Figure Technology Solutions, Inc. Class A (FIGR) AI Stock Analysis

• Market Cap: $7.65B
• Dividend Yield: N/A
• Average Volume (3M): 6.55M
• Price to Earnings (P/E): 144.8
• Beta (1Y): 1.54
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 530
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.06
• Shares Outstanding: 177,733,800
• 10 Day Avg. Volume: 9,097,036
• 30 Day Avg. Volume: 6,547,591
• PEG Ratio: 0.06
• Price to Book (P/B): 7.61
• Price to Sales (P/S): 18.44
• P/FCF Ratio: 149.39
• Enterprise Value/Market Cap: 0.76
• Enterprise Value/Revenue: 20.53
• Enterprise Value/Gross Profit: 23.89
• Enterprise Value/Ebitda: 38.37
• 1Y Price Target: $59.38
• Price Target Upside: 67.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.95
• Revenue Forecast (FY): $703.14M

• Rating: 66 Neutral
• Price Target: $38.00 ▲(7.16% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is driven primarily by improved financial performance (strong 2025 growth/profitability and reduced leverage) and a supportive earnings-call outlook (continued scale and margin expansion targets, strong liquidity), partially offset by cash-flow inconsistency/volatility, weak-to-mixed technical signals (negative MACD and below key moving averages), and a very expensive valuation (P/E ~144.8).

Positive Factors

Revenue & gross margin expansion

A large 2025 step-up in revenue and exceptionally high gross margins underpin sustainable earnings power: 78.7% revenue growth and ~26% net margin indicate scalable unit economics and operating leverage that support durable profitability if volume and mix momentum persist.

Strengthened balance sheet & liquidity

Material improvement in capital structure and large cash reserves materially increase financial flexibility. Low leverage and expanded equity provide capacity for product investment, securitization seeding, and the $200M repurchase, reducing refinancing risk over the medium term.

Platform scale & product adoption

Rapid adoption across core products (Connect, Democratized Prime, YIELDS) and strong marketplace volume growth reflect network effects and partner expansion. Greater scale and diversified product flows increase resilience of take-rates and ability to monetize new on‑chain and capital‑markets features over time.

Negative Factors

Uneven cash generation

Operating cash flow has been inconsistent, lagging reported profitability in prior years. Reliance on episodic securitizations, inventory timing and mix shifts can cause cash volatility, which constrains reinvestment and makes free cash flow less predictable despite recent improvement.

Earnings volatility / repeatability risk

Material year-to-year swings indicate results depend on product mix, transient gain-on-sale dynamics and scaling of new verticals. Until new product pools season and securitizations become routine, sustaining 2025 profitability levels remains uncertain and sensitive to mix and market funding.

Data security & operational risk

A confirmed data exposure creates lasting reputational, regulatory and remediation risk for a fintech platform. Even if near-term financial impact is limited, elevated compliance costs, partner caution and potential legal claims can impair growth and increase operating expense over multiple quarters.

Figure Technology Solutions, Inc. Class A Business Overview & Revenue Model

Company Description

Figure Technology Solutions, Inc. develops and operates a blockchain-based consumer lending platform. The company offers a suite of blockchain-based solutions for its marketplaces, including lending, trading, and investing activities. It serves the consumer finance sector. The company was formerly known as FT Intermediate, Inc. and changed its name to Figure Technology Solutions, Inc. in August 2025. The company was founded in 2018 and is based in Reno, Nevada.

How the Company Makes Money

Public, verifiable detail on Figure Technology Solutions, Inc. Class A (FIGR)’s specific revenue model and revenue line items is not available in the provided prompt context. null

Figure Technology Solutions, Inc. Class A Financial Statement Overview

Summary

Income statement is strong with a sharp 2025 step-up in revenue (+78.7% YoY) and profitability (net margin ~26.4%) supported by very high gross margins, and leverage improved materially (debt-to-equity ~0.13). Offsetting this, results have been volatile across years and cash-flow quality is still uneven despite 2025 turning positive (prior years had negative operating cash flow, including 2024 despite positive net income).

Income Statement

Profitability and growth improved sharply in 2025: revenue rose to $506.9M (+78.7% YoY) and net income increased to $133.9M (net margin ~26.4%) after much weaker results in 2024 (~6.2% net margin) and a loss in 2023. Gross margin remains exceptionally high (~87–92%), supporting strong earnings power. The main weakness is volatility across years (loss in 2023, modest profitability in 2024, then a large jump in 2025), which raises questions about repeatability of the current earnings level.

Balance Sheet

Balance sheet strength improved meaningfully in 2025, with low leverage (debt-to-equity ~0.13) versus elevated leverage in 2023–2024 (debt-to-equity ~1.9). Equity expanded substantially to ~$1.23B alongside higher assets (~$2.32B), and returns on equity turned solidly positive in 2025 (~10.9%) after a negative 2023. The key watch-out is the prior period’s heavier leverage profile, suggesting the capital structure and funding needs can shift materially year to year.

Cash Flow

Cash generation is improving but remains uneven. Operating cash flow swung from negative in 2023 (-$28.9M) and 2024 (-$136.0M) to positive in 2025 ($62.6M), with free cash flow also positive in 2025 ($62.6M). However, free cash flow growth is sharply negative in 2025 (down materially from 2024), reflecting the prior year’s large negative base, and cash flow has not consistently tracked profitability across the period (negative operating cash flow despite positive net income in 2024).

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023
Income Statement
Total Revenue	283.68M	506.87M	279.31M	166.89M
Gross Profit	243.81M	441.81M	257.74M	148.17M
EBITDA	151.78M	162.54M	95.62M	16.24M
Net Income	118.70M	133.86M	17.21M	-47.94M
Balance Sheet
Total Assets	2.16B	2.32B	1.16B	660.07M
Cash, Cash Equivalents and Short-Term Investments	1.10B	1.20B	365.12M	122.41M
Total Debt	807.52M	165.13M	688.59M	414.99M
Total Liabilities	980.23M	1.08B	796.20M	437.64M
Stockholders Equity	1.17B	1.23B	355.10M	217.07M
Cash Flow
Free Cash Flow	-1.82B	62.57M	-152.64M	-46.13M
Operating Cash Flow	-1.81B	62.57M	-136.01M	-28.87M
Investing Cash Flow	1.87B	-61.27M	-30.86M	-22.11M
Financing Cash Flow	788.31M	918.04M	336.12M	65.79M

Figure Technology Solutions, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FIGR	66 Neutral	$7.65B	144.83	20.87%	―	―	―
BTBT	61 Neutral	$543.77M	1.58	22.65%	―	9.52%	496.04%
BTCS	56 Neutral	$86.18M	0.81	70.01%	1.65%	482.50%	82.04%
CIFR	54 Neutral	$6.13B	-6.85	-107.05%	―	35.41%	-38.08%
ABTC	43 Neutral	$964.71M	-9,981.68	-2.75%	―	―	―
MIGI	42 Neutral	$13.78M	6.69	223.41%	―	-11.39%	79.96%

Figure Technology Solutions, Inc. Class A Corporate Events

Figure Technology Launches Blockchain Stock and Secondary Offering

On February 12, 2026, Figure Technology Solutions, Inc. established a new Series A Blockchain Common Stock under Nevada law, giving it dividend, voting and liquidation rights that are generally on parity with its existing Class A common stock, while allowing one-for-one conversion into Class A shares at any time. The blockchain shares carry no liquidation preference, vote together with other common classes except where otherwise required, and can be held and voted over the Provenance Blockchain, integrating on-chain functionality into the company’s equity structure.

On February 18, 2026, the company and certain selling stockholders completed a capital markets transaction in which selling stockholders priced and closed a secondary offering of 4,687,500 Class A common shares, while the company itself sold 4,375,000 shares of the new Blockchain Stock through major underwriting banks. The deal, conducted under effective Securities Act registration statements, both broadened the public float of Figure’s Class A equity and introduced its blockchain-denominated shares to the market, signaling a deeper push into blockchain-based capital raising and shareholder engagement.

The most recent analyst rating on (FIGR) stock is a Buy with a $62.00 price target. To see the full list of analyst forecasts on Figure Technology Solutions, Inc. Class A stock, see the FIGR Stock Forecast page.