. Mooney | Executive VP & Chief Human Resources Officer | – |
| Dinesh Goyal | Executive Vice President & Chief Credit and Customer Acquisition Officer | – |
| Sundus Kubba | Chief of Staff | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/20/2026 OneMain Holdings, Inc. (OMF): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/07/2026 OneMain Holdings, Inc. (OMF): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 07/29/2026 OneMain Holdings, Inc. (OMF): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.