# SoFi Technologies (SOFI.US)

Canonical: https://gigainvestors.com/s/SOFI

Analysis as of: 2026-10-16T07:32:02.041Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $15.09 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 6

- Operating margin variation: 1.31×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.42×

- FY2019: -0.54×

- FY2020: -0.58×

- FY2021: -0.49×

- FY2022: -0.20×

- FY2023: -0.14×

- FY2024: 0.32×

- FY2025: 0.15×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -3.0%

- ROIC, second-lowest year: -4.2%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 98.4%

- Recent gross margin (lower of latest and 3-year median): 97.7%

- Years with nonpositive capital: 1

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: -2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 0.0%

- FY2019: -2.8%

- FY2020: -4.1%

- FY2021: -5.2%

- FY2022: -3.2%

- FY2023: -4.2%

- FY2024: 14.0%

- FY2025: 13.1%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $92M

- Net income, five-year total: -$125M

- Return on incremental invested capital: 31.1%

- Working capital / revenue, annual change: 11.5 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$435M

- FY2022: -$273M

- FY2023: -$221M

- FY2024: $539M

- FY2025: $481M

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -2.8% vs 13.1%

- Per-share earnings: -0.34 to 0.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 12.4%

- Diluted shares, 5-year annual growth: 12.4%

- Per-share value change: $0.73

- Per-share value, starting three-year median: -$0.34

- Per-share value, ending three-year median: $0.38

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -2.8%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.54

- FY2019: -$0.34

- FY2020: -$0.32

- FY2021: -$0.92

- FY2022: -$0.36

- FY2023: -$0.32

- FY2024: $0.45

- FY2025: $0.38

### accounting: fail

- restructuring or one-time charges in at least three of five years

- earnings not backed by cash

- Sloan accruals: 8.3%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 3

- Earnings backed by cash: No

- Operating cash / earnings: -7.78×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4523.2%

- FY2019: -2.5%

- FY2020: 3.0%

- FY2021: 9.4%

- FY2022: 36.5%

- FY2023: 23.0%

- FY2024: 4.5%

- FY2025: 8.3%

## Holders

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Nov 2025 · "SoFi Technologies (SOFI) Is Down 8.4% After Raising Revenue Outlook Despite Higher Net Charge-Offs" (finance.yahoo.com, Jul 2026) · sales +35.1%

Story as of 2026-10-16T09:59:36.746Z; price observation 2026-10-15.

- 2025-04-29: SoFi Raises Guidance After Earnings Beat. The Stock Gains. ([finance.yahoo.com](https://finance.yahoo.com/m/9f09acbd-1906-307c-b745-08de65ed2305/sofi-raises-guidance-after.html))

- 2025-07-29: SoFi Technologies (SOFI) Stock Climbs On Strong Q2 Results, Raises Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/sofi-technologies-sofi-stock-climbs-162315616.html))

- 2025-08-01: SoFi Technologies Jumps on Q2 Beat, Raised 2025 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/sofi-technologies-jumps-q2-beat-052747563.html))

- 2025-10-28: Sofi beats Q3 estimates, raises outlook ([seekingalpha.com](https://seekingalpha.com/news/4509196-sofi-beats-q3-estimates-raises-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-30: SoFi Technologies (SOFI) Is Down 8.4% After Raising Revenue Outlook Despite Higher Net Charge-Offs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sofi-technologies-sofi-down-8-200717264.html))

- 2026-08-08: SoFi Technologies (SOFI) Could Be 20% Undervalued On Record Growth And Steady Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sofi-technologies-sofi-could-20-031734559.html))

### Sales · FY2024–2025

sales +35.1%; source https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm; observed 2026-02-17.

- FY2018: $600M 

- FY2019: $443M 

- FY2020: $566M 

- FY2021: $985M 

- FY2022: $1.6B 

- FY2023: $2.1B 

- FY2024: $2.7B 

- FY2025: $3.6B 

### Gross margin · FY2025

gross margin 99.2%; source https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm; observed 2026-02-17.

- FY2018: 44.9% 

- FY2021: 99.2% 

- FY2022: 96.5% 

- FY2023: 96.6% 

- FY2024: 97.7% 

- FY2025: 99.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are USD 3.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm#000181887426000013 (filed 2026-02-17); FY2025: revenue 3613354000; grossProfit 3583035000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 96.6% to 99.2% during 2023–25; it lost 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 96.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 97.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 99.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 8-year return on capital observations [[2018,0],[2019,-0.028376543814166773],[2020,-0.040849045185192064],[2021,-0.051868947647857544],[2022,-0.03245487869970946],[2023,-0.04223334207937729],[2024,0.13992006516584563],[2025,0.13114332446093288]]; median -0.030415711256938115. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.7% of cash earnings; earns 31.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 163617000; cash acquisitions 0; owner earnings 538546000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm (filed 2026-02-17); FY2025: growth capex 8293000; upkeep 234151000; cash acquisitions 0; owner earnings 481320000. Growth capex plus acquisitions / owner earnings = 0.017229701653785425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Incremental return on capital 0.3113153166569895, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2018,23923000],[2019,23923000],[2020,10238159000],[2021,40426000],[2022,40425000],[2023,40425000],[2024,16503000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 64986000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOFI.US SharesStats.PercentInsiders = 1.452 percentage points; cache date 2026-10-16.

### What the price says

The price is 5.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Closing price 15.09 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.8866026984255058; price multiple 5.227598522037973. FY2025 cash earnings/share 0.3845124531961619. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-11: $10.48 per share

- 2020-12: $12.44 per share

- 2021-01: $25.14 per share

- 2021-02: $18.43 per share

- 2021-03: $17.15 per share

- 2021-04: $17.00 per share

- 2021-05: $20.15 per share

- 2021-06: $19.17 per share

- 2021-07: $15.44 per share

- 2021-08: $14.18 per share

- 2021-09: $15.88 per share

- 2021-10: $20.09 per share

- 2021-11: $17.20 per share

- 2021-12: $15.81 per share

- 2022-01: $12.48 per share

- 2022-02: $11.45 per share

- 2022-03: $9.45 per share

- 2022-04: $6.12 per share

- 2022-05: $7.48 per share

- 2022-06: $5.27 per share

- 2022-07: $6.31 per share

- 2022-08: $5.92 per share

- 2022-09: $4.88 per share

- 2022-10: $5.44 per share

- 2022-11: $4.83 per share

- 2022-12: $4.61 per share

- 2023-01: $6.93 per share

- 2023-02: $6.60 per share

- 2023-03: $6.07 per share

- 2023-04: $6.23 per share

- 2023-05: $6.94 per share

- 2023-06: $8.34 per share

- 2023-07: $11.45 per share

- 2023-08: $8.66 per share

- 2023-09: $7.99 per share

- 2023-10: $7.55 per share

- 2023-11: $7.29 per share

- 2023-12: $9.95 per share

- 2024-01: $7.83 per share

- 2024-02: $8.98 per share

- 2024-03: $7.30 per share

- 2024-04: $6.78 per share

- 2024-05: $6.90 per share

- 2024-06: $6.61 per share

- 2024-07: $7.54 per share

- 2024-08: $7.99 per share

- 2024-09: $7.86 per share

- 2024-10: $11.17 per share

- 2024-11: $16.41 per share

- 2024-12: $15.40 per share

- 2025-01: $15.78 per share

- 2025-02: $14.47 per share

- 2025-03: $11.63 per share

- 2025-04: $12.51 per share

- 2025-05: $13.30 per share

- 2025-06: $18.21 per share

- 2025-07: $22.58 per share

- 2025-08: $25.54 per share

- 2025-09: $26.42 per share

- 2025-10: $29.68 per share

- 2025-11: $29.72 per share

- 2025-12: $26.18 per share

- 2026-01: $22.81 per share

- 2026-02: $17.76 per share

- 2026-03: $15.88 per share

- 2026-04: $16.10 per share

- 2026-05: $18.22 per share

- 2026-06: $17.93 per share

- 2026-07: $16.31 per share

- 2026-08: $17.88 per share

- 2026-09: $15.72 per share

- 2026-10: $15.09 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1818874/000181887426000013/sofi-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.