NYSE · Financial Services

Synchrony Financial

SYF · Credit Services

$74.31

▼ -1.45 (-1.91%)

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Mr. Market is currently offering Synchrony Financial at $74.31.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 23.7%

Fin. Health D

Years to Pay Off Debt 4.3 yrs

Valuation C

Margin of Safety 24.3%

Price-to-Book 1.61x

Cash Flow A

Free Cash Flow $9.9B

5/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $25.0B

Enterprise Value $22.6B

P/E (TTM) 7.69

Dividend Yield 1.58%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 23.7%

Company Info

Sector Financial Services

Industry Credit Services

Employees 20000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Synchrony Financial at $74.31.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $74.31, the stock trades below its Graham Number of $98.23 — suggesting a margin of safety exists.

The margin of safety of 24.3% offers some protection but falls short of Graham's preferred 33% buffer.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Synchrony Financial

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. The company provides credit products, such as credit cards, commercial credit products, and consumer installment loans. It also offers private label credit cards, dual and general purpose co-branded cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party firms. In addition, the company provides debt cancellation products to its credit card customers through online and mobile channels; and healthcare payments and financing solutions under the CareCredit and Walgreens brands; payments and financing solutions in the apparel, specialty retail, outdoor, music, and luxury industries, such as American Eagle, Dick's Sporting Goods, Guitar Center, Pandora, Polaris, Suzuki, and Sweetwater. It offers its credit products through programs established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers; and deposit products through various channels, such as digital and print. It serves digital, health and wellness, retail, home, auto, telecommunications, pet, outdoor, and other industries. The company was founded in 1932 and is headquartered in Stamford, Connecticut.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	23.7% ▲	21.7%	16.4%	25.8%
Diluted EPS	9.28 ▲	8.55	5.19	6.15

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$119.1B	$119.5B	$117.5B	$104.6B	N/A
Total Debt	$15.2B ↓	$15.5B	$16.0B	$14.2B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	4.27	4.42	7.14	4.71	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.9B ▲	$9.8B	$8.6B	$6.7B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Total Unusual Items		-43,000	-43,000
Total Unusual Items Excluding Goodwill		-43,000	-43,000
Net Income From Continuing Operation Net Minority Interest	3,552,000	3,499,000	2,238,000	3,016,000
Reconciled Depreciation	514,000	481,000	458,000	419,000
Net Interest Income	18,466,000	18,011,000	16,999,000	15,625,000
Interest Expense	4,135,000	4,634,000	3,711,000	1,521,000
Interest Income	22,601,000	22,645,000	20,710,000	17,146,000
Normalized Income	3,552,000	3,499,000	2,238,000	3,016,000
Net Income From Continuing And Discontinued Operation	3,552,000	3,499,000	2,238,000	3,016,000
Diluted Average Shares	373,900	400,600	423,500	483,400
Basic Average Shares	369,900	396,500	421,200	480,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,469,000	3,427,000	2,196,000	2,974,000
Net Income Common Stockholders	3,469,000	3,427,000	2,196,000	2,974,000
Preferred Stock Dividends	83,000	72,000	42,000	42,000
Net Income	3,552,000	3,499,000	2,238,000	3,016,000
Net Income Including Noncontrolling Interests	3,552,000	3,499,000	2,238,000	3,016,000
Net Income Continuous Operations	3,552,000	3,499,000	2,238,000	3,016,000
Tax Provision	1,069,000	1,054,000	666,000	946,000
Pretax Income	4,621,000	4,553,000	2,904,000	3,962,000
Special Income Charges		-43,000	-43,000
Restructuring And Mergern Acquisition		43,000	43,000
Selling General And Administration	2,604,000	2,396,000	2,411,000	2,168,000
Selling And Marketing Expense	511,000	524,000	527,000	487,000
General And Administrative Expense	2,093,000	1,872,000	1,884,000	1,681,000
Salaries And Wages	2,093,000	1,872,000	1,884,000	1,681,000
Total Revenue	14,981,000	16,125,000	13,627,000	11,674,000
Operating Revenue	14,981,000	16,125,000	13,627,000	11,674,000
Professional Expense And Contract Services Expense	936,000	936,000	842,000	832,000
Other Non Interest Expense	1,595,000	1,507,000	1,505,000	1,337,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	487,000	445,724	427,109	395,768
Preferred Shares Number	50,000	30,000	30,000	30,000
Ordinary Shares Number	347,400	388,261	406,876	438,217
Share Issued	834,400	833,985	833,985	833,985
Net Debt	209,000	751,000	1,723,000	3,897,000
Total Debt	15,182,000	15,462,000	15,982,000	14,191,000
Tangible Book Value	12,926,000	13,230,000	11,336,000	10,292,000
Invested Capital	30,726,000	30,820,000	29,151,000	26,330,000
Net Tangible Assets	14,148,000	14,452,000	12,070,000	11,026,000
Common Stock Equity	15,544,000	15,358,000	13,169,000	12,139,000
Preferred Stock Equity	1,222,000	1,222,000	734,000	734,000
Total Capitalization	31,948,000	32,042,000	29,885,000	27,064,000
Total Equity Gross Minority Interest	16,766,000	16,580,000	13,903,000	12,873,000
Stockholders Equity	16,766,000	16,580,000	13,903,000	12,873,000
Gains Losses Not Affecting Retained Earnings	-48,000	-59,000	-68,000	-125,000
Foreign Currency Translation Adjustments	-50,000	-44,000	-38,000	-38,000
Minimum Pension Liabilities	8,000	8,000	3,000	6,000
Unrealized Gain Loss	-6,000	-23,000	-33,000	-93,000
Treasury Stock	18,909,000	16,072,000	15,201,000	14,171,000
Retained Earnings	24,598,000	21,635,000	18,662,000	16,716,000
Additional Paid In Capital	9,902,000	9,853,000	9,775,000	9,718,000
Capital Stock	1,223,000	1,223,000	735,000	735,000
Common Stock	1,000	1,000	1,000	1,000
Preferred Stock	1,222,000	1,222,000	734,000	734,000
Total Liabilities Net Minority Interest	102,329,000	102,883,000	103,576,000	91,691,000
Long Term Debt And Capital Lease Obligation	15,182,000	15,462,000	15,982,000	14,191,000
Long Term Debt	15,182,000	15,462,000	15,982,000	14,191,000
Payables And Accrued Expenses				5,765,000	5,316,000
Current Accrued Expenses				5,765,000	5,316,000
Total Assets	119,095,000	119,463,000	117,479,000	104,564,000
Investments And Advances	2,348,000	3,079,000	3,799,000	4,879,000
Goodwill And Other Intangible Assets	2,618,000	2,128,000	1,833,000	1,847,000
Other Intangible Assets	1,255,000	854,000	815,000	742,000
Goodwill	1,363,000	1,274,000	1,018,000	1,105,000
Other Short Term Investments	2,348,000	3,079,000	3,799,000	4,879,000
Cash And Cash Equivalents	14,973,000	14,711,000	14,259,000	10,294,000
Cash Cash Equivalents And Federal Funds Sold	14,973,000	14,711,000	14,259,000	10,294,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,851,000	9,848,000	8,593,000	6,694,000
Repurchase Of Capital Stock	-2,941,000	-1,008,000	-1,112,000	-3,320,000
Repayment Of Debt	-4,325,000	-2,975,000	-1,257,000	-5,284,000
Issuance Of Debt	4,030,000	2,439,000	3,034,000	4,955,000
Issuance Of Capital Stock	0	488,000	0	0
Interest Paid Supplemental Data	4,162,000	4,662,000	3,551,000	1,356,000
Income Tax Paid Supplemental Data		1,087,000	1,125,000	1,290,000	1,112,000
End Cash Position	15,017,000	14,755,000	14,421,000	10,430,000
Beginning Cash Position	14,755,000	14,421,000	10,430,000	8,686,000
Changes In Cash	262,000	334,000	3,991,000	1,744,000
Financing Cash Flow	-4,735,000	-611,000	9,632,000	5,284,000
Cash Flow From Continuing Financing Activities	-4,735,000	-611,000	9,632,000	5,284,000
Net Other Financing Charges	-63,000	36,000	-22,000	-44,000
Cash Dividends Paid	-510,000	-470,000	-448,000	-476,000
Preferred Stock Dividend Paid	-83,000	-72,000	-42,000	-42,000
Common Stock Dividend Paid	-427,000	-398,000	-406,000	-434,000
Net Preferred Stock Issuance	0	488,000	0	0
Preferred Stock Issuance	0	488,000	0	0
Net Common Stock Issuance	-2,941,000	-1,008,000	-1,112,000	-3,320,000
Common Stock Payments	-2,941,000	-1,008,000	-1,112,000	-3,320,000
Net Issuance Payments Of Debt	-295,000	-536,000	1,777,000	-329,000
Net Long Term Debt Issuance	-295,000	-536,000	1,777,000	-329,000
Long Term Debt Payments	-4,325,000	-2,975,000	-1,257,000	-5,284,000
Long Term Debt Issuance	4,030,000	2,439,000	3,034,000	4,955,000
Investing Cash Flow	-4,854,000	-8,903,000	-14,234,000	-10,234,000
Cash Flow From Continuing Investing Activities	-4,854,000	-8,903,000	-14,234,000	-10,234,000
Net Other Investing Changes	-852,000	-688,000	-722,000	-549,000
Net Investment Purchase And Sale	765,000	805,000	1,388,000	118,000
Sale Of Investment	1,952,000	3,616,000	5,011,000	3,984,000
Purchase Of Investment	-1,187,000	-2,811,000	-3,623,000	-3,866,000
Net Business Purchase And Sale	-161,000	-1,444,000	0	0
Sale Of Business	0	491,000	0	0
Purchase Of Business	-161,000	-1,935,000	0	0
Operating Cash Flow	9,851,000	9,848,000	8,593,000	6,694,000
Cash Flow From Continuing Operating Activities	9,851,000	9,848,000	8,593,000	6,694,000
Change In Working Capital	-161,000	-205,000	-345,000	-269,000
Change In Other Current Assets	123,000	-117,000	7,000	21,000
Change In Payables And Accrued Expense	314,000	-121,000	293,000	-93,000
Change In Accrued Expense	314,000	-121,000	293,000	-93,000
Change In Receivables	-598,000	33,000	-645,000	-197,000
Changes In Account Receivables	-598,000	33,000	-645,000	-197,000
Other Non Cash Items	537,000	507,000	735,000	574,000
Deferred Tax	184,000	-98,000	-458,000	-421,000
Deferred Income Tax	184,000	-98,000	-458,000	-421,000
Depreciation Amortization Depletion	514,000	481,000	458,000	419,000
Depreciation And Amortization	514,000	481,000	458,000	419,000
Operating Gains Losses		-1,069,000
Gain Loss On Sale Of Business	0	-1,069,000	0	0
Net Income From Continuing Operations	3,552,000	3,499,000	2,238,000	3,016,000

These metrics estimate what Synchrony Financial is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$98.23

Margin of Safety

24.3%

Market Cap ÷ Company Value

1.91

P/B Ratio

1.61

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$15.0B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.58%

vs Uninterrupted dividends

✅ Earnings Growth

+50.9% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

7.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.61x P/B (P/E×P/B: 12.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$2.9B	-$1.0B	-$1.1B	-$3.3B	N/A
Free Cash Flow	$9.9B ▲	$9.8B ▲	$8.6B ▲	$6.7B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Credit Services. You can manually compare SYF against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.38%

Low — management has little skin in the game

Return on Equity (ROE)

22.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

3.0%

Fair — average asset utilization

Share Buybacks (Latest Year)

$2.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Brian Doubles

President, CEO & Director

Age 49

Pay: $4,541,713

0.128% of net income

Brian Wenzel Sr.

Executive VP & CFO

Age 57

Pay: $2,174,571

0.061% of net income

Alberto Casellas

Executive VP and CEO of Health & Wellness

Age 57

Pay: $1,870,436

0.053% of net income

Kathryn Harmon Miller

Senior Vice President & Director of Investor Relations

Bart Schaller

Executive VP & CEO of Digital

Age 55

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.63%	45,833,824
Capital World Investors	11.39%	38,326,315
Blackrock Inc.	9.27%	31,172,993
State Street Corporation	5.48%	18,437,769
Bank of America Corporation	4.80%	16,158,110
Geode Capital Management, LLC	2.95%	9,908,152
Goldman Sachs Group Inc	2.58%	8,678,580
Par Capital Management Inc	2.23%	7,500,000

Risk Analysis

Beta (Market Risk)

1.36

Moderate volatility — moves slightly more than market

Short Interest

5.7% of float

Moderate short interest

52-Week Price Range

Low: $52.99 Current: $74.31 High: $88.77

Currently at 60% of 52-week range

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