Overview
- SoFi’s stock has fallen roughly 37–39% year to date as market skepticism outpaced the company’s growth narrative.
- The company reported record Q1 loan originations of $12.18 billion and GAAP net income of $166.7 million, with members up about 35% year over year.
- A Muddy Waters short report accused SoFi of using aggressive accounting and overstating loan values, a claim that has become a material sentiment overhang.
- Valuation is contested: shares trade at about 28x forward earnings and a PEG near 0.8, and some analysts say SoFi’s bank charter and deposit base justify a premium.
- Investors are watching Q2 results on July 29 for clarity on revenue momentum, enterprise technology weakness and the durability of management’s ~30% 2026 revenue guidance.