TLDR
- SoFi has tripled its member base since 2021 and added 846,000 members in the latest quarter, its highest ever
- Revenue grew 44% year over year, the company’s fastest growth rate since 2022
- The stock has risen 60% this year and roughly tripled over the past 12 months
- Student loan refinancing business is recovering with 152% higher volume compared to two years ago
- Home loan business grew 92% year over year despite high interest rates
SoFi Technologies has delivered impressive results that explain why shares have roughly tripled over the past year. The banking disruptor added 846,000 new members in its latest quarter, marking the highest quarterly growth ever.
This brings SoFi’s total membership to more than triple what it was at the end of 2021. The rapid expansion shows the company is gaining traction in the competitive financial services space.
Revenue growth accelerated to 44% year over year in the most recent quarter. This represents SoFi’s fastest growth rate since 2022, showing the business is picking up momentum.
The company’s profitability picture continues to improve. SoFi’s adjusted EBITDA margin has grown steadily from 9% three years ago to 29% today.
SoFi stock has posted positive net income since late 2023. This marks a turnaround for the company that struggled with profitability in earlier years.
The stock has risen 60% in 2025 alone, building on strong performance from the previous year. Shares currently trade around $23, reaching as high as $24.23 in August.
Recovery in Core Lending Areas
SoFi’s student loan refinancing business is showing signs of recovery. The private student loan market came to a halt during the pandemic due to federal loan payment pauses.
Now that student loan payments have resumed, SoFi’s refinancing volume in the second quarter was 152% higher than two years ago. This vertical represents a major growth opportunity as students look to refinance at better rates.
The home loan business delivered even stronger results. SoFi grew home loan volume by 92% year over year in the second quarter.
This growth came despite a challenging high-rate environment that has slowed the broader mortgage market. As rates begin to fall, both purchase mortgages and refinancing could see increased demand.
Home equity in the United States is currently at its highest level ever. This creates a large pool of potential refinancing customers when rates become more attractive.
Financial Metrics and Valuation
SoFi’s financial foundation appears solid based on key metrics. The company carries $4.0 billion in debt against a market cap of $27 billion, creating a debt-to-equity ratio of 15%.
Cash and equivalents total $5.1 billion, representing 12% of the company’s $41 billion in total assets. This provides a strong liquidity position for future growth investments.
Revenue has grown at an average rate of 35% over the last three years. This compares to 6.1% growth for the S&P 500 over the same period.
Net income margin reached 18.4% in the most recent four-quarter period. The company generated $562 million in net income during this timeframe.
The stock trades at a price-to-sales ratio of 8.3 compared to 3.2 for the S&P 500. The price-to-earnings ratio stands at 44.9 versus 23.7 for the broader market.
Analysts project revenue growth to continue at an average of 25% annually over the next three years. Some estimates put a target price around $33 per share based on this growth trajectory.
Less than 10% of Americans are currently familiar with SoFi’s brand, suggesting room for expanded market penetration. The company’s loan platform business continues to generate high-margin fee income by originating loans for third-party banks.
Quarterly revenues reached $855 million in the most recent quarter, up from $599 million a year ago, representing 42.8% growth.
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