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OMF, OneMain Holdings Inc.
A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
The business
What it sells, where the money comes from, the kind of company it is.
Next report Est. 10/26–11/2 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~31 days after · the wire records it on arrival
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?
- Not enough dataIndustry peers: median 8%
What this means
Net income or equity wasn't found in the filing data.
- Not enough dataIndustry peers: median 8%
What this means
Equity, goodwill or intangibles missing.
- Efficiency ratio 39%Low cost ratio (<58%)Noninterest expense $1.9B ÷ (net interest income + fees)
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 cushion —Not enough data
What this means
Equity or total assets missing.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost (provision / NII) 48%ElevatedProvision for credit losses $2.0B ÷ 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.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
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.
Peers, Consumer Finance
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | Efficiencymedian over the record | NII / assetsmedian over the record | Noninterest-bearing sharelatest FY |
|---|---|---|---|---|---|---|
| DFSDiscover Financial Services | $17.9B | 25% | 26% | 39% | 8.6% | 1% |
| ALLYAlly Financial Inc. | $7.9B | 8% | 8% | — | — | — |
| OMFOneMain Holdings Inc. | $4.9B | — | — | 39%1y | 15.3%1y | — |
| SLMSLM Corporation | $2.0B | — | — | 33%1y | 5.0%1y | 0% |
| TROOTROOPS Inc. Ordinary Shares | $17M | -14% | -22% | — | 0.0%4y | — |
| Group median | — | — | — | 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: ← OMDA its page in the Manual ON →
Industry order: ← LPRO the Consumer Finance chapter ORBS →