OMF: Early Stage Delinq's Weaker Than Historical m/m Seasonality

Research evidence excerpt

OMF: Early Stage Delinq's Weaker Than Historical m/m Seasonality

Equity Research

Flash Comment — June 15, 2026

Consumer Finance

OneMain Holdings, Inc.

Early Stage Delinq's Weaker Than Historical m/m Equal Weight

Seasonality Price Target: $65.00

Ticker OMF

Our Call Upside/(Downside) to Target 14.6%

May early-stage DQ data showed a slightly weaker performance on a m/m basis vs Price (06/12/2026) $56.71

normal seasonality. But, late-stage DQs declined m/m and NCOs were solid y/y. Consumer 52 Week Range $45.78 - 71.93

finance stocks should see a nice bid from the Iran deal news and lower oil prices. Market Cap (MM) $6,651

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

May ABS Data. OneMain released data for its ABS trusts this morning. We hone in on six Donald Fandetti, CFA

of these trusts that we believe are the most relevant to OMF's personal loan portfolio Equity Analyst | Wells Fargo Securities, LLC

Don.Fandetti@wellsfargo.com | 704-410-6093

(still in the revolving period and are seasoned). We also focus on the 2025-1 auto ABS

vintage. Nathaniel Richam-Odoi

Associate Equity Analyst | Wells Fargo Securities, LLC

Nathaniel.Richam-Odoi@wellsfargo.com |

Our Takeaway. In aggregate, early-stage DQ trends were slightly weaker than seasonality 212-214-8295

in May. The 30-89 day DQ rate was up +10bps m/m vs last year's seasonality of +7bps Steven DeBartolo, CFA

m/m. Furthermore, all but one trust had weaker y/y performance on early stage DQ Associate Equity Analyst | Wells Fargo Securities, LLC

trends compared to April. Positively, each trust saw 90+ day DQ rates improve on a m/ Steven.Debartolo@wellsfargo.com | 201-739-8679

m basis, this is the second consecutive month of that trend.