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Figure Technology Solutions (FIGR)

Market Price (2/24/2026): $30.2 | Market Cap: $3.1 Bil
Sector: Financials | Industry: Diversified Capital Markets

Figure Technology Solutions (FIGR)

Market Price (2/24/2026): $30.2
Market Cap: $3.1 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%		 Weak multi-year price returns
2Y Excs Rtn is -131%, 3Y Excs Rtn is -159%		 Expensive valuation multiples
P/SPrice/Sales ratio is 8.3x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%		 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%		 High stock price volatility
Vol 12M is 117%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -66%		  Key risks
FIGR key risks include [1] high sensitivity to interest rates and housing cycles due to its concentration in the HELOC market, Show more.
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Online Banking & Lending, and Blockchain Enterprise Solutions. 		  
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -66%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Online Banking & Lending, and Blockchain Enterprise Solutions.
4 Weak multi-year price returns
2Y Excs Rtn is -131%, 3Y Excs Rtn is -159%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 8.3x
7 High stock price volatility
Vol 12M is 117%
8 Key risks
FIGR key risks include [1] high sensitivity to interest rates and housing cycles due to its concentration in the HELOC market, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Figure Technology Solutions (FIGR) stock has lost about 25% since 10/31/2025 because of the following key factors:

1. Significant insider selling by executives contributed to negative market sentiment, with a net sell-off of approximately $123.7 million over the last 90 days, including executive sales totaling around $54.8 million. For instance, CEO Michael Benjamin Tannenbaum alone sold 908,000 shares on November 18, 2025, at weighted average prices between $38.41 and $41.11 per share. Michael Scott Cagney and June Ou also each sold 750,000 shares on November 20, 2025, at prices up to $38.98 per share.

2. Analyst downgrades and lowered price targets signaled a more cautious outlook. Bank of America downgraded Figure Technology Solutions from a "neutral" to an "underperform" rating on February 3, 2026, setting a $42.00 price target, which implied a potential downside of 19.71% at the time. Additionally, Goldman Sachs lowered its price target for FIGR to $49.00 from $57.00 on February 13, 2026.

Show more

Stock Movement Drivers

Fundamental Drivers

The -23.7% change in FIGR stock from 10/31/2025 to 2/23/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120252232026Change
Stock Price ($)39.6030.21-23.7%
Change Contribution By: 
Total Revenues ($ Mil)��0.0%
Net Income Margin (%)��0.0%
P/E Multiple��0.0%
Shares Outstanding (Mil)2092090.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/23/2026
ReturnCorrelation
FIGR-23.7% 
Market (SPY)0.0%29.1%
Sector (XLF)-3.1%18.7%

Fundamental Drivers

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Market Drivers

7/31/2025 to 2/23/2026
ReturnCorrelation
FIGR-94.3% 
Market (SPY)8.3%36.6%
Sector (XLF)-2.8%19.6%

Fundamental Drivers

null
null

Market Drivers

1/31/2025 to 2/23/2026
ReturnCorrelation
FIGR-94.3% 
Market (SPY)14.4%36.6%
Sector (XLF)-0.4%19.6%

Fundamental Drivers

null
null

Market Drivers

1/31/2023 to 2/23/2026
ReturnCorrelation
FIGR-94.3% 
Market (SPY)74.1%36.6%
Sector (XLF)45.1%19.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FIGR Return0%0%0%0%-92%-29%-95%
Peers Return54%-64%170%29%25%-19%95%
S&P 500 Return27%-19%24%23%16%1%84%

Monthly Win Rates [3]
FIGR Win Rate0%0%0%0%17%50% 
Peers Win Rate45%33%58%48%60%20% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
FIGR Max Drawdown0%0%0%0%-94%-29% 
Peers Max Drawdown-14%-67%-5%-29%-27%-23% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RKT, SOFI, ICE, UPST, COIN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/23/2026 (YTD)

How Low Can It Go

Unique KeyEventFIGRS&P 500
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-3.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven3.8%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-10.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven11.1%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-39.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven64.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven355 days1,480 days

Compare to RKT, SOFI, ICE, UPST, COIN

In The Past

Figure Technology Solutions's stock fell -3.6% during the 2020 Covid Pandemic from a high on 1/1/2020. A -3.6% loss requires a 3.8% gain to breakeven.

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About Figure Technology Solutions (FIGR)

Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market. As a result, Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025, and accumulated deficit of $292 million and total stockholders’ equity of $404 million, as of June 30, 2025, and net income of $20 million and Adjusted EBITDA of $101 million, for the year ended December 31, 2024, and accumulated deficit of $321 million and total stockholders’ equity of $363 million, as of December 31, 2024. The infrastructure supporting capital markets today is fragmented and operates on legacy systems which employ antiquated processes for loan approvals and transaction processing. This creates process and cost inefficiencies in serving consumer credit markets and limits the development of alternative marketplaces. Furthermore, the manual elements underpinning the records of ownership and transfer of financial and real assets constrain liquidity, maintain elevated costs, and are error-prone. Figure aims to address these challenges by using blockchain-based technology to innovate beyond legacy processes. We built a transformative, scaled and fast growing technology platform that displaces trust with truth in the financial ecosystem. Our platform also supports legacy systems, and our goal is to shift customer adoption towards blockchain-based solutions. Furthermore, our technology significantly reduces complexity and increases speed for market participants across the application, underwriting, funding and subsequent capital markets processes. Using our proprietary Loan Origination System (“LOS”), the time it takes to fund a home equity loan from application has been reduced to a median of 10 days from an industry median of approximately 42 days (based on data from industry sources) as of June 30, 2025. In comparison, for asset classes outside of mortgages, such as personal loans, there are many loan originators that utilize digitized, fast and automated processes that can fund as fast as same-day or often in as little as three to five days. Additionally, the average production cost per loan was reduced to approximately $730 for the year ended December 31, 2024 from a mortgage industry average of $11,230 for the quarter ended December 31, 2024, according to the Mortgage Bankers Association (“MBA”). This is a result of our entirely automated application process that takes as little as five minutes to complete and as few as five days to fund. Our platform automates income verification and offers customers the ability to redraw without incurring closing or out-of-pocket costs. Additionally, our platform employs an automatic valuation model, replacing the traditional, time-consuming appraisal process, and utilizes a digital lien matching process instead of the traditional analog title search. It also facilitates remote closings, including remote notaries, in jurisdictions where permitted by applicable laws. Importantly, we offer a liquid capital market for loans in connection with this low cost, automated and blockchain-based origination engine. Our technology enables the immutable recording of all assets and their key information on Provenance Blockchain. Provenance Blockchain, an independent Layer 1 blockchain, provides the scale, security, speed and cost structure to facilitate activity across the broad financial services landscape as a record of truth for assets. Using loans as an example, this authenticity record provides a validation mechanism to support the traditional, off-chain processes we use for tracking and monitoring loan transactions. This record provides verified information regarding the chain of ownership for all of the loans originated on our platform. Adoption of our technology has scaled significantly with every asset passing through Figure’s system being recorded on Provenance Blockchain and accumulating over $50 billion in both real-world and digital asset transactions from our launch in late 2018 to June 30, 2025. According to data from RWA.xyz, our real-world assets total value locked is approximately $11 billion as of August 1, 2025 and our share of tokenized private credit is approximately 75% based on the value of outstanding loans originated as of August 1, 2025. Further, 80% of loans originated through our LOS, which include loans originated by Figure as well as by our partners, for the six months ended June 30, 2025 utilized our DART platform, our lien and eNote registry that is built on Provenance Blockchain, compared to only 2% of loan originations for the year ended December 31, 2024. Loans originated by our partners utilizing DART accounted for 80% of Partner-branded loans and 62% of all loans originated by our LOS (including wholesale (brokered) transactions) for the six months ended June 30, 2025. We pay a minimal amount in the form of HASH for our use of the Provenance Blockchain. HASH is the utility token of the Provenance Blockchain and therefore gas fees (usage fees) are paid in HASH. A small amount of HASH is required to complete each transaction, and we pay these fees on behalf of all participants for any activity they complete with our assets. The average gas fee has been less than one HASH since 2018, which is equivalent to approximately $0.026. We began addressing the consumer credit market in 2018 with our Figure-branded product, which catered to direct-to-consumer home equity loans. We then expanded further through Partner-branded strategies, in which a growing number of partners use our technology to independently originate home equity loans. For the last twelve months ended June 30, 2025, we facilitated approximately $6 billion of home equity lending, representing an increase of 29% compared to the twelve months ended June 30, 2024. For the year ended December 31, 2024, we facilitated approximately $5 billion of home equity lending, representing an increase of 51% compared to the year ended December 31, 2023, and a compound annual growth rate of 70% since June 30, 2021. As of June 30, 2025 we had 168 active partners. Our relationship with our partners is based on our partners’ right to use our solutions. Once a partner is approved and onboarded, the partner enters into a contractual agreement with us for the right to use our LOS and Figure Connect marketplace in exchange for fees. These agreements typically have a fixed term with auto-renewals unless notice is given to terminate, are non-exclusive and do not obligate our partners to use our solutions. In June 2024, we launched Figure Connect, an electronic marketplace that employs blockchain technology, to directly connect sellers and buyers of loans. During the short period of 12 months from launch in June 2024 to June 2025, approximately $1.3 billion in home equity line of credit (“HELOC“) volume was transacted on Figure Connect by third parties and 27 total marketplace participants (across loan originators, buyers and investors) were onboarded as of June 30, 2025. With our technology applicable to the broader capital markets, we are expanding beyond our foundational solutions by developing trading and investing products. One example is Figure Exchange, a digital asset marketplace that provides customers advantages for crypto-trading, such as cross-asset collateralization for margin lending. Another example is YLDS, a groundbreaking interest-bearing peer-to-peer transferable stablecoin that is both native to a public blockchain and a security registered with the Securities and Exchange Commission (“SEC”). YLDS has many use cases resulting from its status as a security, including yielding collateral for institutions, cross-border payments and serving as the de-facto currency of Figure Exchange. For the six months ended June 30, 2025, we did not generate revenue from Figure Exchange and revenue generated from YLDS was less than $1 thousand. We believe that we have established a regulatory and licensing apparatus which sets us apart from our competitors and enables us to continue expanding our diverse product offering. We currently have more than 180 lending and servicing licenses, 48 money transmitter licenses, and are an SEC-registered broker-dealer with authority to operate an alternative trading system (“ATS”), which operations are conducted in accordance with SEC and Financial Industry Regulatory Authority (“FINRA”) rules and regulations. We generate revenue from the volume transacted on our marketplaces and through the use of our proprietary technology. We earn volume-based fees from partners and users who utilize our technology solutions to transact in our ecosystem. Within this usage-based model, we target positive unit economics in each of our solutions. In addition to our growing stream of ecosystem and technology fees, we also earn origination, gain on sale, and servicing revenue from assets generated through our LOS. During the six months ended June 30, 2025, HELOCs comprised over 99% of our total loan originations. For the year ended December 31, 2024, approximately 82% of our total net revenue was generated from origination fees, gain on sale of loans, servicing fees and interest income from assets generated through our LOS from both Figure and our network of partners. For the six months ended June 30, 2025, this represented approximately 76% of total net revenue, as revenue from Figure Connect and other new products grew faster than the solely LOS-driven revenue sources. We have grown quickly in a capital-efficient manner since our founding, and more recently have achieved strong and growing profitability. Our principal executive offices are located in Reno, NV.

AI Analysis | Feedback

Nasdaq for blockchain-backed financial assets.

Stripe for digital mortgages and loans.

Carvana for the loan industry, leveraging blockchain.

AI Analysis | Feedback

  • Provenance Blockchain: A public, permissioned blockchain specifically designed for financial services, enabling faster, cheaper, and more efficient transactions and asset management.
  • Figure Markets: A digital marketplace built on the Provenance Blockchain that facilitates the trading and origination of various financial assets, including loans and securities.
  • Figure Lending: Offers lending solutions, primarily focused on home equity lines of credit (HELOCs) and mortgage origination, leveraging blockchain technology for efficiency.
  • Figure Pay: Provides digital payment solutions, enabling secure and efficient transactions within the Figure ecosystem and beyond.

AI Analysis | Feedback

Figure Technology Solutions (symbol: FIGR) primarily sells its technology and services to other companies within the financial services industry, making it a B2B (business-to-business) model. Their platform is designed for financial institutions seeking to digitize and streamline processes such as loan origination, servicing, and secondary market transactions, often leveraging the Provenance Blockchain.

While Figure's public filings do not typically disclose specific "major customers" by name that account for a significant portion of their revenue, their primary target customer categories include:

  • Banks
  • Credit Unions
  • Mortgage Lenders
  • Loan Servicers
  • Asset Managers

Figure has also established strategic partnerships with prominent financial firms that utilize or invest in their technology and the Provenance Blockchain ecosystem. Key strategic partners leveraging Figure's technology include:

  • Apollo Global Management (NYSE: APO) - A global alternative asset manager that has partnered with Figure on initiatives related to digital asset funds and utilizing the Provenance Blockchain.
  • TPG (NASDAQ: TPG) - A global alternative asset management firm, also a strategic partner and investor in Figure and its related ventures.

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN)
  • Alphabet Inc. (GOOGL)

AI Analysis | Feedback

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Michael Tannenbaum, Chief Executive Officer and Director

Michael Tannenbaum was appointed CEO of Figure Technology Solutions in April 2024. He brings over 15 years of experience in the financial technology and financial services sectors. Prior to joining Figure, he served as Chief Operating Officer (COO) at Brex, a financial platform for technology companies, where he also held roles as Chief Financial Officer (CFO) and Chief Business Officer (CBO) over nearly seven years. During his tenure at Brex, Tannenbaum was instrumental in scaling the company from a three-person startup to a global entity with more than 1,200 employees and a multi-billion dollar valuation. He continues to serve on Brex's board of directors. Before Brex, Tannenbaum was the Chief Revenue Officer (CRO) at SoFi, a company co-founded by Mike Cagney, and also led SoFi's mortgage business.

Macrina Kgil, Chief Financial Officer

Macrina Kgil was appointed Chief Financial Officer of Figure Technology Solutions in December 2024, a newly created role for the company. Her financial career spans 25 years. Most recently, Kgil led the global finance function at Flow, a residential real estate startup. Before Flow, she was CFO of OneMain Holdings (NYSE: OMF), where she played a key role in managing the acquisition of OneMain Holdings from Citigroup and successfully guided the company, then known as Springleaf Finance, through its initial public offering (IPO) and subsequent public filings. She also served as CFO of Blockchain.com and its affiliate Blockchain Ventures Fund I, where she established finance infrastructure across multiple global entities with a strong emphasis on regulatory compliance. Earlier in her career, Kgil was a Vice President in the private equity group at Fortress Investment Group and began at PwC in capital market advisory and audit teams. She holds an engineering degree from Seoul National University and is a founding member of the F Suite, an executive community for CFOs.

Todd Stevens, Chief Capital Officer

Todd Stevens serves as the Chief Capital Officer for Figure Technology Solutions.

Ronald Chillemi, Chief Legal Officer and Corporate Secretary

Ronald Chillemi holds the position of Chief Legal Officer and Corporate Secretary at Figure Technology Solutions. He was appointed Chief Legal Officer in September 2024.

Matt Hellwinkel, Chief Technology Officer

Matt Hellwinkel is the Chief Technology Officer for Figure Technology Solutions.

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AI Analysis | Feedback

The key risks to Figure Technology Solutions (FIGR) are:

  1. Regulatory Uncertainty: Figure Technology Solutions operates in the evolving and increasingly scrutinized areas of blockchain, digital assets, and fintech. Changes in regulatory policies in the U.S. and internationally could significantly impact the company's operations, margins, and the overall sentiment toward tokenization and digital assets, potentially leading to a valuation discount.

  2. Macroeconomic Headwinds and Market Cyclicality: The company's core business, particularly its concentration in the Home Equity Line of Credit (HELOC) market, makes it highly sensitive to macroeconomic factors such as interest rate fluctuations and housing market cycles. A recession or a slowdown in mortgage activity could increase default risks and negatively impact loan origination volumes and revenue growth.

  3. Competition and Early-Stage Execution Challenges: Despite its innovative use of blockchain, Figure operates in a fiercely competitive fintech and blockchain landscape. Maintaining a competitive advantage in areas like loan origination, underwriting, user acquisition, and technology scalability is crucial. The company also faces execution risks as it ventures into new product areas and as the broader tokenization industry remains in its early stages, potentially encountering scalability hurdles and issues such as low liquidity in its tokenized assets, as evidenced by a past "flash crash" of its HELOC token.

AI Analysis | Feedback

Competition from well-capitalized, established financial institutions aggressively building and deploying their own distributed ledger technology (DLT) platforms and services for financial markets.

Figure Technology Solutions aims to revolutionize financial services by leveraging blockchain for enhanced efficiency and reduced costs across various segments, including lending and capital markets. However, major global banks such as JPMorgan Chase (with its Onyx platform), BNY Mellon, and Goldman Sachs are not merely observing this shift; they are actively investing and developing their own DLT initiatives. These initiatives focus on areas like tokenized deposits, digital assets, wholesale payments, and interbank transactions. With their vast capital, deep-rooted client relationships, comprehensive regulatory expertise, and established market dominance, these incumbents pose a significant emerging threat. They possess the resources to rapidly adopt and scale DLT solutions, potentially capturing market share and establishing proprietary DLT ecosystems that could limit Figure's ability to become the leading blockchain-based financial infrastructure provider. This scenario mirrors historical instances where established players, once challenged by disruptive innovators, leveraged their scale to integrate new technologies and maintain or expand their market position.

AI Analysis | Feedback

Figure Technology Solutions (FIGR) operates in several financial technology markets, leveraging its Provenance blockchain for various products and services. The addressable markets for their main offerings include:
  • Consumer Lending (U.S. Mortgage Origination & Home Equity Loans):
    • The total U.S. mortgage origination volume is expected to increase to $2.3 trillion in 2025. Other forecasts suggest a reach exceeding $2 trillion by 2026. The U.S. mortgage market showed signs of recovery in Q3 2025, with originations climbing 8.8% year-over-year. Total mortgage balances across U.S. consumers climbed to $12.7 trillion in Q3 2025.
    • Americans owe $411 billion on 13.18 million home equity lines of credit (HELOCs). Figure estimates its addressable market across lending and capital markets at approximately $185 billion in annual revenue potential, based on consumer credit originations and marketplace trading. The U.S. home equity market is approximately $35 trillion, with Figure having funded over $16 billion in loans, making it the largest non-bank originator of HELOCs in the U.S.
  • Loan Origination Software:
    • The global loan origination software market was valued at $5.87 billion in 2024 and is projected to grow to $10.3 billion by 2029 at a compound annual growth rate (CAGR) of 11.9%. Another report valued the global market at $4.8 billion in 2022, projected to reach $12.2 billion by 2032. North America was the largest region in the loan origination software market in 2024.
  • Blockchain Finance & Asset Management (including Tokenization and Digital Asset Marketplaces):
    • The global blockchain finance market size was valued at $792.3 million in 2022 and is projected to reach $79.3 billion by 2032, growing at a CAGR of 60.5%. North America dominated the blockchain finance market in 2022.
    • Figure estimates the asset tokenization market could reach $16 trillion globally by 2030.
    • The global digital asset trading platform market size was valued at $2.49 billion in 2023 and is expected to reach $10.99 billion by 2033, growing at a CAGR of 16.01%.
    • The global digital asset management (DAM) market was valued at $7.73 billion in 2024 and is projected to reach $31.99 billion by 2033, exhibiting a CAGR of 15.26%. North America holds the largest share, at over 32.8% in 2024.
  • Crypto-Backed Lending & Stablecoins:
    • The global crypto lending platform market size was $9.03 billion in 2024 and is expected to grow to $21.19 billion by 2029 at a CAGR of 18.7%. North America was the largest region in the crypto lending platform market in 2024.
    • The global crypto-backed lending market size reached $7.8 billion in 2024 and is forecasted to reach $62.6 billion by the end of 2033, registering a CAGR of 22.6% from 2025 to 2033. North America dominates this market.
    • Figure estimates the stablecoin market could approach $5 trillion globally by 2030.
    • The global Bitcoin Loan Market size was valued at $8.89 billion in 2024 and is projected to grow to $59.44 billion by 2031, exhibiting a CAGR of 31.2%. North America leads this market.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Figure Technology Solutions (FIGR) over the next 2-3 years:

  1. Expansion and Adoption of Figure Connect: Figure Connect, the company's new marketplace, is anticipated to be a primary driver of future revenue growth. Analysts expect it to contribute approximately 75% of Figure's total revenue growth from 2024 through 2027. This platform operates as a capital-light marketplace, facilitating the direct matching of loan originators with institutional buyers, which enhances scalability and profit margins. Figure Connect's volume scaled significantly from 0% of 2024 volume to 42% in the second quarter of 2025, with projections to reach 55% by 2027.
  2. Market Share Gains in Home Equity Line of Credit (HELOC) and Total Addressable Market (TAM) Expansion: Figure Technology Solutions is already a leading non-bank provider of HELOCs, holding over 70% market share in tokenized private credit. The company is expected to continue gaining market share within its core HELOC product. Beyond HELOCs, Figure aims to expand its total addressable market by venturing into other consumer loan products, leveraging its efficient blockchain-enabled origination and sales processes.
  3. Leveraging Blockchain Technology for Efficiency and New Offerings: Figure's proprietary Provenance blockchain underpins its growth strategy by enabling faster, cheaper, and more scalable loan origination, providing a structural cost advantage over traditional lenders. This technology also supports Digital Asset Registration Technologies (DART) for asset custody and lien perfection. The increasing adoption of these blockchain solutions allows Figure to transition to a more capital-light business model through platforms like Figure Connect, thereby driving revenue and profit growth.
  4. Growth of Recently Launched Products and Services (Democratized Prime and $YLDS): Figure's ecosystem includes rapidly growing components such as Democratized Prime, an on-chain lend-borrow marketplace, and $YLDS, an SEC-registered yield-bearing stablecoin that functions as a tokenized money market fund. These newer offerings are expected to contribute to the company's revenue expansion by diversifying its product range within the blockchain-native capital marketplace.

AI Analysis | Feedback

Share Issuance
  • Figure Technology Solutions completed its Initial Public Offering (IPO) on September 11, 2025, raising $787.5 million by selling 31.5 million Class A common shares at $25 per share.
Inbound Investments
  • In February 2025, Figure Technology Solutions formed a joint venture with Sixth Street, which committed $200 million in equity to Figure Connect to provide ongoing liquidity for private credit assets, including home equity lines of credit (HELOCs).
  • The company entered into a financing agreement with Victory Park Capital (VPC) in May 2025, which included the sale of the industry's first pool of Crypto-Backed Loans, accelerating Figure's Crypto-Backed Loan business.
  • Figure Technology Solutions raised hundreds of millions in venture capital funding since its establishment in 2018, with a 2021 venture-backed round valuing the company at $3.2 billion.
Capital Expenditures
  • Proceeds from the IPO are expected to accelerate research and development in AI-enhanced underwriting, expand digital asset offerings, and strengthen partnerships with institutional investors.
  • The IPO also serves as a strategic move to scale the company's blockchain infrastructure and facilitate expansion into new markets.

Latest Trefis Analyses

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Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-5.5%-5.5%-5.5%
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MORN_1022026_Dip_Buyer_ValueBuy01022026MORNMorningstarDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-25.4%-25.4%-26.8%

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FIGRRKTSOFIICEUPSTCOINMedian
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Mkt Cap3.136.022.387.72.743.029.1
Rev LTM3785,4863,61312,6401,0247,1814,550
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FCF LTM107-1,264-3,9943,871-1662,426-29
FCF 3Y Avg--1,756-4,2083,594-382,047-38
CFO LTM128-854-3,7424,662-1482,426-10
CFO 3Y Avg--1,333-4,0304,271-242,068-24

Growth & Margins

FIGRRKTSOFIICEUPSTCOINMedian
NameFigure T.Rocket C.SoFi Tec.Intercon.Upstart Coinbase. 
Rev Chg LTM-41.7%38.3%7.5%62.8%9.4%38.3%
Rev Chg 3Y Avg--0.3%32.1%9.7%15.7%39.3%15.7%
Rev Chg Q86.8%141.3%39.6%3.7%30.7%-21.6%35.2%
QoQ Delta Rev Chg LTM19.9%18.6%8.8%0.9%6.8%-6.4%7.8%
Op Mgn LTM21.2%--39.5%-20.3%21.2%
Op Mgn 3Y Avg---39.0%-17.5%28.3%
QoQ Delta Op Mgn LTM2.3%--0.9%--8.0%0.9%
CFO/Rev LTM33.8%-15.6%-103.6%36.9%-14.4%33.8%9.7%
CFO/Rev 3Y Avg--32.3%-163.1%37.3%-2.3%34.2%-2.3%
FCF/Rev LTM28.4%-23.0%-110.5%30.6%-16.2%33.8%6.1%
FCF/Rev 3Y Avg--42.4%-169.4%31.4%-4.2%33.6%-4.2%

Valuation

FIGRRKTSOFIICEUPSTCOINMedian
NameFigure T.Rocket C.SoFi Tec.Intercon.Upstart Coinbase. 
Mkt Cap3.136.022.387.72.743.029.1
P/S8.36.66.26.92.66.06.4
P/EBIT21.0--17.0-26.821.0
P/E25.2-352.446.326.549.634.130.3
P/CFO24.5-42.1-6.018.8-18.017.75.9
Total Yield4.0%-0.3%2.2%5.0%2.0%2.9%2.5%
Dividend Yield0.0%0.0%0.0%1.3%0.0%0.0%0.0%
FCF Yield 3Y Avg--83.9%-32.3%4.3%-1.4%3.5%-1.4%
D/E0.30.30.10.20.70.20.2
Net D/E-0.10.1-0.20.20.4-0.10.0

Returns

FIGRRKTSOFIICEUPSTCOINMedian
NameFigure T.Rocket C.SoFi Tec.Intercon.Upstart Coinbase. 
1M Rtn-51.9%-18.9%-29.5%-10.9%-39.8%-26.1%-27.8%
3M Rtn-15.5%-5.7%-33.5%1.1%-30.1%-37.4%-22.8%
6M Rtn-94.3%-8.8%-30.3%-13.5%-60.6%-47.6%-39.0%
12M Rtn-94.3%36.3%24.2%-7.2%-62.0%-31.9%-19.5%
3Y Rtn-94.3%129.5%185.6%56.3%51.1%174.2%92.9%
1M Excs Rtn-52.3%-19.4%-29.1%-10.5%-40.0%-27.1%-28.1%
3M Excs Rtn-21.7%-1.1%-34.8%-2.4%-29.8%-40.7%-25.8%
6M Excs Rtn-101.6%-10.1%-29.2%-20.9%-64.4%-54.0%-41.6%
12M Excs Rtn-106.1%30.1%5.3%-18.3%-77.4%-49.3%-33.8%
3Y Excs Rtn-159.2%32.5%86.4%-17.4%-38.6%66.2%7.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2024
Figure Technology Intermediate (FTI)207
Markets3
Other0
Total210


Operating Income by Segment
$ Mil2024
Figure Technology Intermediate (FTI)21
Other1
Markets-72
Total-49


Assets by Segment
$ Mil2024
Figure Technology Intermediate (FTI)544
Markets118
Other-2
Total660


Short Interest

Short Interest: As Of Date1302026
Short Interest: Shares Quantity15.0 Mil
Short Interest: % Change Since 115202666.9%
Average Daily Volume4.5 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity103.6 Mil
Short % of Basic Shares14.5%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/13/20264.6%-14.4% 
11/13/202516.3%2.9%11.9%
SUMMARY STATS   
# Positive211
# Negative010
Median Positive10.5%2.9%11.9%
Median Negative -14.4% 
Max Positive16.3%2.9%11.9%
Max Negative -14.4% 

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/13/202510-Q
06/30/202509/11/2025424B4
03/31/202508/04/2025DRS/A

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Ou, JuneSpouseSell1212202539.40200,058  Form
2Cagney, Michael ScottDirectSell1212202539.40200,058  Form
3Chao, David KDirectBuy1209202538.264,000153,056153,056Form
4Tannenbaum, Michael BenjaminChief Executive OfficerDirectSell1204202535.2260,0002,113,069131,430,413Form
5Tannenbaum, Michael BenjaminChief Executive OfficerDirectSell1204202535.1290,0263,162,034127,916,612Form

Industry Resources

External Quote Links


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