Share count
142Mpeak FY2025
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FIGR, Figure Technology Solutions Inc.
Mortgage & Specialty Finance diversified
Figure is building the future of capital markets using blockchain-based technology.
Figure's proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets.
Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$507M
+48.7% YoY
Vital signs · TTM, with 3-yr average
Revenue $167M +97.6% vs yr-ago qtr
Operating margin 25.1% yr-ago 9.6%
Net income $45M yr-ago ($613K)
Net margin 27.0% yr-ago −0.7%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run about 2.7% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −24% to 23% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Stock-based pay runs about 11% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 1 of 3 years). This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $210M | $341M | $507M | $589M | RevenueRevenue |
| 28% | 31% | 26% | 27% | SG&A / revenueSG&A/rev |
| 23% | 18% | 13% | 11% | R&D / revenueR&D/rev |
| ($49M) | $9M | $118M | $151M | Operating incomeOp. inc. |
| −23.6% | 2.7% | 23.2% | 25.7% | Operating marginOp. mgn |
| ($48M) | $17M | $134M | $180M | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($33M) | ($127M) | $63M | $165M | Operating cash flowOp. cash |
| $1M | ($183M) | ($134M) | ($100M) | Working capital & otherWC & other |
| $0 | $1M | $0 | — | BuybacksBuybacks |
| -84% | 4% | 45% | 42% | ROICROIC |
| -22% | 5% | 11% | 14% | Return on equityROE |
| −22% | 5% | 11% | 14% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $176M | $290M | $1.2B | $1.5B | Cash & investmentsCash+inv |
| — | $21M | $52M | $65M | ReceivablesReceiv. |
| — | $37M | $30M | $30M | Accounts payablePayables |
| — | ($16M) | $23M | $36M | Operating working capitalOper. WC |
| — | $855M | $1.9B | $2.2B | Current assetsCur. assets |
| — | $626M | $846M | $1.2B | Current liabilitiesCur. liab. |
| — | 1.4× | 2.2× | 1.9× | Current ratioCurr. ratio |
| — | $1.2B | $2.3B | $2.7B | Total assetsAssets |
| — | $168M | $230M | $531M | Total debtDebt |
| — | ($122M) | ($968M) | ($933M) | Net debt / (cash)Net debt |
| $222M | $355M | $1.2B | $1.3B | Shareholders’ equityEquity |
| 6.4% | 11.4% | 12.3% | 14.6% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 51.3M | 72.6M | 142M | 249M | Shares out (diluted)Shares |
| $4.08 | $4.69 | $3.57 | $2.37 | Revenue / shareRev/sh |
| $-0.93 | $0.24 | $0.94 | $0.72 | EPS (diluted)EPS |
| $4.34 | $4.89 | $8.67 | $5.19 | Book value / shareBVPS |
The diluted share count moved ×1.42 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.95 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.75 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
45%low FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“In prior periods, we have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cashCash $1.2B − debt $230M
What this means
Cash and short-term investments exceed every dollar of debt by $968M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle3-yr median, range -84%–45%; 45% latest = NOPAT $118M ÷ invested capital $261MIndustry peers: median 7%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 45% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Not enough dataIndustry peers: median 29%
What this means
The filing data didn't include the inputs for this check.
- Thinly cash-backedCash from ops $63M ÷ net income $134M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 2 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $507M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.20×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $230M vs $1.0B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.16/share (latest year $0.62), the averaged base the calculator's gate runs on, and book value is $5.66/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“For example, disruptive technologies such as generative artificial intelligence ("AI") may fundamentally alter the use of our products or services in unpredictable ways.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$2.2B
- Cash & short-term investments$1.5B
- Receivables$65M
- Other current assets$696M
Current liabilities$1.2B
- Debt due within a year$269M
- Accounts payable$30M
- Other current liabilities$874M
Current ratio1.90×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.90×stricter: inventory excluded
Cash ratio1.25×strictest: cash alone against what's due
Working capital$1.1Bthe cushion left after near-term bills
Debt due this year vs. cash$269M due · $1.5B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+97.6%the freshest read on whether the business is still growing
Current ratio, recent quarters1.4× → 1.9×
Deeper floors
Tangible book value$1.3Bequity stripped of goodwill & intangibles
Net current asset value$787MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$535M$4M of it operating leases
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$62M
The slice of the business handed to employees in shares this year, 12% of revenue, equal to 53% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Mortgage & Specialty Finance
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ONITOnity Group Inc. | $1.1B | — | 41.0% | 2% | 15% |
| PWPPerella Weinberg Partners | $751M | — | -7.6% | — | 15% |
| RMRegional Management Corp. | $646M | — | 21.6% | 6% | 43% |
| JCAPJefferson Capital Inc. | $613M | — | 50.8% | 13% | — |
| WRLDWorld Acceptance Corporation | $585M | — | 16.9% | 8% | 44% |
| DAVEDave Inc. | $554M | — | -4.2% | -12% | 13% |
| FIGRFigure Technology Solutions Inc. | $507M | — | 2.7% | 4% | — |
| WDWalker & Dunlop | $320M | — | 143.4% | 14% | 149% |
| Group median | — | — | 19.3% | 6% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFFigure Technology Solutions Inc. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Figure Technology Solutions Inc. (FIGR), the owner's record," https://ownerscorecard.com/c/FIGR, data as of 2026-07-09.
Manual order: ← FIG its page in the Manual FIGS →
Industry order: ← CMTG the Mortgage & Specialty Finance chapter FINV →