SoFi: 14.7 million members, 41% revenue growth and shares at a valuation of "just another fintech"

SoFi had a record quarter: $1.1 billion in adjusted sales, 41% year-over-year growth, net income of $167 million, and a net profit of $167 million. USD 167 million, EBITDA margin over 30% and already 14.7 million members. Yet the stock fell by double-digit percentages after the results, as management "just reaffirmed" full-year guidance for 30% growth instead of raising it - and Wall Street ticked off again that SoFi is a volatile fintech where "more story" than numbers are expected.

This is the core of the thesis: SoFi is already realistically acting like a fast-growing digital bank with a technology platform, it meets the Rule of 40 by a margin (Q1 2026 score of 72%), it has had ten consecutive profitable quarters, and the revenue mix is increasingly shifting toward fee-based and capital-light segments. But the market is still valuing the stock with a "cyclical fintech with a risky loan portfolio" lens, not as a company that can deliver EPS in the $1-2 range in a couple of years with…