Figure Technology Solutions, Inc. Class A Common Stock

FIGR

Financial - Capital Markets · Financial Services

Price

$28.97

-1.90 (-6.15%)

Market Cap

$5.29B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+36.9% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 207.1M (2023) → 283.6M (2025)

Figure Technology Solutions, Inc. develops and operates a blockchain-based consumer lending platform. The company offers a suite of blockchain-based solutions for its marketplaces, including lending, trading, and investing activities. It serves the consumer finance sector. The company was formerly known as FT Intermediate, Inc. and changed its name to Figure Technology Solutions, Inc. in August 2025. The company was founded in 2018 and is based in Reno, Nevada.

Winston Score History

Score breakdown

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Quality

Gross Margin

87.2%

Premium pricing power — 87.2% gross margin

Operating Margin

35.2%

Excellent — 35.2% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

-2084%

Weak — only -2084% of profit becomes cash

FCF Margin

-604.6%

Burning cash (-604.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.02

Elevated debt (1.02)

Interest Cover

3.73x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

37.1x

Pricey — P/E 37.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.1 → 33.5)

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Dividends

Not applicable for this business.

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