SoFi Technologies (NASDAQ: SOFI) has seen its stock price cut nearly in half over just ten months, a steep decline that stands in sharp contrast to the company’s strong underlying business performance.
Through the first six months of 2026, SoFi reported adjusted net revenue of $1.6 billion, representing a 41% surge compared to the same period a year earlier.
Both net interest income and fee-based non-interest income contributed to those gains, reflecting broad-based strength across the company’s revenue streams.
The company’s membership base continues to expand at a rapid clip, with the customer count reaching 15.8 million people, a figure that is 35% higher than it was in the second quarter of 2025.
Chief Executive Officer Anthony Noto has made product innovation a central pillar of the company’s strategy, overseeing the launch of blockchain-based international money transfers, a U.S.-dollar stablecoin, and an artificial intelligence-powered financial guide called SoFi Coach.
Despite this momentum, market sentiment has remained deeply skeptical, with the fintech stock sitting 49% below its 52-week high as of September 17.
SoFi’s profitability trajectory has also been a notable development, with the company turning consistently profitable beginning in the fourth quarter of 2023, before posting adjusted net income of $227 million in 2024 and $481 million in 2025.
For the full year 2026, that profit metric is projected to rise by 72% compared to last year, while management expects adjusted earnings per share to grow at an annualized pace of 38% to 42% between 2025 and 2028.
SoFi has also established a track record of issuing conservative projections and then beating Wall Street estimates, which suggests that future bottom-line results could outpace even those already ambitious forecasts.
The most credible explanation for the stock’s decline centers on credit risk, a concern that follows any fast-growing lender that has expanded its deposit base and loan book at significant speed.
In the second quarter, SoFi reported a net charge-off rate of 3.7% on its personal lending portfolio, which accounts for the majority of its total loan book, an improvement from the first quarter.
Recession fears remain a persistent overhang, as a sudden deterioration in economic conditions could leave borrowers unable to service their debts, pushing SoFi’s credit losses higher.
For investors willing to weigh robust growth metrics and improving profitability against the real but currently contained credit risks, SoFi’s current valuation may represent a compelling entry point relative to where the stock stood less than a year ago.
