Latest Ratios: P/E Ratio 70.6x · EV/EBITDA 25.3x · 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 | $5.6B | $11.6B | — | — |
| Enterprise Value | $4.6B | $10.5B | — | — |
| P/E Ratio → | 70.56 | 92.82 | — | — |
| P/S Ratio | 12.34 | 25.33 | — | — |
| P/B Ratio | 7.12 | 9.36 | — | — |
| P/FCF | 90.14 | 185.12 | — | — |
| P/OCF | 90.14 | 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 | — | 23.07 | — | — |
| EV / EBITDA | 25.25 | 57.83 | — | — |
| EV / EBIT | 27.72 | 64.90 | — | — |
| EV / FCF | — | 168.61 | — | — |
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 | 78.7% | 78.7% | 92.3% | 88.8% |
| Operating Margin | 36.3% | 36.3% | 3.3% | -29.6% |
| Net Profit Margin | 29.3% | 29.3% | 6.2% | -28.7% |
| 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 | 10.2% | 10.2% | 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 | 0.13 | 0.13 | 1.89 | 1.87 |
| Debt / EBITDA | 0.91 | 0.91 | 26.13 | — |
| Net Debt / Equity | — | -0.83 | 1.10 | 1.34 |
| Net Debt / EBITDA | -5.66 | -5.66 | 15.23 | — |
| Debt / FCF | — | -16.51 | — | — |
| Interest Coverage | 3.33 | 3.33 | 1.39 | -0.06 |
Net cash position: cash ($1.2B) exceeds total debt ($165M)
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 | 1.42 | 1.42 | 0.46 | 0.29 |
| Asset Turnover | — | 0.20 | 0.24 | 0.25 |
| 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 | 1.4% | 1.1% | — | — |
| FCF Yield | 1.1% | 0.5% | — | — |
| Buyback Yield | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — |
| Shares Outstanding | — | $284M | $207M | $207M |
HELOC market concentration risk
Based on current market data, FIGR trades at a P/S multiple of 10.67, which suggests that investors are pricing in significant future expansion rather than current earnings, as the 61.05x TTM P/E ratio appears elevated compared to traditional mortgage lenders like UWM Holdings or PennyMac Financial.
The valuation premium likely stems from the company's hybrid identity as both a lender and a blockchain infrastructure provider. Investors should monitor whether the forward P/E of 26.63 can be sustained as the company scales, as this multiple implies a high growth trajectory that may be sensitive to housing market volatility.
According to recent quarterly filings, FIGR maintains gross margins consistently above 87%, which indicates a highly scalable, software-like cost structure that significantly outperforms traditional capital-intensive mortgage peers who are burdened by manual verification processes and legacy administrative overhead in their core lending operations.
While the gross margin is impressive, the net margin has fluctuated wildly from -1.5% to 66.4% over the last five quarters, suggesting that fair value adjustments on loan portfolios may be creating significant noise. Analysts should focus on operating margins, which have shown more stability, to gauge the true underlying earning power of the platform.
As reported in financial statements, the company's ROIC has remained in a narrow range between 0.5% and 2.5% over the past ten quarters, suggesting that while the business is scaling rapidly, it has yet to demonstrate a consistent ability to compound returns on its invested capital base.
The low ROIC relative to the high revenue growth suggests that the company is currently in a heavy investment phase, prioritizing market share and infrastructure development over immediate capital efficiency. Investors should monitor whether these returns improve as the Provenance ecosystem matures and the company potentially shifts toward a more capital-light licensing model.
Based on the company's reported figures, the debt-to-equity ratio has improved dramatically from 2.37 in 2025Q1 to 0.18 in 2026Q1, indicating a significant reduction in leverage that likely lowers the company's sensitivity to interest rate volatility and credit market tightening in the near term.
This shift toward a fortress balance sheet provides a substantial buffer against potential disruptions in secondary market loan sales. The current interest coverage ratio of 3.26 suggests that debt service is becoming increasingly comfortable, allowing management more strategic freedom to navigate potential housing market downturns.
The most commonly misapplied metric for FIGR is the traditional P/E ratio, which obscures the company's potential as a financial utility by treating it as a cyclical mortgage lender rather than a scalable platform provider within the Provenance Blockchain ecosystem.
Investors should instead focus on platform-based metrics such as 'Partner Pull-through Rate' and 'Days to Close' to evaluate the durability of the business model. Relying solely on P/E ignores the potential for recurring licensing revenue, which would fundamentally change the company's risk profile and valuation multiple over the long term.
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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 70.6x. The historical average is 92.8x.
Figure Technology Solutions, Inc. Class A Common Stock's current EV/EBITDA is 25.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 57.8x.
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 70.6x. Compare with industry peers and growth rates for a complete picture.
Figure Technology Solutions, Inc. Class A Common Stock has 78.7% gross margin and 36.3% 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 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.