The thesis

FIGR operates blockchain-based platforms for consumer finance, with 201.4% revenue growth and a 9001.0% gross margin. The company's conviction score is 35/100, indicating a watchlist status. Analysts have a buy consensus rating, with a DCF intrinsic value of $186. This setup is interesting due to the disconnect between growth and conviction,

Why now

The current macro moment, with China's chip tool push and US-China tensions, creates an uncertain environment for growth stocks like FIGR. The company's recent growth and high margins make it a compelling watchlist candidate, especially with revenue growth exceeding 200% year-over-year,

What to watch

Over the next quarter, watch for FIGR's revenue growth rate and margin performance to confirm or deny the thesis. Key events, such as earnings reports and industry announcements, will provide insight into the company's ability to sustain its growth trajectory and navigate the current macro environment

Key risks

Valuation risk is a concern, with a P/E ratio of 32.2x, and execution risk is also present given the company's high growth rate. Macro risk, particularly from the US-China trade tensions, could also impact the company's growth prospects,