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olivLaw · US equity research

Figure Technology Solutions, Inc. FIGR

Loan Brokers · SIC 6163 · Vertical: Nondepository credit (SIC 616x)

23.02USD+4.16% · 1 dayClose 04 Nov 2026

Figure Technology Solutions is a blockchain-based capital marketplace that automates the origination, funding and trading of loans, with a focus on HELOC home equity credit. The company turned profitable in 2025 and is expanding through the Kiavi acquisition and growing volume on Figure Connect.

At the close of 04 Nov 2026, Figure Technology Solutions, Inc. (FIGR) stock was 23.02 USD (+4.16% on the day), with P/E 24.8 on diluted EPS of 0.93 USD over the last 12 months, beta 2.88, 52-week range 21.58–73.91 USD. Latest reported quarter (Q2 2026): revenue of 225.6 m USD (+112.7% YoY), net income of 87.4 m USD (+192.1% YoY), diluted EPS 0.35 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
24.8
Diluted EPS TTM 0.93 · TTM to 30 Jun 2026
E/P (TTM)
4.04%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.88
Volatility (1y) 94%
52-week range
21.5873.91

Price history

Loading chart…

Technical reading

RSI (14)
38.4
weak (30–45)
Bollinger (20, 2)
20.19 – 29.39
in the lower half of the band · %B 0.31 · band width 37.1%
SMA 50 / 200
30.02 / 33.58
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-2.15 / -2.20
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−17.6%−1.1%−16.5 pp—
3 months−19.9%−0.5%−19.4 pp—
6 months−39.4%+4.4%−43.8 pp—
Year to date−43.6%+12.3%−56.0 pp—
1 year−39.8%+13.5%−53.4 pp−49.9%
3 yearsunavailable+76.4%unavailable−12.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−70.8%
16 Jan 2026 → 30 Oct 2026
Max drawdown (5y)
−70.8%
16 Jan 2026 → 30 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
225.6 m USD
+112.7% YoY
Net income
87.4 m USD
+192.1% YoY
Diluted EPS
0.35
+337.5% YoY
net / operating
38.8% / 34.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue101.0 m83.9 m84.5 m106.1 m156.4 m159.9 m167.0 m225.6 m
Research & development16.1 m16.3 m17.4 m16.0 m15.9 m15.6 m15.6 m15.6 m
Operating income26.1 m-804.0 k8.1 m27.7 m52.7 m29.0 m41.9 m77.7 m
Pre-tax income28.7 m6.3 m617.0 k33.4 m58.4 m21.3 m38.1 m83.0 m
Income tax1.3 m389.0 k1.2 m3.4 m-31.5 m6.3 m-6.9 m-4.4 m
Net income27.3 m5.5 m-820.0 k29.9 m89.6 m15.2 m44.9 m87.4 m
Diluted EPS0.090.07 ≈-0.010.080.340.06 ≈0.180.35
Operating cash flow—87.4 m-140.3 m216.4 m ≈-26.8 m ≈13.3 m-37.8 m-35.2 m ≈
Share repurchases——00 ≈——9.7 m0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 4-quarter history (min 33.1, median 63.8, max 87.1; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue209.5 m340.9 m506.9 m
Revenue YoYunavailable+62.7%+48.7%
Net income-47.9 m17.2 m133.9 m
Net income YoYunavailableunavailable+677.6%
Diluted EPS-0.930.000.44
Diluted EPS YoYunavailableunavailableunavailable
net %-22.9%5.0%26.4%
Free cash flowunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.2 bn USD
Financial debt
230.1 m USD
Net debt
-968.0 m USD
Equity
1.2 bn USD
Total assets
2.3 bn USD
Debt / equity
0.19x
Current ratio
2.20x
ROE
16.7%
ROA
7.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
209.5 m
2024
340.9 m
2025
506.9 m

SEC (XBRL)· 16 Mar 2026verified

Research & development
2023
49.2 m
2024
62.7 m
2025
64.9 m

SEC (XBRL)· 16 Mar 2026verified

Operating income
2023
-49.4 m
2024
9.2 m
2025
117.5 m

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
-52.3 m
2024
22.1 m
2025
113.7 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
102.0 k
2024
2.2 m
2025
-20.6 m

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
-47.9 m
2024
17.2 m
2025
133.9 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
-0.93
2024
0.00
2025
0.44

SEC (XBRL)· 16 Mar 2026verified

Weighted average diluted shares
2023
51.3 m
2024
72.6 m
2025
141.8 m

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
175.8 m
2024
289.7 m
2025
1.2 bn

SEC (XBRL)· 16 Mar 2026verified

Receivables
2023
—
2024
21.0 m
2025
52.0 m

SEC (XBRL)· 16 Mar 2026verified

Current assets
2023
—
2024
854.7 m
2025
1.9 bn

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
—
2024
1.2 bn
2025
2.3 bn

SEC (XBRL)· 16 Mar 2026verified

Accounts payable
2023
—
2024
37.2 m
2025
29.5 m

SEC (XBRL)· 16 Mar 2026verified

Short-term debt
2023
—
2024
305.3 m
2025
—

SEC (XBRL)· 13 Nov 2025verified

Long-term debt
2023
—
2024
167.9 m
2025
230.1 m

SEC (XBRL)· 16 Mar 2026verified

Current liabilities
2023
—
2024
625.5 m
2025
846.0 m

SEC (XBRL)· 16 Mar 2026verified

Total liabilities
2023
—
2024
796.2 m
2025
1.1 bn

SEC (XBRL)· 16 Mar 2026verified

Equity
2023
222.4 m
2024
363.4 m
2025
1.2 bn

SEC (XBRL)· 16 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-33.4 m
2024
-127.0 m
2025
62.6 m

SEC (XBRL)· 16 Mar 2026verified

Investing cash flow
2023
-17.6 m
2024
-37.4 m
2025
-61.3 m

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
65.8 m
2024
336.1 m
2025
918.0 m

SEC (XBRL)· 16 Mar 2026verified

Share repurchases
2023
0
2024
1.0 m
2025
0

SEC (XBRL)· 16 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
48.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
1,172.6%
computed by olivLawFY 2025
Net income growth (YoY)
677.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
28.4%
computed by olivLawTTM to 30 Jun 2026
Net margin
33.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
16.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
7.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
58.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
11.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-1.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-86.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
46 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
24.8x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
4.0%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.02 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
24.8x
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
16.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
33.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
48.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 219derived 18

Score by group

31% · Insufficient data

Estimated value range

Low
2.60
USD per share
Mid
6.66
USD per share
High
11.37
USD per share
Price: 23.02 USD
The price is above the range
Potential to the central value: -71.1% (value / price − 1)
Margin of safety: -245.7% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.60 – 11.37 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E2.60 – 11.37 (Mid 6.66)
    4 companies used · median multiple 7.2x · quartiles 2.8x – 12.2x
    FINV, ONIT, PFSI, TREE
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Nondepository credit (SIC 616x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality58.0%100 (on a fixed band)33%
Net margin · Quality33.5%75 (vs peers)20%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.9x88 (on a fixed band)13%
P/E (TTM) · Valuation24.8x24 (on a fixed band)33%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial88/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality91/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial24/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

FIGURE TECHNOLOGY SOLUTIONS, INC. (FIGR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 506.9 m USD in 2025; YoY growth 48.7%; net margin 33.5%; ROE 16.8%.

The estimated value range is 2.60–11.37 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.66 USD, the price of 23.02 USD leaves a potential of -71.1% (value / price − 1) and a margin of safety of -245.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 58.0%
  • Net margin: 33.5%
  • Current ratio: 1.9x

What contradicts it

  • P/E (TTM): 24.8x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Nondepository credit (SIC 616x) · same industry group (3-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
24.8x
vertical median 7.2x
above median (+245.7%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 2.2x
P/B
—
vertical median 0.8x
ROE
16.8%
vertical median 2.8%
above median (+508.3%)
Net margin
33.5%
vertical median 6.1%
above median (+446.6%)
EBIT margin
28.4%
vertical median —
Revenue YoY
48.7%
vertical median 21.2%
above median (+130.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PFSIPennyMac Financial Services, Inc.3.5 bn15.25.6%640.7%−25.2%−50% / −13%
FOAFinance Of America Companies Inc.751.1 m—-0.1%-0.1%+26.1%−50% / +31%
TREELendingTree, Inc.538.4 m3.182.8%14.3%+24.1%−33% / +117%
BETRBetter Home & Finance Holding Company383.2 m—-267.7%-112.6%+52.0%−58% / −12%
ONITOnity Group Inc.256.5 m2.025.9%12.3%+9.3%−31% / +19%
UWMCUWM Holdings Corp174.2 m—-2.7%-1.0%+18.2%−71% / −69%
BLNEBeeline Holdings, Inc.22.8 m—-41.1%-215.3%+600.0%−66% / −95%
FINVFinVolution Group—11.316.3%2,679.2%+3.9%−39% / −31%
FIGRFigure Technology Solutions, Inc.—24.816.8%33.5%+48.7%−40% / unavailable

1- and 3-year price returns: for FIGR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Figure Technology Solutions is a blockchain-based capital marketplace that automates the origination, funding and trading of loans, with a focus on HELOC home equity credit. The company turned profitable in 2025 and is expanding through the Kiavi acquisition and growing volume on Figure Connect.

SWOT

Strengths

  • The blockchain platform automates origination and reduces the time and cost of processing loans, giving an efficiency advantage over legacy systems 1.
  • The company holds a broad portfolio of lending, servicing and money transmitter licences that it says competitors cannot easily replicate 1.
  • The partner network and Figure Connect create network effects, and the business became profitable in 2025 1.

Weaknesses

  • Revenue is concentrated in the HELOC product, so the company is highly exposed to swings in that market 1.
  • Partners have no long-term contractual financial commitments and can stop using the platform without material termination charges 1.
  • The company has a history of losses and a relatively short operating track record 1.

Opportunities

  • Expansion into investor real estate lending through Kiavi and growth in Figure Connect could diversify revenue sources 23.
  • The OPEN network and blockchain-based equity trading could open new services for issuers and investors 2.
  • Democratized Prime could attract more lenders if users recognise the benefits of the model 1.

Threats

  • Changes in interest rates or monetary policy could reduce originations and investor demand 3.
  • Digital asset and stablecoin regulation is still evolving, and changes could affect the business model 3.
  • New competitors with large resources could reduce margins and market share 1.

Risks

  • Dependence on HELOCshigh

    Most revenue comes from the HELOC product, so a fall in demand in this market would directly affect results 1.

  • Kiavi integrationmedium

    The acquisition depends on closing conditions, a pre-closing restructuring and government licences, and integration could prove harder than expected 2.

  • New debtmedium

    The issuance of senior notes at a high coupon adds interest expense, and sensitivity to credit conditions could increase 2.

  • Regulation and licensingmedium

    Lending, servicing and digital asset activity is subject to complex rules, and shifting enforcement priorities could add costs 3.

  • Internal controlslow

    The company states it must remediate previously identified material weaknesses, which could weigh on investor confidence 3.

Investment thesis

What would need to be true (bull case)

  • If loan volume and Figure Connect keep growing, fee revenue could become a larger part of the business and support profitability 13.
  • The blockchain platform's cost and speed advantage could attract new partners and strengthen its position in the HELOC market 1.
  • Expansion into new products such as YLDS and OPEN could create additional revenue and liquidity sources 12.

What would break the thesis

  • Heavy reliance on HELOCs leaves the company exposed to changes in the housing market and interest rates 1.
  • The Kiavi acquisition and new debt could raise financial risk if integration or results fall short of expectations 2.
  • Digital asset markets are volatile, and competition from stablecoin issuers and exchanges could limit growth 1.

What to watch

  • Third-quarter results including the Kiavi contributionQ3 2026
  • Consumer Loan Marketplace volume and Figure Connect after Kiavi is includedQ3 2026
  • Completion of the Kiavi integration and closing conditions2026
  • Adoption of the OPEN network and trading of Blockchain Stocknext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Figure builds blockchain-based capital market infrastructure that replaces legacy loan approval and transaction processing. Its Loan Origination System (LOS) cuts the cost of producing a loan to approximately 717 USD per loan in fiscal 2025, compared with a mortgage industry average of 11,109 USD 1. The company reported net income of 134.3 million USD for 2025 1.

Revenue comes from fees paid by partners that use the LOS and Figure Connect, from volume-based fees, and from origination, gain-on-sale and servicing revenue. In 2025, about 71% of net revenue came from LOS-related sources, while Figure Connect and newer products grew faster 1.

The company has launched Figure Connect, Democratized Prime and YLDS, an SEC-registered interest-bearing stablecoin, and in February 2026 it launched the OPEN network for issuing and trading equity on blockchain 12. The Kiavi acquisition, announced in June 2026, extends the business to investors who buy, renovate and resell residential properties 2.

Segments

HELOC lending and LOS

The core segment originates HELOCs through the LOS, both under the Figure brand and for partners. In 2025, HELOCs made up over 98% of total loan originations, and consumer loan volume rose sharply through the third quarter of 2026 13.

Figure Connect and Democratized Prime

Figure Connect is the electronic marketplace for buying and selling loans, and Democratized Prime is a DeFi lend-borrow marketplace. Both are growing quickly, although Democratized Prime had not yet generated material revenue at the end of 2025 13.

Market context

The filing describes the consumer credit market as about 2 trillion USD and the cryptocurrency and digital asset market as about 3 trillion USD 1. The HELOC market is supported by rising home equity balances, and banks reduced their focus on the product in 2023 1.

Tokenization of real-world assets and stablecoins is becoming a distinct market category, with US regulation still changing. The company says it leads real-world asset tokenization, but that position depends on how the regulatory framework develops 3.

Trends

  • Rising consumer loan volumetailwind

    Consumer loan volume grew strongly in recent quarters, supporting fee and volume revenue. If this pace is sustained, it could support revenue growth from Figure Connect.

  • Supportive regulatory sentiment for digital assetsmixed

    Regulatory sentiment toward cryptocurrencies has become more favorable in the US, which could accelerate adoption of YLDS and the digital asset platform, but it also attracts new competitors 1.

  • Interest rate and housing market sensitivityheadwind

    Activity depends on interest rates and home values. The company expects the impact of rates on its business to decrease, but higher funding costs could reduce originations.

  • Kiavi integrationmixed

    The Kiavi acquisition adds origination volume, but integration and closing conditions, including regulatory licences, could delay the benefits the company has announced 23.

Competitive position

The company competes with originators' proprietary systems, third-party digital origination vendors, and both depository and non-depository lenders. It says no competitor offers an equivalent platform, but warns that well-resourced new entrants from financial technology could emerge 1.

In digital assets, the main rivals are centralized crypto exchanges, while for stablecoins they are other issuers and money market products. The company notes rising competitive tension as new players enter 1.

  • Other loan origination technology providers

    Firms that help financial institutions digitize loan origination and sale, including newer vendors focused on lending software.

  • Centralized cryptocurrency exchanges

    Main rivals to Figure Exchange, expanding into bundled services that capture more of the value chain.

  • Stablecoin issuers

    Compete with YLDS, and their entry raises competitive pressure in the stablecoin segment.

  • Depository and non-depository mortgage and consumer lenders

    Offer consumer loans and HELOCs, some of which may be priced more competitively than Figure's products.

News & filings

In the press

SEC filings

  • Current report07 Oct 2026
    Results of operations · Financial statements and exhibits
  • Current report01 Sept 2026
    Acquisition or disposition of assets
  • Quarterly report14 Aug 2026
  • Current report13 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report14 Jul 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report10 Jul 2026
    Other events · Financial statements and exhibits
  • Current report07 Jul 2026
    Results of operations · Financial statements and exhibits
  • Current report06 Jul 2026
    Other events · Financial statements and exhibits
  • Current report10 Jun 2026
    Material agreement · Financial statements and exhibits
  • Current report10 Jun 2026
    Shareholder vote

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Figure Technology Solutions, Inc. · 16 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Figure Technology Solutions, Inc. · 14 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Figure Technology Solutions, Inc. · 07 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.