OneMain Holdings Inc (OMF)
🔔 Watch stock
A price-to-free-cash-flow ratio of 2.17 looks like a gift: the entire market value earned back in a little over two years. OneMain Holdings, the largest U.S. installment lender to nonprime borrowers, did report $3,132 million of operating cash flow for 2025. Almost two thirds of that figure, however, is the add-back of a $1,997 million loan loss provision — money that never moved. Add the loan book the company has to keep funding and the annual report shows a net outflow of $29 million. In the same year, $499 million of dividends and $141 million of buybacks stood against $1,148 million of net new borrowings. Not investment advice — just the question of which cash box the dividend actually comes from.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralIn den sechs ausgewerteten SEC-Berichten (vier Quartalsberichte 10-Q und zwei Geschäftsberichte 10-K) kommt kein einziger Treffer für „artificial intelligence“, „machine learning“, „AI“ oder „generative“ vor; OneMain beschreibt sein Kreditgeschäft ausschließlich über Filialnetz, zentrale Bearbeitung, digitale Vertriebskanäle und ein „conservative and disciplined underwriting model“ ohne KI-Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-01 · 10-K 2026-02-06 · 10-Q 2025-10-31 · 10-Q 2025-07-29 · 10-Q 2025-05-02 · 10-K 2025-02-07
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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.
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).
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.
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.
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.
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).
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.
- 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.
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 |
| Website | onemainfinancial.com |
| IPO Date | 16. Oct 2013 |
| Next Earnings | 24. Jul 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.