← All companies ← SOC Manual SOJC → ← SNEX Capital Markets & Asset Management SORA →

SOFI, SoFi Technologies

Capital Markets & Asset Management financial

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions.

In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money.

Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners.

Latest annual: FY2025 10-K

SOFI · SoFi Technologies

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.6B

+35.1% YoY · 45% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.9B 5-yr avg $2.2B

Return on equity 5% 5-yr avg −2%

Return on tangible equity 6% 5-yr avg −4%

Efficiency ratio 83% 5-yr avg 87%

Equity / assets 20.1% 5-yr avg 26.2%

Next report By 8/9 · the 10-Q for the quarter ended late June · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Technology Platform (58%) and Financial Services (42%).
What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has sat below the cost of equity (median 5%, above 12% in only 2 of 7 years). It runs at a 83% efficiency ratio, on the heavy side. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 segments, the largest Technology Platform at 58%.

Revenue by reportable segment, FY2025

Technology Platform58%$361M
Financial Services42%$259M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$443M	$566M	$985M	$1.6B	$2.1B	$2.7B	$3.6B	$3.9B	RevenueRevenue
$608M	$364M	$355M	$773M	$2.1B	$2.8B	$3.4B	—	Interest incomeInt. inc.
$278M	$186M	$103M	$189M	$789M	$1.1B	$1.2B	—	Interest expenseInt. exp.
$330M	$178M	$252M	$584M	$1.3B	$1.7B	$2.2B	$2.4B	Net interest incomeNet int.
$113M	$388M	$733M	$989M	$861M	$958M	$1.4B	$1.5B	Noninterest incomeFee inc.
—	$0	$8M	$54M	$55M	$32M	$30M	$34M	Credit-loss provisionProvision
($240M)	($329M)	($481M)	($319M)	($301M)	$233M	$526M	—	Pretax incomePretax
($240M)	($224M)	($484M)	($320M)	($301M)	$499M	$481M	$577M	Net incomeNet inc.
								Cash flow & returns
—	-2.6%	-5.3%	-1.7%	-1.0%	1.4%	1.0%	1.1%	Return on assetsROA
—	—	-11%	-6%	-6%	8%	5%	5%	Return on equityROE
—	—	−11%	−6%	−6%	8%	5%	5%	Retained to equityRetained/eq
—	—	-15%	-10%	-9%	10%	5%	6%	Return on tangible equityROTCE
—	—	—	—	—	90%	85%	83%	Efficiency ratioEffic.
$9M	$40K	$526K	$0	$0	—	—	—	BuybacksBuybacks
$115M	$259M	$110M	($106M)	($1.9B)	($4.8B)	($6.7B)	—	Investing cash flowInv. cash
$93M	$854M	$685M	$8.4B	$10.9B	$5.0B	$13.1B	—	Financing cash flowFin. cash
($9K)	($145K)	$46K	$571K	$677K	$2K	($355K)	—	Exchange-rate effectFX
$153M	$633M	($555M)	$1.1B	$1.8B	($906M)	$2.6B	—	Change in cashΔ cash
								Balance sheet
—	$219K	$7M	$41M	$55M	$47M	$51M	—	Credit-loss allowanceAllowance
—	$8.6B	$9.2B	$19.0B	$30.1B	$36.3B	$50.7B	$53.7B	Total assetsAssets
—	—	$0	$7.3B	$18.6B	$26.0B	$37.5B	$40.2B	DepositsDeposits
$16M	$899M	$899M	$1.6B	$1.4B	$1.4B	$1.4B	$1.4B	GoodwillGoodwill
—	$5.5B	$4.5B	$13.5B	$24.5B	$29.7B	$40.2B	—	Total liabilitiesTotal liab.
$2.4B	$3.2B	$320M	$320M	$320M	$0	—	—	Redeemable interestsRedeemable
($339M)	($120M)	$4.4B	$5.2B	$5.2B	$6.5B	$10.5B	$10.8B	Shareholders’ equityEquity
								Per share
459M	517M	527M	901M	945M	1.10B	1.25B	1.38B	Shares out (diluted)Shares
$-0.52	$-0.43	$-0.92	$-0.36	$-0.32	$0.45	$0.38	$0.42	EPS (diluted)EPS
$-0.74	$-0.23	$8.31	$5.78	$5.54	$5.92	$8.38	$7.85	Book value / shareBVPS
$-0.77	$-2.66	$6.06	$3.49	$3.68	$4.39	$7.08	$6.68	Tangible book / shareTBVPS

Share counts before 2021 are restated ×7 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1.71 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+20.1%/yr	+21.4%/yr
Capital spending / share	+15.4%/yr	+32.5%/yr

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 5%

Below the cost of equity

Net income $481M ÷ equity $10.5B

Industry peers: median -6%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 5%

Modest

Net income ÷ (equity − goodwill $1.4B − intangibles $232M)

Industry peers: median -6%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio 85%

High cost ratio (>75%)

Noninterest expense $3.1B ÷ (net interest income + fees)

What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

Capital (equity / assets) 20.7%

Well capitalized

Equity $10.5B ÷ assets $50.7B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 74%

Deposit-funded

Deposits $37.5B ÷ assets $50.7B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost (provision / NII) 1%

Low

Provision for credit losses $30M ÷ net interest income $2.2B

What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

Deposit franchise 0%

Rate-sensitive funding

Noninterest-bearing deposits $118M ÷ deposits $37.5B · pays 3.21% on the interest-bearing rest (avg of year-ends)

What this means
The share of deposits the bank pays nothing for — checking accounts that stay through rate cycles. This is the deposit moat in one number: a high share means cheap, sticky raw material for lending; a low share means the funding reprices with every rate move. Buffett's Wells letter is built on exactly this economics.
Net charge-offs —

Not enough data

What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2021

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$780K

Cash & short-term investments$3.4B
Receivables$893M

Current liabilities$5M

Other current liabilities$5M

Current ratio0.15×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.15×stricter: inventory excluded

Cash ratio654.99×strictest: cash alone against what's due

Working capital($4M)the cushion left after near-term bills

Cash runway0.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−7.7%the freshest read on whether the business is still growing

Deeper floors

Tangible book value$9.2Bequity stripped of goodwill & intangibles

Net current asset value($42.9B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$5.5Bno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$8Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Noto	$103.0M	$119.1M	($1.4B)
2022	Mr. Noto	$12.9M	−$121.5M	($7.3B)
2023	Mr. Noto	$18.3M	$71.3M	($7.3B)
2024	Mr. Noto	$28.1M	$64.6M	($1.3B)
2025	Mr. Noto	$30.3M	$149.1M	($4.0B)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$262M
The slice of the business handed to employees in shares in fiscal 2025, 7.3% of revenue, equal to 15.6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Capital Markets & Asset Management

The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	ROTCEmedian over the record	Efficiencymedian over the record	NII / assetsmedian over the record	Noninterest-bearing sharelatest FY
NUNu Holdings Ltd.	$11.5B	-6%	-6%	—	—	—
SOFISoFi Technologies	$3.6B	-6%	-9%	87%2y	3.6%	0%
KLARKlarna Group plc	$3.5B	-11%	-11%	—	1.3%2y	—
QFINQfin Holdings Inc.	$2.8B	26%	26%	—	0.1%	—
BKKTBakkt Inc.	$2.3B	-146%	-1302%2y	—	0.5%	—
GDOTGreen DOT Corp	$2.1B	5%	13%	—	-0.1%	97%
LULufax Holding Ltd	$1.2B	15%	17%	—	-0.0%	—
UPSTUpstart	$1.0B	-7%	-8%	—	0.0%	—
Group median	—	-6%	-7%	—	0.1%	—

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what SoFi Technologies’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered6%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity−9%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $9.2B on 1283M shares, a −9% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh SOFI against another business →

The owners of SOFI: the meeting and the votes →

Cite: Owner Scorecard, "SoFi Technologies (SOFI), the owner's record," https://ownerscorecard.com/c/SOFI, data as of 2026-07-18.

Manual order: ← SOC its page in the Manual SOJC →

Industry order: ← SNEX the Capital Markets & Asset Management chapter SORA →