Detailed financial statements for OppFi Inc. (OPFI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
OppFi Inc. provides a financial technology platform that enables banks to extend various lending solutions. This platform notably features several distinct financial instruments: the OppLoan, a standard installment loan; SalaryTap, an installment loan secured via payroll deduction; and the OppFi Card, a dedicated credit card. OppFi's headquarters are situated in Chicago, Illinois.
Analysis Summary
OppFi Inc. reported revenue of $597.0M in the most recent fiscal year, growing at a 5-year CAGR of 15.5%. Net income reached $26.3M, with a -19.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 101.3%, operating margin 33.3%, net margin 16.6%. Free cash flow grew at 16.1% CAGR over 5 years.
At the current price of $7.03, OPFI trades at a P/E of 2.06 and an ROE of 68.06%. Market capitalisation stands at $600M.
Balance sheet quality for OPFI: current ratio of 7.4, net debt of $283.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $382.2M represents 1452% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $54.4M | $107.3M | $291.0M | $350.6M | $452.9M | $508.9M | $526.0M | $597.0M |
| Cost of Revenue | 0 | 0 | $44.2M | $89.2M | $95.1M | $107.4M | $105.2M | $29.3M |
| Gross Profit | $54.4M | $107.3M | $246.8M | $261.4M | $357.7M | $401.5M | $420.8M | $567.7M |
| Research & Development | $4.9M | $8.4M | 0 | 0 | 0 | 0 | $21.2M | 0 |
| Selling, General & Admin | $31.2M | $29.3M | $38.1M | $88.9M | $87.5M | $86.7M | $89.9M | $87.6M |
| Operating Expenses | $44.6M | $74.3M | $169.3M | $204.1M | $364.1M | $355.2M | $326.2M | $374.5M |
| Operating Income | $20.8M | $33.0M | $77.5M | $57.3M | -$6.3M | $46.4M | $94.5M | $193.2M |
| EBITDA | $2.4M | $4.3M | $103.5M | $100.5M | $244.8M | $290.5M | $308.6M | $200.7M |
| Interest Expense | 0 | 0 | $19.3M | $137000 | $35.2M | $46.8M | $182.2M | $39.4M |
| Pre-tax Income | $9.7M | $33.0M | $77.5M | $90.1M | $3.1M | $41.8M | $88.1M | $156.1M |
| Income Tax | 0 | 0 | 0 | $311000 | -$277000 | $2.3M | $4.2M | $9.9M |
| Net Income | $9.7M | $33.0M | $77.5M | $25.6M | $7.1M | -$1.0M | $7.3M | $26.3M |
| EPS | $2.54 | $5.97 | $1.93 | $0.51 | $-0.06 | $0.36 | $0.99 | |
| EPS (Diluted) | $2.54 | $5.97 | $0.48 | $0.05 | $-0.06 | $0.36 | $0.99 | |
| Shares Outstanding (Diluted) | 0 | $13.0M | $13.0M | $84.5M | $84.3M | $16.4M | $20.1M | $26.5M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.8M | $25.6M | $25.1M | $16.2M | $31.8M | $61.3M | $49.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $222.2M | $388.1M | $459.9M | $465.3M | $475.7M | $546.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $16.8M | $267.9M | $450.5M | $510.2M | $539.3M | $564.0M | $639.5M |
| Property, Plant & Equipment | $6.6M | $10.6M | $14.6M | $27.6M | $22.5M | $24.3M | $36.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $286.6M | $285.8M | $502.1M | $579.8M | $601.5M | $641.2M | $754.1M |
| Accounts Payable | 0 | $1.4M | $6.1M | $6.3M | $4.4M | $879000 | $2.8M |
| Short-term Debt | 0 | $16.0M | $22.4M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $15.4M | $44.4M | $58.1M | $55.2M | $51.5M | $59.8M | $86.0M |
| Long-term Debt | $223.9M | $142.1M | $251.6M | $347.1M | $334.1M | $318.8M | $321.4M |
| Total Liabilities | $249.2M | $186.5M | $344.2M | $420.7M | $407.5M | $407.0M | $445.2M |
| Retained Earnings | $30.6M | $92.3M | -$70.7M | -$63.5M | -$63.6M | -$55.1M | -$33.5M |
| Total Equity | $37.4M | $99.3M | -$9.0M | -$494000 | $10.4M | $32.8M | $58.5M |
| Total Debt | $223.9M | $158.1M | $274.0M | $363.6M | $349.2M | $332.1M | $332.8M |
| Net Debt | $207.1M | $132.5M | $249.0M | $347.4M | $317.4M | $270.7M | $283.3M |
| Working Capital | $1.4M | $223.5M | $392.3M | $455.0M | $487.8M | $504.2M | $553.5M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $9.7M | $33.0M | $77.5M | $89.8M | $3.3M | -$1.0M | $83.8M | $146.2M |
| Depreciation & Amortization | $2.4M | $4.3M | $6.7M | $10.3M | $13.6M | $12.7M | $9.6M | $5.2M |
| Stock-based Compensation | 0 | $66000 | $144000 | $3.0M | $3.4M | $4.1M | $5.3M | $10.0M |
| Change in Working Capital | -$8.4M | -$4.5M | $15.0M | $3.9M | -$9.3M | -$2.0M | $6.8M | -$1.3M |
| Operating Cash Flow | $63.0M | $148.9M | $192.1M | $167.3M | $243.3M | $296.1M | $323.8M | $401.3M |
| Capital Expenditure | -$4.1M | -$6.6M | -$10.7M | -$14.4M | -$13.2M | -$9.0M | -$13.0M | -$19.1M |
| Acquisitions | 0 | 0 | 0 | 0 | -$1.3M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$2.5M | 0 | -$3.6M | -$15.5M |
| Dividends Paid | -$2.3M | -$9.5M | -$15.8M | -$51.0M | -$1.3M | -$10.2M | -$2.4M | -$64.9M |
| Free Cash Flow | $58.9M | $142.3M | $181.4M | $153.0M | $230.0M | $287.2M | $310.8M | $382.2M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +97.3% | +171.2% | +20.5% | +29.2% | +12.4% | +3.3% | +13.5% | |
| Net Income Growth (YoY) | +239.0% | +134.9% | -67.0% | -72.2% | -114.2% | +822.2% | +262.8% | |
| EPS Growth (YoY) | +135.0% | -67.7% | -73.6% | -112.0% | +687.3% | +175.0% | ||
| Shares Change (YoY) | +0.0% | +550.9% | -0.3% | -80.5% | +22.9% | +31.6% | ||
| FCF Growth (YoY) | +141.4% | +27.5% | -15.7% | +50.4% | +24.8% | +8.2% | +23.0% | |
| Gross Margin | 100.0% | 100.0% | 84.8% | 74.6% | 79.0% | 78.9% | 80.0% | 95.1% |
| Operating Margin | 38.2% | 30.8% | 26.6% | 16.3% | -1.4% | 9.1% | 18.0% | 32.4% |
| EBITDA Margin | 4.5% | 4.0% | 35.6% | 28.7% | 54.0% | 57.1% | 58.7% | 33.6% |
| Net Margin | 17.9% | 30.8% | 26.6% | 7.3% | 1.6% | -0.2% | 1.4% | 4.4% |
| FCF Margin | 108.4% | 132.6% | 62.3% | 43.6% | 50.8% | 56.4% | 59.1% | 64.0% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.3% | -9.0% | 5.6% | 4.8% | 6.3% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $10.96 | $13.98 | $1.81 | $2.73 | $17.52 | $15.43 | $14.42 | |
| Dividends Per Share | $0.73 | $1.22 | $0.60 | $0.02 | $0.62 | $0.12 | $2.45 | |
| Shares Outstanding (Basic) | 0 | $13.0M | $13.0M | $13.2M | $13.9M | $16.4M | $20.1M | $26.5M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 68.06% |
| Return on Invested Capital | 87.09% |
| Return on Assets | 13.20% |
| Gross Margin | 101.26% |
| Operating Margin | 33.33% |
| Net Margin | 16.64% |
Financial Health
| Debt / Equity | 0.71 |
| Current Ratio | 57.15 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.83 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 3.88 | 1.71 | 2.35 | 4.02 | -83.52 | 21.28 | 10.57 |
| P/B | 0.00 | 3.41 | 1.33 | -6.64 | -57.74 | 8.04 | 4.71 | 4.74 |
| P/S | 0.00 | 1.19 | 0.45 | 0.17 | 0.06 | 0.16 | 0.29 | 0.46 |
| Gross Margin | 100.0% | 100.0% | 84.8% | 74.6% | 79.0% | 78.9% | 80.0% | 95.1% |
| Operating Margin | 38.2% | 30.8% | 26.6% | 16.3% | -1.4% | 9.1% | 18.0% | 32.4% |
| Net Margin | 17.9% | 30.8% | 26.6% | 7.3% | 1.6% | -0.2% | 1.4% | 4.4% |
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Explore sector: Financial Services · Financial - Credit Services
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