2026-08-14XThread

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I have been a shareholder of $FIGR for a long time. I originally invested at Morgan Creek and eventually joined the board of directors for a while. We were one of the top 5 holders of the company when it IPO’d last year. I am no longer on the board, but it is nearly impossible to be bearish on the company after watching @mcagney work up close for so long. They are growing revenue at more than 100% year-over-year and EBITDA just grew over 50% in the same time frame. That is just insane. Everyone eventually learns to never, ever bet against Mike Cagney. If you want smarter analysis than I will provide, @rexsalisbury has you here: @rexsalisbury Another from @StockAnalystPro here:

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Forget Rule of 40. $FIGR "Rule of 150" puts them ahead of every name in S&P 500 except NVDIA and Micron). +153% net revenue +54% EBTIDA =167 great quarter! I think the hard part for Figure is getting ppl to pay attention. They are confusing to outsiders! - "Is it a crypto stock? is it a lender? is it a marketplace!?" - "how do I comp this thing!?" if you're not growing fast, no one bothers to answer those questions. put up numbers like this and lots more folks will be paying attention!
rexsalisbury ↗

$FIGR Q2 Earnings: Rule of 150 , yes you heard right , not rule of 40 or rule of 70 , it’s Rule of 150. Probably one of the strongest FinTech quarters 👇 Figure just delivered its strongest quarter ever, and the growth + margins are impressive. 🔹 Consumer Loan Marketplace Volume: $4.3B, +132% YoY 🔹 3rd consecutive quarter of 100%+ growth 🔹 Net Revenue: $218M, +95% YoY 🔹 Adj. EBITDA: $119.4M, 55% margin 🔹 Net Income: $87.4M, nearly 3x YoY 🔹 Net Income Margin: 38.8% 🔹 Figure Connect: 65% of volume vs 42% YoY 🔹 Origination Partners: 489, adding 102 in Q2 alone This is basically a Rule of 150 business right now — 95% revenue growth + 55% Adj. EBITDA margin. 🔥 What I really like is the shift toward Figure Connect. Connect carries a lower take rate, but it is more capital-light and highly profitable. Figure is increasingly becoming the marketplace connecting loan originators directly with institutional capital rather than relying on its own balance sheet. And the flywheel appears to be accelerating. Weekly applications crossed $1B for the first time in early July, while the loan buyer base has expanded from roughly 3 in 2023 to 100+ today. Credit quality also remains strong: 🔹 Avg FICO: 756 YTD, up from 737 in 2020 🔹 Combined LTV: 62.1% 🔹 AAA HELOC securitization spreads: 255 bps → 135 bps YTD Q3 Figure is guiding $4.8B–$5.2B of CLM volume, implying roughly 102% YoY growth at midpoint. July already reached about $1.7B in volume, giving them good visibility into Q3. And Figure isn’t stopping with HELOCs. They are expanding into SMB, auto, home improvement and residential transition loans. SMB alone has already reached a $470M annualized run rate, growing 57% QoQ. Then comes Kiavi. Figure raised $600M through senior notes to fund the acquisition. Management expects Kiavi to add roughly $100M of EBITDA while increasing marketplace volume by around 40%. My biggest takeaway: $FIGR is showing that bringing lending + capital markets on-chain isn’t just a blockchain narrative anymore. 132% volume growth. 95% revenue growth. 55% EBITDA margin. 100+ institutional loan buyers. 489 origination partners. If Figure can maintain anything close to this growth while continuing to shift volume toward its capital-light marketplace model, this can become a very interesting FinTech compounder BTW : $FIGR is run by @SoFi $SOFI cofounder @mcagney
StockAnalystPro ↗