SoFi Technologies (SOFI -0.97%) has been a rapid grower in the financial services industry. It had 14.7 million customers as of March 31, almost triple the amount at the end of 2022. This has supported fantastic revenue growth.
But the fintech stock has been under pressure in 2026. The share price is down 35% this year (as of June 15), and it trades 47% off its record from November 2025. What's behind SoFi's big decline?
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In March, the market was hit with a short report that called into question SoFi's accounting practices, which management disagreed with. On April 29, the business reported first-quarter results that weren't well received by investors. The stock dipped following these two developments.
Inflation is also running hot, with the Consumer Price Index rising in May at the fastest pace in three years. This reduces the likelihood that the Federal Reserve will cut the benchmark interest rate soon. Rates that stay higher for longer might pressure growth for banking entities.
NASDAQ: SOFI
Key Data Points
From a fundamental perspective, though, SoFi is in solid shape. Management expects adjusted revenue and adjusted earnings per share to rise 30% and 54%, respectively, on a year-over-year basis in 2026. Wall Street analysts believe these two headline figures will continue their impressive growth in the years after.
But after the stock's decline, investors can buy shares at a lower valuation. The current forward price-to-earnings ratio of 28.6 is a compelling opportunity given SoFi's long-term potential.
