Want to see FIGR full AI Analyst Report?
Top Page
Figure Technology Solutions, Inc. Class A
(NASDAQ:FIGR)
Select Model
Select Model
Rating:73Outperform
Price Target:
$40.00
▼(-2.77% Downside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by sharply improved financial performance and a stronger balance sheet in 2025, reinforced by a bullish earnings-call outlook and solid operating momentum. The main offsets are uneven cash-flow history, a premium P/E that raises the bar for repeatability, and only mixed longer-term technical trend (below the 200-day average).
Positive Factors
Platform adoption and scale
Rapid marketplace growth and broad partner adoption indicate that Figure’s infrastructure is gaining relevance across multiple financial institutions and fintech participants. Higher platform usage can reinforce network effects, improve operating leverage, and support durable fee generation as more lending activity moves through the system.
Negative Factors
Uneven cash generation
Although cash generation improved in 2025, the preceding two years of negative operating cash flow and inconsistent conversion from reported earnings point to earnings-quality variability. Continued divergence between profitability and cash generation could limit internally funded investment and make working-capital or funding needs harder to predict.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform adoption and scale
Rapid marketplace growth and broad partner adoption indicate that Figure’s infrastructure is gaining relevance across multiple financial institutions and fintech participants. Higher platform usage can reinforce network effects, improve operating leverage, and support durable fee generation as more lending activity moves through the system.
Read all positive factors
Figure Technology Solutions, Inc. Class A (FIGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.92B
Dividend YieldN/A
Average Volume (3M)4.82M
Price to Earnings (P/E)33.7
Beta (1Y)1.97
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees602
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.10
Shares Outstanding185,672,150
10 Day Avg. Volume4,792,569
30 Day Avg. Volume4,818,456
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
$55.33Price Target Upside34.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.22
Revenue Forecast (FY)$893.55M
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
Figure Technology Solutions, Inc. generates revenue primarily by providing technology and related services that support the origination, servicing, funding, and securitization of financial assets on its platform. Key revenue streams can include: (...
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 Technical Analysis
Positive
41.14
Price Trends
32.69
Positive
32.81
Positive
36.88
Positive
Market Momentum
0.52
Positive
56.54
Neutral
48.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIGR, the sentiment is Positive. The current price of 41.14 is above the 20-day moving average (MA) of 35.98, above the 50-day MA of 32.69, and above the 200-day MA of 36.88, indicating a bullish trend. The MACD of 0.52 indicates Positive momentum. The RSI at 56.54 is Neutral, neither overbought nor oversold. The STOCH value of 48.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIGR.
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 | $7.92B | 33.71 | 18.59% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $656.35M | -2.16 | -46.72% | ― | 23.36% | -150.86% | |
54 Neutral | $7.84B | -6.66 | -156.28% | ― | 20.30% | -525.74% | |
53 Neutral | $750.04M | -3.60 | -29.89% | ― | 2495.03% | 86.92% | |
50 Neutral | $85.79M | -0.67 | -104.28% | 3.03% | 120.96% | -120.89% |
* General Sector Average
FIGR
Figure Technology Solutions, Inc. Class A
37.11
-3.58
-8.80%
BTCS
BTCS
1.65
-3.15
-65.60%
ABTC
American Bitcoin Corp
10.27
-94.58
-90.21%
BTBT
Bit Digital
1.86
-1.29
-40.95%
CIFR
Cipher Digital
19.09
4.95
35.01%
Figure Technology Solutions, Inc. Class A Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Figure Technology Closes $590 Million Kiavi Acquisition
Positive
Sep 1, 2026
On September 1, 2026, Figure Technology Solutions, Inc. completed its acquisition of Kiavi, Inc., merging its wholly owned subsidiary into Kiavi, which now operates as a wholly owned subsidiary of Figure. The company paid approximately $590 millio...
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.