FIGURE’s IPO positioning is interesting. The underwriter line-up (Goldman Sachs, Citigroup, etc.) suggests institutional confidence, while the $17–$19 pricing range appears designed to balance demand with a manageable entry point.
From a financial perspective, the topline growth is notable—revenue of $142.2M in 2024, up from $98.1M in 2023, represents a ~45% YoY increase. That scale of acceleration, especially in fintech where margins can improve with scale, does raise the “breakout” question.
However, a few considerations remain critical before declaring FIGURE the next big success story:
Profitability: Revenue growth is strong, but investors will want clarity on operating income, net margins, and customer acquisition costs.
Valuation multiple: At a $4.1B valuation, the implied price-to-sales is roughly 29x, which is rich compared to peers unless growth sustains at this pace.
Macro backdrop: While IPO sentiment has improved in 2024, fintech remains cyclical and interest-rate sensitive.
Competitive edge: Differentiation from peers like SoFi, Block, or PayPal will determine longevity.
If FIGURE can demonstrate a credible path to profitability while sustaining growth above 30% YoY, it may indeed shape up as one of the sector’s standout listings. Otherwise, the valuation premium may prove difficult to justify.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- winky9·2025-09-08Wow, great insights on FIGURE! [Wow]LikeReport