SoFi stock faces July earnings test with focus on $22.41 convertibles

NEW YORK, July 2, 2026, 07:06 EDT

• SoFi ended Wednesday at $18.44, gaining 2.84%. The stock was indicated at $18.60 ahead of the open as of 7:03 a.m. EDT.
• The previous close put the shares at roughly 2.6 times Q1 tangible book, down 17.7% from the conversion price on $428 million of 2026 notes.
• SoFi will report Q2 earnings on July 29. The Nasdaq will keep regular hours Thursday, then close July 3 for Independence Day observed.

SoFi Technologies, Inc. NASDAQ:SOFI heads into Thursday’s pre-market with a more precise valuation test than the standard fintech growth story. The stock faces the $22.41 convertible-note level by October, while it also needs to hold its bank-style tangible-book multiple.

The stock finished Wednesday at $18.44, gaining 2.84%. It was quoted at $18.60 premarket. Nasdaq’s main trading hours are 9:30 a.m. to 4 p.m. ET, with pre-market open from 4 a.m. U.S. markets will shut Friday, July 3, for Independence Day observed.

SoFi showed tangible book value at $7.21 a share as of Q1. The stock finished Wednesday trading at roughly 2.6 times that. Analyst price targets average $20.90, which would push the stock to about 2.9 times tangible book value. That would still be under the conversion price on SoFi’s 2026 zero-coupon notes.

SoFi had $428 million in 2026 convertible notes still out at March 31. These notes come due Oct. 15, 2026, unless SoFi buys them back, redeems, or converts them. They don’t pay regular interest. The conversion rate is 44.615 shares per $1,000 principal, which puts the price at about $22.41 a share to convert. SoFi said holders can convert any time after April 15, 2026, which means up to 19.1 million shares could be issued, depending on how settlement works.

The next earnings report will also serve as a test of SoFi’s capital structure. The company said July 1 it plans to post Q2 results on July 29 at around 7 a.m. ET, with a conference call set for 8 a.m. ET.

SoFi rolled out small business loans, adding a new product for its customers. The company announced on June 30 that it’s offering fixed business loans from $2,500 to $250,000. Eligibility checks take minutes and funds can arrive within 24 hours of approval. CEO Anthony Noto said members’ “financial lives do not stop at personal goals,” as SoFi positioned business lending as a way to serve current customers. Business Wire

Keefe Bruyette held its Underperform rating and $16 target after the small-business-loan launch, The Fly wrote. The firm isn’t looking for the new product to move financials much near-term, but did say it could be “sizable” eventually. TipRanks

Scale is the key factor for the new product. SoFi finished Q1 with 14.7 million members and 22.2 million products. Net revenue jumped 43% from last year to $1.10 billion. Net income more than doubled, hitting $166.7 million. Loan originations climbed 68% to $12.18 billion.

Management sees Q2 adjusted net revenue up about 30%, with an adjusted EBITDA margin near 30%. For 2026, the company put guidance at around $4.66 billion for adjusted net revenue, about $1.6 billion for adjusted EBITDA, and roughly 60 cents for adjusted EPS.

The peer read is mixed. SoFi trades below Affirm Holdings, Inc. NASDAQ:AFRM on market cap, though the difference isn’t huge. LendingClub Corporation NYSE:LC sits much lower, both in market value and its earnings multiple. SoFi ends up in the middle—between higher-multiple fintech names and lower-multiple lenders.

The July 29 report is set to stack up four items next to the $22.41 convertibles line: originations, deposit funding, credit performance and diluted share count. Shares have traded above that line before with a 52-week high at $32.73, but they ended Wednesday 43.7% under that mark.