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Provides private-label and co-brand credit cards and loyalty programs for retail and consumer brands.
Provides private-label and co-brand credit cards and loyalty programs for retail and consumer brands.
Lends to the customers of its retail partners through store and co-brand cards, earning interest and late fees on balances it keeps on its own books, while partners share in program profit or loss. Funding comes partly from deposits at its bank. It was Alliance Data until it separated its loyalty businesses in 2021 and renamed itself in 2022.
Moat: narrow (switching costs, scale, distribution). Multi-year retailer card-program contracts and integrated loyalty data create switching costs.
Headquarters: Columbus, Ohio, US · Founded: 2022 · Employees: 6,000
Size Bread Financial (BFH) is a United States Financials company (Finance/Rental/Leasing) with a market value of $3.87B, the 1371st largest of 3,117 United States companies the cockpit tracks. Shares closed at $101.83 on 6 Nov 2026.
Performance Over six months the shares gained 16.6%, against -12.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +8.9%); the operating margin is 17.4% (peer median 29.9%).
Valuation It trades at 1.13× book value against a peer median of 1.39× (9th cheapest of 20).
Price implies The share price implies a return on equity of about 12.2%; Bread Financial delivers 15.9%, so the price asks less than the business earns today.
Credit Bread Financial has 2 bonds outstanding ($844M), rated BB- by the agencies and trading like BB at a weighted spread of 201 bp.
Short interest Short interest is 8.9% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.79B | $4.70B | $4.79B | $4.94B | $4.33B |
| Revenue growth | — | -2% | -3% | +14% | — |
| Net income | $536M | $518M | $277M | $718M | $223M |
| Free cash flow | $2.17B | $2.07B | $1.82B | $1.94B | $1.78B |
| Capital expenditure | $18.0M | $24.0M | $36.0M | $48.0M | $68.0M |
| Total debt | $3.13B | $4.39B | $5.68B | $5.44B | $8.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bread Financial BFH | $3.87B | +17% | +2% | 16% | 1.13× | 12.2% |
| Synchrony Financial SYF | $23.0B | +1% | -2% | 20% | 1.55× | 16.7% |
| DFS Furniture DFS.L | $420M | +12% | +3% | 13% | 1.08× | 16.9% |
| Citigroup C | $200B | -5% | +5% | 9% | 1.03× | 10.9% |
| Capital One COF | $121B | +7% | +26% | 9% | 1.11× | 11.1% |
| Affirm AFRM | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% |
| Klarna KLAR | $5.13B | -6% | +34% | -6% | 2.11× | 24.0% |
| Atlanticus ATLC | $1.38B | +8% | +84% | 23% | 1.97× | 24.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BFH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | +2.5% | 10th lowest of 21 |
| 6-month return | +16.6% | -12.5% | highest of 21 |
| Return on equity | 15.9% | 9.3% | 5th highest of 20 |
| Price / book | 1.13× | 1.39× | 9th cheapest of 20 |
| Trailing P/E | 8.1× | 11.8× | 5th cheapest of 18 |
| ROE the price implies | 12.2% | 15.8% | 10th least demanding of 20 |
| ROE delivered | 15.9% | 13.8% | 5th highest of 18 |
| Bond spread | 201 bp | 284 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bread Financial BFH | United States | $3.87B | +17% | +2% | 16% | 1.13× | 12.2% | 15.9% |
| GMO Payment Gateway 3769.T | Japan | $3.98B | +6% | +13% | 22% | 5.02× | 32.4% | 21.5% |
| Sixt SIX2.DE | Germany | $3.67B | +4% | +7% | 15% | 1.67× | 15.8% | 15.0% |
| Mahindra & Mahindra Financial Services M&MFIN.NS | India | $4.12B | -15% | +15% | 14% | 1.41× | 23.7% | 13.8% |
| Credit Saison 8253.T | Japan | $3.62B | -10% | +10% | 9% | 0.73× | 6.3% | 9.2% |
| Avis Budget CAR | United States | $4.20B | -18% | -1% | n/a | n/a | n/a | n/a |
| Enova International ENVA | United States | $4.22B | -1% | +20% | 27% | 2.72× | 26.6% | 26.8% |
| Far East Horizon 3360.HK | Hong Kong | $3.44B | -25% | +1% | 8% | 0.45× | 4.5% | 7.6% |
| Blue Owl Technology Finance OTF | United States | $4.36B | -13% | +95% | 5% | 0.58× | 4.9% | 4.8% |
| WillScot WSC | United States | $3.42B | -33% | -3% | -7% | 3.75× | 35.8% | -7.1% |
| ACOM 8572.T | Japan | $4.38B | -12% | +7% | 9% | 0.96× | 5.6% | 9.3% |
| PennyMac Financial Services PFSI | United States | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% | 5.6% |
| Housing & Urban Development HUDCO.NS | India | $3.39B | -30% | +22% | 22% | 1.39× | 31.5% | 21.7% |
| Poonawalla Fincorp POONAWALLA.NS | India | $4.42B | +4% | +77% | 9% | 3.02× | 47.4% | 9.2% |
| Bohai Leasing 000415.SZ | China | $4.44B | +2% | -7% | 18% | 0.90× | 6.3% | 17.8% |
| Indian Renewable Energy Development Agency IREDA.NS | India | $3.31B | -18% | +17% | 14% | 2.18× | 42.4% | 14.4% |
| Samsung Card 029780.KS | South Korea | $3.30B | -21% | +11% | 7% | 0.51× | 4.2% | n/a |
| Manappuram Finance MANAPPURAM.NS | India | $3.23B | +3% | +5% | 7% | 1.90× | 33.0% | n/a |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 8% | 1.24× | 10.1% | 8.1% |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |
| LIC Housing Finance LICHSGFIN.NS | India | $3.12B | -9% | -1% | 14% | 0.67× | 11.6% | 14.3% |
Bread Financial has 2 bonds outstanding with $844M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 6.73%, a spread of 201 bp over government bonds.