📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Figure Technology Solutions, Inc., a financial technology company, provides blockchain-based products and solutions in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding FIGR

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Manager	Shares	Value	% of Fund	Period
Stan Druckenmiller Duquesne Family Office	1.15M	$39.1M	1.16%	Mar 2026
Steve Cohen Point72 Asset Management	949.4K	$32.2M	0.04%	Mar 2026
Tiger Global Management Tiger Global Management LLC	200.0K	$6.8M	0.03%	Mar 2026
Jim Simons Renaissance Technologies LLC	22.5K	$764K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q3 2025

Confident Specific

Management used definitive language ('very strong', 'great results', 'crushing it') and repeatedly cited specific financial metrics (e.g., adjusted EBITDA $86M, up 75% YoY; net income nearly $90M, triple prior year; volume $2.5B, up 70%). They proactively highlighted operational proof points and blockchain milestones without hedging.

Q4 2025

Confident Specific

Management leads with 'exceptional' results, 'milestone' of >50% Connect volume, and 'outstanding' Democratized Prime growth. They provide specific numbers (131% YoY volume growth, 426% EBITDA growth) and detailed explanations of product and ecosystem expansions.

Q1 2026 latest

Confident Specific

Management repeatedly uses strong, specific language: 'very strong quarter', 'rule of 140', 'best-in-class', 'impressive financial performance', 'doubling the business', 'clear path to $2 billion'. They provide precise figures (92% revenue growth, 50% margins, $1.2B March volume) and give explicit Q2 volume guidance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Figure delivered exceptional growth (92% revenue, 50% margins) while expanding its blockchain ecosystem and gaining traction with depository banks and first lien products. The narrative shift from a HELOC company to a blockchain capital markets platform is becoming credible with tangible results. Key risks remain: take rate compression from mix shift and the need to scale third-party borrowers on Democratized Prime. Next quarter, watch for continued volume momentum, particularly from new whale partners, and updates on Democratized Prime lending balances and third-party participation.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED Figure posts 92% revenue growth, 50% EBITDA margin, $2.9B consumer loan marketplace volume in Q1 2026.

Revenue & Profitability

Adjusted net revenue for Q1 2026 was $167 million, a 92% increase year-over-year. GAAP net income was $45 million, including a $7 million tax benefit. Adjusted EBITDA was $83 million, up 190% year-over-year, with an adjusted EBITDA margin of 50%. Consumer loan marketplace volume reached $2.9 billion, and March alone exceeded $1.2 billion. The company guided Q2 2026 CLM volume between $3.8 billion and $4.1 billion.

Outlook

Management sees strong tailwinds from proposed Fed guidance on reduced risk weightings for mortgage and home equity assets, incentivizing depository banks to use Figure's platform. They note increased investor interest in consumer assets amid private credit rotation. The company views blockchain and AI as simultaneous shifts in capital markets, with Figure positioned as the connecting system. No significant headwinds were discussed.

Growth Drivers

Key growth levers include onboarding large 'whale' partners (one added in Q3 did over $150 million in Q1), adding 80 new partners in Q1, upselling existing partners to Figure Connect (e.g., Mutual of Omaha saw 5x monthly volume), first lien volume reaching 20% of total, SMB channel at $60 million, DSCR and residential transition loans growing 70%, and depository onboarding (Flagstar Bank). Democratized Prime added third-party borrowers like Agora and Credibly.

Balance Sheet & CapEx

Not discussed in detail as a separate category. However, the company is investing in AI (e.g., engineering productivity up 25% on flat headcount, chat containment at 70%) and blockchain infrastructure (Forge, OPEN, Democratized Prime). Management mentioned building out the marketplace requires upfront investments, with scale benefits expected.

Margins

Adjusted EBITDA margin was 50% in Q1 2026, up from 33% in the prior year. Operations and processing costs declined from 93 basis points to 74 basis points as a percentage of volume. The company operates at a rule of 140 (92% revenue growth + 50% EBITDA margin). Near-term, operations and processing costs are expected to remain flat as a percent of volume, with further AI-driven improvements in H2 2026. The mid-term EBITDA margin target is approximately 60%.

Key Risks

Management highlighted interest rate volatility as a factor impacting take rate, though they navigated Q1 well. Other risks include reliance on partner ramp-up timelines (3-6 months for whales), macro/geopolitical uncertainty, and the need for SEC clarity on transfer agent requirements for YLDS utility. A one-time tax benefit from option exercises inflated net income, and the expected full-year effective tax rate is around 20% (excluding material benefits). Private credit redemption concerns were noted but did not materially affect Figure.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (3 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (3)

Q1 2026 Q1 2026 2026-05-12

Revenue grew 92% year-over-year with adjusted EBITDA margin at 50%, driven by strong partner growth, blockchain-native product expansion, and operational efficiencies. Q2 guidance projects $3.8–$4.1 billion in consumer loan marketplace volume, with continued momentum from large partners and new asset classes.

Q4 2025 Q4 2025 2026-02-26

Q4 saw record marketplace volume and strong revenue growth, with adjusted EBITDA margin more than doubling year-over-year. Strategic partnerships, product expansion, and blockchain innovation drove scale, while a $200M share repurchase reflects balance sheet strength.

Q3 2025 Q3 2025 2025-11-14

Q3 saw record growth with adjusted EBITDA up 75% YoY and net income tripling, driven by a 70% YoY increase in consumer loan marketplace volume and rapid adoption of Figure Connect. The company filed for a blockchain-native equity share class and expanded its partner and product base, supporting a capital-light, high-margin model.

📊 Analysis Methodology

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