Does SoFi have more stories?

This digital bank recently reported explosive financial results: Q3 revenue of $950M, a year-on-year increase of 38%, with fee income soaring by 50%. The number of customers is 12.6M, more than tripling in three years. Management predicts an adjusted net profit of $455M in 2025, doubling from $227M in 2024.

The key is that this wave of growth is not a flash in the pan—SoFi has achieved GAAP profitability, and profit margins are expanding rapidly. Without the burden of physical branches, cost control is quite good. From a financial perspective, there is definitely a story here.

But the question arises: the stock price has risen 402% in three years, and the PE ratio has reached 44 times. Cheap? Certainly not cheap. However, considering the growth potential and the scale five years from now, the current valuation may still be acceptable.

What investors are uncertain about is this: the fundamentals are indeed strong, but the stock price has already absorbed expectations. Should they continue to chase or wait for a pullback? It depends on personal opinion.