<p>市场终于认识到 <strong>SoFi Technologies</strong>(SOFI 4.52%) 具备成为一家可行的长期银行的潜力，其服务吸引了一群年轻而充满活力的会员，这将推动长期增长。</p>
<p>SoFi 股票在过去一年上涨了 233%，远超市场表现。让我们来看看 SoFi 在五年后可能会处于什么位置。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>收入：稳定增长</h2>
<p>SoFi 的收入增长在过去几年中表现出色。在 2025 年第二季度，其调整后净收入的同比增长加速至 44%。管理层将此归因于其 “全方位服务” 的在线银行模式，客户可以在 SoFi 的应用程序上轻松管理他们的财务。</p>
<p>增长来自多个不同的地方，这也是 SoFi 今天如此有动力的原因之一。你不能仅仅将其归功于新客户或新产品或其他任何事情——整个业务表现良好。它以惊人的速度吸引新会员，在第二季度创下 850,000 名新会员的记录，比去年增长了 34%。但它也获得了更多的基于费用的收入，更多的交叉销售，更多的产品，深入的参与，以及在低利率下，更多的贷款发放。</p>
<p>这种网络效应将业务提升到一个全新的水平。一般来说，公司的规模越大，增长速度越慢。但由于积极的循环意味着整体业务的扩展，五年后，增长仍可能保持两位数。</p>
<h2>盈利：可靠且舒适</h2>
<p>SoFi 股票在其备受期待的首次公开募股后暴跌的原因之一是，它看起来像典型的高风险、无利润的科技股。从那时起，它在不增加费用的情况下取得了巨大的进展，其基于费用的收入为总收入提供了支持。大部分收入来自公司的金融服务部门，该部门的收入同比增长了 106%。金融服务的贡献利润同比增长了 241%，为底线提供了支持。</p>
<p>随着贷款部门恢复强劲增长，以及全在线银行的低运营成本，每股收益（EPS）同比从 0.01 美元增加到 0.08 美元，增长了 700%。预计 SoFi 在未来五年将保持舒适的盈利能力，尽管由于它是一家银行，这将随着利率变动和其他经济因素而波动。</p>
<h2>平台：广泛且不断扩展</h2>
<p>SoFi 周围的热情主要来自于其平台的扩展。它不仅提供所有常规的重要金融服务元素，如银行账户、贷款和信用卡，还提供针对年轻、精通科技的客户的解决方案，如基于加密货币的产品和更多高端金融投资工具。SoFi 刚刚宣布将为某些客户推出期权一级策略，这紧随其后的是宣布加密货币交易和基于区块链的国际汇款。</p>
<p>管理层表示，基于消费者反馈推出期权交易，以满足他们最迫切的需求。预计 SoFi 将继续推出客户真正需要的新服务和扩展服务，这将推动更多客户、更高收入和增加的盈利。</p>
<h2>贷款：更大且更稳定</h2>
<p>贷款部门仍然是其核心部门，尽管非贷款收入在第二季度占总收入的 55%。随着客户的增加、贷款的发放和数据的积累，其信用指标正在改善。</p>
<p>以本季度为例，其个人贷款的年化违约率从第一季度的 3.31% 降至 2.83%，90 天逾期率连续第五个季度下降至 0.42%。在未来五年中，它应该能够在贷款部门更稳定地应对利率和经济变化。</p>
<h2>股票：温和增长</h2>
<p>SoFi 股票在过去三年中经历了疯狂的上涨——430%。但它并不便宜；其前瞻性一年市盈率为 50，市净率为 4.5。这个溢价可能是合理的，但随着 SoFi 变得更大、更可靠，其估值可能会下降。</p>
<p>我预计 SoFi 股票将在未来五年及更长时间内继续增长并回报股东，并可能超越市场。但它也可能比 <strong>S&amp;P 500</strong> 更加波动，并且不太可能重复其最近的巨大涨幅。</p>

SOFI

<p>SoFi Technologies（SOFI）正逐渐被认可为一个可行的长期银行，过去一年股价上涨了 233%。该公司报告了 44% 的年同比收入增长，这得益于其全面的在线银行服务。SoFi 的金融服务部门收入增长了 106%，推动每股收益上涨了 700%。该平台正在扩展，推出了期权交易和加密货币服务等新产品。尽管 SoFi 的股价在三年内飙升了 430%，但其交易估值较高，这表明未来的涨幅可能会受到限制，但预计在未来五年内仍将持续增长并回馈股东</p>

<p>The market is finally recognizing that <strong>SoFi Technologies</strong>(SOFI 4.52%) has what it takes to become a viable long-term bank, and that its services are attracting a young and vibrant cohort of members who will drive growth for a long time.</p>
<div class="lb-trans"><p>市场终于认识到 <strong>SoFi Technologies</strong>(SOFI 4.52%) 具备成为一家可行的长期银行的潜力，其服务吸引了一群年轻而充满活力的会员，这将推动长期增长。</p>
</div><p>SoFi stock is up 233% over the past year, crushing the market. Let's check out where SoFi might be in five years.</p>
<div class="lb-trans"><p>SoFi 股票在过去一年上涨了 233%，远超市场表现。让我们来看看 SoFi 在五年后可能会处于什么位置。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835525%2Ffather-and-child-in-front-of-a-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Revenue: Steady growth</h2>
<div class="lb-trans"><h2>收入：稳定增长</h2>
</div><p>SoFi's revenue growth has been outstanding over the past few years. It accelerated to 44% year-over-year growth (for adjusted net revenue) in the 2025 second quarter. Management attributes this to its &#34;one-stop shop&#34; approach to online banking, where customers can get everything they need to easily manage their finances all on SoFi's app.</p>
<div class="lb-trans"><p>SoFi 的收入增长在过去几年中表现出色。在 2025 年第二季度，其调整后净收入的同比增长加速至 44%。管理层将此归因于其 “全方位服务” 的在线银行模式，客户可以在 SoFi 的应用程序上轻松管理他们的财务。</p>
</div><p>The growth is coming from many different places, which is one of the reasons SoFi has so much momentum today. You can't credit it just to new customers or new products or anything else -- the whole business is performing well. It's attracting new members at a fantastic rate, with a record 850,000 new ones in the second quarter, a 34% increase over last year. But it's also getting more fee-based revenue, more cross-selling into more products, deeper engagement, and with lower interest rates, more loan originations.</p>
<div class="lb-trans"><p>增长来自多个不同的地方，这也是 SoFi 今天如此有动力的原因之一。你不能仅仅将其归功于新客户或新产品或其他任何事情——整个业务表现良好。它以惊人的速度吸引新会员，在第二季度创下 850,000 名新会员的记录，比去年增长了 34%。但它也获得了更多的基于费用的收入，更多的交叉销售，更多的产品，深入的参与，以及在低利率下，更多的贷款发放。</p>
</div><p>This network effect is bringing the business to a whole new level. Generally, the larger a company becomes, the slower it grows. But as the positive cycle means an expanding business overall, in five years from now, growth could still be double digit.</p>
<div class="lb-trans"><p>这种网络效应将业务提升到一个全新的水平。一般来说，公司的规模越大，增长速度越慢。但由于积极的循环意味着整体业务的扩展，五年后，增长仍可能保持两位数。</p>
</div><h2>Earnings: Reliable and comfortable</h2>
<div class="lb-trans"><h2>盈利：可靠且舒适</h2>
</div><p>One of the reasons SoFi stock plunged after its hyped-up initial public offering was that it looked like your typical risky, unprofitable tech stock. It's made great strides from those time to scale without loading up on expenses, and its fee-based revenue is padding the top line. Much of that comes from the company's financial services segment, which is absolutely exploding, with revenue up 106% year over year. Financial services contribution profit was up 241% from last year, padding the bottom line.</p>
<div class="lb-trans"><p>SoFi 股票在其备受期待的首次公开募股后暴跌的原因之一是，它看起来像典型的高风险、无利润的科技股。从那时起，它在不增加费用的情况下取得了巨大的进展，其基于费用的收入为总收入提供了支持。大部分收入来自公司的金融服务部门，该部门的收入同比增长了 106%。金融服务的贡献利润同比增长了 241%，为底线提供了支持。</p>
</div><p>With the loan segment back to strong growth as well, and the low cost of running an all-online bank, total earnings per share (EPS) increased from $0.01 to $0.08 year over year, a 700% increase. Look for SoFi to remain comfortably profitable over the next five years, although since it's a bank, this will ebb and flow along with interest rate movements and other economic factors.</p>
<div class="lb-trans"><p>随着贷款部门恢复强劲增长，以及全在线银行的低运营成本，每股收益（EPS）同比从 0.01 美元增加到 0.08 美元，增长了 700%。预计 SoFi 在未来五年将保持舒适的盈利能力，尽管由于它是一家银行，这将随着利率变动和其他经济因素而波动。</p>
</div><h2>Platform: Wide and expanding</h2>
<div class="lb-trans"><h2>平台：广泛且不断扩展</h2>
</div><p>Much of the enthusiasm around SoFi is coming from its expansion of its platform. Not only is it offering all the regular, important elements of a financial services firm, like bank accounts, loans, and credit cards, it's offering targeted solutions to help its young, tech-savvy clientele, like crypto-based products and more high-level financial instruments in investing. SoFi just announced that it's launching Options Level 1 strategies for certain clients, and that's on the heels of announcing cryptocurrency trading and Blockchain-based international money transfers.</p>
<div class="lb-trans"><p>SoFi 周围的热情主要来自于其平台的扩展。它不仅提供所有常规的重要金融服务元素，如银行账户、贷款和信用卡，还提供针对年轻、精通科技的客户的解决方案，如基于加密货币的产品和更多高端金融投资工具。SoFi 刚刚宣布将为某些客户推出期权一级策略，这紧随其后的是宣布加密货币交易和基于区块链的国际汇款。</p>
</div><p>Management said that it's offering the options trading based on consumer feedback for what they're most looking for. Expect SoFi to keep rolling out new and expanded services that its customers really want, and for that to roll into its cycle of more customers, higher revenue, and increased earnings.</p>
<div class="lb-trans"><p>管理层表示，基于消费者反馈推出期权交易，以满足他们最迫切的需求。预计 SoFi 将继续推出客户真正需要的新服务和扩展服务，这将推动更多客户、更高收入和增加的盈利。</p>
</div><h2>Lending: Larger and more stable</h2>
<div class="lb-trans"><h2>贷款：更大且更稳定</h2>
</div><p>The lending segment is still its core segment, although non-lending revenue accounted for 55% of the total in the second quarter. As it gains more customers, originates more loans, and has more data, its credit metrics are improving.</p>
<div class="lb-trans"><p>贷款部门仍然是其核心部门，尽管非贷款收入在第二季度占总收入的 55%。随着客户的增加、贷款的发放和数据的积累，其信用指标正在改善。</p>
</div><p>As an example from this quarter, its annualized charge-off rate decreased from 3.31% in the first quarter to 2.83% for personal loans, and the 90-day delinquency rate declined for the fifth straight quarter to 0.42%. Over the next five years, it should be able to handle interest rate and economic changes more stably in its loan segment.</p>
<div class="lb-trans"><p>以本季度为例，其个人贷款的年化违约率从第一季度的 3.31% 降至 2.83%，90 天逾期率连续第五个季度下降至 0.42%。在未来五年中，它应该能够在贷款部门更稳定地应对利率和经济变化。</p>
</div><h2>Stock: Tempered gains</h2>
<div class="lb-trans"><h2>股票：温和增长</h2>
</div><p>SoFi stock has had a wild run-up over the past three years -- 430%. But it's not cheap; it trades at a forward, 1-year P/E ratio of 50 and a price-to-book ratio of 4.5. That premium may be justified, but as SoFi become bigger and more reliable, it valuation is likely to come down.</p>
<div class="lb-trans"><p>SoFi 股票在过去三年中经历了疯狂的上涨——430%。但它并不便宜；其前瞻性一年市盈率为 50，市净率为 4.5。这个溢价可能是合理的，但随着 SoFi 变得更大、更可靠，其估值可能会下降。</p>
</div><p>I expect SoFi stock to keep growing and rewarding shareholders over the next five years and longer, and likely beating the market. But it's also likely to be more volatile than the <strong>S&amp;P 500</strong>, and it's also not likely to repeat its recent massive gains.</p>
<div class="lb-trans"><p>我预计 SoFi 股票将在未来五年及更长时间内继续增长并回报股东，并可能超越市场。但它也可能比 <strong>S&amp;P 500</strong> 更加波动，并且不太可能重复其最近的巨大涨幅。</p>
</div>

五年后 SoFi 股票将会如何表现？