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

• Market Cap: $7.65B
• Dividend Yield: N/A
• Average Volume (3M): 4.32M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.54
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 530
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.34
• Shares Outstanding: 177,733,800
• 10 Day Avg. Volume: 3,694,146
• 30 Day Avg. Volume: 4,317,985
• PEG Ratio: -1.38
• Price to Book (P/B): 9.07
• Price to Sales (P/S): 11.54
• P/FCF Ratio: -21.11
• Enterprise Value/Market Cap: 0.64
• Enterprise Value/Revenue: 17.22
• Enterprise Value/Gross Profit: 20.04
• Enterprise Value/Ebitda: 32.19
• 1Y Price Target: $64.75
• Price Target Upside: 96.63% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.95
• Revenue Forecast (FY): $688.24M

• Rating: 64 Neutral
• Price Target: $48.00 ▲(45.76% Upside)

The score is driven primarily by improving financial performance but constrained by leverage and negative cash flows. Earnings call commentary is a meaningful positive due to strong EBITDA and volume growth, while technicals remain weak with the stock trading below key moving averages and subdued momentum. Valuation cannot be fully assessed due to missing P/E and dividend yield.

Positive Factors

Very high gross margin; positive net margin

Exceptionally high gross margin (92%) indicates a scalable, low-variable-cost model (SaaS + transaction fees) that supports durable profitability. The shift to a positive net margin shows operational turnaround, creating a stronger base to reinvest in growth and product development over the medium term.

Strong EBITDA and volume growth

Rapid EBITDA growth with a 55% margin and a 70% increase in consumer loan marketplace volume reflect meaningful operating leverage and scale. These durable improvements point to repeatable economics from the core marketplace and enhanced profitability potential as volumes and partner usage expand.

Expanding partner network & blockchain products

Broadening partner network and blockchain-native offerings create structural network effects and diversified revenue streams. Product innovation (crypto-backed loans, DSCR, Democratized Prime) and an S-1 filing for blockchain equity deepen competitive moats and position the company to capture long-term transactional flows.

Negative Factors

High leverage

A debt-to-equity near 2.0 raises refinancing and interest-coverage risks and constrains financial flexibility. High leverage can limit capital allocation choices, raise borrowing costs in tightening markets, and amplify downside in revenue slowdowns over the next several quarters.

Negative operating & free cash flow

Persistent negative operating and free cash flows undermine the quality of reported earnings and force reliance on external financing or equity issuance to fund growth. Until cash conversion improves, the company may face pressure meeting obligations or funding investments without increasing leverage.

Lower take rates & seasonal origination declines

Shifting mix toward partner-branded originations reduces per-unit economics (lower take rates) and, combined with predictable seasonality in home equity originations, introduces recurring revenue cyclicality. This can compress margins and make earnings more volatile across 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

Figure Technology Solutions generates revenue through multiple streams, primarily by offering software-as-a-service (SaaS) solutions to financial institutions, which includes licensing fees for its platforms and ongoing maintenance and support services. Additionally, the company earns revenue from transaction fees on financial services facilitated through its technology, such as loans and asset sales. Significant partnerships with established financial institutions and technology providers also enhance its earnings potential by expanding its service offerings and reach within the market.

Figure Technology Solutions, Inc. Class A Financial Statement Overview

Summary

Income statement trends are improving (strong gross margin and return to positive net margin with notable revenue growth), but overall quality is tempered by high leverage (debt-to-equity 1.94) and weak cash generation (negative operating and free cash flow), which increases financial risk.

Income Statement

Figure Technology Solutions, Inc. Class A has shown a significant improvement in its income statement metrics over the past year. The gross profit margin is strong at 92.28%, indicating efficient cost management. The net profit margin has turned positive to 6.16% from a negative margin last year, reflecting a turnaround in profitability. Revenue growth is notable, with a substantial increase from the previous year. However, the EBIT margin is relatively low at 2.81%, suggesting room for improvement in operational efficiency.

Balance Sheet

The balance sheet reflects a high debt-to-equity ratio of 1.94, indicating significant leverage, which could pose financial risks if not managed carefully. Return on equity has improved to 4.85%, showing better utilization of shareholder funds. The equity ratio is not explicitly calculated, but the company's equity position has strengthened, suggesting a more stable financial structure.

Cash Flow

Cash flow metrics indicate challenges, with negative operating and free cash flows. The operating cash flow to net income ratio is negative, highlighting cash flow issues despite reported profits. The free cash flow to net income ratio is above 1, suggesting that free cash flow is more than net income, but the negative values indicate a need for better cash management.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	283.68M	279.31M	166.89M
Gross Profit	243.81M	257.74M	148.17M
EBITDA	151.78M	95.62M	16.24M
Net Income	118.70M	17.21M	-47.94M
Balance Sheet
Total Assets	2.16B	1.16B	660.07M
Cash, Cash Equivalents and Short-Term Investments	1.10B	365.12M	122.41M
Total Debt	807.52M	688.59M	414.99M
Total Liabilities	980.23M	796.20M	437.64M
Stockholders Equity	1.17B	355.10M	217.07M
Cash Flow
Free Cash Flow	-1.82B	-152.64M	-46.13M
Operating Cash Flow	-1.81B	-136.01M	-28.87M
Investing Cash Flow	1.87B	-30.86M	-22.11M
Financing Cash Flow	788.31M	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	64 Neutral	$7.65B	―	―	―	―	―
BTBT	61 Neutral	$527.59M	4.33	22.44%	―	9.52%	496.04%
CIFR	57 Neutral	$6.09B	-82.94	-9.69%	―	35.41%	-38.08%
BTCS	56 Neutral	$73.54M	2.22	43.45%	1.65%	482.50%	82.04%
ABTC	43 Neutral	$964.71M	-1.36	-2.75%	―	―	―
MIGI	42 Neutral	$16.16M	―	―	―	-11.39%	79.96%