# Synchrony Financial (SYF.US)

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

Analysis as of: 2026-10-16T07:32:13.102Z. Financial observations: FY2011–FY2026.

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: $74.04 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.22×

- FY2019: 0.28×

- FY2020: 0.12×

- FY2021: 0.37×

- FY2022: 0.25×

- FY2023: 0.17×

- FY2024: 0.23×

- FY2025: 0.24×

- LTM to Jun 2026: 0.24×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 10.5%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 49.7%

- Recent gross margin (lower of latest and 3-year median): 51.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 15.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.6%

- FY2018: 12.6%

- FY2019: 14.4%

- FY2020: 10.5%

- FY2021: 30.3%

- FY2022: 13.1%

- FY2023: 15.3%

- FY2024: 27.0%

- FY2025: 26.8%

- LTM to Jun 2026: 22.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $19B

- Net income, five-year total: $17B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -93.4 pp

- Working capital / revenue, change between three-year averages: -556.2 pp

- Working capital / revenue, final three-year average: -67.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.09×

- FY2022: 1.14×

- FY2023: 1.20×

- FY2024: 1.14×

- FY2025: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 26.8%

- Per-share earnings: 2.65 to 8.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -7.7%

- Ordinary dilution, 5-year annual growth: -8.7%

- Market cap gain: -$695M

- Cumulative retained earnings: $19B

- Diluted shares, 10-year annual growth: -7.7%

- Diluted shares, 5-year annual growth: -8.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.1%

- Per-share value change: $6.08

- Per-share value, starting three-year median: $2.65

- Per-share value, ending three-year median: $8.73

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 9.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: $29B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 26.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.71

- FY2017: $2.42

- FY2018: $3.74

- FY2019: $5.56

- FY2020: $2.34

- FY2021: $7.41

- FY2022: $6.24

- FY2023: $5.28

- FY2024: $8.73

- FY2025: $9.50

### accounting: pass

- Sloan accruals: -5.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -7.3%

- FY2018: -6.1%

- FY2019: -5.0%

- FY2020: -6.4%

- FY2021: -3.0%

- FY2022: -3.5%

- FY2023: -5.4%

- FY2024: -5.3%

- FY2025: -5.3%

## Holders

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

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

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

## Price story

Up 164% since Oct 2023 · "SYF Q4 Deep Dive: Flat Revenues and Cautious Growth Outlook Amid Product Expansion" (finance.yahoo.com, Jan 2026) · sales -0.1%

Story as of 2026-10-16T09:59:39.288Z; price observation 2026-10-15.

- 2025-07-22: Synchrony Financial (SYF) Reports Strong Earnings Growth Despite Share Buyback Completion ([finance.yahoo.com](https://finance.yahoo.com/news/synchrony-financial-syf-reports-strong-174310605.html))

- 2025-10-15: Synchrony Q3 Earnings Beat Estimates on Improved Purchase Volume ([finance.yahoo.com](https://finance.yahoo.com/news/synchrony-q3-earnings-beat-estimates-160100302.html))

- 2026-01-28: SYF Q4 Deep Dive: Flat Revenues and Cautious Growth Outlook Amid Product Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/syf-q4-deep-dive-flat-053414492.html))

- 2026-04-21: Synchrony Q1 Earnings Match Estimates on Purchase Volume Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/synchrony-q1-earnings-match-estimates-190300379.html))

### Sales · FY2025–2026

sales -0.1%; source https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm; observed 2026-02-06.

- FY2017: $15B 

- FY2018: $16B 

- FY2019: $17B 

- FY2020: $15B 

- FY2021: $15B 

- FY2022: $16B 

- FY2023: $17B 

- FY2024: $20B 

- FY2025: $19B 

- FY2026: $19B 

### Gross margin · FY2026

gross margin 52.3%; source https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm; observed 2026-02-06.

- FY2017: 46.2% 

- FY2018: 47.2% 

- FY2019: 53.2% 

- FY2020: 39.5% 

- FY2021: 64.3% 

- FY2022: 51.9% 

- FY2023: 44.3% 

- FY2024: 48.1% 

- FY2025: 51.4% 

- FY2026: 52.3% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are USD 19 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm#000160171226000006 (filed 2026-02-06); FY2025: revenue 18986000000; grossProfit 9756000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SYF.US: Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. The company provides credit products, such as credit cards, commercial credit products, and consumer installment loans. It also offers private label credit cards, dual and general purpose co-branded cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party firms. In addition, the company provides debt cancellation products to its credit card customers through online and mobile channels; and healthcare payments and financing solutions under the CareCredit and Walgreens brands; payments and financing solutions in the apparel, specialty retail, outdoor, music, and luxury industries, such as American Eagle, Dick's Sporting Goods, Guitar Center, Pandora, Polaris, Suzuki, and Sweetwater. It offers its credit products through programs established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers; and deposit products through various channels, such as digital and print. It serves digital, health and wellness, retail, home, auto, telecommunications, pet, outdoor, and other industries. The company was founded in 1932 and is headquartered in Stamford, Connecticut.

### Why customers stay

Margins ranged from 44.3% to 51.4% during 2023–25; it earns 14.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2023-12-31 (filed 2026-02-06); FY2023: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2024-12-31 (filed 2026-02-06); FY2024: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2025-12-31 (filed 2026-02-06); FY2025: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2017,0.09628342245989305],[2018,0.1257209805335256],[2019,0.14446543547827428],[2020,0.10468631897203326],[2021,0.3028628829733802],[2022,0.13079491738583635],[2023,0.15320372398685653],[2024,0.26961010941593466],[2025,0.2677925211097708],[2026,0.22303937107715716]]; median 0.14883457973256542. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 4% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2016-12-31 (filed 2026-02-06); FY2016: growth capex 0; upkeep 0; owner earnings 2837000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2017-12-31 (filed 2026-02-06); FY2017: growth capex 0; upkeep 0; owner earnings 3620000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2018-12-31 (filed 2026-02-06); FY2018: growth capex 0; upkeep 0; owner earnings 3797000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2019-12-31 (filed 2026-02-06); FY2019: growth capex 0; upkeep 0; owner earnings 4114000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2020-12-31 (filed 2026-02-06); FY2020: growth capex 0; upkeep 0; owner earnings 1768000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2021-12-31 (filed 2026-02-06); FY2021: growth capex 0; upkeep 0; owner earnings 4611000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2022-12-31 (filed 2026-02-06); FY2022: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 3435000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2023-12-31 (filed 2026-02-06); FY2023: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 2696000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2024-12-31 (filed 2026-02-06); FY2024: growth capex 0; upkeep 0; cash acquisitions 1935000000; owner earnings 3980000000. Growth capex plus acquisitions / owner earnings = 0.4861809045226131.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2025-12-31 (filed 2026-02-06); FY2025: growth capex 0; upkeep 0; cash acquisitions 161000000; owner earnings 4066000000. Growth capex plus acquisitions / owner earnings = 0.03959665518937531.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,214000000],[2017,446000000],[2018,534000000],[2019,581000000],[2020,562000000],[2021,542000000],[2022,476000000],[2023,448000000],[2024,470000000],[2025,510000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SYF.US.json#2025-12-31 (filed 2026-02-06); FY2025: cash repurchases 2941000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SYF.US SharesStats.PercentInsiders = 0.35200000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Closing price 74.04 USD; reporting-to-trading FX 1; FY2025 annual sales per share 50.77828296335919; price multiple 1.4581036553249764. FY2025 cash earnings/share 10.874565391815993. Closing-price date 2026-10-15.

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

- 2016-10: $28.59 per share

- 2016-11: $34.56 per share

- 2016-12: $36.27 per share

- 2017-01: $35.82 per share

- 2017-02: $36.24 per share

- 2017-03: $34.30 per share

- 2017-04: $27.80 per share

- 2017-05: $26.85 per share

- 2017-06: $29.82 per share

- 2017-07: $30.32 per share

- 2017-08: $30.79 per share

- 2017-09: $31.05 per share

- 2017-10: $32.62 per share

- 2017-11: $35.89 per share

- 2017-12: $38.61 per share

- 2018-01: $39.68 per share

- 2018-02: $36.39 per share

- 2018-03: $33.53 per share

- 2018-04: $33.17 per share

- 2018-05: $34.63 per share

- 2018-06: $33.38 per share

- 2018-07: $28.94 per share

- 2018-08: $31.67 per share

- 2018-09: $31.08 per share

- 2018-10: $28.88 per share

- 2018-11: $25.98 per share

- 2018-12: $23.46 per share

- 2019-01: $30.04 per share

- 2019-02: $32.61 per share

- 2019-03: $31.90 per share

- 2019-04: $34.67 per share

- 2019-05: $33.63 per share

- 2019-06: $34.67 per share

- 2019-07: $35.88 per share

- 2019-08: $32.05 per share

- 2019-09: $34.09 per share

- 2019-10: $35.37 per share

- 2019-11: $37.41 per share

- 2019-12: $36.01 per share

- 2020-01: $32.41 per share

- 2020-02: $29.10 per share

- 2020-03: $16.09 per share

- 2020-04: $19.79 per share

- 2020-05: $20.37 per share

- 2020-06: $22.16 per share

- 2020-07: $22.13 per share

- 2020-08: $24.81 per share

- 2020-09: $26.17 per share

- 2020-10: $25.02 per share

- 2020-11: $30.47 per share

- 2020-12: $34.71 per share

- 2021-01: $33.65 per share

- 2021-02: $38.68 per share

- 2021-03: $40.66 per share

- 2021-04: $43.74 per share

- 2021-05: $47.41 per share

- 2021-06: $48.52 per share

- 2021-07: $47.02 per share

- 2021-08: $49.75 per share

- 2021-09: $48.88 per share

- 2021-10: $46.45 per share

- 2021-11: $44.79 per share

- 2021-12: $46.39 per share

- 2022-01: $42.59 per share

- 2022-02: $42.78 per share

- 2022-03: $34.81 per share

- 2022-04: $36.81 per share

- 2022-05: $37.04 per share

- 2022-06: $27.62 per share

- 2022-07: $33.48 per share

- 2022-08: $32.75 per share

- 2022-09: $28.19 per share

- 2022-10: $35.56 per share

- 2022-11: $37.58 per share

- 2022-12: $32.86 per share

- 2023-01: $36.73 per share

- 2023-02: $35.71 per share

- 2023-03: $29.08 per share

- 2023-04: $29.51 per share

- 2023-05: $30.96 per share

- 2023-06: $33.92 per share

- 2023-07: $34.54 per share

- 2023-08: $32.28 per share

- 2023-09: $30.57 per share

- 2023-10: $28.05 per share

- 2023-11: $32.36 per share

- 2023-12: $38.19 per share

- 2024-01: $38.87 per share

- 2024-02: $41.30 per share

- 2024-03: $43.12 per share

- 2024-04: $43.98 per share

- 2024-05: $43.80 per share

- 2024-06: $47.19 per share

- 2024-07: $50.79 per share

- 2024-08: $50.26 per share

- 2024-09: $49.88 per share

- 2024-10: $55.14 per share

- 2024-11: $67.52 per share

- 2024-12: $65.00 per share

- 2025-01: $68.98 per share

- 2025-02: $60.68 per share

- 2025-03: $52.94 per share

- 2025-04: $51.95 per share

- 2025-05: $57.65 per share

- 2025-06: $66.74 per share

- 2025-07: $69.67 per share

- 2025-08: $76.34 per share

- 2025-09: $71.05 per share

- 2025-10: $74.38 per share

- 2025-11: $77.36 per share

- 2025-12: $83.43 per share

- 2026-01: $72.63 per share

- 2026-02: $69.11 per share

- 2026-03: $68.02 per share

- 2026-04: $76.20 per share

- 2026-05: $71.44 per share

- 2026-06: $76.05 per share

- 2026-07: $75.79 per share

- 2026-08: $77.08 per share

- 2026-09: $70.97 per share

- 2026-10: $74.04 per share

## Annual estimated value (USD 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

Prior published observations retained from 2026-10-15T06:37:58.095Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-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.