Figure Technology Solutions, Inc. Class A Common Stock
FIGR
$29.24
-2.66%
Figure Technology Solutions is building the future of capital markets with blockchain technology, powering next-generation lending, trading, and investing activities in consumer credit and digital assets. As a pioneer in blockchain-based capital markets, the company leverages its proprietary ledger to improve speed, efficiency, and liquidity for its customers. The current investor narrative centers on Figure's rapid revenue growth, recent acquisition of Kiavi to expand its blockchain-native marketplace, and the stock's oversold rebound potential following a steep decline from its 52-week high.…
FIGR
Figure Technology Solutions, Inc. Class A Common Stock
$29.24
Related headlines
FIGR 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Figure Technology Solutions, Inc. Class A Common Stock's 12-month outlook, with a consensus price target around $51.00 and implied upside of +74.4% versus the current price.
Average Target
$51.00
0 analysts
Implied Upside
+74.4%
vs. current price
Analyst Count
—
covering this stock
Price Range
$31 - $67
Analyst target range
Figure Technology Solutions is covered by 7 analysts, with a consensus recommendation of 'Buy' (mean rating 1.86 on a 1-5 scale, where 1 is Strong Buy). The average price target is $52.43, implying 69.5% upside from the current price of $30.93. The distribution shows 0 holds and 0 sells, indicating unanimous bullish sentiment. The target range spans from a low of $31.00 to a high of $75.00. The low target of $31.00 is essentially at the current price, suggesting minimal downside risk in the base case, while the high target of $75.00 implies 142% upside, reflecting optimism about the blockchain platform's scalability and the Kiavi acquisition. The wide spread between low and high ($44.00) indicates high uncertainty, but the average target still provides a strong bullish signal. Recent ratings actions are all positive: Needham reiterated Buy on July 8, 2026, and Mizuho, Bernstein, Goldman Sachs, and KBW have all maintained Outperform or Buy ratings in recent months. This consistent bullishness from analysts supports the positive outlook, though investors should note that the stock has fallen significantly since many of these ratings were issued, suggesting the market has not fully embraced the bullish thesis.
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Bulls vs Bears: FIGR Investment Factors
Figure Technology Solutions presents a high-risk, high-reward opportunity. The bull case is anchored by 201% revenue growth, a swing to profitability, and unanimous analyst buy ratings with 69.5% upside. The bear case highlights a -$3.75B free cash flow deficit, a 58% stock decline, and a trailing P/E of 75.6x that leaves no room for error. The central tension is whether the company's explosive growth and improving margins can offset its cash burn and lofty valuation. Currently, the bull case has stronger evidence given the accelerating profitability and analyst support, but the stock's deep drawdown and negative FCF demand caution. The single most important factor is whether Figure can sustain revenue growth above 50% while converting to positive free cash flow.
Bullish
- Explosive Revenue Growth: Revenue surged 201.4% YoY to $167.0M in Q1 2026, driven by blockchain-based lending and trading. This growth rate far exceeds the industry median, indicating strong product-market fit and rapid adoption.
- Dramatic Profitability Improvement: Net income swung from a loss of $0.8M in Q1 2025 to a profit of $44.9M in Q1 2026, with net margin reaching 29.3%. Operating margin expanded to 35.2% from 14.6% a year ago, demonstrating significant operating leverage.
- Strong Analyst Conviction: All 7 analysts rate the stock a Buy, with an average price target of $52.43, implying 69.5% upside. Recent reiterations from Needham, Mizuho, and Goldman Sachs reinforce the bullish thesis.
- Low PEG Ratio Suggests Undervaluation: The PEG ratio of 0.06 is extremely low, indicating the stock is cheap relative to its earnings growth rate. This suggests the market may be underestimating future earnings power.
Bearish
- Deeply Negative Free Cash Flow: TTM free cash flow is -$3.75 billion, driven by large working capital outflows from loan originations. This raises sustainability concerns if growth slows or capital markets tighten.
- Steep Price Decline and Momentum: The stock has fallen 58.15% over six months and 29.29% YTD, trading near its 52-week low of $25.01. The persistent downtrend signals significant negative sentiment and risk of further decline.
- High Trailing P/E Multiple: The trailing P/E of 75.6x is well above the industry average of 15-20x, implying the stock is priced for perfection. Any earnings miss could trigger a sharp de-rating.
- Sequential Revenue Decline in Q1: Q1 2026 revenue of $167.0M declined 25.2% from Q4 2025's $223.2M. While possibly seasonal, this sequential drop could indicate slowing momentum or market saturation.
FIGR Technical Analysis
Figure Technology Solutions is in a sustained downtrend, with the stock price declining 58.15% over the past six months and 29.29% year-to-date. The current price of $30.93 sits at 11.4% of its 52-week range ($25.01 low to $78.00 high), indicating it is near the lows. This positioning suggests the stock is deeply oversold and potentially offering a value opportunity, but also reflects significant negative momentum and risk of further decline. The 1-year price change is not directly provided, but the 6-month decline of -58.15% and YTD decline of -29.29% confirm a persistent bearish trend. Short-term momentum shows a divergence: the 1-month price change is +6.69%, while the 3-month change is -13.43%. This positive 1-month move suggests a potential short-term recovery or mean reversion, but the longer-term downtrend remains intact. The relative strength versus the S&P 500 is negative across all periods, with a 1-month relative strength of +6.09% (outperforming) but 3-month relative strength of -19.72% (underperforming). The stock's beta is not provided, but its 52-week range width of $52.99 (from $25.01 to $78.00) indicates high volatility. Key support is at the 52-week low of $25.01; a breakdown below this level would signal further downside. Resistance is at the 52-week high of $78.00; a breakout above would indicate a trend reversal. The short ratio of 2.8 suggests moderate bearish sentiment, but the recent 1-month price increase of 6.69% may be squeezing shorts.
Beta
—
—
Max Drawdown
-65.8%
Largest decline past year
52-Week Range
$25-$78
Price range past year
Annual Return
—
Cumulative gain past year
| Period | FIGR Return | S&P 500 |
|---|---|---|
| 1m | +4.5% | +0.6% |
| 3m | -9.1% | +3.4% |
| 6m | -53.4% | +7.1% |
| 1y | — | +16.4% |
| ytd | -33.2% | +8.3% |
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FIGR Fundamental Analysis
Revenue growth has been exceptional, with Q1 2026 revenue of $167.0 million representing a 201.4% year-over-year increase from $55.4 million in Q1 2025. The multi-quarter trend shows accelerating growth: Q2 2025 revenue was $95.1 million, Q3 2025 was $134.9 million, and Q4 2025 was $223.2 million. However, Q1 2026 revenue declined sequentially from Q4 2025's $223.2 million, which may raise concerns about seasonality or slowing momentum. The company's blockchain-based lending and trading platform is driving this explosive growth, but investors should monitor whether the sequential decline is temporary. Profitability has improved dramatically: net income in Q1 2026 was $44.9 million, compared to a net loss of $0.8 million in Q1 2025. Gross margin remains high at 87.2% in Q1 2026, though slightly down from 93.1% in Q2 2025. Operating margin expanded to 35.2% in Q1 2026 from 14.6% in Q1 2025, indicating strong operating leverage. The company is now solidly profitable with a trailing net margin of 29.3%, which is exceptional for a high-growth fintech. The balance sheet shows a current ratio of 2.20 and debt-to-equity of 0.77, indicating moderate leverage and good liquidity. However, free cash flow (TTM) is deeply negative at -$3.75 billion, primarily due to large working capital outflows from loan originations. ROE is 10.9%, reasonable for the sector. The company has $1.54 billion in cash (from Q1 2026 balance sheet), providing a cushion, but the negative FCF raises questions about sustainability if growth slows.
Quarterly Revenue
$167007000.0B
2026-03
Revenue YoY Growth
+201.4%
YoY Comparison
Gross Margin
87.2%
Latest Quarter
Free Cash Flow
$-3.7B
Last 12 Months
Revenue & Net Income Trends (2 Years)
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Valuation Analysis: Is FIGR Overvalued?
Since net income is positive, the primary valuation metric is the P/E ratio. The trailing P/E is 75.6x, while the forward P/E is 20.3x, implying the market expects significant earnings growth. The wide gap between trailing and forward P/E suggests aggressive growth expectations baked into the current price. The PEG ratio of 0.06 is extremely low, indicating that the stock may be undervalued relative to its earnings growth rate, but this should be interpreted cautiously given the short earnings history. Compared to the industry (Financial - Capital Markets), Figure's trailing P/E of 75.6x is significantly higher than the industry average of approximately 15-20x (implied by typical capital markets firms). However, its forward P/E of 20.3x is more in line with the industry, suggesting that the market expects earnings to normalize. The PS ratio of 20.4x is also elevated versus the industry average of around 3-5x, reflecting the high growth premium. Historically, Figure's P/E has ranged from negative (when unprofitable) to over 100x. The current trailing P/E of 75.6x is below the peak of 144x seen in Q4 2025, but still above the Q1 2026 level of 40x. This suggests the stock is trading at a discount to its recent peak valuation, potentially offering value if growth continues, but still priced for optimistic outcomes.
PE
75.6x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 21x~226x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
50.5x
Enterprise Value Multiple
Investment Risk Disclosure
Financial & Operational Risks: Figure's most pressing financial risk is its deeply negative free cash flow of -$3.75 billion TTM, which stems from working capital needs for loan originations. While the company has $1.54 billion in cash, the cash burn rate could become problematic if growth slows or capital markets tighten. Additionally, the sequential revenue decline from Q4 2025 ($223.2M) to Q1 2026 ($167.0M) raises questions about growth sustainability. The debt-to-equity ratio of 0.77 is moderate, but the negative FCF amplifies leverage risk.
Market & Competitive Risks: The stock's 58% decline over six months and 29% YTD drop reflect severe negative momentum and potential valuation compression. With a trailing P/E of 75.6x versus the industry average of 15-20x, Figure is priced for perfection; any earnings disappointment could trigger a sharp de-rating. The PS ratio of 20.4x is 4-7x peers, making it vulnerable to sector rotation away from growth stocks. The short ratio of 2.8 indicates moderate bearish sentiment, and the stock's high volatility (52-week range $25.01-$78.00) amplifies downside risk.
Worst-Case Scenario: If revenue growth decelerates below 50%, margins compress, and the company fails to achieve positive free cash flow, the stock could fall to its 52-week low of $25.01, representing a 19% decline from the current price of $30.93. In a severe recession or credit market disruption, the stock could test the analyst low target of $31.00 or even break below the 52-week low, potentially losing 35% or more from current levels. The historical max drawdown of -65.8% from the 52-week high of $78.00 illustrates the potential for catastrophic loss.
