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Mortgage finance · Financial Services · Fiscal year ends Dec 31
Figure Technology Solutions reported revenue of $507M in the fiscal year ended Dec 2025, up 48.7% from the year before. Operating income was $118M, an operating margin of 23.2%, and net income was $134M. It held more cash than debt (net cash $968M).
Ranks among the 3 mortgage finance companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 210 | 341 | 507 |
| Research & development | 49.2 | 62.7 | 64.9 |
| Selling, general & admin | 112 | 160 | 208 |
| Operating income | −49.4 | 9.2 | 118 |
| Interest expense | 49.2 | 56.4 | 48.9 |
| Pre-tax income | −52.3 | 22.1 | 114 |
| Income tax | 0.1 | 2.2 | −20.6 |
| Net income | −47.9 | 17.2 | 134 |
| Diluted EPS | −0.93 | 0.00 | 0.44 |
| Diluted shares | 51.3 | 72.6 | 142 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 176 | 290 | 1,198 |
| Receivables | – | 21.0 | 52.0 |
| Current assets | – | 855 | 1,861 |
| Total assets | – | 1,160 | 2,318 |
| Payables | – | 37.2 | 29.5 |
| Current liabilities | – | 626 | 846 |
| Short-term debt | – | 305 | – |
| Long-term debt | – | 168 | 230 |
| Total liabilities | – | 796 | 1,080 |
| Shareholders' equity | 222 | 355 | 1,229 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −33.4 | −127 | 62.6 |
| Stock-based compensation | 13.5 | 38.7 | 62.4 |
| Share buybacks | 0.0 | 1.0 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 62.7% | 48.7% |
| Operating income growth (YoY) | – | – | 1172.6% |
| Operating margin | −23.6% | 2.7% | 23.2% |
| Net margin | −22.9% | 5.0% | 26.4% |
| Return on equityBlank when equity is negative | −21.6% | 4.8% | 10.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 1.7% | 8.0% |
| Cash conversion (CFO ÷ net income) | 0.70x | −7.38x | 0.47x |
| Receivable days | – | 22 | 37 |
| Interest cover | −1.00x | 0.16x | 2.40x |
| Debt ÷ equity | – | 1.33x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 184 | −968 |
| Current ratio | – | 1.37x | 2.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.