Bernstein analysts said they “like it more” after Figure Technology Solutions (FIGR) reported its fourth-quarter results, describing the numbers as “solid” and reiterating their outperform rating and $72 price target.
The Nasdaq-listed company posted $159.9 million in fourth-quarter net revenue, landing within the $158 to $162 million preliminary range it had shared in a recent S1 filing, according to its earnings report released Thursday. Shares of Figure closed the day down 1.8% at $34.04, implying roughly 111% upside to the analysts’ target. The stock has declined 45.8% over the past month.
Figure’s net income rose 156% year-over-year to $15.1 million in the fourth quarter of 2025, from $5.9 million a year earlier. Adjusted EBITDA came in at $81.3 million, a 52% margin — slightly below the 55% posted in the previous quarter, a dip Bernstein attributed to one-time post-IPO fixed costs.
The company also reported $2.7 billion in loan marketplace volume for the quarter, up 8% from the prior three months and defying typical seasonal weakness.
“We closed the year with strong fourth quarter results, with triple-digit year-over-year growth in Consumer Loan Marketplace volume, increased adoption of Figure Connect, and expanding activity within our blockchain ecosystem,” Michael Tannenbaum, CEO of Figure, said in the report.
New lending categories
In a note to clients on Friday, the Bernstein analysts led by Gautam Chhugani said investor skepticism has centered on whether Figure is primarily a home equity line of credit (HELOC) software-as-a-service lender rather than a tokenized marketplace.
However, the fourth-quarter results show the tokenization strategy gaining momentum. Figure said Connect volume reached 54% of Consumer Loan Marketplace volume in Q4, up from 46% in the prior quarter, indicating what the analysts described as “strong progress toward the tokenized marketplace model.”
Beyond HELOCs, the company is also scaling new loan categories. Bernstein highlighted roughly $100 million in debt-service coverage ratio (DSCR) loans in the quarter — about four times the previous period — alongside roughly 2x quarter-over-quarter growth in small-business loans and continued expansion in crypto-backed loans.
Share repurchase
Alongside earnings, Figure announced that its board authorized a $200 million share-repurchase program. It intends to repurchase its Class A common stock and Blockchain common stock over the next 12 months.
The company also announced on Thursday its partnership with Agora Data. The deal aims to bring AI-originated U.S. auto loans onto the Figure Connect and Democratized Prime marketplaces as tokenized assets, according to a separate statement.
“Our marketplace is becoming a true capital markets highway — capable of accepting assets from multiple on-ramps and delivering standardized, transparent liquidity at scale,” said Tannenbaum.
Bernstein and its affiliates have had recent investment banking and other business relationships with Figure and expect to seek additional compensation. Gautam Chhugani maintains long positions in various cryptocurrencies.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
