Figma, Inc. Class A (FIG)
NYSE:FIG
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Figma, Inc. Class A
(NYSE:FIG)
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Rating:47Neutral
Price Target:
$20.00
▲(5.71% Upside)
Action:ReiteratedDate:04/17/26
The score is held back primarily by large and persistent losses in 2024–2025 and bearish technical momentum (below key moving averages with negative MACD). Strong 2025 revenue growth, high gross margins, and low leverage provide partial support, but the negative P/E and lack of dividend data limit valuation appeal.
Positive Factors
Revenue Growth
Sustained high revenue growth in 2025 indicates strong product-market fit and customer adoption for Figma's collaboration design platform. Durable top-line expansion supports scale benefits, continued investment in product, and the ability to convert market leadership into long-term recurring revenue streams.
Negative Factors
Large Persistent Losses
Extremely large negative net margins over two consecutive years signal that operating costs and investments far exceed profits. This persistent loss profile undermines return metrics, risks equity dilution or financing needs, and challenges the company's ability to demonstrate durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained high revenue growth in 2025 indicates strong product-market fit and customer adoption for Figma's collaboration design platform. Durable top-line expansion supports scale benefits, continued investment in product, and the ability to convert market leadership into long-term recurring revenue streams.
Read all positive factors
Figma, Inc. Class A (FIG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.29B
Dividend YieldN/A
Average Volume (3M)13.91M
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth40.96%
EPS Growth-70.54%
CountryUS
Employees1,646
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.08
Shares Outstanding444,278,900
10 Day Avg. Volume17,620,960
30 Day Avg. Volume13,908,819
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)12.64
Price to Sales (P/S)18.09
P/FCF Ratio77.56
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue7.51
Enterprise Value/Gross Profit9.11
Enterprise Value/Ebitda-6.34
Forecast
1Y Price Target
$40.25Price Target Upside112.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)0.23
Revenue Forecast (FY)$1.36B
Figma, Inc. Class A Business Overview & Revenue Model
Company Description
Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, ...
Figma, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 18, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and product/AI traction: robust top-line growth (Q4 revenue +40% YoY, FY revenue +41% YoY), excellent retention (NDR 136%), rapid adoption of Figma Make and AI features, a large cash balance and meaningful enterprise expansion. Offsetting this optimism, management signaled deliberate margin compression and lower operating margins in 2026 to accelerate AI and infrastructure investments, a sequential decline in adjusted FCF driven in part by a one-time $25M tax, elevated stock-based compensation in 2025, and some near-term uncertainty as the business transitions to a hybrid seats-plus-credits monetization model. Overall, the highlights around growth, retention, product velocity and AI adoption materially outweigh the near-term margin and predictability concerns.Positive Updates
Record Quarterly and Annual Revenue Growth
Q4 revenue of $304 million, up 40% year-over-year and above the high end of guidance; full-year 2025 revenue of $1.056 billion, up 41% year-over-year and also above the high end of guidance.
Negative Updates
Guided Margin Compression in 2026
Full-year 2026 non-GAAP operating income guidance of $100M–$110M implies an operating margin of ~8% at the midpoint (management noted ~7.7% midpoint in discussion), down from 12% in 2025, reflecting accelerated AI and infrastructure investments.
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Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue Growth
Q4 revenue of $304 million, up 40% year-over-year and above the high end of guidance; full-year 2025 revenue of $1.056 billion, up 41% year-over-year and also above the high end of guidance.
Read all positive updates
Company Guidance
Figma guided Q1 2026 revenue of $315–$317 million (implying ~38% y/y growth at the midpoint) and full‑year 2026 revenue of $1.366–$1.374 billion (implying ~30% y/y growth at the midpoint); it expects full‑year non‑GAAP operating income of $100–$110 million (about an 8% non‑GAAP operating margin at the midpoint) and said adjusted free cash flow should be roughly consistent with non‑GAAP operating profit for the year. Management noted seasonality (Config historically pressures Q2), will not provide quarterly operating‑income guidance, plans to accelerate AI and inference investment, and in March will shift to a hybrid monetization model of seats plus consumption credits (historical results don’t reflect credits); today ~75% of paid customers >$10k ARR consume AI credits weekly, and the company expects its non‑GAAP tax rate to remain ~14.5% in 2026 while it refines assumptions as customer consumption evolves.Figma, Inc. Class A Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 1.06B | 749.01M | 504.87M |
| Gross Profit | 870.26M | 661.50M | 460.37M |
| EBITDA | -1.27B | -869.74M | -64.96M |
| Net Income | -1.25B | -732.12M | 285.86M |
Balance Sheet | |||
| Total Assets | 2.35B | 1.79B | 1.60B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 1.46B | 1.42B |
| Total Debt | 114.32M | 28.77M | 14.60M |
| Total Liabilities | 837.57M | 469.10M | 558.77M |
| Stockholders Equity | 1.51B | 1.32B | 1.04B |
Cash Flow | |||
| Free Cash Flow | 246.24M | -69.14M | 1.04B |
| Operating Cash Flow | 250.68M | -61.72M | 1.05B |
| Investing Cash Flow | -371.41M | -784.26M | -57.34M |
| Financing Cash Flow | 43.34M | 62.45M | 0.00 |
Figma, Inc. Class A Risk Analysis
Figma, Inc. Class A disclosed 61 risk factors in its most recent earnings report. Figma, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Figma, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $99.47B | 14.24 | 62.31% | ― | 10.96% | 12.71% | |
64 Neutral | $565.11M | 5.56 | 77.23% | ― | 5.36% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $360.50M | -15.25 | -22.88% | ― | 12.72% | 32.06% | |
47 Neutral | $9.29B | -15.27 | -92.27% | ― | 40.96% | -70.54% |
* Technology Sector Average
FIG
Figma, Inc. Class A
18.74
-103.26
-84.64%
ADBE
Adobe
250.71
-130.16
-34.17%
PD
PagerDuty
7.35
-8.12
-52.49%
SPT
Sprout Social
6.50
-14.94
-69.68%
Figma, Inc. Class A Corporate Events
Executive/Board Changes
Figma Announces Resignation of Board Member Mike Krieger
Neutral
Apr 15, 2026
On April 14, 2026, Figma, Inc. announced that board member Mike Krieger resigned from its Board of Directors, effective immediately. The company stated that Krieger’s decision was not due to any disagreement over Figma’s operations, po...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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