Figure Technology Solutions (FIGR)
Market Price (4/5/2026): $34.32 | Market Cap: $7.4 BilSector: Financials | Industry: Diversified Capital Markets
Figure Technology Solutions (FIGR)
Market Price (4/5/2026): $34.32Market Cap: $7.4 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Online Banking & Lending, and Blockchain Enterprise Solutions. | Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -159% | Expensive valuation multiplesP/SPrice/Sales ratio is 17x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 119x, P/EPrice/Earnings or Price/(Net Income) is 56x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% High stock price volatilityVol 12M is 126% Key risksFIGR key risks include [1] high sensitivity to interest rates and housing cycles due to its concentration in the HELOC market, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Online Banking & Lending, and Blockchain Enterprise Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -159% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 17x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 119x, P/EPrice/Earnings or Price/(Net Income) is 56x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| High stock price volatilityVol 12M is 126% |
| Key risksFIGR key risks include [1] high sensitivity to interest rates and housing cycles due to its concentration in the HELOC market, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Figure Technology Solutions (FIGR) stock has lost about 15% since 12/31/2025 because of the following key factors:
1. Disappointing Q4 2025 Earnings.
Figure Technology Solutions reported its Q4 2025 earnings on February 26, 2026, with an earnings per share (EPS) of $0.06, significantly missing the consensus estimate of $0.13 by $0.07. Quarterly revenue of $157.63 million also fell slightly below analyst estimates of $158 million. This weaker-than-expected financial performance led to a substantial decline of 25.7% in FIGR's stock price the day after the announcement.
2. Dilutive Secondary Offering.
On February 18, 2026, Figure Technology Solutions announced the pricing of an upsized secondary public offering, selling 4,375,000 shares of its Series A Blockchain Common Stock at $32.00 per share. This offering represented an increase of 145,000 shares from the initial plan, with total selling shareholders offering 4,687,500 shares. The offering price of $32.00 was below the market value of $36.91 at the time, suggesting dilution and exerting downward pressure on the stock price.
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1. Disappointing Q4 2025 Earnings.
Figure Technology Solutions reported its Q4 2025 earnings on February 26, 2026, with an earnings per share (EPS) of $0.06, significantly missing the consensus estimate of $0.13 by $0.07. Quarterly revenue of $157.63 million also fell slightly below analyst estimates of $158 million. This weaker-than-expected financial performance led to a substantial decline of 25.7% in FIGR's stock price the day after the announcement.
2. Dilutive Secondary Offering.
On February 18, 2026, Figure Technology Solutions announced the pricing of an upsized secondary public offering, selling 4,375,000 shares of its Series A Blockchain Common Stock at $32.00 per share. This offering represented an increase of 145,000 shares from the initial plan, with total selling shareholders offering 4,687,500 shares. The offering price of $32.00 was below the market value of $36.91 at the time, suggesting dilution and exerting downward pressure on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -15.5% change in FIGR stock from 12/31/2025 to 4/4/2026 was primarily driven by a -3.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.84 | 34.51 | -15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 434 | 0.0% |
| Net Income Margin (%) | � | 30.8% | 0.0% |
| P/E Multiple | � | 55.8 | 0.0% |
| Shares Outstanding (Mil) | 209 | 216 | -3.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| FIGR | -15.5% | |
| Market (SPY) | -5.4% | 19.8% |
| Sector (XLF) | -9.6% | 34.3% |
Fundamental Drivers
The -5.1% change in FIGR stock from 9/30/2025 to 4/4/2026 was primarily driven by a -3.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.37 | 34.51 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 434 | 0.0% |
| Net Income Margin (%) | � | 30.8% | 0.0% |
| P/E Multiple | � | 55.8 | 0.0% |
| Shares Outstanding (Mil) | 209 | 216 | -3.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| FIGR | -5.1% | |
| Market (SPY) | -2.9% | 32.5% |
| Sector (XLF) | -7.7% | 29.7% |
Fundamental Drivers
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Market Drivers
3/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| FIGR | -93.5% | |
| Market (SPY) | 16.3% | 32.3% |
| Sector (XLF) | 0.5% | 26.6% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/4/2026| Return | Correlation | |
|---|---|---|
| FIGR | -93.5% | |
| Market (SPY) | 63.3% | 32.3% |
| Sector (XLF) | 60.9% | 26.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FIGR Return | 0% | 0% | 0% | 0% | -92% | -19% | -94% |
| Peers Return | 54% | -64% | 170% | 29% | 25% | -27% | 77% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| FIGR Win Rate | 0% | 0% | 0% | 0% | 17% | 50% | |
| Peers Win Rate | 45% | 33% | 58% | 48% | 60% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FIGR Max Drawdown | 0% | 0% | 0% | 0% | -94% | -38% | |
| Peers Max Drawdown | -14% | -67% | -5% | -29% | -27% | -32% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/2/2026 (YTD)
How Low Can It Go
| Event | FIGR | S&P 500 |
|---|---|---|
| 2020 Covid Pandemic | ||
| % Loss | -3.6% | -33.9% |
| % Gain to Breakeven | 3.8% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -10.0% | -19.8% |
| % Gain to Breakeven | 11.1% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -39.4% | -56.8% |
| % Gain to Breakeven | 64.9% | 131.3% |
| Time to Breakeven | 355 days | 1,480 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
Figure is building the blockchain equivalent of Nasdaq, creating an efficient marketplace for all kinds of financial assets, starting with dramatically faster and cheaper home equity loans.
Imagine Rocket Mortgage for home equity loans, but supercharged by blockchain for unmatched speed and low costs, while also acting as an online exchange for trading financial assets.
AI Analysis | Feedback
- Loan Origination System (LOS): A proprietary technology platform that automates the application, underwriting, and funding processes for consumer credit, primarily home equity loans.
- Direct-to-Consumer Home Equity Lending: Figure-branded home equity loans (HELOCs) offered directly to consumers using its advanced technology.
- Partner-Enabled Lending Platform: A service that allows partner financial institutions to utilize Figure’s technology, including its LOS and DART platform, to originate their own branded home equity loans.
- DART Platform: A blockchain-based lien and eNote registry built on Provenance Blockchain, providing an immutable record for tracking and verifying loan ownership.
- Figure Connect: An electronic marketplace leveraging blockchain technology to facilitate direct transactions between sellers and buyers of loans, such as HELOCs.
- Figure Exchange: A digital asset marketplace providing crypto-trading services and features like cross-asset collateralization for margin lending.
- YLDS: An SEC-registered, interest-bearing, peer-to-peer transferable stablecoin designed for use cases including yielding collateral and cross-border payments.
AI Analysis | Feedback
Figure Technology Solutions primarily sells its technology solutions and marketplace services to other companies and institutions. While Figure does originate some loans directly to consumers, a significant and growing portion of its revenue is derived from its business-to-business (B2B) activities, where other entities leverage Figure's platform and infrastructure.
Figure's major customers fall into the following categories:
- Partners: These are companies that enter into contractual agreements with Figure to use its proprietary Loan Origination System (LOS) and the Figure Connect marketplace. These partners independently originate home equity loans using Figure's technology. As of June 30, 2025, Figure had 168 active partners. The company does not specify the names or public symbols of these partners.
- Loan Originators: These are third-party entities, distinct from Figure's direct partners, that utilize the Figure Connect electronic marketplace to transact home equity line of credit (HELOC) volume. Figure Connect onboarded 27 total marketplace participants (across originators, buyers, and investors) as of June 30, 2025. The company does not specify the names or public symbols of these originators.
- Buyers and Investors: These are institutional participants that leverage the Figure Connect marketplace to buy and invest in loans. These entities form a crucial part of the liquid capital market that Figure aims to facilitate for loans originated on its blockchain-based engine. The company does not specify the names or public symbols of these buyers or investors.
The provided background information does not name specific public companies as customers of Figure Technology Solutions. It refers to them generically by their roles within Figure's ecosystem.
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Michael Tannenbaum, Chief Executive Officer and Director
Mr. Tannenbaum has served as Chief Executive Officer of Figure Technology Solutions since April 2024. Previously, he was Chief Operating Officer of Brex, Inc. from November 2021 to January 2024, and its Chief Financial Officer and Chief Business Officer from July 2017 to November 2021. Earlier in his career, Mr. Tannenbaum held significant leadership roles at SoFi Technologies, Inc., including Chief Revenue Officer from July 2014 to July 2017. He also worked at Hellman & Friedman, a private equity firm, and in the investment banking division at JPMorgan Chase.
Macrina Kgil, Chief Financial Officer
Ms. Kgil joined Figure Technology Solutions as Chief Financial Officer in December 2024. Prior to Figure, she led the finance function globally at Flow, a residential real estate startup. She served as CFO of Blockchain.com and its affiliate Blockchain Ventures Fund I from 2018 to 2022. Ms. Kgil was also CFO of OneMain Holdings (formerly Springleaf Financial Services), where she helped manage its acquisition from Citigroup and successfully led the company through an initial public offering. Her career also includes serving as Vice President in the private equity group at Fortress Investment Group, and she started at PwC in capital market advisory and audit teams, where she assisted in taking companies public, including Fortress Investment Group.
Mike Cagney, Co-founder and Executive Chairman
Mr. Cagney is a co-founder of Figure Technology Solutions, established in 2018 with his wife, June Ou. He served as Chief Executive Officer of Figure from January 2018 to March 2024, transitioning to Executive Chairman in April 2024. Mr. Cagney also co-founded and was CEO of SoFi from 2011 to 2017. His entrepreneurial background includes founding Finaplex, a wealth management software company that was acquired by Broadridge Financial Solutions in 2007, and co-founding Cabezon Investment Group, a global macro hedge fund. He is also a member of the founding team of Provenance Blockchain.
Todd Stevens, Chief Capital Officer
Mr. Stevens serves as the Chief Capital Officer of Figure Technology Solutions.
Ronald Chillemi, Chief Legal Officer and Corporate Secretary
Mr. Chillemi serves as the Chief Legal Officer and Corporate Secretary for Figure Technology Solutions. He was appointed as the company's first Chief Legal Officer in September 2024.
AI Analysis | Feedback
The key risks to Figure Technology Solutions include:
- Customer Adoption of Blockchain-Based Solutions: Figure's business model relies on its ability to transition customers from legacy financial systems to its proprietary blockchain-based technology. The company explicitly states its goal is "to shift customer adoption towards blockchain-based solutions." If customers are slow to adopt or resist this transition, Figure's growth and competitive advantage in transforming capital markets could be significantly limited.
- Partner Commitment and Retention: Figure's agreements with its partners are described as "non-exclusive and do not obligate our partners to use our solutions." This presents a significant risk, as Figure relies on these partners for a substantial portion of its loan originations; for the six months ended June 30, 2025, loans originated by partners utilizing DART accounted for 62% of all loans originated by its Loan Origination System. The non-binding nature of these agreements means partners could choose to reduce their engagement or switch to alternative platforms, directly impacting Figure's revenue and market share.
- Dependence on Provenance Blockchain: Figure's entire technology platform, including the immutable recording of all assets and their key information, is built upon the Provenance Blockchain, an independent Layer 1 blockchain. While Figure currently pays minimal gas fees in HASH, its reliance on this external blockchain introduces systemic risk. Any issues with the Provenance Blockchain itself, such as security vulnerabilities, performance degradation, governance changes, or significant fluctuations in the value or availability of its HASH utility token, could severely disrupt Figure's operations and financial stability.
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The addressable markets for Figure Technology Solutions' main products or services are:- The consumer credit market, which is approximately $2 trillion. This market size is for the U.S.
- The cryptocurrency and digital asset market, which is approximately $4 trillion. This market size is global.
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Figure Technology Solutions (FIGR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion within Consumer Credit and Digital Asset Markets: Figure aims 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. This strategy involves deeper penetration and broader offerings within these substantial markets, leveraging their blockchain-based technology.
- Increased Adoption and Utilization of the DART Platform: The DART platform, Figure's lien and eNote registry built on Provenance Blockchain, saw significant growth, with 80% of loans originated through their LOS utilizing DART for the six months ended June 30, 2025, a substantial increase from 2% in 2024. Continued increased adoption by both Figure and its partners is expected to drive further revenue.
- Growth in Active Partners and Usage of LOS and Figure Connect: Figure actively expands its partner-branded strategies, with 168 active partners as of June 30, 2025. These partners use Figure’s Loan Origination System (LOS) and the Figure Connect marketplace. Growing the number of partners and increasing their utilization of these solutions will directly contribute to transaction volume and associated fees.
- Rapid Scaling of the Figure Connect Marketplace: Launched in June 2024, Figure Connect, an electronic marketplace for loan transactions using blockchain technology, facilitated approximately $1.3 billion in HELOC volume and onboarded 27 marketplace participants within its first year. The rapid early adoption and transaction volume indicate this recently launched product will be a significant driver of future revenue growth.
- Launch and Scaling of New Trading and Investing Products: Figure is expanding beyond its foundational solutions by developing new trading and investing products. Examples include Figure Exchange, a digital asset marketplace for crypto-trading, and YLDS, an SEC-registered, interest-bearing peer-to-peer transferable stablecoin. While these products generated minimal revenue in the first half of 2025, their strategic importance and potential use cases suggest they will be key future revenue contributors.
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nullLatest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Figure Tech (FIGR) Stock Pre-Market (+3.9%): On-Chain Equity Network Launch | 01/16/2026 | |
| ARTICLES | ||
| What’s Next For Figure Technology Stock? | 01/16/2026 | |
| Figure Technology Stock: Not Just Another Crypto Play | 09/16/2025 |
Trade Ideas
Select ideas related to FIGR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 30.04 |
| Mkt Cap | 30.8 |
| Rev LTM | 4,935 |
| Op Inc LTM | 1,456 |
| FCF LTM | -62 |
| FCF 3Y Avg | -38 |
| CFO LTM | -43 |
| CFO 3Y Avg | -24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.6% |
| Rev Chg 3Y Avg | 15.7% |
| Rev Chg Q | 35.2% |
| QoQ Delta Rev Chg LTM | 7.8% |
| Op Mgn LTM | 23.6% |
| Op Mgn 3Y Avg | 28.3% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | -0.0% |
| CFO/Rev 3Y Avg | -2.3% |
| FCF/Rev LTM | -3.3% |
| FCF/Rev 3Y Avg | -4.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.8 |
| P/S | 6.6 |
| P/EBIT | 28.6 |
| P/E | 38.4 |
| P/CFO | 6.9 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.4% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.5% |
| 3M Rtn | -26.1% |
| 6M Rtn | -26.6% |
| 12M Rtn | 1.2% |
| 3Y Rtn | 63.9% |
| 1M Excs Rtn | -5.7% |
| 3M Excs Rtn | -19.6% |
| 6M Excs Rtn | -29.1% |
| 12M Excs Rtn | -19.7% |
| 3Y Excs Rtn | 24.0% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/13/2026 | 4.6% | -14.4% | -2.5% |
| 11/13/2025 | 16.3% | 2.9% | 11.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 1 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 10.5% | 2.9% | 11.9% |
| Median Negative | -14.4% | -2.5% | |
| Max Positive | 16.3% | 2.9% | 11.9% |
| Max Negative | -14.4% | -2.5% | |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Share Repurchases | 200.00 Mil | Higher New | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ou, June | Spouse | Sell | 12122025 | 39.40 | 200,058 | Form | |||
| 2 | Cagney, Michael Scott | Direct | Sell | 12122025 | 39.40 | 200,058 | Form | |||
| 3 | Chao, David K | Direct | Buy | 12092025 | 38.26 | 4,000 | 153,056 | 153,056 | Form | |
| 4 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 12042025 | 35.22 | 60,000 | 2,113,069 | 131,430,413 | Form |
| 5 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 12042025 | 35.12 | 90,026 | 3,162,034 | 127,916,612 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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