Figure Technology Solut-Cl A
FIGRAbove valueExpectations · demandingHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +48.7%
- Net margin
- 26.4%
- ROE
- 10.9%
- FCF margin
- —
Valuation · value band
Above fair value
Zero-growth floor
$6
Central IV
$4
Optimistic top
$6
Figure Technology Solut-Cl A (FIGR): A conservative value band $6 / sh (zero-growth floor to growth-capped optimistic top); central read about $4. Today’s price sits above that band (price $37 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $6
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $2.77 – $5.52 · Greenwald zero-growth $6.21 · zero-growth base $6.21 · reproduction $6.21
Moat Commodity-like · terminal value 50% of present value · owner-earnings yield 1% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$5.20 – $5.34 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$2.53 – $3.10 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Reproduction value = tangible net assets $1.41B + capitalized R&D $119.90M（FY 2026, 2024, 2023） = $6.21 / sh. Total book value (equity ÷ diluted shares) + capitalized R&D; intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, FY 2024, 2023 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 3 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 7% · OE FY TTM 2026-06-30, 2024, 2023 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 55.5% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $2.8M combined · this quarter +0 opened / -3 exited
- Value$2.8MWeight (prev→now)0.8% → 0.7% ▼
SEC 13F · notes
Written summary
Written summary
Figure Technology Solut-Cl A (FIGR) is held by 1 of the superinvestors tracked on Compounder, with a combined $2.8M in reported 13F value. The largest position belongs to Bill Miller, where it makes up 0.7% of the portfolio.
Over the latest quarter, 0 of the tracked filers opened a new position in FIGR, 0 added to existing ones, 1 trimmed, and 3 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Figure Technology Solut-Cl A (FIGR) also commonly hold →
- Nabors Industries LtdNBR1 holder
- Gray Media IncGTN1 holder
- Dir Dai S&P 500 Bu 2x Etf-UsSPUU1 holder
- Bloomin' Brands IncBLMN1 holder
- Quad Graphics IncQUAD1 holder
- Lincoln National CorpLNC1 holder
FIGR's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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