The balance sheet is exceptionally liquid and equity-rich, with a 0.47 equity-to-assets ratio and $1.4B in cash (47% of total assets) as of Q2 2026, providing a substantial buffer for growth but also creating potential duration risk in the $591.2M investment securities portfolio.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash & Short Term Investments | 5.36B | 1.36B | 365.12M | 122.41M |
| Cash & Due from Banks | 1.44B | 1.27B | 287.26M | 116.55M |
| Short Term Investments | 0 | 97M | 77.86M | 5.87M |
| Total Investments | 591.19M | 493.66M | 251.06M | 42.93M |
| Investments Growth % | 186.88% | 96.63% | 484.79% | - |
| Long-Term Investments | 1.61B | 396.66M | 173.19M | 37.07M |
| Accounts Receivables | 88.53M | 52.02M | 21M | 17.3M |
| Goodwill & Intangibles | 155.02M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 155.02M | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 |
| Other Assets | -115.14M | -3.06M | 131.69M | 164.72M |
| Total Current Assets | 2.39B | 1.86B | 854.69M | 458.28M |
| Total Non-Current Assets | 625.71M | 456.32M | 304.89M | 201.79M |
| Total Assets | 3.02B | 2.32B | 1.16B | 660.07M |
| Asset Growth % | 238.64% | 99.86% | 75.68% | - |
| Return on Assets (ROA) | 9.25% | 7.7% | 1.89% | -7.26% |
| Accounts Payable | 58.22M | 0 | 37.22M | 20.14M |
| Total Debt | 1.47B | 946.69M | 688.59M | 414.99M |
| Net Debt | 36.95M | -320.09M | 401.33M | 298.44M |
| Long-Term Debt | 315.85M | 230.14M | 167.88M | 25.05M |
| Short-Term Debt | 1.15B | 712.37M | 517.91M | 384.22M |
| Other Liabilities | 130.12M | 0 | 0 | 0 |
| Total Current Liabilities | 1.16B | 846.01M | 625.53M | 406.88M |
| Total Non-Current Liabilities | 449.57M | 234.32M | 170.67M | 30.77M |
| Total Liabilities | 1.6B | 1.08B | 796.2M | 437.64M |
| Total Equity | 1.41B | 1.24B | 363.38M | 222.42M |
| Equity Growth % | 499.97% | 240.47% | 63.37% | - |
| Equity / Assets (Capital Ratio) | 46.83% | 53.38% | 31.34% | 33.7% |
| Return on Equity (ROE) | 18.53% | 16.73% | 5.88% | -21.55% |
| Book Value per Share | 5.70 | 4.36 | 1.75 | 1.07 |
| Tangible BV per Share | 5.07 | 4.36 | 1.75 | 1.07 |
| Common Stock | 22K | 23K | 2K | 1K |
| Additional Paid-in Capital | 1.5B | 1.42B | 675.95M | 555.13M |
| Retained Earnings | -54.35M | -186.99M | -320.85M | -338.06M |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Treasury Stock | -27.77M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 2K | 1K |
Quick answers to the most common questions about buying FIGR stock.
As of 2025, Figure Technology Solutions, Inc. Class A Common Stock (FIGR) had total assets of $2.32B including $1.86B in current assets.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) carries total debt of $946.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) has total shareholders' equity (book value) of $1.23B ($4.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) reported a current ratio of 2.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
HELOC concentration in cooling housing market
Metrics are mathematically derived from official filings.
Asset Growth Driven by Liquidity Build
Total assets expanded 114% year-over-year to $3.0B as of Q2 2026, with the growth overwhelmingly concentrated in cash and investment securities rather than traditional loan assets, as reported in recent financial statements.
The balance sheet trajectory is defined by a massive accumulation of liquid assets, with cash and investment securities comprising approximately 66% of total assets. This suggests the company is building a significant liquidity buffer, possibly to support future balance sheet lending or as a result of recent capital raises, rather than growing through traditional loan origination. The loan-to-deposit ratio remains unavailable, further emphasizing that the asset growth is not yet translating into a scaled lending book.
Deposit Base Undefined, Funding Model Atypical
The company's deposit franchise is not quantifiable from the provided data, as the loan-to-deposit ratio is consistently unavailable, indicating a funding model that likely relies on equity capital and wholesale markets rather than traditional customer deposits.
The absence of a reported loan-to-deposit ratio across all periods suggests FIGR does not operate a traditional deposit-taking franchise. This is consistent with its identity as a technology platform and non-bank lender, where funding for loan origination likely comes from securitization markets or its substantial cash reserves. Investors should monitor whether the company eventually builds a deposit base to lower its cost of funds, which would represent a significant strategic shift.
Equity-Rich Structure Supports Expansion
The equity-to-assets ratio stood at a robust 0.47 in Q2 2026, up from 0.27 a year prior, reflecting a substantial equity base of $1.4B that provides significant capacity for balance sheet growth or strategic investments.
The strengthening equity position, which more than tripled in absolute terms over the past year, appears to be the primary driver of the company's financial flexibility. This high equity ratio, far exceeding traditional bank leverage norms, suggests the balance sheet is conservatively financed and well-positioned to absorb potential credit losses from its growing loan portfolio. The capital structure provides a clear buffer against the volatility inherent in its cyclical HELOC product.
Fortress Liquidity Position
Cash and cash equivalents of $1.4B represented 47% of total assets in Q2 2026, providing an exceptionally large liquidity buffer relative to the company's $457M TTM revenue base.
The company's liquidity profile is exceptionally strong, with cash holdings alone exceeding its annual revenue by a factor of nearly three. This level of liquidity appears to be a deliberate strategic choice, providing ample runway to fund operations, invest in technology, and potentially originate loans without relying on external funding markets. The investment securities portfolio of $591.2M adds a further layer of liquid assets, though its duration and unrealized loss profile are not disclosed.
Securities Portfolio Duration Risk
The investment securities portfolio grew 147% year-over-year to $591.2M, creating a potential duration mismatch and exposure to unrealized losses if interest rates rise, a risk not fully visible in the reported equity figures.
The rapid build in investment securities represents the most significant non-obvious risk on the balance sheet. While the company's equity cushion is strong, a rising rate environment could lead to material unrealized losses in this portfolio, which would directly impact tangible book value. The composition and duration of these securities are not disclosed, making it difficult to assess the true mark-to-market risk, but the scale of the position relative to earnings warrants close monitoring.