| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 31 | 24.6x | 17.3x | Bottom tier | |
Growth | 98 | 97.1% | 7.1% | Top tier | |
Quality | 95 | — | — | Top tier | |
Safety | 60 | — | — | Around median | |
Capital Return | 22 | 0.00% | 0.06% | Bottom tier | |
Momentum | — | — | -1.7% | N/A | |
Sentiment | 23 | 1 | 3 | Bottom tier |
10-year US Treasury yield 5.00% as of 2026-10-23. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Figure Technology Solutions operates a blockchain-based capital markets platform for standardizing, distributing, and financing loans. The business centers on the consumer lending marketplace and Figure Connect, through which the company connects loan originators with institutional buyers and earns technology, ecosystem, and servicing fees, alongside direct origination activities and acting as an intermediary before selling loans. Democratized Prime also provides short-term financing to partners, while the platform is expanding its asset classes from HELOCs to auto loans, small-business financing, and home improvement loans.
In fiscal Q2 2026 ended 2026-06-30, revenue reached $188.2 million, up 98.0% year over year from $95.1 million in fiscal Q2 2025. Net income was $87.4 million and diluted earnings per share were 0.39, while gross margin reached 80.1% and operating margin reached 51.6%. Operating margin increased 22.5 percentage points year over year, but gross margin declined 13.0 percentage points, and operating cash flow was negative $73.0 million.
Consumer lending marketplace volume reached $4.3 billion in fiscal Q2 2026, up 132% year over year, and Figure Connect accounted for 65% of volume versus 56% in the previous quarter, while partner-branded volume represented 83%. The number of partners reached 489 after adding 102 during the quarter, and ecosystem and technology fees became the largest component of adjusted revenue for the first time, reflecting a mix shift toward a more fee-based, less balance-sheet-intensive model.
Q2 FY2026
When: 2026-11-12
Consumer lending marketplace volume compared with the midpoint of fiscal Q3 2026 guidance of $5.0 billion
Year-over-year revenue growth compared with the 98.0% recorded in fiscal Q2 2026
Operating margin compared with the 51.6% recorded in fiscal Q2 2026
Figure's industry-multiple valuation is $13, within a range of $5.52 to $25, based on book value and a median multiple of 2.2 for a sample of 73 companies; this is an indicative value because confidence in it is low, and it prices the company similarly to its peers. The analyst-target method, meanwhile, produces an average of $65, which is also both the highest and lowest target in the consensus, and reflects expected growth and performance more than current asset multiples. The two methods diverge clearly because the analyst target prices in the expansion of Figure Connect and Kiavi and expected growth, while the industry multiple links book value to peer-company pricing. Analyst targets are inherently inclined toward optimism, while the cash flow model tends toward conservatism; Piper Sandler also lowered its target on 2026-07-15 to $65 from $75.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
Revenue increased to $188.2 million in fiscal Q2 2026 ended 2026-06-30, representing year-over-year growth of 98.0%. Consumer lending marketplace volume reached $4.3 billion, up 132% year over year, while the number of partners reached 489. Figure Connect's share also increased to 65% of volume, and ecosystem and technology fees became the largest component of adjusted revenue for the first time.
The take rate was 3.6% in fiscal Q2 2026, within the 3.5% to 4% range. Figure Connect carries a lower take rate than the direct origination and Figure-as-intermediary channels, while partner pricing declines when they reach higher volume tiers. Growth in first-lien loans and higher interest rates added further pressure, and management expects the rate to remain near the low end of the range in fiscal Q3 2026.
Figure expects to close the transaction by the end of 2026 after beginning the process of obtaining key regulatory approvals. Management expects Kiavi to add about 40% to volume and $100 million to EBITDA, with an unlevered payback period of less than four years. It will also add residential transition loans, DSCR, and after-renovation home valuation technology to Figure Connect, but the benefits remain contingent on completing the transaction and integrating the assets into the platform.
Automated analysis for informational purposes only — not investment advice.
Gross margin compared with the 80.1% recorded in fiscal Q2 2026
The weighted average FICO score at origination was 756 year-to-date in fiscal 2026, versus 737 in 2020. The average combined loan-to-value ratio declined to 62.1%, while the average loan size increased to $96 thousand from $52 thousand. Securitized loan collateral expanded to $7.7 billion, and the company stated that delinquencies remained low and that a significant share of delinquent loans return to current status or are repaid in full within six months.
During the ninety days ended 2026-09-27, ten sales were executed by two insiders for a total value of $2.2 million. Sales totaling $2.2 million were conducted entirely under prearranged 10b5-1 trading plans, and no sales outside those plans were recorded. No open-market purchases were recorded, and the largest seller was an executive officer who sold shares worth $1.5 million.