Start here if you're new
what it is
Figure uses software and blockchain rails to originate loans, sell them to investors, and build new digital-asset plumbing.
how it gets paid
Last year Figure Technology made $507M in revenue. home equity loan origination was the main engine at $223M, or 44% of sales.
why it's growing
Revenue grew 48.7% last year. The quarter showed the model can scale fast when marketplace volume is working.
what just happened
Revenue hit $347M, up 122% vs. prior year, while EPS reached $0.38.
At a glance
B+ balance sheet — decent shape, but not bulletproof
84.0x trailing p/e — you're paying up for this one
14.0% return on capital — nothing to write home about
$1.05 fy2026 eps est
$695M fy2026 rev est
xvary composite: 55/100 — below average
What they do
Figure uses software and blockchain rails to originate loans, sell them to investors, and build new digital-asset plumbing.
Figure's edge is speed plus distribution. It pairs loan origination with Figure Connect, a marketplace that moves loans to buyers instead of parking them on its own balance sheet. You get a capital-light model (less funding burden, so more sales can turn into profit), and that helps explain a 23.2% operating margin on $507 million of revenue.
How they make money
$507M
annual revenue · their business grew +48.7% last year
home equity loan origination
$223M
figure connect marketplace
$152M
digital asset exchange and credits
$81M
stablecoin and deposit products
$51M
The products that matter
blockchain-based lending platform
Blockchain-based products and solutions
$507M company revenue base
this is the core business description the page actually gives you. it sits inside a $507M revenue company growing 48.7% from last year, but there is still no product-level revenue or margin breakout.
core platform
consumer credit offering
Credits
segment detail not shown
the name is on the page. the math is not. for a company valued at about $13B, product labels without revenue contribution tell you less than the stock price assumes you know.
disclosure thin
stablecoin deposit product
Interest-bearing stablecoin deposits
no separate figures disclosed
this matters because it points to crypto-adjacent funding and yield products. it also matters because the page gives you zero segment math behind it. with an 84.0x multiple, missing detail is not a side issue. it is the issue.
regulatory watch
Key numbers
1%
debt to capital
Long-term debt is just 1% of capital. Plain English: the balance sheet is not the thing likely to break first if credit markets get weird.
23.2%
operating margin
Operating margin means profit before interest and taxes. Plain English: about 23 cents of every revenue dollar stays after running the business.
14.0%
return on capital
Return on capital means profit earned on the money put into the business. Plain English: every $1 invested generates $0.14 in operating return.
84x
trailing p/e
P/E means price divided by earnings. Plain English: you are paying $84 for each $1 of past-year profit, so expectations are already expensive.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- long-term debt $198M (1% of capital)
- net profit margin 30.3% — keeps 30 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FIGR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $347M, up 122% vs. prior year, while EPS reached $0.38.
The quarter showed the model can scale fast when marketplace volume is working. The quiet part is valuation: even after that growth, the stock still screens expensive at 84x trailing earnings.
$127M
revenue
$0.38
eps
23.2%
operating margin
the number that mattered
The key number was 122% revenue growth, because hyper-growth is the only thing that makes 84x earnings remotely tolerable.
-
this week, figure technology solutions is making its debut in the institutional data.the company is a relative newcomer to the burgeoning financial technology (fintech) sector, and held its initial public offering (ipo) on september 11, 2025. figure offers a suite of blockchain-based products and solutions that aim to promote efficiency and liquidity in financial markets. its technology-enabled loan origination system is paired with a distribution marketplace, dubbed figure connect, to facilitate access to capital markets. the company also leverages blockchain technology to develop an exchange for digital assets and credits, and provide interest-bearing stablecoin deposits.
-
there is the potential for rapid growth in the years ahead.the current infrastructure supporting capital markets is somewhat fragmented and depends on legacy systems. this can often lead to the slow processing of loan applications and transactions, creating cost inefficiencies and a bottleneck to the development of alternative marketplaces.
-
in a nutshell, figure and its ilk in the fintech space aim to migrate the recording of financial and real assets away from legacy systems that employ manual processing toward blockchain-based solutions.the technology that the company is developing holds great promise, but there are also a number of hurdles to clear. (figure is expected to release 2025 fourth-quarter financials in late february.) concentration risk is one issue worth noting, since the company derives essentially all of its revenues from its heloc (home equity line of credit) product. credit quality also bears watching, in the event that loans originated and purchased by figure underperform. too, as a financial institution, the regulatory environment, especially with regard to helocs, may impact the company’s operating results. in addition, although figure likely registered a profit for full-year 2025, it has a history of losses since being founded in 2018.
-
we advise waiting for a better entry point before making a commitment here.the stock has more than doubled in value since its ipo, limiting the price appreciation we foresee to late decade.
source: company earnings report, 2026
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What could go wrong
the biggest issue here is not whether Figure has a business. the page already shows $507M of revenue and a 30.3% net margin. the issue is whether a blockchain-based lender with thin segment detail deserves 84.0x earnings if regulation, disclosure, or expectations wobble.
high
registration statement scrutiny
the current feed explicitly references a registration statement for Figure Technology Solutions, Inc. For a lender tied to blockchain rails, filing scrutiny is not background noise. It goes to funding, disclosures, and what investors are actually buying.
current risk feed flags $76M–$127M of revenue exposure on high-severity items
high
stablecoin deposit rule changes
the product list includes interest-bearing stablecoin deposits. that is the kind of offering regulators do not ignore for long. if the rules shift, the hit could show up before the page gives you clean segment math.
no segment breakout means you cannot cleanly measure the earnings hit from a rule change
med
valuation compression
84.0x trailing earnings is not a side detail. it is the risk. even if the business keeps growing, a premium multiple can shrink faster than revenue grows when expectations cool.
$95 midpoint target is only +29% from current, which tells you part of the upside is already sitting in the price
med
thin and noisy disclosure
the page gives you one revenue line, incomplete product economics, and a flagged risk headline in the raw feed that references Live Nation, not Figure. when the supporting context is noisy, your confidence in precise risk math should fall with it.
combined revenue exposure is listed at ~$101M, but treat that as directional rather than surgical
here's what would change our mind: if revenue growth drops below 30% while the multiple stays premium, or if regulation hits lending or stablecoin products before disclosure gets cleaner, the story gets harder to underwrite fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next results need to justify the multiple
the next report date is not surfaced here. what matters is whether revenue stays strong enough to support an 84.0x trailing p/e.
metric
the path from $507M to $695M
that is about 37% growth. if estimates start slipping, the stock loses the math that currently protects it.
trend
multiple compression before growth slows
the forward setup is still about 70x earnings using the $1.05 estimate. expensive stocks do not need bad numbers to fall. they just need less impressive ones.
risk
regulatory clarity around lending and stablecoin products
this is the part of the story that moves fast. if disclosure stays thin while scrutiny rises, investors will pay less for every dollar of profit.
Analyst rankings
consensus quality
thin
in human-speak, this page gives you estimates and targets, but not a clean analyst ranking you should blindly outsource your thinking to.
target setup
$95
that is the 3–5 year midpoint target, or about +29% from current. respectable, but not oversized for a stock already priced at 84.0x trailing earnings.
source: institutional data
Institutional activity
140 buyers vs. 0 sellers in 3q2025. total institutional holdings: 61.6M shares.
source: institutional data
Price targets
3-5 year target range
$75
$115
$74
current price
$95
target midpoint · +29% from current · 3-5yr high: $115 (+55% · 12% ann'l return)
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