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

• Market Cap: $13.90B
• Dividend Yield: N/A
• Average Volume (3M): 2.84M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.60
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 530
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 176,100,510
• 10 Day Avg. Volume: 4,893,094
• 30 Day Avg. Volume: 2,842,421
• PEG Ratio: -2.77
• Price to Book (P/B): 18.27
• Price to Sales (P/S): 23.23
• P/FCF Ratio: -42.50
• Enterprise Value/Market Cap: 0.52
• Enterprise Value/Revenue: 23.76
• Enterprise Value/Gross Profit: 24.82
• Enterprise Value/Ebitda: 48.04
• 1Y Price Target: $63.83
• Price Target Upside: -13.64% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.96
• Revenue Forecast (FY): $686.17M

• Rating: 71 Outperform
• Price Target: $82.00 ▲(10.95% Upside)

The score is driven primarily by improving financial performance but moderated by leverage and negative cash flows. Technicals are strong with positive trend and MACD, though overbought readings add near-term risk. Earnings call commentary was constructive with strong EBITDA and volume growth, while valuation cannot be fully assessed due to missing P/E and dividend yield.

Positive Factors

High Gross and Positive Net Margin

Exceptionally high gross margin indicates strong unit economics from software/transaction business, enabling durable profitability even with competitive pricing. A return to positive net margin shows the company can convert revenue into profits, supporting reinvestment and long-term sustainability.

Rapid Adjusted EBITDA Growth and High EBITDA Margin

Large, sustained adjusted EBITDA growth and a 55% margin reflect scalable, high-margin core operations and strong operating leverage in the platform. This cash-profitability trend supports reinvestment, partner expansion, and resilience across credit cycles over the medium term.

Expanding Partner Network and Platform Adoption

A broad partner base and Figure Connect driving half of volume create network effects and diversified origination channels. This distribution scale lowers customer concentration risk, reduces acquisition costs, and supports recurring SaaS and transaction revenue over the next several quarters.

Negative Factors

High Leverage

Material leverage increases financial rigidity and interest burden, constraining strategic flexibility. With elevated debt-to-equity, the company faces refinancing and covenant risks that could limit capital deployment and make it more vulnerable to adverse rate or volume shocks over the medium term.

Negative Operating and Free Cash Flow

Persistent negative operating and free cash flows undermine self-funding capacity despite GAAP profits, increasing reliance on external financing. This cash generation gap can pressure liquidity, hamper growth investments, and elevate refinancing risk during tighter credit conditions.

Low EBIT Margin Despite High Gross Margin

A wide gap between very high gross margin and low EBIT signals heavy operating expenses or inefficiencies. Unless management sustainably reduces SG&A or scales fixed costs, operational leverage may remain constrained, limiting long-term margin expansion and earnings resilience.

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

Figure Technology Solutions, Inc. Class A shows a positive trajectory in revenue and profitability with strong gross profit margins and improved net profit margins. However, high leverage and negative cash flows present potential risks.

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	306.86M	279.31M	166.89M
Gross Profit	293.80M	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
FIGR	71 Outperform	$13.90B	―	―	―	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	64 Neutral	$747.69M	6.11	22.44%	―	9.52%	496.04%
BTCS	56 Neutral	$134.43M	4.16	43.45%	1.65%	482.50%	82.04%
CIFR	56 Neutral	$6.92B	-98.69	-9.69%	―	35.41%	-38.08%
ABTC	42 Neutral	$1.56B	-2.19	-2.75%	―	―	―
MIGI	40 Underperform	$5.03M	-0.37	―	―	-11.39%	79.96%