Onemain Holdings Inc
OMF低于内在价值 · 待确认5 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- +8.9%
- 净利率
- 16.0%
- ROE
- 23.0%
- FCF 利润率
- —
估值 · 价值带
低于内在价值 · 待确认
零增长底
$61
中枢 IV
$62
乐观上沿
$75
Onemain Holdings Inc（OMF）：保守价值带 $61–$75 / 股（零增长底到增速封顶的乐观上沿）。今天的价格 $57（截至 2026-10-22）低于价值带，低于中枢约 $62。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 最新盈利低于多年均值，价值带按更低的运行率计。
- 金融股高杠杆：这里的股权价值是降级近似。
营收增 0%（历史下滑，封顶为零） · 护城河 10 年 · 折现 10.8% · 零增长下行 $61
价格截至 2026-10-22 · yahoo · DGS10 5.1% @ 2026-10-21.
方法与数字
高杠杆 — 价值区间为降级近似（见方法）。
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
模型警示
- 所有者盈利收益率与 10 年期美债大幅背离（超过 300 个基点）。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $56.22 – $70.06 · Greenwald 零增长 $74.97 · 零增长基准 $74.97 · 重置 $14.08
护城河 特许经营（护城河） · 终值占现值 36% · 所有者盈利收益率 12% 对 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$61.34 – $74.97 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 简化：Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
重置价值 = 有形净资产 $1.63B = $14.08 / 股. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
假设一般护城河 · 竞争优势期约 10 年。
增长价值无法评估 — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
窗口 TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.63%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
High leverage (net debt / shareholders' equity above 1.0): for financial issuers the single 9–11% rate band is a low-leverage approximation that is not priced for leverage (financials are exempt from the leverage premium; see the reliability gate instead). The ranges are shown but should be read with that in mind.
估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 -1.7%；公司过去营收年增 4.7%。
低于它自己做到过的。
粗略地说，现价要它按历史营收增速再增长约 1 年，才刚好撑得起。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
5 位持有 · 合计 $643.9M
Q2 2026：新建 0 · 增持 1 · 减持 3 · 清仓 0
Q3 2026 申报中 2/94。
- 市值$462.5M权重（上季→本季）10.2% → 10.1%
- 市值$129.9M权重（上季→本季）3.5% → 3.7%
- 市值$42.8M权重（上季→本季）1.6% → 1.4%
- 市值$5.1M权重（上季→本季）1.2% → 1.2%
- 市值$3.7M权重（上季→本季）0.0% → 0.0%
SEC 13F · 说明
文字说明
文字说明
Onemain Holdings Inc（OMF）被 Compounder 追踪的 5 位超级投资者持有，合计申报市值 $643.9M。仓位最大的是 Glenn Greenberg，占其组合 10.1%。
按市值，其他主要持有人包括 Leon Cooperman（占其组合 3.7%），Samantha McLemore（占其组合 1.4%） 和 Bill Miller（占其组合 1.2%）。
截至 2026-06-30 的这一季，追踪范围内有 0 位新建 OMF 仓位，1 位加仓，3 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Onemain Holdings Inc（OMF）的这些人还共同重仓 →
看哪些股票现价低于内在价值。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交· Yahoo Finance 截至 2026-10-22· SEC 10-K + 10-Q (XBRL) 截至 2026-06-30 · 2026-07-30 提交·FRED 10 年期美债(DGS10) 截至 2026-10-21
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
订阅更新
每季 13F 申报截止后一封，讲超级投资者这季动了什么。随时退订。