The 1 Metric SoFi Bulls and Bears Can't Agree On
Key Points
SoFi sees an advantage in its "one-stop shop" approach to online financial management.
Its strategy is to cross-sell new products to existing customers as they continue their financial journeys.
SoFi stock is still expensive.
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SoFi Technologies (NASDAQ: SOFI) has been an on-and-off market darling since its 2020 initial public offering. Recently, it's fallen out of favor with the market, first for its pricey valuation and worries about the economy, and then after a short-seller's report detailed troubling accounting practices.
Whether SoFi stock is a buy right now is a matter of debate. But either side can agree on most of the story; SoFi is growing fast, there's no doubt about that. And it's expensive, no doubt about that either. Whether you're a bull or a bear will likely hinge on which facts you think will dictate where the price is going over the next few months or years.
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There is one area, though, that both sides feel can be tied to their narratives: product growth.
Image source: SoFi.
On the bull side, SoFi is coming through on its "one-stop shop" approach to online banking, which management feels is its differentiating feature. It aims to offer a full assortment of products that can serve customers throughout their lives.
The company targets young professionals just starting out and hopes to continue adding new and innovative services, especially blockchain-based ones, to grow alongside this user base. Product growth was 37% in the 2025 fourth quarter, outpacing member growth of 35%, with a total of 20.2 million products.
On the bear side, that's hardly "outpacing," and if the cross-selling strategy is working, product growth should be substantially higher than member growth.
The response to that is two-fold; it will take time for cross-selling to become significant, and new customers are joining the platform at a high rate, diluting the impact of existing consumer engagement.
Whether you're a bull or a bear, it's important to consider all sides and make an informed decision before buying the stock.
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Jennifer Saibil has positions in SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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