SoFi Technologies, Inc. (SOFI)

Price$16.58Cached quoteAs of 2026-09-25 23:38 UTC

AI: Overvalued

Price checkThe shares look expensive unless profits keep compounding rapidly for several more years.

Using the observed price, SoFi trades at about 38 times roughly $0.49 earned per diluted share over the last four reported quarters, after counting potential share dilution. It is about 31 times management’s adjusted 2026 earnings outlook of roughly $0.60 per share, which excludes certain non-core items. It also trades near 2.2 times book value, meaning about $2.20 for each $1 of accounting equity. Per-share profit would need to rise roughly 55% above the 2026 outlook just to bring that earnings multiple near 20 times. Benzinga+1

Big pictureSoFi has crossed into durable profit, but lending still drives much of its economics.

The supplied SEC-derived history shows a real profitability break: net income moved from a $301 million loss in 2023 to about $499 million in 2024 and $481 million in 2025, then reached $323 million in the first half of 2026. Reported operating cash flow remains deeply negative, but for a lender it is distorted by loan originations and funding movements, so ordinary free cash flow—cash left after running and investing in a business—is less informative. Because lending remains central, weaker consumer credit can still make profits cyclical.

Business strengthA growing deposit base and broader fee income make the business sturdier than before.

June cash and equivalents were about $3.1 billion and stockholders’ equity about $11.1 billion against $60.9 billion of assets, leaving equity near 18% of assets. Deposits reached $45.5 billion, reducing reliance on costlier outside borrowing. Fee-based revenue reached $472 million, or 39% of quarterly revenue. Credit was healthy: personal-loan charge-offs, meaning loans written off as uncollectible, were 2.62%, although SoFi estimates 3.7% excluding delinquent-loan sales. The weak spot was Technology Platform revenue, down 23% after a large client left. SEC+2SEC+2

What could change the storyFaster profit growth could justify the premium, while renewed dilution or credit losses would not.

Share count rose from 1.10 billion at 2024 year-end to 1.27 billion at 2025 year-end, a 16% jump, then to 1.29 billion by June. Stock compensation was about $262 million in 2025, while buybacks were negligible, so growth must outpace dilution. The bull case strengthens if earnings per share can compound above 25% while share count stays stable and fee income keeps growing. The bear case strengthens if new stock sales resume or personal-loan losses move materially above recent levels as credit conditions weaken.

AI: News

Strong quarter, cautious profit outlookRecord growth beat expectations, but unchanged profit guidance showed investors already demand more.

On July 29, 2026, SoFi reported $1.2 billion of quarterly net revenue, $157 million of net income, record $14.8 billion loan originations, and 15.8 million members. Management raised adjusted revenue guidance to $4.75-$4.85 billion but kept adjusted earnings guidance near $0.60 per share. Reuters reported the shares fell about 9% that day. The reaction fits concern that growth is already highly valued, although a one-day move cannot prove a single cause. SEC+1

Stablecoin reaches consumersSoFi opened its bank-issued stablecoin to consumers, adding a new payments and fee-growth path.

On May 27, 2026, SoFi made SoFiUSD available to nearly 15 million members. The token is redeemable one-for-one with U.S. dollars and initially runs on Ethereum and Solana. Investing.com reported the stock rose about 2% in morning trading, with later coverage noting further gains, but attribution remains uncertain. The business importance is optionality: payments, crypto activity, international transfers, and tokenized deposits could add fee income and deepen member engagement if adoption becomes meaningful. SoFi Investors+1

Large share offeringA large stock sale strengthened capital but diluted existing owners and reset valuation expectations.

On December 4, 2025, SoFi priced 54.5 million new shares for about $1.5 billion of gross proceeds, with an option for additional shares. The capital strengthened its balance sheet and funded growth flexibility, but it diluted existing owners. MarketWatch reported a more than 6% after-hours decline after the announcement. That reaction is consistent with dilution concerns, though after-hours trading can be noisy. The event matters because per-share value depends on future earnings growing faster than the expanded share count. SEC+1

Loading local price history

Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$3.61B	$2.67B	$2.12B	$1.57B	$984.9M	$565.5M	$442.7M
Gross profit	$3.00B	$2.21B	$1.74B	$1.26B	$727.9M	$386.6M	$326.3M
Gross margin	83.15%	82.74%	82.10%	80.09%	73.91%	68.37%	73.72%
Research & development	$648.3M	$551.8M	$511.4M	$405.3M	$276.1M	$201.2M	$147.5M
Operating expenses	$3.06B	$2.41B	$2.37B	$1.84B	$1.47B	$894.1M	$682.3M
Operating income	—	—	—	—	—	−$663,611	—
Operating margin	—	—	—	—	—	−0.12%	—
EBITDA	—	—	—	—	—	$69.2M	—
EBITDA margin	—	—	—	—	—	12.23%	—
Net income	$481.3M	$498.7M	−$300.7M	−$320.4M	−$483.9M	−$224.1M	−$239.7M
Net profit margin	13.32%	18.64%	−14.17%	−20.36%	−49.14%	−39.62%	−54.15%
Basic EPSper basic share	$0.42	$0.46	-$0.36	-$0.40	-$1.00	-$4.30	-$4.02
Diluted EPSper diluted share	$0.39	$0.39	-$0.36	-$0.40	-$1.00	-$4.30	-$4.02

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

5.61%of listed shares

BlackRock, Inc.72.44M shares · Jun 30, 2026

View holders

Top 20 reported holders of SOFI
Holder	% owned
BlackRock, Inc.	5.61%72.44M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.49%57.93M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.93%50.74M shares
GOLDMAN SACHS GROUP INC	2.73%35.21M shares
UBS Group AG	2.73%35.17M shares
STATE STREET CORP	2.23%28.76M shares
GEODE CAPITAL MANAGEMENT, LLC	1.81%23.36M shares
MORGAN STANLEY	1.51%19.52M shares
D. E. Shaw & Co., Inc.	1.14%14.69M shares
NORGES BANK	1.06%13.63M shares
Noto Anthony	≈0.93%11.96M shares
MARSHALL WACE, LLP	0.91%11.7M shares
MILLENNIUM MANAGEMENT LLC	0.81%10.49M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.79%10.24M shares
DIMENSIONAL FUND ADVISORS LP	0.78%10M shares
BANK OF AMERICA CORP /DE/	0.71%9.14M shares
VANGUARD FIDUCIARY TRUST CO	0.63%8.14M shares
NORTHERN TRUST CORP	0.59%7.62M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.56%7.28M shares
CITIGROUP INC	0.49%6.28M shares

Percentages use 1.29B shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$2.96M disclosed value

Sells (SEC code S)47$521.49M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Keough KelliEVP, GBUL, SIPS	SellCommon Stock	11.0K	$17.35	$190.1K	378.7K
Jun 18, 2026Form 4	Lavet Robert SGeneral Counsel	SellCommon Stock	1.2K	$17.55	$20.8K	88.2K
Jun 17, 2026Form 4 · 10b5-1	Rishel JeremyChief Technology Officer	SellCommon Stock	102.1K	$17.78	$1.82M	895.1K
Jun 16, 2026Form 4	Noto AnthonyChief Executive Officer	BuyCommon Stock	13.9K	$18.06	$250.8K	11.96M
May 20, 2026Form 4 · 10b5-1	Keough KelliEVP, GBUL, SIPS	SellCommon Stock	10.0K	$15.53	$155.9K	323.2K