Odaily Planet Daily reports that Bernstein reaffirmed its "Outperform" rating on Figure Technology Solutions (FIGR) and maintained its price target of $67, implying approximately a 72% upside from the current stock price of $38.97.
Q1 2026 performance was strong: loan origination reached $2.9 billion, up 113% year-over-year; adjusted revenue was $167 million, up 92% year-over-year and 6% above market expectations; adjusted EBITDA was $82.7 million, with a margin of approximately 50%, slightly above market expectations. However, GAAP diluted EPS was $0.18, about 9% below expectations, primarily due to a $26 million stock-based compensation expense.
Bernstein Analysis believes this earnings report should reshape the market’s perception of Figure—not as a traditional credit company, but as a “tokenization-driven capital markets platform,” with core profits derived from network fees and operational scale leverage, while maintaining a valuation multiple of 25x EBITDA for 2027. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS has reached a size of $598 million (up 80%环比); stock lending product balances stand at $368 million (up 79%); and small business lending generated $60 million in revenue.
The current stock price is still not far from the $36 IPO offering price in 2025, but it remains significantly below the all-time high of $78. (The Block)