OppFi

OPFI on NYSE. OppFi sells installment loans to Americans with poor credit. Market value $367m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
33.6%five-year median

Yearly profit per dollar of owners' money: 34 cents. Above 10 is good.

Price to book
quarterly report to June 2026
0.4×

What you pay for each dollar of net assets: $0.40.

Earnings yield
past 12 months to June 2026
62.1%

Profit per $100 you pay: $62.10.

Quality score: 76 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$6.18 a share, 5% above its 1-year low

Over the past year the price has ranged from $5.91 to $11.69.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$264m$217m$273m$321m$381m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.11bn0.09bn0.09bn0.03bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 9.7% a year
  • Buying back its own sharesYes, 76% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $86 million last quarter, down 14% on a year ago.
  • Profit: $15 million, after a loss of $21 million a year ago.
  • Spare cash over the past 12 months: $385 million, up from $334 million.
  • 223% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$91m
December 2024$81m
March 2025$91m
June 2025$100m
September 2025$105m
December 2025$86m
March 2026$87m
June 2026$86m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$4m
December 2024-$6m
March 2025-$11m
June 2025-$21m
September 2025$42m
December 2025$17m
March 2026$28m
June 2026$15m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

None of the long-term investors we follow own it. 145 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Todd G. Schwartz
    Insider or founder
    at least 32.0%−35.9 pts
    (filed with 7 related holders)
    Since 28 April 2026
    What they said

    The information set forth in Item 3 above is incorporated into this Item 4 by reference. Effective upon the Closing, and in accordance with the terms of the Business Combination Agreement, (i) each executive officer of FGNA ceased serving in such capacities, (ii) each member of…

    Read the filing
  • Wellington Management Company LLP
    Passive investor
    9.5%+0.9 pts
    Since 31 March 2026
  • at least 3.5%−6.4 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • LMR Partners LLC
    Passive investor
    at least 2.5%−5.2 pts
    (filed with 5 related holders)
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026
  • Aristeia Capital, L.L.C.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Wellington Trust Company, NA
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $1m of shares on the open market. 5 sold $2m, $244,115 of it under preset trading plans.

  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    14 September 2026
    Shares
    1,940
    Price
    $7.80
    Value
    $15,125
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    11 September 2026
    Shares
    3,300
    Price
    $7.96
    Value
    $26,281
  • Johnson Pamela D.
    CFO
    Sold
    Date
    11 September 2026
    Shares
    8,650
    Price
    $8.02
    Value
    $69,365
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    10 September 2026
    Shares
    3,350
    Price
    $7.56
    Value
    $25,314
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    9 September 2026
    Shares
    3,450
    Price
    $7.59
    Value
    $26,190
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    8 September 2026
    Shares
    3,475
    Price
    $7.41
    Value
    $25,737
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    4 September 2026
    Shares
    3,500
    Price
    $7.35
    Value
    $25,741
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    3 September 2026
    Shares
    3,450
    Price
    $7.33
    Value
    $25,305
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    2 September 2026
    Shares
    3,550
    Price
    $7.15
    Value
    $25,377
  • Schwartz Todd G.
    Chief Executive Officer, Director
    Bought
    Date
    1 September 2026
    Shares
    3,550
    Price
    $6.91
    Value
    $24,542

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Changes in U.S. tax laws could have a material adverse effect on our business, financial condition and results of operations.

    Could happen
    More recently, the U.S. enacted the OBBBA, which makes permanent many provisions of the Tax Act and also introduces additional changes affecting individuals and businesses. Additional legislative proposals and enacted measures, including those included in the OBBBA, may further alter U.S. tax policy. Such changes could include, among other things, adjustments to corporate tax rates, limitations on certain deductions, changes to the taxation of cross-border activities or revisions to tax credits or other incentives. The OBBBA did not have a significant impact on our fiscal year 2025 consolidated financial statements, but the impact of the OBBBA will likely be subject to ongoing technical guidance and accounting interpretation by the current presidential administration, which we will continue to monitor and assess, and we will continue to evaluate its potential impact on our future consolidated financial statements.
    Read more
  • We are no longer a “smaller reporting company” within the meaning of Regulation S-K which subjects us to expanded public reporting requirements that may increase our costs.

    The loss of smaller reporting company status has increased, and may continue to increase our legal, accounting and compliance costs, require additional management time and attention, and place additional demands on our systems and resources. If we are not able to comply with the changing requirements in a timely manner or with adequate compliance, the trading price of our securities could decline and we could be subject to investigations by the SEC or other regulatory authorities that would require additional financial and management resources. In addition, the increased disclosure requirements applicable to us may make comparisons of our financial statements and other disclosure with those of prior periods, or with those of other companies that continue to qualify as smaller reporting companies, more difficult.
    Read more
  • If the DFPI is successful on appeal or otherwise prevails in future proceedings in asserting that we are subject to the CFL, our bank partners’ ability to originate loans in California could suffer, which could have a material adverse effect on our business, results of operations and financial condition.

    Could happen
    In February 2026, the Court issued a Tentative Statement of Decision, which grants our summary judgment motion, dismissing the Defendant’s cross-claims alleging violations of the CFL. The Court concluded that the DFPI failed to raise a triable issue of material fact that the Company was the “true lender” or that FinWise was a sham or “dummy” lender, and further found no evidence that the loans at issue were usurious at inception. The DFPI retains the right to appeal this decision, and any appeal could result in reversal, remand for further proceedings or continued uncertainty regarding the applicability of the CFL to our Program.
    Read more
  • Our revenue growth rate may fluctuate or decline, and our financial performance in recent periods may not be indicative of future performance.

    Our revenue growth rate has fluctuated in recent periods and may continue to fluctuate or decline in the future, and we may not be able to maintain or grow our revenue on a sustained basis. For the years ended December 31, 2023, 2024 and 2025, our revenue was approximately $508.9 million, $526.0 million and $597.1 million, respectively, representing year-over-year revenue growth of approximately 3.3% from 2023 to 2024 and 13.5% from 2024 to 2025. You should not rely on our revenue for any previous quarterly or annual period as any indication of our revenue or revenue growth in future periods. In addition, our total net originations have fluctuated in recent periods. For the years ended December 31, 2023, 2024 and 2025, total net originations on our platform were approximately $747.8 million, $801.5 million, $899.3 million, respectively, representing a year-over-year increase of approximately 7.2% from 2023 to 2024 and a year-over-year increase of approximately 12.2% from 2024 to 2025. See the section titled “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” for more information on how we define total net originations. Our origination volumes and revenue may be adversely affected by a number of factors, including changes in borrower demand, competitive dynamics, pricing pressure, shifts in the overall credit market, macroeconomic conditions such as inflation, interest rate changes, economic slowdowns or recessions, the impact of tariffs, tightening of credit markets, and changes in the regulatory environment that affect product terms, partner bank relationships or compliance requirements. As a result of these and other factors, our revenue and origination volumes may vary significantly from period to period or decline, and our financial performance may be adversely affected.
    Read more
  • We face increased competition within our industry and risks concerning innovation and emerging technologies, including artificial intelligence and increasing customer demand for machine learning technologies.

    Could happen
    We may face increased competition due to the rapid development and rising use of digital, artificial intelligence and machine learning technologies. While we currently use artificial intelligence-enabled tools, such as chatbots and other automated technologies, in limited aspects of our operations, we may seek to expand our use of such technologies over time to support customer experience, operational efficiency and other aspects of our business. Our competitors may adopt or deploy artificial intelligence and machine learning technologies more broadly or more effectively than we do, or may be able to achieve greater benefits from such technologies. The successful adoption, expansion and integration of artificial intelligence and machine learning technologies may involve significant costs, operational challenges and execution risks, and there can be no assurance that such technologies will perform as expected, produce the intended benefits or improve our competitive position. The development and use of artificial intelligence and machine learning technologies are also subject to evolving regulatory scrutiny, particularly by financial services regulators, which could limit our ability to deploy such technologies or increase compliance and operational costs. Failure to early adopt, integrate and effectively incorporate such technologies to improve loan performance and customer expectations, experience and support regarding digital and automated experiences may put us at a long-term competitive disadvantage and adversely affect our business, financial condition and results of operations.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It just passed both our tests. The deep dive checks what the numbers can't.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.