SoFi Stock Falls Nearly 50% Since November After Rising to Nearly $40 Billion Valuation

SoFi’s stock has fallen nearly 50% since November 2025, erasing much of the gain that followed its public listing in 2021. The decline has left the company valued at roughly half its late-2025 peak of nearly $40 billion. ” The 12,000-word document accused SoFi of using aggressive accounting to inflate earnings.

The company’s forward price-earnings ratio stood near 70 times before the recent drop, compared with about 15 times for major banks such as JPMorgan Chase. 1 billion in net revenues in the first quarter of 2026. 6% discount rate.

2%. 5% rate would have cut SoFi’s cumulative pretax profit by roughly $275 million over the life of its personal-loan book. 2 billion in unsecured personal loans.

The company reported $526 million in pretax profit for 2025 and $233 million for 2024. It posted negative pretax income in each of the three prior years. 5% of face value; the sales totaled $176 million in the third quarter and $100 million in the fourth, and none occurred in the first quarter of 2026.

SoFi capitalizes marketing expenses rather than expensing them immediately. In 2024 it capitalized $177 million; without that treatment, pretax net income would have been 76% lower. From January 2022 through December 2025, the company capitalized $408 million in marketing costs while generating $382 million in cumulative brokerage and debit-card interchange revenue.

Anthony Noto became chief executive in February 2018. At that time SoFi reported $240 million in revenue, 650,000 customers and a $4 billion valuation. 6 billion in revenue.

U.S. bank with about $50 billion in assets, according to the Federal Reserve. Noto earned $30 million in compensation in 2025 and $103 million in 2021. Forbes estimates his net worth at about $400 million.