Figure Technology Solutions FIGR has become a medium confidence position for myself recently. They IPO’d back in September 2025 and had their first earnings report in early November.
Their product tokenizes real world assets for transactions through blockchain. Home Equity Lines of Credit (HELOCs) were the first product introduced. Currently they have 10 of the top 20 mortgage originators for HELOCs on their platform. There’s a bidding platform for the resulting assets, and the company itself is asset light.
They are expanding to consumer credit, small business loans, and even a tokenized stock exchange. The stock exchange is a separate confidential S1 with the SEC awaiting approval. The company detailed that product in a “Special Call” recently. Figure was additionally at the Nasdaq and Goldman Sachs investor conferences adding more details about their company.
On the financials side, this company presents a number of metrics that we would look for in a Saul style growth stock.
- Revenue 156M, +56% yoy
- Adj EBITDA 86M, +75% yoy
- Net income 90M, +277% yoy
- Targeting adj EBITDA margins above 60%
Another standout is the company had 168 partners on their S1 document, a number which is up to 250 just three months later. The customers include banks, mortgage originators, and credit unions. There’s expanding non-bank adoption amongst small businesses as well. Many of the analysts were surprised by over performance of the company on the first earnings call.
There is a lot more details about the company posted in the video above. Let me know if you have any feedback on the company!