# OneMain Holdings (OMF.US)

Canonical: https://gigainvestors.com/s/OMF

Analysis as of: 2026-10-16T07:30:53.704Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $55.79 per share; close as of 2026-10-15.

Estimated value: low $45.34 per share, central $56.68 per share, high $75.57 per share. Buy at or below the central value $56.68 per share. Valuation as of 2026-10-16T07:30:53.704Z; scenarios are not confidence intervals.

Expected annual return: 10.1% at the stated quote. About 10.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.53×

Chart: Net income; fiscal year observations.

- FY2016: $215M

- FY2017: $183M

- FY2018: $447M

- FY2019: $855M

- FY2020: $730M

- FY2021: $1.3B

- FY2022: $878M

- FY2023: $641M

- FY2024: $509M

- FY2025: $783M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 39.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 18.7%

- Cost / income, median: 40.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 18.7%

- FY2017: 12.9%

- FY2018: 22.5%

- FY2019: 33.3%

- FY2020: 42.6%

- FY2021: 99.1%

- FY2022: 66.7%

- FY2023: 43.0%

- FY2024: 35.6%

- FY2025: 47.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 40.2%

- Book return interval: 10 years

- Starting book value per share: $6.33

- Ending book value per share: $13.79

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 36.7%

- FY2017: 34.2%

- FY2018: 59.0%

- FY2019: 49.2%

- FY2020: -0.8%

- FY2021: 53.9%

- FY2022: 44.9%

- FY2023: 54.7%

- FY2024: 30.1%

- FY2025: 50.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -2.4%

- Share growth excluding flagged crisis recapitalisations: -0.7%

- Five-year share growth excluding flagged crisis recapitalisations: -2.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.43×

- Book value created per share: $7.46

- Earnings retained per share after dividends and buybacks: $5.23

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 106

- FY2017: 106

- FY2018: 106

- FY2019: 107

- FY2020: 105

- FY2021: 104

- FY2022: 97

- FY2023: 94

- FY2024: 94

- FY2025: 93

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years credit losses exceeded peer median: 1

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.2% a year forever · "OneMain Holdings Q3 Earnings Beat Estimates on Higher NII, Stock Up" (finance.yahoo.com, Nov 2025) · net income +53.8%

Story as of 2026-10-16T09:59:19.548Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

- 2025-07-28: OneMain Holdings Stock Gains 1.3% on Q2 Earnings Beat, Provisions Dip ([finance.yahoo.com](https://finance.yahoo.com/news/onemain-holdings-stock-gains-1-130000087.html))

- 2025-11-03: OneMain Holdings Q3 Earnings Beat Estimates on Higher NII, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/onemain-holdings-q3-earnings-beat-171600941.html))

- 2026-07-30: OneMain Holdings Q2 Earnings in Line, Stock Gains as NII Rises Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/onemain-holdings-q2-earnings-line-151100854.html))

### Net income · FY2025

net income +53.8%; source https://www.sec.gov/Archives/edgar/data/1584207/000158420726000008/omf-20251231.htm; observed 2026-02-06.

- FY2016: $215M 

- FY2017: $183M 

- FY2018: $447M 

- FY2019: $855M 

- FY2020: $730M 

- FY2021: $1.3B 

- FY2022: $878M 

- FY2023: $641M 

- FY2024: $509M 

- FY2025: $783M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are USD 4.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1584207/000158420726000008/omf-20251231.htm#000158420726000008 (filed 2026-02-06); FY2025: revenue 4903000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OMF.US: OneMain Holdings, Inc., a financial service holding company, engages in the consumer finance and insurance businesses in the United States. The company provides origination, underwriting, and servicing of consumer loans, consisting of personal loans and auto finance. It also offers secured auto financing; credit cards; optional credit insurance products, including life, disability, and involuntary unemployment insurance; optional non-credit insurance; guaranteed asset protection coverage as a waiver product or insurance; and membership plans. The company provides personal loans through its branch network, central operations, digital affiliates, and its website. The company was formerly known as Springleaf Holdings, Inc. and changed its name to OneMain Holdings, Inc. in November 2015. OneMain Holdings, Inc. was incorporated in 2013 and is based in Evansville, Indiana.

### Why customers stay

It earns 39.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on tangible equity observations [[2016,0.18663194444444445],[2017,0.1292372881355932],[2018,0.22473604826546004],[2019,0.3333333333333333],[2020,0.4261529480443666],[2021,0.9909502262443439],[2022,0.6666666666666666],[2023,0.4304902619207522],[2024,0.3556953179594689],[2025,0.47598784194528876]]; median 0.39092413300191775. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 154 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,18000000],[2017,136000000],[2018,268000000],[2019,408000000],[2020,806000000],[2021,1274000000],[2022,480000000],[2023,487000000],[2024,498000000],[2025,499000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1584207/000158420726000008/omf-20251231.htm (filed 2026-02-06); FY2025: cash repurchases 154000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OMF.US SharesStats.PercentInsiders = 0.22399999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Price 55.79; FX 1; original perpetual distributable cash 2.692072716839178; discount 0.1; growth 0.05174632161965984. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.34 per share

- 2016-11: $20.37 per share

- 2016-12: $22.14 per share

- 2017-01: $22.38 per share

- 2017-02: $28.02 per share

- 2017-03: $24.85 per share

- 2017-04: $23.32 per share

- 2017-05: $22.56 per share

- 2017-06: $24.59 per share

- 2017-07: $26.74 per share

- 2017-08: $27.37 per share

- 2017-09: $28.19 per share

- 2017-10: $31.77 per share

- 2017-11: $25.81 per share

- 2017-12: $25.99 per share

- 2018-01: $32.71 per share

- 2018-02: $30.66 per share

- 2018-03: $29.94 per share

- 2018-04: $30.85 per share

- 2018-05: $32.53 per share

- 2018-06: $33.29 per share

- 2018-07: $33.25 per share

- 2018-08: $36.70 per share

- 2018-09: $33.61 per share

- 2018-10: $28.52 per share

- 2018-11: $29.27 per share

- 2018-12: $24.29 per share

- 2019-01: $29.89 per share

- 2019-02: $33.00 per share

- 2019-03: $31.75 per share

- 2019-04: $33.97 per share

- 2019-05: $29.87 per share

- 2019-06: $33.81 per share

- 2019-07: $41.45 per share

- 2019-08: $35.85 per share

- 2019-09: $36.68 per share

- 2019-10: $40.00 per share

- 2019-11: $43.09 per share

- 2019-12: $42.15 per share

- 2020-01: $42.37 per share

- 2020-02: $36.75 per share

- 2020-03: $19.12 per share

- 2020-04: $24.21 per share

- 2020-05: $23.33 per share

- 2020-06: $24.54 per share

- 2020-07: $28.70 per share

- 2020-08: $29.08 per share

- 2020-09: $31.25 per share

- 2020-10: $34.89 per share

- 2020-11: $38.99 per share

- 2020-12: $48.16 per share

- 2021-01: $46.56 per share

- 2021-02: $46.91 per share

- 2021-03: $53.72 per share

- 2021-04: $56.87 per share

- 2021-05: $57.84 per share

- 2021-06: $59.91 per share

- 2021-07: $61.00 per share

- 2021-08: $57.83 per share

- 2021-09: $55.33 per share

- 2021-10: $52.81 per share

- 2021-11: $49.79 per share

- 2021-12: $50.04 per share

- 2022-01: $51.66 per share

- 2022-02: $50.98 per share

- 2022-03: $47.41 per share

- 2022-04: $45.93 per share

- 2022-05: $44.06 per share

- 2022-06: $37.38 per share

- 2022-07: $37.20 per share

- 2022-08: $34.93 per share

- 2022-09: $29.52 per share

- 2022-10: $38.56 per share

- 2022-11: $39.36 per share

- 2022-12: $33.31 per share

- 2023-01: $43.14 per share

- 2023-02: $43.09 per share

- 2023-03: $37.08 per share

- 2023-04: $38.37 per share

- 2023-05: $37.86 per share

- 2023-06: $43.69 per share

- 2023-07: $45.48 per share

- 2023-08: $41.51 per share

- 2023-09: $40.09 per share

- 2023-10: $35.93 per share

- 2023-11: $42.30 per share

- 2023-12: $49.20 per share

- 2024-01: $47.60 per share

- 2024-02: $47.23 per share

- 2024-03: $51.09 per share

- 2024-04: $52.11 per share

- 2024-05: $49.12 per share

- 2024-06: $48.49 per share

- 2024-07: $52.26 per share

- 2024-08: $49.41 per share

- 2024-09: $47.07 per share

- 2024-10: $49.67 per share

- 2024-11: $57.35 per share

- 2024-12: $52.13 per share

- 2025-01: $55.54 per share

- 2025-02: $53.74 per share

- 2025-03: $48.88 per share

- 2025-04: $47.07 per share

- 2025-05: $51.84 per share

- 2025-06: $57.00 per share

- 2025-07: $57.79 per share

- 2025-08: $61.86 per share

- 2025-09: $56.46 per share

- 2025-10: $59.19 per share

- 2025-11: $62.03 per share

- 2025-12: $67.55 per share

- 2026-01: $65.54 per share

- 2026-02: $55.02 per share

- 2026-03: $53.49 per share

- 2026-04: $58.77 per share

- 2026-05: $55.31 per share

- 2026-06: $60.97 per share

- 2026-07: $62.58 per share

- 2026-08: $62.46 per share

- 2026-09: $55.39 per share

- 2026-10: $55.79 per share

## Annual estimated value (USD per share)

- FY2018: low $5.90 per share, central $6.67 per share, high $7.68 per share

- FY2019: low $36.85 per share, central $46.07 per share, high $61.42 per share

- FY2020: low $23.17 per share, central $27.99 per share, high $35.34 per share

- FY2021: low $26.64 per share, central $32.29 per share, high $40.98 per share

- FY2022: low $33.87 per share, central $42.34 per share, high $56.46 per share

- FY2023: low $39.50 per share, central $49.37 per share, high $65.83 per share

- FY2024: low $38.12 per share, central $47.65 per share, high $63.54 per share

- FY2025: low $44.14 per share, central $55.17 per share, high $73.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1584207/000158420726000008/omf-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.