US · Nasdaq · SOFI
SoFi (SOFI) stock analysis: valuation and financials
Finance · Finance: Consumer Services
$15.20 -0.2% Price as of Oct 13, 2026
Bank-chartered digital lender with a fast-scaling fee franchise and $3.13B net cash, but negative free cash flow, 46.5% SBC-driven dilution and 32x sales already price an unproven FCF recovery.
- Market cap
- $19.6B
- P/E
- 30.8x
- EV/Sales
- 27.0x
- FCF yield
- -44.8%
- 52-week range
- $15.15 – $32.21
- Next earnings
- Oct 27, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth59
- Profitability0
- Cash flow0
- Balance sheet100
- Capital allocation0
- Innovation85
- Valuation29
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Members pay interest and fees to borrow (personal, student, home loans), save, spend and invest, while enterprises pay for loan platform, interchange, referral, brokerage and technology services; Lending is the profit engine with 48.1% of segment revenue and a 55% contribution margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $247.7M | $377.1M | $421.5M | $503.1M | $619.4M |
| Revenue growth | +139.7% | +52.2% | +11.8% | +19.4% | +23.1% |
| Gross margin | -3.7% | 16.9% | 9.8% | 8.2% | 1.7% |
| Net income | -$483.9M | -$320.4M | -$300.7M | $498.7M | $481.3M |
| Free cash flow | -$1.4B | -$7.3B | -$7.3B | -$1.3B | -$4.0B |
| FCF margin | -566.2% | -1948.9% | -1741.2% | -253.2% | -643.4% |
Amounts in USD · What is free cash flow?
Margins Gross margin fell to 1.67% in FY2025 from 8.25% in FY2024, then turned negative: -13.79% TTM, with Q2 FY2026 at -30.32% (gross profit -$46.6M). Cost of revenue is outgrowing revenue; net income stays positive ($636.3M TTM).
- Cash flow ConcernOperating cash flow is negative three straight years: -$7.23B FY2023, -$1.12B FY2024, -$3.74B FY2025. TTM OCF -$8.50B against net income of $636.3M, cash conversion -17.8x.
- Debt LowNet debt is -$3.13B, i.e. net cash, against cash and equivalents of $3.13B at TTM end; no gross debt balance is disclosed after FY2022 ($5.49B).
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $3.1B
- Total debt
- —
- Net cash
- $3.1B
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateExecution: revenue compounded 43.1% over five years and the company turned GAAP profitable (net income $498.7M in FY2024, $481.3M in FY2025), but growth slowed to 23.1% in FY2025 and 9.2% on a trailing basis.
- Credibility HighQ2 FY2026 adjusted net revenue grew 40% YoY versus the ~30% growth guided in April, and full-year FY2026 guidance was raised to $4.75B–$4.85B.
Of 1 guided figures checked: 0 beat, 0 in range, 1 missed.
Valuation range
Implied value per share · Price when researched: $15.20
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.