Profits were positive in 6 years (at least 7 needed).
- 7y median
- $26M
- Worst year
- -$1.0M
- Latest · 2025
- $26M
# OppFi (OPFI.US) Canonical: https://gigainvestors.com/s/OPFI Analysis as of: 2026-10-16T07:30:55.987Z. Financial observations: FY2019–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $5.77 per share; close as of 2026-10-15. Estimated value: low $2.20 per share, central $2.75 per share, high $3.66 per share. Buy at or below the central value $2.75 per share. Valuation as of 2026-10-16T07:30:55.987Z; scenarios are not confidence intervals. Expected annual return: 7.9% at the stated quote. About 7.9% 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: fail - positive earnings in fewer than 7 of 7 years - Financial history: 7 years - Profitable years in the last ten: 6 - Required profitable years: 7 - Return on common equity variation (informational): 0.80× Chart: Net income; fiscal year observations. - FY2019: $33M - FY2020: $78M - FY2021: $26M - FY2022: $7.1M - FY2023: -$1.0M - FY2024: $7.3M - FY2025: $26M ### moat: fail - Tangible common book per share - Parent-total proxy for preferred equity - return on tangible common equity below 5% in more than one year - Bank / P&C ROTE, median of available years: 22.1% - Required median return: 12.0% - Return uses tangible common equity: Yes - Bank ROTE, second-lowest year: 0.0% - Years with reported combined ratio: 0 Chart: Return on tangible common equity; fiscal year observations. - FY2019: 88.1% - FY2020: 78.0% - FY2021: 0.0% - FY2022: 0.0% - FY2023: -9.6% - FY2024: 22.1% - FY2025: 45.0% ### economics: fail - Tangible common book per share - Parent-total proxy for preferred equity - nonpositive book value in the compounding window - Book return interval: 6 years - Starting book value per share: $2.89 - Ending book value per share: $2.21 ### management: fail - Tangible common book per share - Parent-total proxy for preferred equity - ordinary share count growth exceeds 2% annually in both the full and five-year windows - book per share gain below retained common earnings per share - Diluted shares, 10-year annual growth: 12.6% - Diluted shares, 5-year annual growth: 15.4% - Share growth excluding flagged crisis recapitalisations: 12.6% - Five-year share growth excluding flagged crisis recapitalisations: 15.4% - Flagged crisis recapitalisations: 0 - Book created / earnings retained after dividends and buybacks: -0.21× - Book value created per share: -$0.68 - Earnings retained per share after dividends and buybacks: $3.28 Chart: Shares (first year = 100); fiscal year observations. - FY2019: 100 - FY2020: 100 - FY2021: 103 - FY2022: 130 - FY2023: 126 - FY2024: 155 - FY2025: 204 ### accounting: pass - Financial accounting warning count: 0 - Known restatement years: 0 ## Holders ## Price story Down 59% since Jun 2025 · "OppFi (OPFI) Cuts Guidance but Holds the Line on 2028 Targets" (finance.yahoo.com, Aug 2026) · net income +262.8% Story as of 2026-10-16T09:59:20.258Z; price observation 2026-10-15. The price is 0.4 times annual sales - 2026-08-20: OppFi (OPFI) Cuts Guidance but Holds the Line on 2028 Targets ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/oppfi-opfi-cuts-guidance-holds-100836967.html)) ### Net income · FY2025 net income +262.8%; source https://www.sec.gov/Archives/edgar/data/1818502/000181850226000019/opfi-20251231.htm; observed 2026-03-12. - FY2019: $33M - FY2020: $78M - FY2021: $26M - FY2022: $7.1M - FY2023: -$1.0M - FY2024: $7.3M - FY2025: $26M ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in credit services; annual sales are USD 381.2 million. - Source: https://www.sec.gov/Archives/edgar/data/1818502/000181850226000019/opfi-20251231.htm#000181850226000019 (filed 2026-03-12); FY2025: revenue 381182000. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OPFI.US: OppFi Inc., a tech-enabled digital finance platform, provides financial products and services for banks in the United States. The company offers installment loans through OppLoans platform. It serves consumers who are turned away by mainstream options. OppFi Inc. was founded in 2012 and is based in Chicago, Illinois. ### Why customers stay It earns 22.1% on shareholders’ money, excluding intangible assets. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 7-year return on tangible equity observations [[2019,0.8810993834440638],[2020,0.7803740486449483],[2021,0],[2022,0],[2023,-0.09626436781609195],[2024,0.2214560322206627],[2025,0.45019150536898983]]; median 0.2214560322206627. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 8 of 8 years; bought back USD 15.5 million of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2018,2346646],[2019,9485000],[2020,15776000],[2021,51024000],[2022,1309000],[2023,10230000],[2024,2374000],[2025,64914000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/1818502/000181850226000019/opfi-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 15517000 USD. ### Are managers owners Insiders own 60.5% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OPFI.US SharesStats.PercentInsiders = 60.504000000000005 percentage points; cache date 2026-10-05. ### What the price says The price is 0.4 times annual sales. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Closing price 5.77 USD; reporting-to-trading FX 1; FY2025 annual sales per share 14.38072186031042; price multiple 0.4012315971373254. FY2025 cash earnings/share 0.9339098480688377. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2020-11: $9.88 per share - 2020-12: $10.18 per share - 2021-01: $10.84 per share - 2021-02: $10.15 per share - 2021-03: $10.19 per share - 2021-04: $10.17 per share - 2021-05: $10.10 per share - 2021-06: $10.21 per share - 2021-07: $9.94 per share - 2021-08: $8.44 per share - 2021-09: $7.86 per share - 2021-10: $6.40 per share - 2021-11: $4.90 per share - 2021-12: $4.54 per share - 2022-01: $4.67 per share - 2022-02: $3.58 per share - 2022-03: $3.43 per share - 2022-04: $2.97 per share - 2022-05: $3.65 per share - 2022-06: $3.29 per share - 2022-07: $3.06 per share - 2022-08: $2.71 per share - 2022-09: $2.30 per share - 2022-10: $2.27 per share - 2022-11: $2.49 per share - 2022-12: $2.05 per share - 2023-01: $2.30 per share - 2023-02: $2.11 per share - 2023-03: $2.05 per share - 2023-04: $1.90 per share - 2023-05: $2.04 per share - 2023-06: $2.04 per share - 2023-07: $2.08 per share - 2023-08: $2.58 per share - 2023-09: $2.52 per share - 2023-10: $2.23 per share - 2023-11: $3.54 per share - 2023-12: $5.12 per share - 2024-01: $3.21 per share - 2024-02: $3.52 per share - 2024-03: $2.50 per share - 2024-04: $2.67 per share - 2024-05: $3.23 per share - 2024-06: $3.39 per share - 2024-07: $3.86 per share - 2024-08: $4.77 per share - 2024-09: $4.73 per share - 2024-10: $5.12 per share - 2024-11: $8.16 per share - 2024-12: $7.66 per share - 2025-01: $13.71 per share - 2025-02: $9.86 per share - 2025-03: $9.30 per share - 2025-04: $9.35 per share - 2025-05: $12.67 per share - 2025-06: $13.99 per share - 2025-07: $10.64 per share - 2025-08: $10.21 per share - 2025-09: $11.33 per share - 2025-10: $9.75 per share - 2025-11: $9.90 per share - 2025-12: $10.46 per share - 2026-01: $9.52 per share - 2026-02: $9.18 per share - 2026-03: $7.71 per share - 2026-04: $9.51 per share - 2026-05: $8.49 per share - 2026-06: $9.93 per share - 2026-07: $9.37 per share - 2026-08: $6.93 per share - 2026-09: $6.03 per share - 2026-10: $5.77 per share ## Annual estimated value (USD per share) - FY2023: low $2.04 per share, central $2.55 per share, high $3.40 per share - FY2024: low $5.21 per share, central $6.51 per share, high $8.68 per share - FY2025: low $7.06 per share, central $8.83 per share, high $11.77 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/1818502/000181850226000019/opfi-20251231.htm); period 2025-12-31, filed 2026-03-12. 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.
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OppFi
OPFI · US
Not a wonderful business
3 quality tests fail. A lower price would not fix the business.
- Share price
- $5.77
- Buy up to
- $2.75
- Expected / yr
- 7.9% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What the price says
1. Is this a good business?
The second-worst year 0% (minimum 5%).
- 7y median
- 22.1%
- Worst year
- -9.6%
- Latest · 2025
- 45.0%
Book value was zero or negative (must stay positive).
Revenue model: 89% estimated likelihood. ; Capital expenditure purpose: 78% estimated likelihood.
- owner cash / profit
- Passing bar
- ≥ 0.80×
Ordinary share growth was 12.6% over the full period and 15.4% over five years (either must be at most 2% a year), and book value gained -0.68 per share against 3.28 kept (must cover the amount kept).
- 7y median
- 126
- Worst year
- 204
- Latest · 2025
- 204
0 accounting warnings were found (none allowed).
Material weakness in internal control: 2% estimated likelihood. ; Auditor change within the past three years disclosed: 2% estimated likelihood. ; Going-concern uncertainty: 3% estimated likelihood. ; Material related-party transactions: 10% estimated likelihood.
- accounting warnings
- 0
- Passing bar
- ≤ 0
Profit record · pass 1 loss year in 8 (at most 2), three-year average earnings per share 0.43 USD.
2. Is the price low enough?
| Value range | $2.20 – $3.66 |
|---|---|
| Buy at or below | Central value $2.75 |
| Discount to value | 1 − 5.77 / 2.75 = -110.2% |
| Return / year | About 7.9% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Book USD 0.69/share; ROE 25.0%; first payout USD 0.11/share, growing 6.0% perpetually (4× book payout cap applied). |
| Required return | 10.0% / year, earned by construction at the central value |
Net income$26M
FY2019 · Net income: $33M; FY2020 · Net income: $78M; FY2021 · Net income: $26M; FY2022 · Net income: $7.1M; FY2023 · Net income: -$1.0M; FY2024 · Net income: $7.3M; FY2025 · Net income: $26M
Book / share$2.21
FY2019 · Book / share: $2.89; FY2020 · Book / share: $7.65; FY2021 · Book / share: -$0.68; FY2022 · Book / share: -$0.03; FY2023 · Book / share: $0.64; FY2024 · Book / share: $1.63; FY2025 · Book / share: $2.21
Dividend / share$0.24
FY2019 · Dividend / share: $0.73; FY2020 · Dividend / share: $1.22; FY2021 · Dividend / share: $3.82; FY2022 · Dividend / share: $0; FY2023 · Dividend / share: $0; FY2024 · Dividend / share: $0.12; FY2025 · Dividend / share: $0.24
Return on tangible equity45.0%
FY2019 · Return on tangible equity: 88.1%; FY2020 · Return on tangible equity: 78.0%; FY2021 · Return on tangible equity: 0.0%; FY2022 · Return on tangible equity: 0.0%; FY2023 · Return on tangible equity: -9.6%; FY2024 · Return on tangible equity: 22.1%; FY2025 · Return on tangible equity: 45.0%
Diluted shares27M
FY2019 · Diluted shares: 13M; FY2020 · Diluted shares: 13M; FY2021 · Diluted shares: 13M; FY2022 · Diluted shares: 17M; FY2023 · Diluted shares: 16M; FY2024 · Diluted shares: 20M; FY2025 · Diluted shares: 27M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·