Latest Ratios: P/E Ratio 64.8x · EV/EBITDA 26.8x · ROE 16.7%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $5.2B | $11.6B | — | — |
| Enterprise Value | $4.9B | $11.3B | — | — |
| P/E Ratio → | 64.84 | 92.82 | — | — |
| P/S Ratio | 12.76 | 28.36 | — | — |
| P/B Ratio | 6.54 | 9.36 | — | — |
| P/FCF | 124.29 | 276.30 | — | — |
| P/OCF | 83.27 | 185.12 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 27.58 | — | — |
| EV / EBITDA | 26.81 | 61.74 | — | — |
| EV / EBIT | 29.43 | 69.29 | — | — |
| EV / FCF | — | 268.67 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 88.1% | 88.1% | 115.6% | 125.9% |
| Operating Margin | 40.7% | 40.7% | 4.1% | -42.0% |
| Net Profit Margin | 32.8% | 32.8% | 7.7% | -40.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 16.7% | 16.7% | 5.9% | -21.6% |
| ROA | 7.7% | 7.7% | 1.9% | -7.3% |
| ROIC | 7.7% | 7.7% | 0.8% | -5.8% |
| ROCE | 16.6% | 16.6% | 2.3% | -19.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 1.89 | 1.87 |
| Debt / EBITDA | 5.19 | 5.19 | 26.13 | — |
| Net Debt / Equity | — | -0.26 | 1.10 | 1.34 |
| Net Debt / EBITDA | -1.75 | -1.75 | 15.23 | — |
| Debt / FCF | — | -7.64 | — | — |
| Interest Coverage | 3.33 | 3.33 | 1.39 | -0.06 |
Net cash position: cash ($1.3B) exceeds total debt ($947M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 2.20 | 2.20 | 1.37 | 1.13 |
| Quick Ratio | 2.20 | 2.20 | 1.37 | 1.13 |
| Cash Ratio | 1.50 | 1.50 | 0.46 | 0.29 |
| Asset Turnover | — | 0.18 | 0.19 | 0.18 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | 16.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 1.5% | 1.1% | — | — |
| FCF Yield | 0.8% | 0.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $284M | $207M | $207M |
Includes 30+ ratios · 3 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FIGR stock.
Figure Technology Solutions, Inc. Class A Common Stock's current P/E ratio is 64.8x. The historical average is 92.8x.
Figure Technology Solutions, Inc. Class A Common Stock's current EV/EBITDA is 26.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.7x.
Figure Technology Solutions, Inc. Class A Common Stock's return on equity (ROE) is 16.7%. The historical average is 0.4%.
Based on historical data, Figure Technology Solutions, Inc. Class A Common Stock is trading at a P/E of 64.8x. Compare with industry peers and growth rates for a complete picture.
Figure Technology Solutions, Inc. Class A Common Stock has 88.1% gross margin and 40.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Figure Technology Solutions, Inc. Class A Common Stock's Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
HELOC concentration in cooling housing market
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Tech-Lender Hybrid
FIGR trades at a P/B of 8.41, a significant premium to traditional mortgage peers like PennyMac (0.91) and Rocket (1.45), suggesting the market prices it as a high-growth technology platform rather than a commodity balance sheet.
The current P/B multiple implies the market is pricing in substantial future returns on tangible equity that far exceed the company's recent 6.5% ROE. This valuation gap appears to be driven by the 63.70% revenue growth and the potential for the Figure Connect platform to generate high-margin, recurring fee income. However, the premium is vulnerable if the transition to a capital-light marketplace model stalls or if the housing market cools significantly, compressing the growth assumptions embedded in the multiple.
Fee-Driven ROE Masks Underlying Leverage
With a 98.1% non-interest income mix in Q2 2026, FIGR's profitability is almost entirely fee-driven, making traditional bank ROE decomposition less relevant as net interest margin contributes minimally to returns.
The company's ROE of 6.5% in Q2 2026 is not driven by the typical bank levers of NIM and leverage, but by transaction volume and platform fees. The efficiency ratio's dramatic improvement from 91.9% in Q1 2025 to 31.8% in Q2 2026 indicates powerful operating leverage as the fixed costs of the blockchain infrastructure are spread over a rapidly growing revenue base. This profitability profile is more akin to a software company than a traditional lender, but it is highly sensitive to origination volumes.
Negligible NIM, Exceptional Efficiency
The net interest margin is a negligible 0.1% in Q2 2026, confirming the business model is not spread-based, while the efficiency ratio has compressed to 31.8% from over 90% a year ago, indicating massive operating leverage.
The near-zero NIM is consistent with a company that originates loans primarily for sale, not to hold for yield. The dramatic efficiency ratio improvement suggests that the high fixed costs of building the Provenance Blockchain are now being leveraged across a much larger fee revenue base. This trend is positive, but investors should monitor whether the efficiency ratio can remain at these levels if marketing spend must increase to compete in a cooling housing market.
Equity-Rich Structure Supports Growth
The equity-to-assets ratio of 0.47 in Q2 2026, up from 0.27 a year prior, indicates a very well-capitalized position that provides significant capacity for balance sheet expansion or strategic investments without regulatory constraint.
Unlike traditional banks where capital ratios are a binding constraint on growth, FIGR's equity-rich structure appears to be a strategic choice, possibly reflecting a recent capital raise or retained earnings. The $1.4B equity base against a $457M TTM revenue base suggests the company is not capital-constrained. This strong position may be intended to support the balance sheet lending required for its marketplace model or to fund future acquisitions.
Provision Build Signals Portfolio Growth
Loan loss provisions surged to $17.8M in Q2 2026 from a negative $5.8M in Q2 2025, as reported in the financial data, indicating a shift from reserve releases to building reserves for a rapidly growing loan portfolio.
The swing in provision expense is a natural consequence of the 132% YoY volume growth in the Consumer Loan Marketplace. As the company originates and holds more loans for sale, it must build reserves against potential losses. The adequacy of these reserves cannot be fully assessed without data on non-performing loans or charge-off rates, but the provision build appears to be a proactive measure aligned with portfolio expansion rather than a sign of deteriorating credit quality.
P/B Multiple Misapplied to Hybrid Model
The P/B ratio of 8.41 is the most commonly misapplied metric, as it values FIGR against a tangible book value that is inflated by a large, low-yielding cash and securities position, obscuring the true value of its fee-based platform.
For a traditional bank, P/B is a key valuation metric tied to the return on its equity base. For FIGR, the book value is dominated by $1.4B in equity supporting a $1.19B cash position and a growing securities portfolio, not a traditional loan book generating spread income. This makes the P/B multiple less informative about the core business's earning power. A more appropriate lens might be a price-to-sales or price-to-gross-profit multiple, which better captures the value of the high-margin, scalable technology platform.