Zacks Investment Research
13 Nov 2026, 15:51 UTC · 21m ago
Impact · against what's priced in
FIGR is showing strong operational momentum with a Q3 beat and rapid growth in its capital-light fee-based model. While acquisition costs and seasonal headwinds provide short-term friction, the significant volume growth and revenue beat suggest an upward trajectory for valuation.
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5 claims · scored −1 bearish … +1 bullish · 5 new · 0 priced in
Figure reported Q3 2026 revenues of $283.3 million and earnings of 36 cents per share, beating Zacks estimates of $249.5 million and 31 cents respectively.
Newpublished 2026-11-13 reporting Q3 results
So whatThe EPS beat of 5 cents per share suggests a positive surprise for the next print's valuation.
More positive than 93% of claims this week
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The company beat revenue and EPS estimates while scaling standalone marketplace volume 107% year-over-year to $5.1 billion, signaling a successful pivot toward a capital-light model.
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Management provides Q4 marketplace volume guidance of $6.2 billion to $6.7 billion with a combined gross take rate of 3.1% to 3.4%.
Newpublished 2026-11-13 reporting Q3 results
So whatAt the mid-point of volume and take rate, Q4 revenue from this stream should reach ~$200M.
More positive than 85% of claims this week
The company expects $18 million to $23 million in incremental adjusted expenses during the fourth quarter due to the Kiavi acquisition.
Newpublished 2026-11-13 reporting Q3 results
So whatThese one-time costs will likely suppress EBITDA margins through the end of FY2026.
More negative than 83% of claims this week
Standalone loan marketplace volume grew 107% year over year to reach $5.1 billion in the third quarter.
Newpublished 2026-11-13 reporting Q3 results
So whatRapid volume scaling supports the shift toward the fee-based model which currently comprises 72% of standalone volume.
More positive than 64% of claims this week
Management cautioned that normal mortgage seasonality could reduce sequential volumes by 10% to 15%.
Newpublished 2026-11-13 reporting Q3 results
So whatThis seasonal headwind creates a risk to the lower end of the $6.2B volume guidance.
More negative than 68% of claims this week
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More positive than 78% of ticker scores this week
The company reported third-quarter revenue and earnings that both beat consensus estimates and showed strong volume growth.
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1h ago
−3.1%
Price is moving against the score
$24.87 vs $25.67 close before publication (Nov 12) · not market-adjusted
FIGR chart →
