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Research · S&P 500 · Financials
SYF · Synchrony Financial
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
37/40
high value score8 of 12 checks scored8 of the 12 checks that carry a score were scored from the data available. 4 could not be scored (ROIC, Debt-to-Equity, DCF Value, Margin of Safety) and were left out, so the score is out of 40 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $6.15 (2022), $5.19 (2023), $8.55 (2024), $9.28 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
5/5ROE (net income / common equity): 24.5% (2022), 16.7% (2023), 22.3% (2024), 22.3% (2025). Median 22.3%, lowest 16.7%; the framework scores a median above 20% as 5.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
5/5Net margin of 35.5%; the framework scores above 20% as 5; operating margin 50.2%.
Balance sheet & cash
Debt-to-Equity
Not scoredDebt-to-equity not available from the data source (total debt $16.43B, total cash $16.19B).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $6.69B (2022), $8.59B (2023), $9.85B (2024), $9.85B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $16.72B (2022), $18.66B (2023), $21.64B (2024), $24.60B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $9.77 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $463.32 (EPS CAGR 33.7% capped at 20%). Current price $73.68; price is 84.1% below the model value.
DCF Value
Not scoredFree cash flow or share count is not available from the data source, so no DCF value is computed.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $463.32 (price is 84.1% below the model value); DCF value N/A (not comparable).
Price-to-Book
3/5P/B of 1.58; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 6, 2026
____________________________________________________________________________________________ Our industry continues to be highly competitive. We compete for relationships with partners in connection with retaining existing or establishing new consumer credit programs. Our primary competitors for partners include major financial institutions such as American Express, Bread Financial, Capital One/Discover, JPMorgan Chase, Citibank, TD Bank and Wells Fargo, as well as, financial technology companies, point-of-sale lending focused companies and potential partners’ own in-house financing capabilities. We compete for partners on the basis of a number of factors, including financial and other terms, technological capabilities, underwriting capabilities, marketing expertise, service levels, product and service offerings (including incentive and loyalty programs), integration capabilities, brand and reputation. In addition, some of our competitors have a business model that allows for their partners to manage underwriting (e.g., new account approval), customer service and collections, and other core banking responsibilities that we retain. We also compete for customer usage of our credit products. Consumer credit provided, and credit card payments made, using our cards constitute only a small percentage of overall consumer credit provided and credit card payments in the United States. Consumers have numerous financing and payment options available to them.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $10.29B paid out against $34.99B of free cash flow (pass); total debt $14.19B to $15.18B, up 7.0% (pass: not up more than 10%); shares outstanding 0.44B to 0.35B, down 20.7% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $9.77, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 33.7%)
IV = $463.32
Current price $73.68 vs Graham value $463.32 — price is 84.1% below the model value.
DCF:
Free cash flow or share count not available from the data source — no value computed.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $73.68. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.