Overview

• SoFi shares are up roughly 4x over three years, including about 250% in the past year, drawing fresh scrutiny from investors.
• In the most recent quarter, revenue rose 44% to $858 million, non-GAAP earnings climbed to $0.08 per share, and the company added 850,000 members for 34% growth.
• The author says SoFi lacks a durable moat as it battles tech players like Apple, buy now, pay later providers such as Klarna and PayPal, and traditional banks including Wells Fargo and Bank of America.
• The analysis notes broader market enthusiasm likely boosted the stock, pointing to the S&P 500’s nearly 80% three-year gain and elevated annualized returns.
• The piece cautions that a weaker economy could slow growth and concludes that buying the stock now is unlikely to “set investors up for life.”