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SoFi Technologies: The Everything App That the Market Is Still Pricing as a Lender.

Updated: Jul 22

Summary 

  • I am rating SOFI a BUY because I believe that ten consecutive profitable quarters, 41% revenue growth, and a PEG ratio of 0.81 collectively describe a business that the market is materially underpricing relative to both its growth rate and its actual financial delivery. 


  • Growth will be driven by member additions of 1.1 million per quarter, fee based revenue growing , and three new product launches in 2026. Also, adjusted EBITDA margin improved from 9% in 2022 to 31% in Q1 2026.  


  • SOFI's valuation reflects a company still being priced as a lending business despite having structurally transitioned into a multi-segment digital bank and technology platform.


  • The primary risks is a 27% y/y decline in Technology Platform revenue. However, it is partially mitigated by management's full year Technology Platform revenue guidance of $325 Mn, which implies sequential recovery.


Hand holding a Nokia phone with SoFi app open, showing Hi Jackie! and Save, Spend, Earn, Borrow cards on a teal screen.
Source: SoFi Technologies

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