MeritValue

OneMain Holdings, Inc.

OMFdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

OneMain Holdings, Inc. earns about 16% on invested capital, and has bought back 10% of its shares over 5 years. The applicable estimate puts fair value near $68.03 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.36B1$4.44B2$4.56B3$4.99B3$5.46B3
Net income$1.31B4$872M5$641M6$509M6$783M6
Operating cash flow$2.25B7$2.39B8$2.52B9$2.7B9$3.13B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$17.8B10$18.3B11$19.8B12$21.4B13$22.7B13
Cash & equivalents$541M14$498M15$1.01B16$458M16$914M16
Diluted shares133.1M124.4M120.6M120.1M119.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$285.15
your share of equity
Profit it earned you last year
$65.65
Free cash flow it threw off
—
Debt you’d be carrying
$1,902.76

10 shares is a claim on $285.15 of net worth that earned you $65.65 last year, against $1,902.76 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 19%FY22 17%FY23 15%FY24 14%FY25 16%

It earned an average 16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 28% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$68.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$783M
  • growthAssumed0.0%
Graham Number
$64.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001584207-24-000005 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001584207-25-000006 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001584207-26-000008 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001584207-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001584207-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001584207-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001584207-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001584207-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001584207-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001584207-23-000012 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001584207-24-000005 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001584207-25-000006 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001584207-26-000008 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001584207-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001584207-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001584207-26-000008 (CashAndCashEquivalentsAtCarryingValue)