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Figure Technology Solutions, Inc. Class A
(NASDAQ:FIGR)
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Rating:73Outperform
Price Target:
$40.00
▲(44.98% Upside)
Action:Reiterated
Date:08/18/26
FIGR scores well primarily on improved fundamentals and a very positive earnings call narrative highlighting rapid volume growth, scaling partnerships, and strong profitability, tempered by uneven cash-flow quality and historical volatility. Technicals are supportive but show near-overbought signals and the stock is still below its 200-day average. Valuation is a mild headwind given the ~32.5 P/E and no dividend support.
Positive Factors
Strong Revenue and Profitability Growth
The sharp improvement in revenue and profitability indicates stronger operating scale and earnings power. Very high gross margins provide a durable foundation, although future results must demonstrate that the 2025 step-up is repeatable.
Negative Factors
Uneven Cash-Flow Conversion
Cash generation has improved but has not consistently tracked reported earnings, including negative operating cash flow during a profitable period. Continued volatility could limit reinvestment capacity and make funding needs more sensitive to business growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Profitability Growth
The sharp improvement in revenue and profitability indicates stronger operating scale and earnings power. Very high gross margins provide a durable foundation, although future results must demonstrate that the 2025 step-up is repeatable.
Read all positive factors
Figure Technology Solutions, Inc. Class A (FIGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.93B
Dividend YieldN/A
Average Volume (3M)3.71M
Price to Earnings (P/E)32.5
Beta (1Y)2.31
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees602
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.10
Shares Outstanding182,622,740
10 Day Avg. Volume2,511,967
30 Day Avg. Volume3,710,965
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)7.61
Price to Sales (P/S)20.44
P/FCF Ratio222.98
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$52.43Price Target Upside90.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.01
Revenue Forecast (FY)$824.53M
Figure Technology Solutions, Inc. Class A Business Overview & Revenue Model
Company Description
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How the Company Makes Money
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Figure Technology Solutions, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial story: very large top-line growth (CLM volume +132% YoY), rapid and broad partner adoption (489 partners, Figure Connect at 65% mix), improving unit economics (adjusted EBITDA +126% YoY and 55% margin), and strengthening capital markets execution and credit metrics. Key near-term challenges center on take-rate pressure driven by strategic mix shift into the lower-take-rate, capital-light Figure Connect channel, volatility in gain-on-sale from higher interest rates, and temporary margin dilution from retained loans to support Democratized Prime. Management provided clear growth drivers (Connect, Democratized Prime, Kiavi acquisition, AI and stablecoin-led operational improvements) and guidance that reflects confidence in Q3 volumes. Overall, positives materially outweigh the cited headwinds, which are largely strategic mix or macro-rate driven and accompanied by supporting profitability and credit-strength trends.Positive Updates
Record Consumer Loan Marketplace Volume
CLM volume of $4.3 billion in Q2, up 132% year-over-year (from $1.8B) and 4% above the top end of guidance; application volumes surpassed $1.0 billion per week in early July, indicating continued momentum into Q3.
Negative Updates
Take Rate Pressure
Net take rate was 3.6% (within the 3.5%–4% guide but at the low end); management expects take rate to remain toward the bottom of the guided range in Q3 due to mix shift into Figure Connect (which has a lower take rate), higher interest rates hurting gain-on-sale, and faster growth in lower-take-rate first-lien volume (first-lien volume grew ~3x YoY).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Consumer Loan Marketplace Volume
CLM volume of $4.3 billion in Q2, up 132% year-over-year (from $1.8B) and 4% above the top end of guidance; application volumes surpassed $1.0 billion per week in early July, indicating continued momentum into Q3.
Read all positive updates
Company Guidance
Management guided Q3 consumer loan marketplace (CLM) volume of $4.8B–$5.2B (midpoint ≈ $5.0B), citing July actuals of $1.7B and historical Aug/Sep seasonality that points to the midpoint; they expect the net take rate to stay near the low end of the 3.5%–4% range (Q2 take rate 3.6%) and reiterated that Figure Connect will keep scaling. They reiterated medium‑term targets of ~60% EBITDA margin (Q2 adjusted EBITDA $119M, margin 55%; excl. a $5.9M gain margin ≈52%), said Figure Connect was 65% of CLM in Q2 (up from 56% last quarter and 42% a year ago) and likely to approach ~70% medium‑term, announced Kiavi closing in H2/end‑2026 (expected to add ~40% to volume and ~$100M of EBITDA with <4‑year unlevered payback) financed in part by a $600M senior note at 8.5%, and noted balance‑sheet posture with $1.44B cash, roughly $600M loans on balance sheet (≈$360M retained to support Democratized Prime), Democratized Prime matched offers $392M and $170M of third‑party assets.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 | 713.33M | 457.21M | 279.31M | 166.89M |
| Gross Profit | 620.51M | 359.65M | 257.74M | 148.17M |
| EBITDA | 275.32M | 178.80M | 95.62M | 16.24M |
| Net Income | 237.13M | 133.86M | 17.21M | -47.94M |
Balance Sheet | ||||
| Total Assets | 3.02B | 2.32B | 1.16B | 660.07M |
| Cash, Cash Equivalents and Short-Term Investments | 1.44B | 1.36B | 365.12M | 122.41M |
| Total Debt | 1.47B | 946.69M | 688.59M | 414.99M |
| Total Liabilities | 1.60B | 1.08B | 796.20M | 437.64M |
| Stockholders Equity | 1.41B | 1.23B | 355.10M | 217.07M |
Cash Flow | ||||
| Free Cash Flow | -4.03B | 41.92M | -152.64M | -46.13M |
| Operating Cash Flow | -4.03B | 62.57M | -136.01M | -28.87M |
| Investing Cash Flow | 3.79B | -61.27M | -30.86M | -22.11M |
| Financing Cash Flow | 1.29B | 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $6.93B | 32.48 | 18.59% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $566.19M | -1.86 | -46.72% | ― | 23.36% | -150.86% | |
54 Neutral | $7.41B | -6.45 | -156.28% | ― | 20.30% | -525.74% | |
47 Neutral | $55.75M | -0.70 | -72.86% | 5.05% | 219.08% | 7.90% | |
44 Neutral | $528.67M | -2.49 | -29.89% | ― | 2495.03% | 86.92% |
* General Sector Average
FIGR
Figure Technology Solutions, Inc. Class A
35.52
3.02
9.29%
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Figure Technology Solutions, Inc. Class A Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Figure Technology Solutions Issues New Senior Unsecured Notes
Positive
Jul 15, 2026
On July 14, 2026, Figure Technology Solutions, Inc. closed a $600 million offering of 8.500% senior unsecured notes due 2031, guaranteed by certain domestic wholly owned subsidiaries and sold to qualified institutional buyers in the United States....
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Figure Technology Solutions prices $600M senior notes offering
Positive
Jul 10, 2026
On July 9, 2026, Figure Technology Solutions announced it had priced a private offering of $600 million in 8.500% senior notes due 2031, to be sold at par to qualified institutional buyers and certain non-U.S. investors. The issuance, expected to ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Figure Technology Plans $600 Million Senior Notes Offering
Positive
Jul 6, 2026
On June 6, 2026, Figure Technology Solutions announced plans for a private offering of $600 million in senior notes due 2031, targeting qualified institutional buyers in the U.S. and certain non-U.S. investors. The notes will be guaranteed on a jo...
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.