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Perimeter Group: 3Q26 Business Recap

Perimeter Group posted 24% revenue growth to $390 million as fire-safety contracts and acquisitions lifted results, while it brings PDI supply in-house after Flexsys disruptions.

PRM $4.8B
Speedwell Memos

From X

@calvinblissett

Calvin Blissett on X

OppFi (OneMain Holdings ($OMF) is the largest installment lender to non-prime consumers in the U.S. The stock has fallen from the high $60s on fears that sticky inflation and slowing wage growth will squeeze its borrowers, a worry crystallized by JPMorgan’s downgrade to Underweight. At $55.39, the regular dividend alone yields about 7.6%, and Q2 capital generation of $229 million annualizes to roughly $0.9 billion. That’s a mid-teens yield on the market cap for a lender earning 20%+ returns on new loans. The bears miss that OneMain’s credit problem is shrinking. Loans originated before management tightened underwriting in August 2022 now make up only about 4% of the portfolio but roughly 12% of 30+ day delinquencies, so losses should keep improving as that book runs off. Every new loan is still underwritten with a 30% stress overlay and must clear a 20% return-on-equity hurdle. Management reiterated 2026 charge-off guidance of 7.4–7.9% and expects improvement into 2027. Meanwhile, the BrightWay credit card (1.3 million accounts, charge-offs down 186bps year over year) and auto finance (receivables up 14%) are diversifying growth.OPFI) is a tech-enabled installment lender to consumers underserved by banks. Shares have nearly halved this year after OppFi cut 2026 adjusted EPS guidance from $1.76–1.84 to $1.34–1.51, as delays in its LOLA platform migration and line-of-credit launch weighed on originations. At $6.03, the stock trades at about 4x the midpoint of revised 2026 guidance and 2x management’s reaffirmed target of roughly $3 of EPS by 2028. The headline charge-off spike is partly arithmetic: originations fell 9% as underwriting tightened, and with fewer new loans in the denominator, the ratio rises. Management expects a return to growth in the second half. The overlooked catalyst is OppFi’s pending acquisition of BNC National Bank, filed with the OCC and targeted to close in Q4. A national charter would let OppFi lend directly instead of through partner banks, removing its biggest regulatory overhang, the “true lender” challenges states use against bank-partnership lenders. OppFi has authorized a $40 million buyback.
@calvinblissett 1 click

Calvin Blissett on X

Radian ($RDN) is a leading U.S. private mortgage insurer that is reshaping itself into a global specialty insurer through its $1.7 billion acquisition of Lloyd’s carrier Inigo, closed in February. Investors are skeptical of the pivot: Q2 missed estimates as a $30 million reserve charge tied to Middle East exposure pushed Inigo’s combined ratio to 97.7%. At $30.61, RDN trades at about 0.85x book value of $36 and roughly 7x annualized operating earnings of $1.14 per quarter. The core mortgage book is better than ever: primary insurance in force hit a record $284 billion, and higher rates keep policies in force longer because fewer borrowers refinance. Radian still holds $1.45 billion of capital above the mortgage insurance standard (PMIERs), 37% above requirements, and excluding the one-off charge, specialty margins were in the high 80s. Book value grew 8.5% year over year, and buybacks are tracking toward the top of the $200–250 million target.

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Axon 3Q26 Business Update

Axon cut full-year guidance after delayed federal Dedrone contracts slowed 3Q revenue growth to 28%, while software and services grew 43%.

AXON $31B
Speedwell Memos 3 clicks

ARM Q2 FY3/27 Earnings Review

Arm reported Q2 revenue of $1.443 billion, up 27%, as licensing rose 50% while royalties grew 8%; Q3 guidance calls for $1.54 billion.

ARM $181B
Cestrian Capital Research

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