Ticker Teardown Dossier
SoFi ($SOFI), taken apart the way the desk does.
SoFi (SOFI) Teardown Dossier · As of 2026-11-11, refreshed after Q3 2026 results
The SOFI dossier is the desk's SoFi teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of SoFi's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
1,932 words · about 8 min to read · 10 sections · data as of 11 November 2026 · last refreshed after Q3 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- What it is
- The quarter: october 27 release
- The engine: members
- Lending
- The funding
- The case against: same filing
- The guide: management's numbers
- The chart: Wednesday's close
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-11-12, with prices as of 2026-11-11. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-11.
The setup
SoFi just reported its best quarter ever: net income up 73%, members up 35%. Yet the stock sits 49% under its high of a year ago. Is the market missing the profits, or seeing something the headline hides? It closed Wednesday at $16.27. Net income reached $241 million, and management guided 2027 profit well above analyst estimates. Here is what the filing says, and the two prices that settle it.
What it is
First, what SoFi is. It started in 2018 as a student loan refinancing business. Today it is a bank with a national charter, an app for borrowing, saving, spending and investing, and a technology arm called Galileo that runs accounts for other card issuers. SoFi calls it an everything financial app. Eight of its businesses now bring in more than $100 million a year each.
The quarter: october 27 release
The quarter, from the October 27 release. Adjusted net revenue was $1.37 billion, up 44%. Adjusted EBITDA was $470 million, a 34% margin. Net income was $241 million, or 18 cents a share. It was the twelfth profitable quarter in a row.
The engine: members
The engine is members. SoFi added a record 1.2 million members, to 17.1 million. Products grew 44%, to 26.7 million. Each member now holds about 1.56 products, up from 1.47 a year ago. Half of the new products were opened by people who were already members.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-09-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Source filing | 10-K 2025-02-24 | 10-Q 2025-05-06 | 10-Q 2025-08-07 | 10-Q 2025-11-06 | 10-K 2026-02-17 | 10-Q 2026-05-07 | 10-Q 2026-08-06 | 10-Q 2026-11-05 |
| Revenue | 734.1 | 771.8 | 854.9 | 961.6 | 1,025 | 1,100 | 1,219 | 1,385 |
| Gross margin | 82.5% | 82.4% | 82.4% | 83.2% | 84.2% | 84.4% | 83.6% | 84.9% |
| Pre-tax income | 59.9 | 79.8 | 112.2 | 148.6 | 185.3 | 199.6 | 204.3 | 317.8 |
| Net income | 332.5 | 71.1 | 97.3 | 139.4 | 173.5 | 166.7 | 156.6 | 241.0 |
| Operating cash flow | -200.1 | 21.5 | -1,467 | -1,306 | -991.2 | -2,315 | -3,890 | -3,012 |
| Capex | -42.3 | -52.6 | -63.5 | -60.0 | -66.4 | -67.6 | -96.6 | n/r |
| Free cash flow | -242.4 | -31.1 | -1,530 | -1,366 | -1,058 | -2,383 | -3,987 | n/r |
| Cash and equivalents | 2,538 | 2,086 | 2,123 | 3,246 | 4,929 | 3,401 | 3,126 | 2,810 |
| Debt (book, excl. leases) | 3,093 | 3,046 | 3,943 | 2,714 | 1,815 | 1,813 | 3,301 | 3,863 |
| Diluted shares (M) | 1,101* | 1,185 | 1,183 | 1,291 | 1,252* | 1,378 | 1,352 | 1,358 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $SOFI and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.