Figure Technology Solutions (FIGR)
Market Price (10/26/2026): $22.0 | Market Cap: $4.9 BilSector: Financials | Industry: Diversified Capital Markets
Figure Technology Solutions (FIGR)
Market Price (10/26/2026): $22.0Market Cap: $4.9 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 86% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% 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 -126%, 3Y Excs Rtn is -172% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% 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 86% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| 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 -126%, 3Y Excs Rtn is -172% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% |
| 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
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Figure Technology Solutions (FIGR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Anticipated Deceleration in Earnings Per Share (EPS) Growth.
Despite Figure Technology Solutions reporting strong preliminary Consumer Loan Marketplace Volume for fiscal Q3 2026, which was at the high end of its guidance range at $5.119 billion, the consensus earnings per share (EPS) estimate for fiscal Q3 2026 is $0.28. This represents a projected decrease from the $0.35 EPS reported for fiscal Q2 2026, suggesting a potential slowdown in the company's profitability growth trajectory that may have prompted investors to re-evaluate the stock.
2. Persistent Unprofitability and Negative Cash Flow Amidst High Valuation.
Figure Technology Solutions continues to operate as an unprofitable and cash-flow negative entity, despite achieving significant growth in its Consumer Loan Marketplace Volume, with Q3 2026 volume increasing 107% year-over-year and 20% quarter-over-quarter. The company's Price-to-Sales (P/S) ratio of 10.36x, while below its historical median, still indicates that the market has factored in substantial future growth expectations. This scenario makes the stock susceptible to downward pressure as investors increasingly scrutinize the financial health and eventual path to profitability for high-growth companies.
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Figure Technology Solutions (FIGR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Anticipated Deceleration in Earnings Per Share (EPS) Growth.
Despite Figure Technology Solutions reporting strong preliminary Consumer Loan Marketplace Volume for fiscal Q3 2026, which was at the high end of its guidance range at $5.119 billion, the consensus earnings per share (EPS) estimate for fiscal Q3 2026 is $0.28. This represents a projected decrease from the $0.35 EPS reported for fiscal Q2 2026, suggesting a potential slowdown in the company's profitability growth trajectory that may have prompted investors to re-evaluate the stock.
2. Persistent Unprofitability and Negative Cash Flow Amidst High Valuation.
Figure Technology Solutions continues to operate as an unprofitable and cash-flow negative entity, despite achieving significant growth in its Consumer Loan Marketplace Volume, with Q3 2026 volume increasing 107% year-over-year and 20% quarter-over-quarter. The company's Price-to-Sales (P/S) ratio of 10.36x, while below its historical median, still indicates that the market has factored in substantial future growth expectations. This scenario makes the stock susceptible to downward pressure as investors increasingly scrutinize the financial health and eventual path to profitability for high-growth companies.
3. Market Uncertainty Pending Full Fiscal Q3 2026 Financial Results.
Figure Technology Solutions released preliminary operating data for fiscal Q3 2026 on October 6, 2026. However, the comprehensive fiscal Q3 2026 financial results, which will include the financial impact and contribution from the Kiavi merger that closed on September 1, 2026, are not scheduled for release until November 12, 2026. The exclusion of post-merger Kiavi volumes from the preliminary report has created a period of uncertainty regarding the consolidated financial performance, particularly how the merger will affect profitability and other key financial metrics, leading to investor caution and selling activity.
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Stock Movement Drivers
Fundamental Drivers
The -24.5% change in FIGR stock from 6/30/2026 to 10/24/2026 was primarily driven by a -41.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.71 | 23.19 | -24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 594 | 703 | 18.4% |
| Net Income Margin (%) | 30.3% | 33.7% | 11.5% |
| P/E Multiple | 37.1 | 21.7 | -41.7% |
| Shares Outstanding (Mil) | 217 | 222 | -1.9% |
| Cumulative Contribution | -24.5% |
Market Drivers
6/30/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FIGR | -24.5% | |
| Market (SPY) | 1.8% | 41.1% |
| Sector (XLF) | 4.3% | 25.8% |
Fundamental Drivers
The -31.7% change in FIGR stock from 3/31/2026 to 10/24/2026 was primarily driven by a -60.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.95 | 23.19 | -31.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 511 | 703 | 37.5% |
| Net Income Margin (%) | 26.2% | 33.7% | 28.9% |
| P/E Multiple | 54.9 | 21.7 | -60.5% |
| Shares Outstanding (Mil) | 216 | 222 | -2.3% |
| Cumulative Contribution | -31.7% |
Market Drivers
3/31/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FIGR | -31.7% | |
| Market (SPY) | 17.2% | 45.2% |
| Sector (XLF) | 13.6% | 26.0% |
Fundamental Drivers
The -36.2% change in FIGR stock from 9/30/2025 to 10/24/2026 was primarily driven by a -5.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.37 | 23.19 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 703 | 0.0% |
| Net Income Margin (%) | � | 33.7% | 0.0% |
| P/E Multiple | � | 21.7 | 0.0% |
| Shares Outstanding (Mil) | 209 | 222 | -5.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FIGR | -36.2% | |
| Market (SPY) | 15.0% | 38.6% |
| Sector (XLF) | 5.0% | 27.1% |
Fundamental Drivers
nullnull
Market Drivers
9/30/2023 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FIGR | -95.6% | |
| Market (SPY) | 83.9% | 37.9% |
| Sector (XLF) | 75.9% | 25.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FIGR Return | 0% | 0% | 0% | 0% | -92% | -41% | -95% |
| Peers Return | 54% | -64% | 170% | 29% | 25% | -30% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FIGR Win Rate | 0% | 0% | 0% | 0% | 17% | 50% | |
| Peers Win Rate | 45% | 33% | 58% | 48% | 60% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FIGR Max Drawdown | 0% | 0% | 0% | 0% | -94% | -67% | |
| Peers Max Drawdown | -47% | -68% | -41% | -38% | -42% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/23/2026 (YTD)
How Low Can It Go
| Event | FIGR | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -36.6% | -53.4% |
| % Gain to Breakeven | 57.8% | 114.4% |
| Time to Breakeven | 310 days | 1085 days |
In The Past
Figure Technology Solutions's stock fell 0.0% during the 2020 COVID-19 Crash. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | FIGR | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -36.6% | -53.4% |
| % Gain to Breakeven | 57.8% | 114.4% |
| Time to Breakeven | 310 days | 1085 days |
In The Past
Figure Technology Solutions's stock fell 0.0% during the 2020 COVID-19 Crash. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Figure Technology Solutions (FIGR)
Figure Technology Solutions (FIGR) is a fintech company that utilizes proprietary blockchain technology to modernize and streamline capital markets. The company's core aim is to improve the speed, efficiency, and transparency of financial transactions, specifically targeting the multi-trillion-dollar consumer credit and digital asset markets. By building its solutions on the independent Provenance Blockchain, Figure's technology significantly reduces loan origination times and costs, and enhances liquidity and standardization for financial assets.
Figure's main products and services include a highly automated Loan Origination System (LOS) for home equity loans, which is used both for its own branded products and by a growing network of partner lenders. This LOS dramatically cuts the time and cost associated with loan processing compared to industry averages. Additionally, Figure operates Figure Connect, a blockchain-powered electronic marketplace facilitating the buying and selling of loans, and is developing digital asset offerings such as Figure Exchange for crypto-trading and YLDS, an SEC-registered, interest-bearing stablecoin. The company generates revenue from volume-based fees on its technology solutions and marketplaces, as well as from loan origination, gain on sale, and servicing.
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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.
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- 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.
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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.
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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 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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Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 28.7% | 75.2% | 121.5% | SPNT 173% · RNR 148% · RGA 146% |
| Diversified Banks | 12 | 26.4% | 152.5% | 88.0% | CM 137% · RY 123% · JPM 119% |
| Life & Health Insurance | 20 | 14.7% | 55.4% | 74.1% | JXN 472% · UNM 277% · MFC 176% |
| Investment Banking & Brokerage | 13 | -14.4% | 108.1% | 71.9% | IBKR 343% · SNEX 168% · HOOD 140% |
| Property & Casualty Insurance | 42 | 15.1% | 71.3% | 66.7% | TRV 170% · PGR 166% · ACGL 147% |
| Multi-line Insurance | 9 | 6.3% | 66.1% | 57.5% | GNW 99% · L 98% · AIZ 87% |
| Multi-Sector Holdings | 3 | 4.0% | 57.0% | 52.5% | BRK-B 87% · VOYA 52% · JEF 28% |
| Regional Banks | 264 | 30.2% | 104.2% | 51.1% | CBC 241% · FCNCA 186% · NIC 148% |
| Financial Exchanges & Data | 15 | 13.8% | 39.1% | 32.1% | CBOE 181% · VIRT 152% · CME 73% |
| Insurance Brokers | 15 | -3.4% | 10.1% | 22.9% | LIFE 405% · ARX 88% · AJG 71% |
| Consumer Finance | 30 | 0.0% | 79.9% | 14.7% | ENVA 374% · FCFS 102% · AGM 92% |
| Diversified Financial Services | 4 | -9.1% | 23.5% | 3.5% | FRHC 160% · EQH 77% |
| Asset Management & Custody Banks | 85 | -12.8% | 19.9% | 2.8% | WT 283% · AAMI 246% · VCTR 241% |
| Commercial & Residential Mortgage Finance | 14 | -57.9% | 26.5% | -8.5% | FNMA 386% · FMCC 347% · ACT 161% |
| Specialized Finance | 3 | 7.6% | 44.9% | -12.4% | CACC -12% · HASI -22% |
| Mortgage REITs | 34 | -20.1% | 0.7% | -32.8% | RITM 36% · DX 20% · AGNC 8% |
| Transaction & Payment Processing Services | 17 | 5.3% | 12.0% | -34.1% | V 83% · MA 79% · CPAY 47% |
| Diversified Capital Markets ← | 20 | -55.6% | 2.1% | -66.5% | LPLA 85% · TW 46% · RIOT -56% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.46 |
| Mkt Cap | 25.5 |
| Rev LTM | 5,294 |
| Op Inc LTM | 734 |
| FCF LTM | -208 |
| FCF 3Y Avg | -177 |
| CFO LTM | -185 |
| CFO 3Y Avg | -162 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 43.1% |
| Rev Chg 3Y Avg | 34.5% |
| Rev Chg Q | 42.1% |
| QoQ Delta Rev Chg LTM | 9.4% |
| Op Inc Chg LTM | 15.8% |
| Op Inc Chg 3Y Avg | 42.3% |
| Op Mgn LTM | 36.9% |
| Op Mgn 3Y Avg | 29.9% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | -9.7% |
| CFO/Rev 3Y Avg | -18.9% |
| FCF/Rev LTM | -15.8% |
| FCF/Rev 3Y Avg | -20.7% |
Price Behavior
| Market Price | $23.19 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 09/11/2025 | |
| Distance from 52W High | -68.6% | |
| 50 Days | 200 Days | |
| DMA Price | $32.31 | $35.14 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -28.2% | -34.0% |
| 3M | 1YR | |
| Volatility | 80.1% | 94.0% |
| Downside Capture | 420.37 | 363.10 |
| Upside Capture | 271.05 | 252.45 |
| Correlation (S&P 500) | 39.6% | 36.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.22 | 2.66 | 3.08 | 2.79 | 2.83 | 0.60 |
| Up Beta | 3.57 | 1.38 | 2.35 | 3.02 | 1.99 | 0.23 |
| Down Beta | 11.09 | 6.31 | 6.98 | 3.67 | 3.38 | 0.66 |
| Up Capture | 13% | 331% | 253% | 229% | 570% | -2% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 20 | 30 | 63 | 119 | 125 |
| Down Capture | 331% | 196% | 252% | 244% | 179% | 104% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 22 | 34 | 63 | 133 | 140 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIGR | |
|---|---|---|---|---|
| FIGR | -39.2% | 94.0% | -0.11 | - |
| Sector ETF (XLF) | 8.0% | 14.5% | 0.29 | 25.5% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 36.4% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 18.9% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -6.8% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 8.6% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | 37.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIGR | |
|---|---|---|---|---|
| FIGR | -5.7% | 95.9% | 0.15 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 25.1% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 37.9% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 18.6% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | -3.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 7.0% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 38.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIGR | |
|---|---|---|---|---|
| FIGR | -2.9% | 95.9% | 0.15 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 25.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 37.9% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 18.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | -3.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 7.0% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 38.1% |
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Earnings Returns History
Updated 10/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/7/2026 | 1.2% | -0.4% | |
| 8/13/2026 | 3.9% | 20.1% | 13.7% |
| 5/12/2026 | 1.4% | -1.0% | -28.0% |
| 2/26/2026 | -1.8% | -12.0% | -7.8% |
| 11/13/2025 | -7.3% | -0.3% | 2.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 1 | 2 |
| # Negative | 2 | 4 | 2 |
| Median Positive | 1.4% | 20.1% | 7.9% |
| Median Negative | -4.5% | -0.7% | -17.9% |
| Max Positive | 3.9% | 20.1% | 13.7% |
| Max Negative | -7.3% | -12.0% | -28.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/7/2026 | 1.2% | -0.4% | |
| 8/13/2026 | 3.9% | 20.1% | 13.7% |
| 5/12/2026 | 1.4% | -1.0% | -28.0% |
| 2/26/2026 | -1.8% | -12.0% | -7.8% |
| 11/13/2025 | -7.3% | -0.3% | 2.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 1 | 2 |
| # Negative | 2 | 4 | 2 |
| Median Positive | 1.4% | 20.1% | 7.9% |
| Median Negative | -4.5% | -0.7% | -17.9% |
| Max Positive | 3.9% | 20.1% | 13.7% |
| Max Negative | -7.3% | -12.0% | -28.0% |
Insider Activity
Updated 10/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 8262026 | 38.69 | 8,000 | 309,509 | 18,711,792 | Form |
| 2 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 8182026 | 31.38 | 47,650 | 1,495,391 | 11,818,734 | Form |
| 3 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 8142026 | 30.03 | 4,000 | 120,117 | 14,763,886 | Form |
| 4 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 7282026 | 28.13 | 4,000 | 112,523 | 13,942,994 | Form |
| 5 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 7022026 | 30.03 | 4,000 | 120,130 | 15,005,819 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 8262026 | 38.69 | 8,000 | 309,509 | 18,711,792 | Form |
| 2 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 8182026 | 31.38 | 47,650 | 1,495,391 | 11,818,734 | Form |
| 3 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 8142026 | 30.03 | 4,000 | 120,117 | 14,763,886 | Form |
| 4 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 7282026 | 28.13 | 4,000 | 112,523 | 13,942,994 | Form |
| 5 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 7022026 | 30.03 | 4,000 | 120,130 | 15,005,819 | Form |
| 6 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 6262026 | 27.64 | 4,000 | 110,573 | 13,922,530 | Form |
| 7 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 6172026 | 30.06 | 9,117 | 274,022 | 15,258,060 | Form |
| 8 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 6012026 | 35.70 | 8,000 | 285,606 | 19,281,929 | Form |
| 9 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 5212026 | 36.03 | 2,031 | 73,171 | 115,057,304 | Form |
| 10 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 5212026 | 37.27 | 14,871 | 554,199 | 119,017,828 | Form |
| 11 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 5152026 | 42.35 | 47,064 | 1,993,099 | 17,195,730 | Form |
| 12 | Ou, June | Spouse | Sell | 5152026 | 38.20 | 35,190 | Form | |||
| 13 | Cagney, Michael Scott | Direct | Sell | 5152026 | 38.20 | 35,190 | Form | |||
| 14 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 4302026 | 31.97 | 56,825 | 1,816,975 | 102,116,439 | Form |
| 15 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 4302026 | 33.35 | 127,369 | 4,247,380 | 108,393,436 | Form |
| 16 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 4272026 | 32.25 | 8,000 | 257,980 | 17,674,790 | Form |
| 17 | Ou, June | Spouse | Sell | 4172026 | 35.19 | 67,840 | Form | |||
| 18 | Cagney, Michael Scott | Direct | Sell | 4172026 | 35.19 | 67,840 | Form | |||
| 19 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 3262026 | 33.49 | 8,000 | 267,891 | 18,621,687 | Form |
| 20 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 3232026 | 32.02 | 49,708 | 1,591,810 | 13,964,976 | Form |
| 21 | Jaitly, Sachin Chand | Tessera Venture Capital Fund, LP | Sell | 3122026 | 33.64 | 185,742 | Form | |||
| 22 | Jaitly, Sachin Chand | Tessera Venture Capital Fund II, LP | Sell | 3122026 | 33.64 | 30,971 | Form | |||
| 23 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 2272026 | 32.00 | 26,057 | 833,824 | 14,814,176 | Form |
| 24 | Ou, June | Spouse | Sell | 12122025 | 39.40 | 200,058 | Form | |||
| 25 | Cagney, Michael Scott | Direct | Sell | 12122025 | 39.40 | 200,058 | Form | |||
| 26 | Chao, David K | Direct | Buy | 12092025 | 38.26 | 4,000 | 153,056 | 153,056 | Form | |
| 27 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 12042025 | 35.12 | 90,026 | 3,162,034 | 127,916,612 | Form |
| 28 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 12042025 | 35.22 | 40,000 | 1,408,804 | 17,222,629 | Form |
| 29 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 12042025 | 35.05 | 32,994 | 1,156,602 | 20,477,510 | Form |
| 30 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 12042025 | 35.22 | 60,000 | 2,113,069 | 131,430,413 | Form |
| 31 | Kgil, Minchung | Chief Financial Officer | Direct | Sell | 12042025 | 35.09 | 100,000 | 3,508,941 | 21,655,391 | Form |
| 32 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 11262025 | 34.16 | 29,437 | 1,005,550 | 129,529,946 | Form |
| 33 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 11262025 | 35.82 | 100,000 | 3,581,656 | 136,868,166 | Form |
| 34 | Ou, June | Direct | Sell | 11242025 | 34.06 | 250,000 | 8,514,361 | 208,737,843 | Form | |
| 35 | Cagney, Michael Scott | Spouse | Sell | 11242025 | 34.06 | 250,000 | 8,514,361 | 208,737,843 | Form | |
| 36 | Ou, June | Direct | Sell | 11242025 | 36.22 | 500,000 | 18,109,665 | 231,042,847 | Form | |
| 37 | Cagney, Michael Scott | Spouse | Sell | 11242025 | 36.22 | 500,000 | 18,109,665 | 231,042,847 | Form | |
| 38 | Stevens, David Todd | Chief Capital Officer | Direct | Sell | 11202025 | 39.29 | 83,500 | 3,280,677 | 20,784,166 | Form |
| 39 | Tannenbaum, Michael Benjamin | Chief Executive Officer | Direct | Sell | 11202025 | 39.19 | 908,000 | 35,588,073 | 153,693,677 | Form |
Investor Activity (13F)
Updated Oct 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Orland Properties Ltd | $134.4 Mil | 50.4% | 10 | TRIM -54.9% | 13F |
| Ribbit Management Company, LLC | $382.0 Mil | 22.7% | 16 | Hold | 13F |
| TB Alternative Assets Ltd. | $33.9 Mil | 7.0% | 36 | ADD +46.3% | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $20.1 Mil | 6.0% | 20 | TRIM -20.4% | 13F |
| Infinitum Asset Management, LLC | $42.4 Mil | 5.3% | 21 | TRIM -5.7% | 13F |
| Ratan Capital Management LP | $8.5 Mil | 3.2% | 37 | TRIM -38.2% | 13F |
| Endeavour Capital Advisors Inc | $12.6 Mil | 2.9% | 42 | ADD +14.9% | 13F |
| Nishkama Capital, LLC | $18.4 Mil | 2.6% | 39 | TRIM -28.1% | 13F |
| Slate Path Capital LP | $68.0 Mil | 1.0% | 44 | ADD +8.0% | 13F |
| Columbus Hill Capital Management, L.P. | $5.1 Mil | 0.9% | 21 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Fidelity National Financial, Inc. | $10.2 Mil | 0.3% | 22 | Exited | Dec 31, 2025 | 13F |
| Galileo (PTC) Ltd | $9.7 Mil | 0.7% | 4 | Exited | Dec 31, 2025 | 13F |
| Orland Properties Ltd | $134.4 Mil | 50.4% | 10 | TRIM -54.9% | Mar 31, 2026 | 13F |
| Ratan Capital Management LP | $8.5 Mil | 3.2% | 37 | TRIM -38.2% | Mar 31, 2026 | 13F |
| Nishkama Capital, LLC | $18.4 Mil | 2.6% | 39 | TRIM -28.1% | Mar 31, 2026 | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $20.1 Mil | 6.0% | 20 | TRIM -20.4% | Mar 31, 2026 | 13F |
| Infinitum Asset Management, LLC | $42.4 Mil | 5.3% | 21 | TRIM -5.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ribbit Management Company, LLC | $382.0 Mil | 22.7% | 16 | Hold | 13F |
| Orland Properties Ltd | $134.4 Mil | 50.4% | 10 | TRIM -54.9% | 13F |
| Slate Path Capital LP | $68.0 Mil | 1.0% | 44 | ADD +8.0% | 13F |
| Infinitum Asset Management, LLC | $42.4 Mil | 5.3% | 21 | TRIM -5.7% | 13F |
| TB Alternative Assets Ltd. | $33.9 Mil | 7.0% | 36 | ADD +46.3% | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $20.1 Mil | 6.0% | 20 | TRIM -20.4% | 13F |
| Nishkama Capital, LLC | $18.4 Mil | 2.6% | 39 | TRIM -28.1% | 13F |
| Endeavour Capital Advisors Inc | $12.6 Mil | 2.9% | 42 | ADD +14.9% | 13F |
| Ratan Capital Management LP | $8.5 Mil | 3.2% | 37 | TRIM -38.2% | 13F |
| Columbus Hill Capital Management, L.P. | $5.1 Mil | 0.9% | 21 | Hold | 13F |
Industry Resources
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