Figure Technology Solutions, Inc. Class A (FIGR)
NASDAQ:FIGR
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Figure Technology Solutions, Inc. Class A
(NASDAQ:FIGR)
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Rating:70Outperform
Price Target:
$31.00
▼(-15.46% Downside)
Action:Reiterated
Date:06/11/26
The score is driven by strong financial improvement and a bullish earnings outlook (rapid volume growth, high EBITDA margin, strong liquidity), partially offset by weak technicals (price well below key moving averages with bearish MACD) and a relatively high P/E with no dividend support. The Kiavi deal is strategically positive but introduces execution and financing uncertainty.
Positive Factors
Revenue and Profitability Improvement
Figure's 2025 step-up (revenue +78.7% and net margin ~26.4%) combined with very high gross margins (87–92%) demonstrates durable scalable economics. Sustained high gross margins support reinvestment in product, platform buildout, and margin resilience across cycles if growth execution continues.
Negative Factors
Inconsistent Cash Generation
Operating cash flow was negative in 2023–24 and only turned positive in 2025, showing inconsistent cash conversion versus reported earnings. This durability gap raises concerns about earnings quality, reliance on capital markets, and the firm's ability to self-fund growth and acquisitions during stressed cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Improvement
Figure's 2025 step-up (revenue +78.7% and net margin ~26.4%) combined with very high gross margins (87–92%) demonstrates durable scalable economics. Sustained high gross margins support reinvestment in product, platform buildout, and margin resilience across cycles if growth execution continues.
Read all positive factors
Figure Technology Solutions, Inc. Class A (FIGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.16B
Dividend YieldN/A
Average Volume (3M)3.78M
Price to Earnings (P/E)33.8
Beta (1Y)1.85
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees530
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.78
Shares Outstanding182,622,740
10 Day Avg. Volume3,453,240
30 Day Avg. Volume3,776,709
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)7.61
Price to Sales (P/S)20.44
P/FCF Ratio149.39
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue8.42
Enterprise Value/Gross Profit9.36
Enterprise Value/Ebitda24.36
Forecast
1Y Price Target
$55.14Price Target Upside50.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.01
Revenue Forecast (FY)$779.61M
Figure Technology Solutions, Inc. Class A Business Overview & Revenue Model
Company Description
Figure Technology Solutions, Inc. specializes in creating and operating advanced blockchain-based platforms, primarily serving the consumer finance industry. The company provides a comprehensive suite of distributed ledger technology solutions des...
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 Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operating and financial quarter: robust top-line growth (adjusted net revenue +92%), rapid marketplace volume expansion (CLM +110% YoY, first month above $1B), improving profitability (adjusted EBITDA margin 50%), meaningful product and DeFi progress (Democratized Prime, YLDS, OPEN, Hastra expansion), strong liquidity (~$1.5B cash) and securitization execution (~$1.9B priced). Key near-term challenges relate to mix-driven take-rate dynamics, short-term margin impact from retained inventory to seed DeFi pools (~$2M interest expense, ~1.4% EBITDA drag), the need to onboard third-party borrowers and large partners (3–6 month ramps), and regulatory/adoption risks for some blockchain-specific initiatives. Overall, highlights substantially outweigh the lowlights, reflecting strong momentum but with identifiable timing and execution risks as the company scales its blockchain-native capital market ecosystem.Positive Updates
Record Revenue and Profitability
Adjusted net revenue up 92% YoY to $167M; adjusted EBITDA up ~190% YoY to $83M; adjusted EBITDA margin 50% (vs 33% prior year) — company cites a 'rule of 140' performance versus industry rule of 40 benchmark.
Negative Updates
Take-Rate Pressure from Mix Shift
Net take rate at 3.8% remains in guidance but faces headwinds from mix shifts (more first‑lien volume and Figure Connect adoption) which tend to carry lower take rates even as dollar economics per loan can improve.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Profitability
Adjusted net revenue up 92% YoY to $167M; adjusted EBITDA up ~190% YoY to $83M; adjusted EBITDA margin 50% (vs 33% prior year) — company cites a 'rule of 140' performance versus industry rule of 40 benchmark.
Read all positive updates
Company Guidance
Figure guided Q2 FY2026 consumer loan marketplace (CLM) volume of $3.8–$4.1B, building on Q1 CLM volume of ~ $2.9B (March $1.2B) and >110% YoY CLM growth; Q1 adjusted net revenue was $167M (+92% YoY) with a net take rate of 3.8% (in line with prior 3.5–4% guidance) and adjusted EBITDA margin of 50% (Rule of 140 performance) and a mid‑term adjusted EBITDA target of ~60%; Democratized Prime matched offers were $368M and YLDS outstanding $598M, loans held for sale ~ $500M, cash ~ $1.5B and ~ $350M of loans retained on the balance sheet to seed DeFi (adding ~ $2M QoQ interest expense and ~1.4% margin impact); available lender supply was 1.2x borrower demand, the company has priced five securitizations YTD totaling ~ $1.9B, plans to add 8–10 third‑party originators in 2026 (on track to exceed), expects a full‑year effective tax rate nearer ~20% absent further option‑exercise benefits, and assumes large partner ramps of roughly 3–6 months in its modeling.Figure Technology Solutions, Inc. Class A Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
80
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 620.20M | 457.21M | 279.31M | 166.89M |
| Gross Profit | 558.26M | 359.65M | 257.74M | 148.17M |
| EBITDA | 214.38M | 178.80M | 95.62M | 16.24M |
| Net Income | 179.62M | 133.86M | 17.21M | -47.94M |
Balance Sheet | ||||
| Total Assets | 2.73B | 2.32B | 1.16B | 660.07M |
| Cash, Cash Equivalents and Short-Term Investments | 1.46B | 1.20B | 365.12M | 122.41M |
| Total Debt | 232.40M | 165.13M | 688.59M | 414.99M |
| Total Liabilities | 1.44B | 1.08B | 796.20M | 437.64M |
| Stockholders Equity | 1.29B | 1.23B | 355.10M | 217.07M |
Cash Flow | ||||
| Free Cash Flow | -3.75B | 62.57M | -152.64M | -46.13M |
| Operating Cash Flow | -3.74B | 62.57M | -136.01M | -28.87M |
| Investing Cash Flow | 3.85B | -61.27M | -30.86M | -22.11M |
| Financing Cash Flow | 722.11M | 918.04M | 336.12M | 65.79M |
Figure Technology Solutions, Inc. Class A Risk Analysis
Figure Technology Solutions, Inc. Class A disclosed 124 risk factors in its most recent earnings report. Figure Technology Solutions, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Figure Technology Solutions, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $6.16B | 33.79 | 17.59% | ― | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $10.02B | -11.06 | -117.65% | ― | 37.96% | -506.10% | |
50 Neutral | $911.43M | -6.10 | -29.72% | ― | 1310.53% | 70.57% | |
48 Neutral | $607.59M | -3.35 | -0.14% | ― | 13.14% | 4.89% | |
47 Neutral | $56.25M | -0.64 | -72.86% | 1.65% | 219.08% | 7.90% |
* Financial Sector Average
FIGR
Figure Technology Solutions, Inc. Class A
27.93
-4.57
-14.06%
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Figure Technology Solutions, Inc. Class A Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Figure Technology Solutions to Acquire Kiavi in Cash Merger
Positive
Jun 10, 2026
On June 10, 2026, Figure Technology Solutions, Inc. agreed to acquire Kiavi, Inc. through a cash merger in which a Figure subsidiary will be merged into Kiavi, leaving Kiavi as a wholly owned subsidiary. The transaction values the cash considerati...
Executive/Board ChangesShareholder Meetings
Figure Technology Stockholders Back Board, Auditor at Meeting
Positive
Jun 10, 2026
On June 4, 2026, Figure Technology Solutions, Inc. held its Annual Meeting of Stockholders, where a quorum was established with substantial representation of Class A, Class B, and Blockchain common shares either in person or by proxy as of the Apr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.