Reviewed listing: NASDAQ:FIGR · Analysis dated Oct 22, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Figure arranges, finances, and manages loans through a digital platform using blockchain technology. The company generates fees, interest income, and results from the sale and management of loans.
What supports the business?
Net revenue more than doubled in the second quarter. Preliminary third-quarter credit marketplace volume also continued to grow strongly.
What could improve?
More partners and loan volume could improve utilization of the platform. The Kiavi acquisition opens up additional business, but it must earn its financing costs and integration risks.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
The saved price of 25.36 USD appears expensive. My base case applies only in two years; discounting it back to today at 12% per year gives a price ceiling of 19.13 USD. The current price is above that.
What is the main risk?
Credit demand, real estate values, financing and loan sales can all weaken at the same time. In addition, not all reported profits have already been earned as freely available cash.
What is the overall assessment?
Figure is growing rapidly and expanding its credit marketplace business. At a share price of 25.36 USD, a considerable portion of this success is already reflected; valuation gains, tax effects, and the new Kiavi financing make it harder to assess sustainable earnings.
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