The performance of these five fintech stocks was mixed today: Visa +0.1%, PayPal down 1.4%, SoFi up 1.7%, Oscar Health up 2.2%, Lemonade down 0.2%.

Among them, Visa is a payment infrastructure driven by transaction volume and cross-border consumption, with the smallest volatility and the "widest moat" in the group; PayPal has been digesting market share pressure, and the new CEO's transformation actions have yet to materialize; SoFi and Lemonade are growth stocks within fintech, highly sensitive to interest rates, and expectations of interest rate cuts have a more direct impact on these two; Oscar is the digitalization of health insurance, where running the track is more important than running for profit.

From a horizontal comparison, Visa's PE is in the 30-35x range, PayPal has already fallen back, and SoFi and OSCR still lack profit stability. The pricing logic within the group varies greatly, making it impossible to unify under a single narrative framework.