An exceptional combination of wide economic moat, 119% revenue growth, and a Rule of 40 score of 135 establishes strong business quality, but two consecutive earnings misses, near-total product concentration in HELOC originations, and a recent news-driven downgrade warrant caution.
Thesis pillars
- Heloc Product Partner Concentration↓Deteriorating
- Wide Moat Elite Quality Metrics→Stable
- Hypergrowth Revenue 119pct→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 16, 2026· older than 90 days
Figure Technology Solutions, In (FIGR) Stock Analysis
Financial Services · Capital Markets
Hold if already holding. Not a fresh buy at $23.02, but acceptable to hold if already in. Reasons: Concentration risk — Product: HELOC originations (98.0%); Concentration risk — Customer: top 10 partners (56.0%).
Figure Technology Solutions runs a blockchain-based consumer lending and capital markets platform, primarily originating HELOCs. The company facilitated $8.3 billion in home equity lending in 2025 with 307 active partners, posting $134.3 million net income and $251.2 million... Read more
Hold if already holding. Not a fresh buy at $23.02, but acceptable to hold if already in. Reasons: Concentration risk — Product: HELOC originations (98.0%); Concentration risk — Customer: top 10 partners (56.0%). Chart setup: No clear chart pattern; technical signals are mixed. Strong overall profile with balanced scores. | News modifier -2 (STRONG_BUY_NOW → HOLD_IF_HOLDING) Score 6.8/10, high confidence.
Passes 7/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on earnings proximity 7d<=7d. Suitability: speculative.
About Figure Technology Solutions, In
About Figure Technology Solutions, In
Figure Technology Solutions facilitated approximately $8.3 billion in home equity lending during 2025, a 62% year-over-year increase, while posting $134.3 million in net income and $251.2 million in Adjusted EBITDA. At year-end 2025, the company held over 180 lending and servicing licenses, 48 money transmitter licenses, and SEC broker-dealer registration, serving 307 active partners and direct consumers in Washington D.C. and nearly all U.S. states.
Figure earns revenue from origination fees, gain on sale of loans, servicing fees, and interest income, which together comprised roughly 71% of total net revenue in 2025, down from 82% in 2024 as Figure Connect marketplace fees and newer products grew faster. Partners pay transaction fees based on principal balance of each loan originated or sold through Figure's Loan Origination System. The DART electronic registry, built on Provenance Blockchain, processed 87% of all LOS originations in 2025 compared to just 2% in 2024. The top 10 partners contributed 56% of origination volume in 2025; partner agreements carry no long-term financial commitments and may be terminated without material charge. The 10-day median funding time for a Figure HELOC compares with an industry median of roughly 43 days, cited as a competitive advantage over banks, non-bank lenders, and fintech platforms.
Show full overview
Figure's top 10 partners accounted for 56% of origination volume in 2025, with agreements imposing no long-term financial commitments — partners may cease platform use at any time without incurring material termination charges. Because 71% of total net revenue traces back to LOS-driven origination, gain-on-sale, and servicing activities, any significant reduction in partner volume could weigh on revenues materially. Additionally, 98% of loans originated through the LOS in 2025 were HELOCs, concentrating both credit and volume risk on a single product tied to home equity values and interest rate conditions.
See also: Financial Services · Capital Markets
From Figure Technology Solutions, In's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated Oct 30, 2026Recent Developments — Figure Technology Solutions, In
Latest news
- NEWS Figure Technology Solutions (NASDAQ:FIGR) Reaches New 1-Year Low - What's Next? - MarketBeat — MarketBeat Oct 30, 2026 negative
- NEWS Figr stock hits 52-week low at 21.77 USD - Investing.com — Investing.com Oct 30, 2026 negative
- NEWS How far can Figure Technology Solutions (FIGR) scale its blockchain loan marketplace? - Kalkine — Kalkine Oct 28, 2026 neutral
- NEWS Form 4 Figure Technology Solutions Ltd: Michael Benjamin Tannenbaum (Director, CEO) For: 22 October - Investing.com Nige — Investing.com Nigeria Oct 27, 2026 neutral
- NEWS Figure Technology Solutions (NasdaqGS:FIGR) Stock Price - Simply Wall St — Simply Wall St Oct 27, 2026 neutral
Latest item Oct 30, 2026 · Generated 2026-11-05T11:29:00Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductHELOC originations98%10-K Item 1: 'HELOCs comprised over 98% of our total loan originations'
- HIGHCustomertop 10 partners56%10-K Item 1A: 'Our top 10 partners contributed 56% and 52% of our origination volume for the years ended December 31, 2025 and 2024, respectively.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
1 ceiling hit
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $23.02, but acceptable to hold if already in. Reasons: Concentration risk — Product: HELOC originations (98.0%); Concentration risk — Customer: top 10 partners (56.0%). Chart setup: No clear chart pattern; technical signals are mixed. Strong overall profile with balanced scores. | News modifier -2 (STRONG_BUY_NOW → HOLD_IF_HOLDING) Analyst target $43.59 (+89.3%), stop $21.41 (−7.5%), A.R:R 6.5:1. Score 6.8/10, high confidence.
Analyst target: $43.59 (+89.3% upside). Analyst target $43.59 (+89.3%), stop $21.41 (−7.5%), A.R:R 6.5:1. Stop-loss: $21.41.
Concentration risk — Product: HELOC originations (98.0%); Concentration risk — Customer: top 10 partners (56.0%); Leverage penalty (D/E 1.0): -0.5.
Figure Technology Solutions, In trades at a P/E of 24.8 (forward 12.2). TrendMatrix value score: 7.5/10. Verdict: Hold.
17 analysts rate FIGR, with a consensus score of 4.0/5. 10 analysts publish price targets averaging $50.
What does Figure Technology Solutions, In do?Figure Technology Solutions runs a blockchain-based consumer lending and capital markets platform, primarily...
Figure Technology Solutions runs a blockchain-based consumer lending and capital markets platform, primarily originating HELOCs. The company facilitated $8.3 billion in home equity lending in 2025 with 307 active partners, posting $134.3 million net income and $251.2 million Adjusted EBITDA. Revenue comes from origination fees, gain on sale, servicing, and partner transaction fees.