Mizuho Starts Figure Technology (FIGR) at Outperform

Mizuho analyst Dan Dolev initiates coverage on Figure Technology (NASDAQ: FIGR) with a Outperform rating and a price target of $47.00.

The analyst comments "Initiating coverage of FIGR at Outperform, with PT $47. We are bullish on Figure as we believe it could increasingly disrupt the $250-300bn US Home-Equity-Line-of-Credit ("HELOC") market with its blockchain-powered, asset-light platform. Figure is already the #1 non-bank HELOC marketplace with $16bn+ cumulative originations since 2018. We see several competitive advantages helping FIGR sustain its competitive moat including a propietary blockchain loan origination system that funds HELOCs 4x faster than peers at ~93% lower costs vs. traditional underwriters, high-FICO borrowers (avg. 755), and a capital-light marketplace-driven business model. Beyond HELOCs, we believe FIGR's expanding partner network and deep regulatory expertise position it well to capture share in a $2tn+ US consumer credit market, adding real-world-assets ("RWA") to the $4tn digital asset market. Figure's robust margin profile (47% adj. EBITDA in 2Q25) and rapid growth (25%+ sales CAGR through '27) make it highly attractive."

For an analyst ratings summary and ratings history on Figure Technology click here. For more ratings news on Figure Technology click here.

Shares of Figure Technology closed at $40.30 yesterday.

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