Cash flow remains volatile due to loan origination cycles, highlighted by a massive $2.1B working capital outflow in 2025Q4 that warrants close monitoring of liquidity management.
| Cash from Operations | -3.74B | 62.57M | -136.01M | -28.87M |
| Operating CF Margin % | - | 13.68% | -48.7% | -17.3% |
| Operating CF Growth % | 100% | 146% | -371.16% | - |
| Net Income | 179.62M | 134.28M | 19.91M | -52.44M |
| Depreciation & Amortization | 12.31M | 1.02M | 17.11M | 19.38M |
| Stock-Based Compensation | 2.85M | 62.36M | 38.73M | 13.45M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -176.12M | 6.43B | -151.58M | -57.47M |
| Working Capital Changes | -3.76B | -6.56B | -60.19M | 48.22M |
| Change in Receivables | 1.68B | -33.04M | 4.78B | 3.29B |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -58.74M | -38.93M | 0 | 0 |
| Cash from Investing | 3.85B | -61.27M | -30.86M | -22.11M |
| Capital Expenditures | -16.23M | 0 | -16.63M | -17.26M |
| CapEx % of Revenue | 2.62% | - | 5.95% | 10.34% |
| Acquisitions | 0 | - | - | - |
| Investments | 0 | 0 | 251.06M | 42.93M |
| Other Investing | 3.91B | 40.9M | -221K | -4.03M |
| Cash from Financing | 722.11M | 918.04M | 336.12M | 65.79M |
| Debt Issued (Net) | 0 | - | - | - |
| Equity Issued (Net) | 666.4M | 667.44M | 72.29M | 0 |
| Dividends Paid | 73K | 0 | -2.81M | -345K |
| Share Repurchases | 0 | 0 | -1M | 0 |
| Other Financing | 95K | -160K | -273K | 527K |
| Net Change in Cash | 1.15B | 919.33M | 169.25M | 14.81M |
| Free Cash Flow | -3.75B | 62.57M | -152.64M | -46.13M |
| FCF Margin % | -604.58% | 13.68% | -54.65% | -27.64% |
| FCF Growth % | - | 140.99% | -230.9% | - |
| FCF per Share | -15.07 | 0.22 | -0.74 | -0.22 |
| FCF Conversion (FCF/Net Income) | -20.87x | 0.47x | -7.90x | 0.60x |
| Interest Paid | 13.71M | 0 | 55.11M | 44.83M |
| Taxes Paid | 0 | 0 | 48K | 30K |
HELOC market concentration risk
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 186.53 in 2025Q1 to -137.56 in 2025Q4, suggesting that reported earnings may not reliably reflect actual cash generation.
The extreme divergence between accounting profits and cash flow suggests that non-cash fair value adjustments or significant timing differences in loan sales are distorting the quality of earnings. Investors should monitor whether these fluctuations are temporary accounting artifacts or indicative of a fundamental disconnect between revenue recognition and cash collection cycles.
Based on the provided quarterly data, free cash flow has demonstrated extreme instability, plummeting from a positive $209.7M in 2025Q2 to a negative $2.1B by 2025Q4, which highlights the capital-intensive nature of maintaining a loan portfolio on the balance sheet during periods of rapid scaling.
The sharp swings in FCF suggest that the company's cash trajectory is heavily tethered to the timing of securitization and the liquidity requirements of its lending operations. This volatility warrants further investigation into whether the company is effectively managing its liquidity or if it remains overly dependent on external capital markets to fund its growth.
According to the cash flow statement, working capital changes have been the primary driver of cash flow variance, with a massive $2.1B outflow in 2025Q4 following a $216.6M inflow in 2025Q2, indicating that loan origination and sale cycles are creating significant liquidity pressure.
The dramatic shifts in working capital appear to be a direct consequence of the company's lending business model, where the timing of loan sales into the secondary market dictates cash availability. This suggests that the company's cash position is highly sensitive to the velocity of its loan pipeline and the appetite of institutional investors for its blockchain-verified collateral.
As indicated by the reported figures, capital expenditures have remained modest, peaking at 8.0% of revenue in 2025Q1 and declining to 2.0% by 2025Q4, which suggests that the company's core blockchain infrastructure is not overly burdensome in terms of ongoing physical asset investment.
The relatively low capital intensity supports the thesis that the company operates more like a software platform than a traditional capital-intensive lender. However, investors should monitor whether future maintenance capex requirements increase as the Provenance ecosystem scales and requires more robust technological support to maintain its competitive edge.
Quick answers to the most common questions about buying FIGR stock.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $62.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $62.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.