Stonegate Capital Partners Updates Coverage on OppFi Following Record FY25 Performance

Stonegate Capital Partners has updated its coverage on OppFi, Inc. following the company's strong fiscal year 2025 performance. OppFi reported record revenue of $597.1 million, adjusted net income of $139.8 million, and adjusted earnings per share of $1.59, representing year-over-year increases of 13.5%, 69.1%, and $0.64 respectively. GAAP net income rose 74.4% to $146.2 million, demonstrating significant profitability improvement.

The financial technology company's results were driven by several key factors including the implementation of Model 6, broader use of risk-based pricing, and solid operating discipline. These initiatives improved unit economics and margin conversion, contributing to what Stonegate described as a meaningful step forward in profitability and underwriting capabilities. The company's capital return capacity also strengthened during the fiscal year.

Management demonstrated confidence in the company's financial position by repurchasing $15.5 million worth of shares at an average price of $10.04, with $20.9 million remaining under the current authorization. This capital return strategy reflects improved financial flexibility stemming from strong free cash flow generation, ample liquidity, and lower funding costs. Stonegate noted that capital flexibility improved meaningfully throughout FY25.

Looking forward, management has provided FY26 guidance that supports continued momentum. The company expects solid growth while characterizing recent credit pressure as temporary rather than structural. Stonegate's analysis suggests that FY25 represented a breakout year for OppFi, with record revenue, earnings, and margin expansion highlighting stronger scale, pricing discipline, and operating efficiency. The full research report and additional materials are available through Stonegate Capital Partners' website for investors seeking detailed analysis of OppFi's financial performance and strategic positioning in the financial technology sector.