Professional
Added to YB: 2026-03-19
Pitch date: 2026-03-17
SOFI [bearish]
SoFi Technologies, Inc.
Author Info
Muddy Waters Research is a short seller that peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Sign up for the newsletter.
Company Info
SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada, and Hong Kong.
Market Cap
$22.5B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
45.72
EV/Sales
N/A
Sector
Consumer Finance
Category
N/A
SOFI: A Financial Engineering Treadmill Leaving Management Fat, Shareholders the Biggest Loser
SOFI (short): Personal loan charge-off rate actually ~6.1% vs 2.89% reported (via pre-charge-off sales & off-BS parking); student loans use 3.89% discount rate (27bps below 10yr Treasury) generating $247M paper gains; 'secured loans' are seller-financed whole loan sales at ~5% (inflating SRA to 6.2% vs 0.7% market); LPB wet-funded forward flow disguises borrowings as revenue; $312M+ unrecorded debt; 90% EBITDA reduction after adjustments ($1,054M to $103M). Mgmt paid for diluting shareholders.
Read full article (32 min)