Figure Technology Solutions, Inc. Class A Common Stock (FIGR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+691.4%

$172.45

vs $21.79 price

Levered DCF

-$81.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.5

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	75.63×	376.63×	-135.26×
P/B	7.61×	18.15×	29.69×
P/S	20.44×	23.07×	38.61×
EV / EBITDA	50.49×	71.59×	415.11×
Gross margin	78.7%	92.3%	88.8%
Operating margin	36.3%	3.3%	-29.6%
Net margin	29.3%	6.2%	-28.7%
Current ratio	2.2×	1.37×	1.13×
Debt / equity	0.77×	1.94×	1.91×
Interest coverage	3.4×	0.16×	-1×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	16.3%	-0.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	10.9%	4.8%	-22.1%
Return on invested capital	7.6%	0.8%	-7.8%
Return on assets	5.8%	1.5%	-7.3%
Free cash flow yield	0.4%	-2.4%	-0.7%
Earnings yield	1.4%	0.3%	-0.7%
Enterprise value	$9B	$6.8B	$6.7B
Net debt / EBITDA	-1.79×	4.2×	18.37×
Cash conversion cycle (days)	42	-85	204