OMF: April ABS; Early and Late-Stage DQ Improves M/M

研报英文原文证据摘录

OMF: April ABS; Early and Late-Stage DQ Improves M/M

Equity Research

Flash Comment — May 14, 2026

Consumer Finance

OneMain Holdings, Inc.

April ABS; Early and Late-Stage DQ Improves M/M Equal Weight

Price Target: $65.00

Ticker OMF

Our Call Upside/(Downside) to Target 24.0%

OMF April DQ data showed better early stage DQ improvement on a m/m basis vs Price (05/13/2026) $52.44

normal seasonality. Late-stage DQs also declined m/m. April data suggests consumer 52 Week Range $45.78 - 71.93

finance resilience amid higher gas prices. Market Cap (MM) $6,150

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

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

April 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 OneMain'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 positive in April. The 30-89 day 212-214-8295

DQ rate was down -5bps m/m vs last year's seasonality of +2bps m/m. However, material Steven DeBartolo, CFA

improvement in one trust helped the aggregate. Additionally, for each trust the 90+ day Associate Equity Analyst | Wells Fargo Securities, LLC

DQ rate improved m/m—a positive sign after Q1 showed late stage performing worse Steven.Debartolo@wellsfargo.com | 201-739-8679

than expected on one-time factors. NCO's look a bit higher y/y in April, similar to Q1,