NEW YORK, March 16, 2026, 13:24 EDT
SoFi Technologies slipped roughly 0.6% to $17.66 in early afternoon action Monday, missing out on broader gains. The drop stood in contrast to the Nasdaq-heavy QQQ, which tacked on about 1.2%. Other consumer-fintechs—Affirm, Upstart, PayPal—were all in positive territory.
This is important as investors continue to wrestle with how to value SoFi: is it a lender, a bank, or does it play in the wider fintech space? Since late January, SoFi has not only posted record numbers, but also struck a March 3 agreement that brings SoFiUSD — a stablecoin pegged to the U.S. dollar — onto Mastercard’s settlement rails.
The pitch comes with new figures to back it up. Adjusted net revenue for the fourth quarter cleared the $1 billion mark for the first time, landing at $1.013 billion. GAAP net income hit $173.5 million. Management is sticking to its forecast: about $4.655 billion in adjusted net revenue and adjusted EPS near $0.60 for 2026. Fee-based revenue — which reflects money from services and platform use, as opposed to just lending interest — surged 53%, reaching a record $443.3 million.
Back in February, JPMorgan’s Reginald Smith described the post-earnings slump as an “entry point,” citing SoFi’s “undeniable” business momentum as membership and deposit growth surged to records. The firm bumped its rating to overweight, maintaining a $31 price target on the stock. TipRanks
But skepticism lingers. Tim Switzer at Keefe Bruyette described SoFi’s Mastercard stablecoin partnership as a “significant development,” though he noted its consumer utility “remains to be determined.” Switzer kept his underperform rating and stuck with a $20 price target. TipRanks
SoFi is looking to expand its narrative. CEO Anthony Noto pitched SoFiUSD as a way to make money move “faster, cheaper, and safer.” Mastercard’s Sherri Haymond described the partnership as a potential route for trusted digital currencies to reach “global scale.” According to both companies, SoFi Bank plans to settle certain card transactions using SoFiUSD, and Galileo—SoFi’s tech arm—will be one of the first to roll out the feature to customers. SoFi Investors
The stock looks like it’s still pricing in hefty execution. As of Monday, SoFi was trading at roughly 50 times earnings. The company’s projections for 2026? They’re banking on a steady macro environment, no big acquisitions. But a shakier consumer, weaker appetite for loans, or delays in stablecoin settlement—the latter still needs regulatory sign-off and has to clear Mastercard’s network rules—could throw a wrench in those targets.
Credit and rates remain in focus. Reuters noted after January numbers that SoFi’s fee income softens interest rate volatility, but lending is still its core, and Noto said member credit “remained strong” at the time. Any cracks there, and investors’ patience could wear thin fast. Reuters
SoFi posted a record $10.5 billion in loan originations, with its lending platform generating $193.7 million in adjusted net revenue for the fourth quarter—driven largely by loans originated for others, not held on SoFi’s books. Still, shares barely budged Monday, signaling investors want to see stronger evidence that this business shift can actually move the stock, not just boost quarterly figures.
