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Figma, Inc. Class A
(NYSE:FIG)
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Rating:62Neutral
Price Target:
$29.00
▲(37.31% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by mixed financial performance: strong 2025 growth and high gross margins are offset by very large recent losses and uneven cash-flow history. Earnings-call signals are a key support, with raised revenue guidance and strong Q2 operating/FCF metrics, though near-term margin pressure from inference costs and delayed monetization for beta products temper the outlook. Technicals are positive but extended, while valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Accelerating revenue and enterprise expansion
Sustained revenue acceleration and growth in larger customers indicate strong product-market fit and expanding enterprise penetration. This can support durable scale as Figma broadens usage across teams, geographies and higher-value accounts.
Negative Factors
Persistent and severe accounting losses
The magnitude of recent net and operating losses shows that strong revenue growth has not yet translated into durable GAAP profitability. Continued losses can constrain returns on equity and increase dependence on disciplined cost control and successful monetization.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue and enterprise expansion
Sustained revenue acceleration and growth in larger customers indicate strong product-market fit and expanding enterprise penetration. This can support durable scale as Figma broadens usage across teams, geographies and higher-value accounts.
Read all positive factors
Figma, Inc. Class A (FIG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.28B
Dividend YieldN/A
Average Volume (3M)21.15M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth43.43%
EPS Growth-1737.89%
CountryUS
Employees1,886
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-3.15
Shares Outstanding455,113,620
10 Day Avg. Volume21,588,101
30 Day Avg. Volume21,152,743
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$31.00Price Target Upside46.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.27
Revenue Forecast (FY)$1.44B
Figma, Inc. Class A Business Overview & Revenue Model
Company Description
Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform. The company offers Figma Design, a collaborative design tool for teams t...
How the Company Makes Money
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Figma, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented strong top-line and gross profit growth driven by the first full quarter of AI credit monetization, high net dollar retention (136%), expanding product adoption (agent, MCP, plugins) and healthy cash reserves. Management reiterated a cautious, conservative guidance posture for Q3 and highlighted near-term margin variability driven by increased inference costs, Config-related investments and the fact that many new AI surfaces remain in beta and are not yet monetized. While these factors create short-term volatility and conservative near-term guidance, the underlying metrics (revenue growth, gross profit acceleration, retention, and enterprise/international expansion) and a clear plan to optimize inference costs support a constructive long-term outlook.Positive Updates
Strong Revenue Growth
Q2 revenue of $370 million, up 48% year-over-year and marked as the third consecutive quarter of accelerated year-over-year revenue growth.
Negative Updates
Conservative Near-Term Guidance
Q3 revenue guidance of $373 million to $375 million implies only modest sequential growth and ~36% year-over-year growth at the midpoint — a cautious sequential outlook compared with Q2 acceleration.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Q2 revenue of $370 million, up 48% year-over-year and marked as the third consecutive quarter of accelerated year-over-year revenue growth.
Read all positive updates
Company Guidance
Figma guided Q3 revenue of $373–375M (≈36% YoY at the midpoint) and raised full‑year revenue to $1.463–1.467B (≈39% YoY at the midpoint, a $40M raise) while maintaining full‑year non‑GAAP operating income of $125–135M (≈9% operating margin at the midpoint). The raise reflects strength in AI credit consumption and early signals from new launches, but management reiterated its conservative guidance philosophy — products in beta/early access (Figma agent, Figma Make/local code, Motion, Code Layers) that do not yet consume paid credits are excluded until monetization is observed. Q2 actuals were strong: revenue $370M (+48% YoY), non‑GAAP gross profit $314M (+40% YoY) with gross margin 85% (+2.5ppt QoQ), non‑GAAP operating margin 10%, free cash flow $53M (14% margin), cash and marketable securities $1.7B, and net dollar retention 136%. Customer and usage metrics cited as drivers include paid customers >$10k ARR +34% YoY (>$100k ARR +46% YoY), ~80% of paid >$10k ARR consuming AI credits weekly, >50% of those customers using the Figma agent weekly (as of July 31), >20% of weekly credit‑consuming paid users consuming exclusively via agent, MCP write‑to‑Figma usage +75% QoQ, and ~2/3 of >$10k customers added full seats at renewal.Figma, Inc. Class A Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 1.28B | 1.06B | 749.01M | 504.87M |
| Gross Profit | 1.01B | 870.26M | 661.50M | 460.37M |
| EBITDA | -1.54B | -1.21B | -785.38M | 954.42M |
| Net Income | -1.58B | -1.25B | -732.12M | 285.86M |
Balance Sheet | ||||
| Total Assets | 2.35B | 2.35B | 1.79B | 1.60B |
| Cash, Cash Equivalents and Short-Term Investments | 1.67B | 1.66B | 1.46B | 1.42B |
| Total Debt | 67.75M | 114.32M | 28.77M | 14.60M |
| Total Liabilities | 873.37M | 837.57M | 469.10M | 558.77M |
| Stockholders Equity | 1.48B | 1.51B | 1.32B | 1.04B |
Cash Flow | ||||
| Free Cash Flow | 231.01M | 246.24M | -69.14M | 1.04B |
| Operating Cash Flow | 249.25M | 250.68M | -61.72M | 1.05B |
| Investing Cash Flow | -351.54M | -371.41M | -784.26M | -57.34M |
| Financing Cash Flow | -73.70M | 43.34M | 62.45M | 0.00 |
Figma, Inc. Class A Technical Analysis
Positive
21.12
Price Trends
44.24
Negative
Market Momentum
-1.52
Negative
50.77
Neutral
63.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIG, the sentiment is Positive. The current price of 21.12 is below the 20-day moving average (MA) of 36.91, below the 50-day MA of 44.24, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of -1.52 indicates Negative momentum. The RSI at 50.77 is Neutral, neither overbought nor oversold. The STOCH value of 63.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIG.
Figma, Inc. Class A Risk Analysis
Figma, Inc. Class A disclosed 62 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 1 New Risks
1.
Third-party AI agents and tools that operate on or through our platform may circumvent our pricing and packaging models, increase our costs, and adversely affect our business, operating results, financial condition, and future prospects. Q1, 2026
Figma, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $108.31B | 15.56 | 62.39% | ― | 11.49% | 11.45% | |
75 Outperform | $938.58M | 5.80 | 76.52% | ― | 3.69% | ― | |
70 Outperform | $608.14M | -20.14 | -14.05% | ― | 11.85% | 47.54% | |
62 Neutral | $14.28B | -8.67 | -101.33% | ― | 43.43% | -1737.89% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
FIG
Figma, Inc. Class A
27.10
-50.20
-64.94%
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Figma, Inc. Class A Corporate Events
Executive/Board ChangesShareholder Meetings
Figma Holds 2026 Annual Meeting, Elects Board and Auditor
Positive
Jun 4, 2026
On June 2, 2026, Figma, Inc. held its 2026 annual meeting of stockholders, where investors voted on the election of directors and the ratification of the company’s independent auditor. The company’s dual-class share structure gave Clas...
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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.