With FIGR now above its average analyst target and trading near recent highs, the key question is whether the current price already reflects its blockchain lending story and expectations for potential rate cuts, or if the market is still underpricing future prospects. Figure Technology Solutions (FIGR) is back in the spotlight after its shares reached fresh highs, helped by expectations of further Federal Reserve rate cuts and heightened attention on its new blockchain lending initiatives. The recent buzz around Figure’s RWA Consortium, Solana based stablecoin launch and rate cut expectations has coincided with strong momentum, with a 7 day share price return of 32.78% and a 30 day share price return of 46.11%, while the 90 day share price return of 37.47% suggests interest has been building rather than fading.
Figure Technology Solutions is trading on a PnullS ratio of 32.5x, which sits against a last close of US$58.08 and points to a rich valuation compared with peers. PnullS compares a company’s market value with its revenue, so a higher multiple usually means investors are paying more for each dollar of sales. For a fintech name like FIGR that is focused on blockchain based lending, trading and investing platforms, a premium PnullS can often reflect expectations for strong top line expansion rather than current earnings power. Here, the Statements Data flags that FIGR is expensive based on its 32.5x PnullS against both the US Consumer Finance industry average of 1.6x and a peer average of 2.3x.
That kind of gap suggests the market is pricing in a very optimistic revenue path and profitability profile rather than treating FIGR like a typical consumer finance stock. The comparison is stark: FIGR’s PnullS multiple is more than 20x the industry average and well above the peer group level. This clearly places the stock at the high end of the sector’s valuation range. See what the numbers say about this price — find out in our valuation breakdown. Result: Price-to-Sales of 32.5x (OVERVALUED)
However, there are clear risks here, including execution around the blockchain lending rollout and the chance that rate cut expectations or analyst targets prove too optimistic. Find out about the key risks to this Figure Technology Solutions narrative.
While the PnullS ratio paints FIGR as expensive, our DCF model also points to a rich setup. FIGR trades at US$58.08 compared with an estimated fair value of US$14.97, which suggests the current price already bakes in a lot of optimism. That kind of gap can cut both ways. The real question for you is whether the story justifies paying this much above our DCF number, or if expectations have simply run too far ahead. Look into how the SWS DCF model arrives at its fair value.
FIGR trades at 58.08 USD with a fair value around 14.97 USD, implying a substantial optimism baked into the price. Whether this premium is justified will depend on execution of the blockchain lending strategy and on rate-cut timing.
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