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ALLY, Ally Financial Inc.

Ally Financial Inc. is a financial-services company with $196.0 billion in assets as of December 31, 2025.

Ally Financial Inc. serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings.

Our primary business lines are Dealer Financial Services, which is composed of our Automotive Finance and Insurance operations, and Corporate Finance.

Latest annual: FY2025 10-K

ALLY · Ally Financial Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.9B

−3.3% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $8.7B 5-yr avg $8.2B

Return on equity 9% 5-yr avg 10%

Return on tangible equity 10% 5-yr avg 10%

Equity / assets 7.8% 5-yr avg 7.6%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~35 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has sat below the cost of equity (median 8%, above 12% in only 2 of 10 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$5.4B	$5.8B	$5.8B	$6.4B	$6.7B	$8.2B	$8.4B	$8.2B	$8.2B	$7.9B	$8.7B	RevenueRevenue
$1.5B	$1.5B	$1.4B	$1.8B	$2.0B	$2.0B	$1.6B	$2.0B	$2.2B	$1.7B	$2.2B	Noninterest incomeFee inc.
$917M	$1.1B	$918M	$998M	$1.4B	$241M	$1.4B	$2.0B	$2.2B	$1.5B	$1.8B	Credit-loss provisionProvision
$1.6B	$1.5B	$1.6B	$2.0B	$1.4B	$3.9B	$2.3B	$1.1B	$836M	$1.1B	—	Pretax incomePretax
$1.1B	$929M	$1.3B	$1.7B	$1.1B	$3.1B	$1.7B	$957M	$668M	$852M	$1.5B	Net incomeNet inc.
30%	39%	22%	13%	23%	20%	27%	13%	20%	19%	21%	Effective tax rateTax rate
											Cash flow & returns
0.7%	0.6%	0.7%	0.9%	0.6%	1.7%	0.9%	0.5%	0.3%	0.4%	0.7%	Return on assetsROA
8%	7%	10%	12%	7%	18%	13%	7%	5%	5%	9%	Return on equityROE
7%	6%	8%	10%	5%	16%	10%	4%	2%	3%	7%	Retained to equityRetained/eq
8%	7%	10%	12%	8%	19%	14%	7%	5%	6%	10%	Return on tangible equityROTCE
$108M	$184M	$242M	$273M	$289M	$324M	$384M	$368M	$372M	$379M	$381M	Dividends paidDiv. paid
$341M	$753M	$939M	$1.0B	$106M	$2.0B	$1.6B	$33M	$38M	$59M	—	BuybacksBuybacks
($9.1B)	($8.7B)	($14.5B)	($3.8B)	$8.4B	($11.1B)	($17.3B)	($7.2B)	$5.0B	($5.3B)	—	Investing cash flowInv. cash
$3.7B	$2.0B	$10.7B	($1.5B)	$25M	($3.8B)	$11.6B	$3.8B	($5.6B)	$2.0B	—	Financing cash flowFin. cash
$1M	$3M	($5M)	$3M	$3M	$0	($7M)	$3M	($12M)	$8M	—	Exchange-rate effectFX
($832M)	($2.6B)	$357M	($1.2B)	$12.2B	($10.9B)	$552M	$1.2B	$3.9B	$429M	—	Change in cashΔ cash
											Balance sheet
$163.7B	$167.1B	$178.9B	$180.6B	$182.2B	$182.1B	$191.8B	$196.3B	$191.8B	$196.0B	$199.8B	Total assetsAssets
$79.0B	$93.3B	$106.2B	$120.8B	$137.0B	$141.6B	$152.3B	$154.7B	$151.6B	$151.6B	$154.0B	DepositsDeposits
$240M	$240M	$240M	$393M	$343M	$822M	$822M	$669M	$551M	$190M	$190M	GoodwillGoodwill
$150.4B	$153.7B	$165.6B	$166.2B	$167.5B	$165.1B	$179.0B	$182.6B	$177.9B	$180.5B	—	Total liabilitiesTotal liab.
$13.3B	$13.5B	$13.3B	$14.4B	$14.7B	$17.1B	$12.9B	$13.7B	$13.9B	$15.5B	$15.5B	Shareholders’ equityEquity
											Per share
482M	455M	428M	395M	377M	365M	319M	305M	310M	313M	312M	Shares out (diluted)Shares
$2.21	$2.04	$2.95	$4.34	$2.88	$8.38	$5.38	$3.14	$2.15	$2.72	$4.66	EPS (diluted)EPS
$0.22	$0.40	$0.57	$0.69	$0.77	$0.89	$1.21	$1.21	$1.20	$1.21	$1.22	Dividends / shareDiv/sh
$27.62	$29.63	$31.02	$36.46	$38.99	$46.69	$40.36	$44.91	$44.83	$49.51	$49.63	Book value / shareBVPS
$27.12	$29.11	$30.32	$35.29	$37.95	$44.09	$37.47	$42.48	$42.87	$48.90	$49.02	Tangible book / shareTBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+9.4%/yr	+7.4%/yr
EPS	+2.3%/yr	−1.1%/yr
Dividends / share	+20.6%/yr	+9.6%/yr
Book value / share	+6.7%/yr	+4.9%/yr

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 5%

Below the cost of equity

Net income $852M ÷ equity $15.5B

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 6%

Modest

Net income ÷ (equity − goodwill $190M − intangibles $0)

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio —

Not enough data

Industry peers: median 39%

What this means
Noninterest expense or revenue missing.

Is it sound?

Capital (equity / assets) 7.9%

Modest

Equity $15.5B ÷ assets $196.0B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 77%

Deposit-funded

Deposits $151.6B ÷ assets $196.0B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost —

Not enough data

What this means
Provision or net interest income missing.

The franchise and the credit cycle

Deposit franchise —

Not enough data

What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
Net charge-offs —

Not enough data

What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.

All figures as filed; the source filing is linked above.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$82M

'27$1.6B

'28$896M

'29$1.8B

'30$793M

'31$5.5B

Bars scaled to the largest single year.

Due in the next 12 months$82Mthe first rung: what must be repaid or rolled over within the year

Within two years$1.7Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$5.5Bin 2031the lumpiest maturity, where a refinancing, if needed, is largest

Due over the next five years$10.7Bthe near slice; the balance sheet carries $30.7B of debt in all

Against what the business has and earns

Cash & short-term investments, Jun 30, 2026$7.8B

Together, against $82M due next year95.6×

Cash on hand as of Jun 30, 2026 comes to $7.8B against the $82M due in the twelve months after the Dec 31, 2025 schedule: 96 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

CEO pay ratio106:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Consumer Finance

The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	ROTCEmedian over the record	Efficiencymedian over the record	NII / assetsmedian over the record	Noninterest-bearing sharelatest FY
DFSDiscover Financial Services	$17.9B	25%	26%	39%	8.6%	1%
ALLYAlly Financial Inc.	$7.9B	8%	8%	—	—	—
OMFOneMain Holdings Inc.	$4.9B	—	—	39%1y	15.3%1y	—
SLMSLM Corporation	$2.0B	—	—	33%1y	5.0%1y	0%
TROOTROOPS Inc. Ordinary Shares	$17M	-14%	-22%	—	0.0%4y	—
Group median	—	8%	8%	—	—	—

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Ally Financial Inc.’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered4%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity8%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $15.3B on 304M shares, a 8% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh ALLY against another business →

The owners of ALLY: the meeting and the votes →

Cite: Owner Scorecard, "Ally Financial Inc. (ALLY), the owner's record," https://ownerscorecard.com/c/ALLY, data as of 2026-07-18.

Manual order: ← ALLE its page in the Manual ALMS →

Industry order: ← AFRM the Consumer Finance chapter ATLC →