Bernstein names Figure as a leader in credit tokenization and predicts 34% growth
- Bernstein sets a $54 price target on Figure
- Company leads credit tokenization with 75% market share
- Analysts project 30% annual growth through 2027
Research and brokerage firm Bernstein initiated coverage on Figure Technology Solutions, assigning an "outperform" rating and a $54 price target. Analysts say the company is at the forefront of credit tokenization, controlling approximately 75% of the $17 billion tokenized loan market, and believe its blockchain-based infrastructure could revolutionize traditional capital and credit markets.
In a report signed by Gautam Chhugani, Bernstein describes Figure as
“the industry’s leading credit tokenization platform”,
highlighting that its architecture on the Provenance blockchain offers complete support, from origination to asset trading.
“Just as stablecoins tokenize the dollar and power instant payments without intermediaries, tokenized loans digitize and disintermediate credit markets,”
wrote the analysts.
The company combines loan origination, a bilateral tokenized credit marketplace, and digital issuance infrastructure, creating an ecosystem that reduces operating costs by up to 90% and loan recovery times by approximately 75%, according to Bernstein. This model, based on a low-capital marketplace, allows Figure to convert previously balance sheet-heavy credit operations into leaner, more scalable businesses.
Founded by SoFi co-founder Mike Cagney, Figure has become the largest independent non-bank home equity line of credit (HELOC) originator in the United States, with a 13% market share and over $5,1 billion in loans issued in 2024. Bernstein expects this share to grow to 25% by 2027, driven by the expansion of the tokenization model to other asset classes.
Figure (FIGR) shares opened at $36 in its September IPO, valuing the company at over $7 billion, and were most recently trading at $41,19, according to TradingView data. Bernstein estimates Figure is priced at 26 times projected 2027 EBITDA, with a 34% upside potential over its previous closing price.
With an estimated $2 trillion addressable market, analysts project Figure's annual revenue to grow from $341 million in 2024 to $754 million by 2027, with EBITDA rising from $101 million to $427 million, and margins that could reach 57%, solidifying the company as a leader in blockchain credit tokenization.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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