Tearsheet

Figma (FIG)

Market Price (5/16/2026): $22.57 | Market Cap: $11.8 Bil
Sector: Information Technology | Industry: Application Software

Figma (FIG)

Market Price (5/16/2026): $22.57
Market Cap: $11.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), and Collaborative Software.

Weak multi-year price returns
2Y Excs Rtn is -122%, 3Y Excs Rtn is -159%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.5 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -126%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 132%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%

Key risks
FIG key risks include [1] margin pressure and an existential threat from AI-native competitors, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%
4	Megatrend and thematic drivers Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), and Collaborative Software.
5	Weak multi-year price returns 2Y Excs Rtn is -122%, 3Y Excs Rtn is -159%
6	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
7	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -1.5 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -126%
8	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x
9	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 132%
10	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%
11	Key risks FIG key risks include [1] margin pressure and an existential threat from AI-native competitors, Show more.

Valuation, Metrics & Events

	5/16/26	2025	2024	2023
Share Price CYE	$22.57	$37.37	�	�
Market Cap CYE ($ Bil)	11.8	19.2	-	-
Total Debt ($ Bil)	0.1	0.1	0.0	0.0
Total Cash ($ Bil)	1.7	1.7	1.5	1.4
Enterprise Value ($ Bil)	10.2	19.3
Valuation Ratios
P/S TTM	10.2	18.2	-	-
P/EBIT TTM	-8.1	-14.9	-	-
P/E TTM	-8.1	-14.6	-	-
P/FCF TTM	51.0	80.7	-	-
Sector Ratios
P/S TTM (Sector)	3.8	3.7	3.8	3.4
P/EBIT TTM (Sector)	8.7	9.9	8.1	3.4
P/E TTM (Sector)	8.6	8.4	5.3	-0.1
P/FCF TTM (Sector)	12.1	15.2	17.3	15.8

	5/16/26	2025	2024
Share Price CYE	$22.57	$37.37	�
Market Cap CYE ($ Bil)	11.8	19.2	-
Total Debt ($ Bil)	0.1	0.1	0.0
Total Cash ($ Bil)	1.7	1.7	1.5
Enterprise Value ($ Bil)	10.2	19.3
Valuation Ratios
P/S TTM	10.2	18.2	-
P/EBIT TTM	-8.1	-14.9	-
P/E TTM	-8.1	-14.6	-
P/FCF TTM	51.0	80.7	-
Sector Ratios
P/S TTM (Sector)	3.8	3.7	3.8
P/EBIT TTM (Sector)	8.7	9.9	8.1
P/E TTM (Sector)	8.6	8.4	5.3
P/FCF TTM (Sector)	12.1	15.2	17.3

	FIG	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	1.2
Rev Chg Q	46.1%	8.7%
Rev Chg LTM	41.4%	7.4%
Rev Chg 3Y Avg	45.1%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-1.5
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	-1.5
Op Mgn LTM	-126.4%	18.4%
CFO/Rev LTM	21.6%	21.1%
Net Inc Mgn	-126.2%	13.0%
VALUATION	VERY HIGH
P/S	10.2	3.2
P/CFO	47.1	14.8
P/FCF	51.0	19.1
P/E	-8.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.72	0.07

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Metric	Value	Date	Source
Monthly Active Users	13 million	3312025	Link
Net Dollar Retention Rate	132%	3312025	Link
Total Users	over 10 million	112025	Link
Market Share in Design Tools	40.65%	8252025	Link
Paid Customers with >$10,000 in ARR	11906	6302025	Link
Paid Customers with >$100,000 in ARR	1119	6302025	Link
Percentage of Fortune 500 Companies Using Figma	95%	3312025	Link
Total Paying Customer Accounts	approximately 450,000	3312025	Link
Percentage of Weekly Active Users outside the United States	almost 85%	3312025	Link
Percentage of Customers Using Two or More Products	more than 80%	6302025	Link

Upcoming
5/14/2026	Earnings Release	Rev: $333 Mil (A) vs. $316 Mil (E) EPS: 0.10 (A) vs. $0.06 (E)
8/14/2026	Earnings Release	Rev: $349 Mil (E) EPS: $0.04 (E)
9/02/2026	Earnings Release	Rev: $353 Mil (E) EPS: $0.03 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Figma (FIG) stock has lost about 10% since 1/31/2026 because of the following key factors:

1. Macroeconomic Headwinds and AI Disruption in the SaaS Sector. The broader B2B software sector, including Figma, experienced a significant downturn in Q1 2026, driven by fears of artificial intelligence (AI) disruption. The iShares Expanded Tech-Software ETF (IGV) plummeted over 21% year-to-date by March 24, 2026, reflecting a "structural revaluation of software as an asset class". This widespread concern revolved around AI posing an "existential threat" to the traditional "per-seat" licensing model and leading to "seat compression", where AI agents could replace human workflows, thereby impacting recurring revenue streams.

2. Increased Competitive Pressure from New AI-Powered Design Tools. Figma faced intensified competition from new AI-centric offerings entering the market. In February 2026, Google launched Stitch, a free AI-powered design tool, which generated concerns regarding Figma's pricing power. This was followed in April 2026 by Anthropic's introduction of Claude Design, a direct competitor to Figma's core design product. These developments contributed to investor uncertainty about Figma's future market share and competitive standing.

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Stock Movement Drivers

Fundamental Drivers

The -11.6% change in FIG stock from 1/31/2026 to 5/15/2026 was primarily driven by a -43.2% change in the company's P/S Multiple.

(LTM values as of)	1312026	5152026	Change
Stock Price ($)	25.92	22.92	-11.6%
Change Contribution By:
Total Revenues ($ Mil)	677	1,161	71.6%
P/S Multiple	18.2	10.3	-43.2%
Shares Outstanding (Mil)	475	523	-9.3%
Cumulative Contribution			-11.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/15/2026

	Return	Correlation
FIG	-11.6%
Market (SPY)	7.1%	19.0%
Sector (XLK)	22.7%	19.8%

Fundamental Drivers

The -54.0% change in FIG stock from 10/31/2025 to 5/15/2026 was primarily driven by a -73.4% change in the company's P/S Multiple.

(LTM values as of)	10312025	5152026	Change
Stock Price ($)	49.84	22.92	-54.0%
Change Contribution By:
Total Revenues ($ Mil)	610	1,161	90.3%
P/S Multiple	38.8	10.3	-73.4%
Shares Outstanding (Mil)	475	523	-9.3%
Cumulative Contribution			-54.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/15/2026

	Return	Correlation
FIG	-54.0%
Market (SPY)	9.0%	25.4%
Sector (XLK)	17.6%	28.2%

Fundamental Drivers

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Market Drivers

4/30/2025 to 5/15/2026

	Return	Correlation
FIG
Market (SPY)	34.8%	21.4%
Sector (XLK)	68.8%	24.3%

Fundamental Drivers

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Market Drivers

4/30/2023 to 5/15/2026

	Return	Correlation
FIG
Market (SPY)	84.7%	21.4%
Sector (XLK)	138.6%	24.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
FIG Return	-	-	-	-	-68%	-46%	-82%
Peers Return	15%	-46%	51%	5%	-7%	-21%	-28%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
FIG Win Rate	-	-	-	-	17%	40%
Peers Win Rate	60%	27%	63%	53%	45%	36%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
FIG Max Drawdown	-	-	-	-	-	-55%
Peers Max Drawdown	-28%	-53%	-22%	-28%	-31%	-35%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADBE, MSFT, TEAM, ZM, ADSK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

FIG has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-17.0%	-7.8%
% Gain to Breakeven	20.4%	8.5%
Time to Breakeven	92 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.0%	-9.5%
% Gain to Breakeven	11.2%	10.5%
Time to Breakeven	15 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 days

Compare to ADBE, MSFT, TEAM, ZM, ADSK

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

FIG has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 days
2008-2009 Global Financial Crisis
% Loss	-51.5%	-53.4%
% Gain to Breakeven	106.2%	114.4%
Time to Breakeven	797 days	1085 days

Compare to ADBE, MSFT, TEAM, ZM, ADSK

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Figma (FIG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Figma is where teams come together to turn ideas into the world’s best digital products and experiences. Every day, billions of people around the world use apps, websites, and other digital experiences that are made in Figma. They’re looking up directions on Google Maps; requesting rides with Uber; checking in for flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with Airbnb. Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma, designers work alongside developers, product managers (“PMs”), researchers, marketers, writers, and other non-designers who, in the three months ended March 31, 2025, made up two-thirds of our more than 13 million monthly active users(1). Together, these teams share and explore ideas, align on a vision, visualize concepts, and translate them into coded products — all on a single, connected, AI-powered platform that collaborators around the world can access with a URL. Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto Figma’s browser-based platform and our belief that design spans far beyond a single step or role. We take this expansive view because design is more than how something looks, or even feels; design is also how something works — and in today’s increasingly digital-first world, what sets brands and companies apart. As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is what attracts and wins user loyalty, especially in a world where a business’ interactions with its customers are increasingly digital. Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate design and the craft of building software. Millions of people use Figma every week, often for hours a day, and as more users have come to our platform, our business has grown. (1) We define monthly active users as the number of unique users that access at least one of our products during a given month. A Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of time, we report the number of monthly active users during the month with the highest number of active users during such period. Our principal executive offices are located in San Francisco, California.

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Figma is like:

Google Docs for digital product design and collaboration.
The modern, collaborative Adobe for creating apps and websites.
GitHub for visual design and prototyping of software.

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Collaborative Ideation and Whiteboarding: A core offering within the Figma platform that allows teams to collaboratively share and explore ideas and align on a vision for digital products.
Digital Product Design and Prototyping: An AI-powered suite of tools within the Figma platform for visualizing concepts, designing user interfaces, and translating them into coded digital products.

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Figma (FIG) primarily sells its software and services to other companies and organizations.

While Figma's customer base is very broad, encompassing 95% of the Fortune 500 and 78% of the Forbes Global 2000, the company's description highlights several prominent organizations whose digital products are created using Figma. These serve as examples of Figma's major customers:

Google (Alphabet Inc.) (Symbol: GOOGL)
Uber Technologies, Inc. (Symbol: UBER)
JetBlue Airways Corporation (Symbol: JBLU)
Netflix, Inc. (Symbol: NFLX)
Duolingo, Inc. (Symbol: DUOL)
LinkedIn (a subsidiary of Microsoft Corporation) (Symbol: MSFT)
MercadoLibre, Inc. (Symbol: MELI)
Airbnb, Inc. (Symbol: ABNB)
Anthropic (Claude) (Private Company)

These companies represent a diverse range of industries, all leveraging Figma to develop their digital products and experiences.

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Dylan Field, CEO & Co-Founder

Dylan Field co-founded Figma in 2012 with Evan Wallace after receiving a Thiel Fellowship, which led him to drop out of Brown University. He previously interned at LinkedIn and Flipboard. Field is also an angel investor. Figma went public in July 2025. An attempted $20 billion acquisition of Figma by Adobe in 2022 was terminated in 2023 due to antitrust scrutiny from regulators.

Praveer Melwani, Chief Financial Officer

Praveer Melwani joined Figma in July 2017 as Head of Business Operations and Finance and was appointed Chief Financial Officer in March 2022. Prior to his time at Figma, Melwani held positions in Business Operations at NerdWallet and in Strategic Finance at Dropbox. He played a key role in preparing Figma for its initial public offering and navigating the period of the attempted Adobe acquisition.

Kris Rasmussen, Chief Technology Officer

As CTO, Kris Rasmussen is responsible for driving Figma's technology strategy, scaling engineering operations, and enhancing platform reliability. Before joining Figma, Rasmussen served as VP of Engineering and Technical Advisor at Asana and held significant engineering roles at other SaaS companies.

Sheila Joglekar Vashee, Chief Marketing Officer

Sheila Joglekar Vashee leads Figma's marketing efforts, including brand building, demand generation, and product marketing. She holds an MBA from Stanford Graduate School of Business. Her prior experience includes marketing leadership at Salesforce, and earlier roles at Google and Adobe. Vashee also serves as an advisor at Basis Set Ventures.

Yuhki Yamashita, Chief Product Officer

Yuhki Yamashita leads Figma's product team. Before joining Figma in 2019, he held product and design roles at Uber, where he was responsible for redesigning both the rider and driver applications. He also previously held product leadership positions at Medium and Adobe.

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The key risks to Figma's business are:

Dependence on continuous innovation and adaptation to rapidly evolving AI technologies: Figma's platform is described as "AI-powered," and the company explicitly states that "as AI makes software much easier to create," better-designed digital products become even more critical. This indicates that Figma's success is closely tied to its ability to continuously innovate and integrate cutting-edge AI advancements to maintain its competitive edge and relevance in the evolving landscape of software creation and design tools.
Potential slowdown or reversal in digital transformation and the perceived importance of differentiated digital product design: Figma benefits from "organizations across industries and geographies continue to invest heavily in digital transformation" and the belief that "better-designed digital products and experiences have become even more critical." A decrease in the pace of global digital transformation or a shift in industry perception regarding the necessity of highly refined digital design (e.g., if simpler, AI-generated solutions become widely sufficient) could impact Figma's growth trajectory and market demand for its platform.

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Figma (symbol: FIG) estimates its total addressable market to be approximately $33 billion globally. This market encompasses various aspects beyond just design, including collaboration, workflow, presentation, marketing, and product operations.

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Figma (symbol: FIG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Advanced AI Integration and New Product Offerings: Figma's ongoing integration of artificial intelligence and the launch of new AI-powered products, such as Figma Make, are significant growth catalysts. Figma Make, which became generally available in July 2025, has been instrumental in accelerating business changes and increasing paid customer adoption. By the fourth quarter of 2025, weekly active users of Figma Make grew over 70% quarter-over-quarter, with more than half of its large customers (those with over $100,000 in Annual Recurring Revenue or ARR) utilizing it weekly. The company has also expanded its product portfolio to include Figma Draw, Figma Sites, and Figma Buzz, broadening its addressable use cases. Furthermore, the monetization of AI credits, which began in March 2026, is anticipated to contribute to revenue growth.
Expansion of Customer Base and Increased Usage by Existing Customers: Figma is seeing consistent growth in its customer base and deeper engagement from existing users. The company added over 90,000 paid teams in Q2 and Q3 of 2025. Its net dollar retention (NDR) rate for paid customers spending over $10,000 in ARR rose to 136% in Q4 2025, indicating that existing customers are expanding their usage and spending more on the platform. A substantial portion of customers, over 70% by Q3 2025, are using three or more Figma products, and the company has seen a 27% quarter-over-quarter increase in multi-year customer deals in the same period. Figma estimates its total addressable market at $33 billion, highlighting significant untapped growth potential.
International Market Expansion: International growth continues to be a strong driver for Figma. International revenue grew 45% year-over-year in Q4 2025, accounting for 54% of its quarterly revenue. Figma is making strategic global investments, including the planned opening of an India hub, and has expanded language support to include Korean and Brazilian Portuguese, broadening its accessibility and reach in diverse markets.
Introduction of a Hybrid Monetization Model: Figma is transitioning its pricing structure to a hybrid model that monetizes both seats and credits, with AI consumption serving as a key meter. This shift from a purely seat-based model is expected to impact revenue positively, with the new pricing and packaging already contributing to full-year 2025 revenue growth. Beginning in March 2026, administrators can purchase AI credits through flexible subscription or pay-as-you-go options.
Expansion into Broader Workflows and New User Personas: Figma's strategy extends beyond traditional design roles to encompass the entire software creation lifecycle, targeting developers, product managers, marketers, and other non-designers. Non-designers constituted two-thirds of Figma's 13 million monthly active users in March 2025. The company's Dev Mode facilitates the translation of designs into code, while new features like native Git integration, live code sync, and AI-generated design tokens are blurring the lines between design and development environments. The "Code to Canvas" integration with Anthropic's Claude models, launched in February 2026, further bridges the gap by allowing developers to push live code directly into Figma designs. Additionally, products like Figma Buzz are targeting brand and marketing teams, and Figma Slides is catering to product teams for presentations.

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Share Issuance

Figma completed its Initial Public Offering (IPO) on July 31, 2025, raising $1.2 billion by selling shares at $33 each.
The company itself directly received $412.5 million from the IPO by offering 12.47 million new shares.
A one-time stock-based compensation expense of $975.7 million was recognized in the third quarter of 2025, primarily due to the IPO.

Inbound Investments

Figma raised $250 million in its Series E funding round in 2021, led by Durable Capital Partners, at a $10 billion valuation.
In May 2024, a tender offer valued the company at $12.5 billion, with investors such as Fidelity participating.
Figma received a $1 billion breakup fee from Adobe in December 2023 after their proposed acquisition was terminated due to regulatory pressure.

Outbound Investments

Figma made strategic acquisitions, including Payload and Weavy, to bolster its platform capabilities.

Capital Expenditures

In March 2025, Figma announced plans to invest nearly $15 million in the expansion of its New York City office.
For fiscal year 2025, Figma reported capital expenditures of $734 thousand.
The company also incurred capitalized internal-use software development costs of $700 thousand for fiscal year 2025.

Interactive Breakdown

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Better Bets vs. Figma (FIG)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Figma Stock In Shambles: Down 23% With 6-Day Losing Streak	03/26/2026
2	Figma Stock In Shambles: Down 20% With 5-Day Losing Streak	03/25/2026
3	FIG Stock Surges 18% With A 5-day Winning Spree On Record Earnings Beat	02/21/2026
4	FIG Stock Falls -26% On 6-Day Losing Streak After PT Cut to $48	01/21/2026
5	ARTICLES
6	Figma’s Earnings Just Flipped the Narrative	05/15/2026
7	Stocks Trading At 52-Week Low	04/24/2026
8	Figma: Ugly Chart, Good Business	04/01/2026
9	Figma Stock In Shambles: Down -23% With 6-Day Losing Streak	03/26/2026
10	Figma Stock In Shambles: Down -20% With 5-Day Losing Streak	03/25/2026

	Title
0	DASHBOARDS
1	Figma Stock In Shambles: Down 23% With 6-Day Losing Streak
2	Figma Stock In Shambles: Down 20% With 5-Day Losing Streak
3	FIG Stock Surges 18% With A 5-day Winning Spree On Record Earnings Beat
4	FIG Stock Falls -26% On 6-Day Losing Streak After PT Cut to $48
5	ARTICLES
6	Figma’s Earnings Just Flipped the Narrative
7	Stocks Trading At 52-Week Low
8	Figma: Ugly Chart, Good Business
9	Figma Stock In Shambles: Down -23% With 6-Day Losing Streak
10	Figma Stock In Shambles: Down -20% With 5-Day Losing Streak

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Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PLTR_4302026_Monopoly_xInd_xCD_Getting_Cheaper	04302026	PLTR	Palantir Technologies	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	0.0%
ADSK_4102026_Dip_Buyer_FCFYield	04102026	ADSK	Autodesk	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.5%	8.5%	0.0%
BSY_4102026_Dip_Buyer_FCFYield	04102026	BSY	Bentley Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.2%	4.2%	0.0%
ENPH_4102026_Dip_Buyer_ValueBuy	04102026	ENPH	Enphase Energy	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.7%	5.7%	0.0%
BL_4102026_Dip_Buyer_High_CFO_Margins_ExInd_DE	04102026	BL	BlackLine	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	3.2%	3.2%	-3.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SEDG	SolarEdge Technologies	3.7	22.9%	114.1%
SG	Sweetgreen	1.0	17.4%	19.7%
GLOB	Globant	1.7	14.2%	-40.5%
SATL	Satellogic	1.3	13.9%	426.2%
FIG	Figma	11.8	13.2%	-38.7%
SHLS	Shoals Technologies	1.7	11.3%	21.5%
KOS	Kosmos Energy	1.5	10.2%	256.0%
ENPH	Enphase Energy	6.9	10.2%	65.0%
SOC	Sable Offshore	1.8	10.0%	67.7%
VG	Venture Global	34.9	9.4%	108.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	2.0	-22.4%	152.3%
TNGX	Tango Therapeutics	2.7	-17.3%	132.1%
YSS	York Space Systems	3.0	-17.0%	-28.5%
IDR	Idaho Strategic Resources	0.6	-14.4%	-5.2%
NX	Quanex Building Products	0.8	-13.2%	8.5%
USAS	Americas Gold And Silver	1.8	-12.6%	22.3%
AQST	Aquestive Therapeutics	0.5	-11.8%	-35.4%
RUM	Rumble	2.4	-11.8%	14.0%
GAU	Galiano Gold	0.6	-11.8%	-8.3%
FRMI	Fermi	4.0	-11.7%	-18.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FCEL	FuelCell Energy	1.0	55.9%	192.2%
AEVA	Aeva Technologies	1.2	50.9%	54.2%
SEDG	SolarEdge Technologies	3.7	49.5%	114.1%
POET	POET Technologies	2.0	45.8%	152.3%
ENPH	Enphase Energy	6.9	45.1%	65.0%
VPG	Vishay Precision	1.3	44.7%	152.8%
MOVE	Corvex	1.3	42.7%	225.2%
SLS	SELLAS Life Sciences	1.0	41.3%	87.8%
OUST	Ouster	2.1	38.3%	61.1%
LQDA	Liquidia	5.0	34.6%	65.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PSIX	Power Solutions International	0.9	-49.0%	-32.2%
GTM	ZoomInfo Technologies	1.2	-39.5%	-62.0%
MVST	Microvast	0.5	-33.3%	-49.3%
LMRI	Lumexa Imaging	0.7	-32.5%	-62.0%
YSS	York Space Systems	3.0	-31.0%	-28.5%
BTGO	BitGo	1.0	-29.3%	-51.9%
CERT	Certara	0.7	-29.0%	-49.1%
OPTU	Optimum Communications	0.4	-28.8%	-51.3%
REZI	Resideo Technologies	4.2	-28.7%	-19.3%
NABL	N-able	0.6	-27.7%	-54.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.1	295.5%	429.8%
FCEL	FuelCell Energy	1.0	190.6%	192.2%
BAND	Bandwidth	1.7	164.3%	249.3%
WOLF	Wolfspeed	1.7	134.1%	256.9%
INOD	Innodata	3.1	121.3%	88.6%
POET	POET Technologies	2.0	117.6%	152.3%
STRL	Sterling Infrastructure	26.1	92.4%	177.2%
VPG	Vishay Precision	1.3	89.4%	152.8%
PCT	PureCycle Technologies	2.3	84.6%	46.6%
XMTR	Xometry	4.4	83.5%	44.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-67.0%	-73.2%
CAR	Avis Budget	5.3	-66.6%	17.0%
FWRD	Forward Air	0.3	-58.0%	-65.0%
CABO	Cable One	0.3	-54.6%	-56.8%
PSIX	Power Solutions International	0.9	-53.0%	-32.2%
TRDA	Entrada Therapeutics	0.3	-52.9%	-37.9%
OPTU	Optimum Communications	0.4	-47.4%	-51.3%
ERAS	Erasca	2.9	-43.9%	175.0%
TMDX	TransMedics	2.2	-42.1%	-48.0%
CHTR	Charter Communications	17.6	-40.5%	-32.8%

Peer Comparisons

Peers to compare with:

Financials

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Mkt Price	22.92	247.60	421.92	87.46	100.16	236.62	168.39
Mkt Cap	12.0	101.5	3,133.2	22.8	29.7	50.4	40.1
Rev LTM	1,161	24,453	318,273	6,190	4,869	7,206	6,698
Op Inc LTM	-1,468	8,961	148,957	-229	1,124	1,794	1,459
FCF LTM	231	10,317	72,916	1,205	1,924	2,376	2,150
FCF 3Y Avg	-	8,665	70,952	1,315	1,735	1,711	1,735
CFO LTM	251	10,507	170,141	1,249	1,989	2,452	2,221
CFO 3Y Avg	-	8,885	136,991	1,352	1,844	1,791	1,844

Growth & Margins

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Rev Chg LTM	41.4%	11.0%	17.9%	24.7%	4.4%	17.5%	17.7%
Rev Chg 3Y Avg	-	10.8%	15.3%	22.7%	3.5%	13.0%	13.0%
Rev Chg Q	46.1%	12.0%	18.3%	31.7%	5.3%	19.4%	18.8%
QoQ Delta Rev Chg LTM	10.0%	2.9%	4.2%	7.5%	1.3%	4.6%	4.4%
Op Inc Chg LTM	-72.6%	12.1%	22.0%	-35.5%	38.2%	31.0%	17.0%
Op Inc Chg 3Y Avg	-	13.7%	20.7%	-11.1%	69.0%	22.2%	20.7%
Op Mgn LTM	-126.4%	36.6%	46.8%	-3.7%	23.1%	24.9%	24.0%
Op Mgn 3Y Avg	-79.9%	36.0%	45.6%	-3.2%	17.4%	22.6%	20.0%
QoQ Delta Op Mgn LTM	-4.2%	0.0%	0.1%	-0.5%	0.2%	1.0%	0.1%
CFO/Rev LTM	21.6%	43.0%	53.5%	20.2%	40.9%	34.0%	37.4%
CFO/Rev 3Y Avg	-	39.8%	49.5%	27.2%	39.3%	28.0%	39.3%
FCF/Rev LTM	19.9%	42.2%	22.9%	19.5%	39.5%	33.0%	27.9%
FCF/Rev 3Y Avg	-	38.8%	26.1%	26.5%	36.9%	26.8%	26.8%

Valuation

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Mkt Cap	12.0	101.5	3,133.2	22.8	29.7	50.4	40.1
P/S	10.3	4.2	9.8	3.7	6.1	7.0	6.5
P/Op Inc	-8.2	11.3	21.0	-99.7	26.4	28.1	16.2
P/EBIT	-8.2	11.0	19.9	-156.7	26.4	29.8	15.5
P/E	-8.2	14.1	25.0	-105.3	15.6	44.8	14.9
P/CFO	47.8	9.7	18.4	18.3	14.9	20.6	18.3
Total Yield	-12.2%	7.1%	4.8%	-0.9%	6.4%	2.2%	3.5%
Dividend Yield	0.0%	0.0%	0.8%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	6.2%	2.5%	4.0%	7.1%	2.8%	4.0%
D/E	0.0	0.1	0.0	0.1	0.0	0.1	0.0
Net D/E	-0.1	-0.0	-0.0	0.0	-0.3	0.0	-0.0

Returns

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
1M Rtn	12.7%	1.2%	2.6%	32.5%	12.5%	-1.1%	7.6%
3M Rtn	1.7%	-6.2%	5.4%	3.7%	8.2%	2.3%	3.0%
6M Rtn	-40.5%	-25.2%	-17.0%	-42.4%	18.9%	-21.0%	-23.1%
12M Rtn	-80.2%	-38.8%	-6.3%	-60.4%	19.5%	-20.0%	-29.4%
3Y Rtn	-80.2%	-28.3%	38.5%	-37.2%	51.8%	22.4%	-2.9%
1M Excs Rtn	7.6%	-5.4%	-4.8%	22.0%	10.3%	-7.9%	1.4%
3M Excs Rtn	-6.6%	-14.6%	-3.0%	-4.7%	-0.2%	-6.0%	-5.4%
6M Excs Rtn	-56.0%	-34.7%	-25.3%	-51.9%	10.1%	-29.7%	-32.2%
12M Excs Rtn	-105.9%	-63.7%	-31.9%	-86.8%	-5.4%	-45.7%	-54.7%
3Y Excs Rtn	-159.2%	-107.1%	-40.8%	-115.4%	-23.6%	-58.5%	-82.8%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023
Filing Date	5/14/2026	2/18/2026	7/31/2025	2/18/2026
Key Financials
Total Revenue	1,161	1,056	749	505
EBITDA	-1,447	-1,275	-870	-65
Operating Income	-1,468	-1,290	-877	-73
Net Income	-1,465	-1,250	-732	286
EPS	-3.43	-3.71	-1.50	0.60
Growth Rates
Total Revenue Growth	41.4%	41.0%	48.4%	-
EBITDA Growth	-71.7%	-46.6%	-1238.9%	-
Operating Income Growth	-72.6%	-47.1%	-1094.5%	-
Net Income Growth	-98.8%	-70.8%	-356.1%	-
Margins
EBITDA Margin	-124.7%	-120.7%	-116.1%	-12.9%
Operating Income Margin	-126.4%	-122.2%	-117.1%	-14.5%
Net Income Margin	-126.2%	-118.4%	-97.7%	56.6%
Cash & Debt
Total Cash	1,654	1,672	1,458	1,419
Total Debt	56	58	29	15
Net Debt / (Cash)	-1,598	-1,613	-1,429	-1,405
Cash Flows
Net Cash from Operations	251	251	-62	1,047
Free Cash from Operations	231	237	-69	1,041
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	1	0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/14/2026	2/18/2026	11/5/2025	9/3/2025	7/31/2025	7/31/2025	11/5/2025	9/3/2025	7/31/2025	7/31/2025	7/31/2025	7/31/2025
Key Financials Quarterly
Total Revenue	333	304	274	250	228	217	199	177	156	144	132	119
Ebitda	-131	-189	-1,132	6	41	53	-45	-892	15	-40	-1	-27
Operating Income	-137	-196	-1,137	2	40	52	-47	-894	13	-40	-1	-27
Net Income	-142	-227	-1,097	1	9	98	-16	-828	0	765	1	-23
EPS	-0.27	-0.44	-2.72	0.00	0.02	0.21	-0.03	-1.74	0.00	1.61	0.00	-0.05
Key Financials TTM
Total Revenue TTM	1,161	1,056	969	893	821	749	677	610	552	505	-	-
Ebitda TTM	-1,447	-1,275	-1,032	55	-843	-870	-963	-918	-52	-73	-	-
Operating Income TTM	-1,468	-1,290	-1,043	46	-850	-877	-969	-922	-54	-73	-	-
Net Income TTM	-1,465	-1,314	-990	92	-737	-746	-79	-62	743	738	-	-
Growth Rates Quarterly
Total Revenue Growth	46.1%	40.0%	38.0%	40.9%	46.1%	50.2%	50.2%	49.3%	42.6%	-	-	-
EBITDA Growth	-418.2%	-455.8%	-2396.9%	100.6%	181.9%	234.8%	-8621.3%	-3245.9%	316.8%	-	-	-
Operating Income Growth	-445.7%	-478.4%	-2301.5%	100.2%	217.5%	230.8%	-9003.1%	-3253.4%	285.4%	-	-	-
Net Income Growth	-1753.7%	-331.6%	-6933.0%	100.1%	-	-87.2%	-1345.8%	-3459.0%	100.0%	-	-	-
Margins Quarterly
EBITDA Margin	-39.4%	-62.4%	-413.0%	2.3%	18.1%	24.5%	-22.8%	-503.5%	9.4%	-27.4%	-0.4%	-22.5%
Operating Income Margin	-41.2%	-64.4%	-414.6%	0.8%	17.4%	23.8%	-23.8%	-504.7%	8.0%	-27.4%	-0.4%	-22.5%
Net Income Margin	-42.7%	-74.6%	-400.1%	0.3%	3.8%	45.1%	-7.9%	-467.2%	0.0%	529.4%	0.9%	-19.6%
Cash & Debt
Total Cash	1,654	1,672	1,608	1,623	1,542	1,458	-	-	-	1,419	-	-
Total Debt	56	58	61	65	67	29	0	0	0	15	0	0
Net Debt / (Cash)	-1,598	-1,613	-1,547	-1,559	-1,475	-1,429	-	-	-	-1,405	-	-
Cash Flows Quarterly
FCF from Operations	97	40	51	62	97	73	62	-178	-18	-	-	-
Cash Flows TTM
FCF from Operations TTM	251	251	284	294	54	-62	-	-	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	1	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-38.0%	-58.3%	-425.4%	-	349.9%	235.1%	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-101.6%	-96.2%	-98.1%	-	-1770.9%	-921.5%	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024
Single Segment	749	505
Total	749	505

Price Behavior

Price Behavior

Market Price	$22.92
Market Cap ($ Bil)	11.8
First Trading Date	07/31/2025
Distance from 52W High	-81.2%
	50 Days	200 Days
DMA Price	$69.21	$69.21
DMA Trend	down	down
Distance from DMA	-66.9%	-66.9%
	3M	1YR
Volatility	83.1%	86.9%
Downside Capture	212.76	369.58
Upside Capture	154.06	47.28
Correlation (SPY)	26.6%

FIG Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.70	1.08	1.45	1.66	-0.79	-0.20
Up Beta	-0.22	-0.03	-0.27	0.47	0.05	-2.54
Down Beta	-0.57	-0.10	0.54	1.44	-0.66	0.90
Up Capture	6%	5%	111%	66%	19%	2%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	9	15	25	50	76	76
Down Capture	1144%	324%	295%	240%	195%	100%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	13	28	39	75	111	111

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIG
FIG	-80.3%	86.9%	-1.95	-
Sector ETF (XLK)	51.7%	20.5%	1.93	24.3%
Equity (SPY)	27.4%	12.1%	1.71	21.4%
Gold (GLD)	42.5%	26.8%	1.30	-3.2%
Commodities (DBC)	45.4%	18.5%	1.88	2.8%
Real Estate (VNQ)	11.5%	13.5%	0.56	-0.5%
Bitcoin (BTCUSD)	-21.4%	41.7%	-0.47	23.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIG
FIG	-27.7%	86.9%	-1.95	-
Sector ETF (XLK)	22.0%	24.8%	0.78	24.3%
Equity (SPY)	13.6%	17.1%	0.63	21.4%
Gold (GLD)	19.4%	17.9%	0.88	-3.2%
Commodities (DBC)	10.9%	19.4%	0.45	2.8%
Real Estate (VNQ)	2.9%	18.8%	0.06	-0.5%
Bitcoin (BTCUSD)	7.8%	55.9%	0.35	23.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIG
FIG	-14.9%	86.9%	-1.95	-
Sector ETF (XLK)	25.0%	24.4%	0.92	24.3%
Equity (SPY)	15.5%	17.9%	0.74	21.4%
Gold (GLD)	13.0%	16.0%	0.67	-3.2%
Commodities (DBC)	8.3%	17.9%	0.38	2.8%
Real Estate (VNQ)	5.0%	20.7%	0.21	-0.5%
Bitcoin (BTCUSD)	67.9%	66.9%	1.07	23.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	58.0 Mil
Short Interest: % Change Since 4152026	16.1%
Average Daily Volume	17.7 Mil
Days-to-Cover Short Interest	3.3 days
Basic Shares Quantity	523.5 Mil
Short % of Basic Shares	11.1%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/14/2026	13.2%
2/18/2026	6.9%	29.1%	0.1%
9/3/2025	-19.9%	-25.1%	-23.8%
SUMMARY STATS
# Positive	2	1	1
# Negative	1	1	1
Median Positive	10.1%	29.1%	0.1%
Median Negative	-19.9%	-25.1%	-23.8%
Max Positive	13.2%	29.1%	0.1%
Max Negative	-19.9%	-25.1%	-23.8%

	Forward Returns
5/14/2026	13.2%
2/18/2026	6.9%	29.1%	0.1%
9/3/2025	-19.9%	-25.1%	-23.8%
SUMMARY STATS
# Positive	2	1	1
# Negative	1	1	1
Median Positive	10.1%	29.1%	0.1%
Median Negative	-19.9%	-25.1%	-23.8%
Max Positive	13.2%	29.1%	0.1%
Max Negative	-19.9%	-25.1%	-23.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/14/2026	10-Q
12/31/2025	02/18/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	09/03/2025	10-Q
03/31/2025	07/31/2025	424B4

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/14/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue	348.00 Mil	349.00 Mil	350.00 Mil	10.4%		Raised	Guidance: 316.00 Mil for Q1 2026
2026 Revenue	1.42 Bil	1.43 Bil	1.43 Bil	4.0%		Raised	Guidance: 1.37 Bil for 2026
2026 Non-GAAP Operating Income	125.00 Mil	130.00 Mil	135.00 Mil	23.8%		Raised	Guidance: 105.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/18/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue	315.00 Mil	316.00 Mil	317.00 Mil	7.8%		Higher New	Guidance: 293.00 Mil for Q4 2025
2026 Revenue	1.37 Bil	1.37 Bil	1.37 Bil	31.1%		Higher New	Guidance: 1.04 Bil for 2025
2026 Non-GAAP Operating Income	100.00 Mil	105.00 Mil	110.00 Mil	-8.3%		Lower New	Guidance: 114.50 Mil for 2025

Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3182026	26.30	4,817	126,687	21,714,437	Form
2	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3052026	28.30	4,817	136,303	23,498,974	Form
3	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	3052026	29.80	179,331	5,344,928	303,090,508	Form
4	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3052026	28.47	1,678	47,773	5,378,353	Form
5	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3022026	32.00	1,492	47,744	6,174,144	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3182026	26.30	4,817	126,687	21,714,437	Form
2	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3052026	28.30	4,817	136,303	23,498,974	Form
3	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	3052026	29.80	179,331	5,344,928	303,090,508	Form
4	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3052026	28.47	1,678	47,773	5,378,353	Form
5	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3022026	32.00	1,492	47,744	6,174,144	Form
6	Field, Dylan	President & CEO	Direct	Sell	3022026	30.80	250,000			Form
7	Field, Dylan	President & CEO	Trust	Sell	3022026	30.77	236,930			Form
8	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	2272026	30.00	8,554	256,620	47,405,430	Form
9	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2272026	30.00	51,359	1,541,017	311,076,144	Form
10	Reed, Andrew Phillips		SC Expansion Fund II Management, L.P.	Buy	2242026	24.30	912,749	22,183,700	35,650,770	Form
11	Reed, Andrew Phillips		SC Expansion Fund II Management, L.P.	Buy	2242026	25.90	554,103	14,353,373	14,353,373	Form
12	Herb, Tyler	Chief Accounting Officer	Direct	Sell	2232026	26.00	1,492	38,792	5,055,284	Form
13	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2232026	26.00	5,227	135,902	21,976,812	Form
14	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2122026	25.00	5,227	130,675	21,262,225	Form
15	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2122026	25.01	205,438	5,138,559	260,604,945	Form
16	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2042026	24.86	74,305	1,847,397	264,146,181	Form
17	Melwani, Praveer	CFO and Treasurer	Direct	Sell	2042026	24.86	16,247	403,939	38,544,072	Form
18	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	2042026	24.86	3,828	95,173	39,499,657	Form
19	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2042026	24.86	7,671	190,719	21,275,137	Form
20	Herb, Tyler	Chief Accounting Officer	Direct	Sell	2042026	24.86	2,232	55,493	4,871,196	Form
21	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1202026	32.02	5,666	181,399	27,641,594	Form
22	Field, Dylan	President & CEO	Direct	Sell	1162026	32.63	250,000			Form
23	Field, Dylan	President & CEO	See footnote	Sell	1162026	32.63	62,500			Form
24	Herb, Tyler	Chief Accounting Officer	Direct	Sell	1062026	37.15	2,840	105,519	7,362,446	Form
25	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	1062026	37.24	8,449	314,664	59,311,456	Form
26	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	1062026	37.25	181,345	6,755,172	398,528,790	Form
27	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1062026	37.25	5,666	211,046	32,370,350	Form
28	Herb, Tyler	Chief Accounting Officer	Direct	Sell	1062026	37.21	2,408	89,597	7,478,709	Form
29	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	1062026	37.21	3,933	146,338	59,569,975	Form
30	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	1062026	37.21	14,252	530,285	404,820,255	Form
31	Melwani, Praveer	CFO and Treasurer	Direct	Sell	1062026	37.21	11,880	442,028	58,287,631	Form
32	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1062026	37.21	6,793	252,752	32,546,297	Form
33	Melwani, Praveer	CFO and Treasurer	Direct	Sell	12292025	40.01	12,714	508,727	63,157,677	Form
34	Melwani, Praveer	CFO and Treasurer	APM33, LLC	Sell	12292025	40.01	11,137	445,626	4,736,071	Form
35	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12172025	34.65	4,392	152,200	30,547,861	Form
36	Field, Dylan	President & CEO	Direct	Sell	12172025	34.66	250,000			Form
37	Field, Dylan	President & CEO	See footnote	Sell	12172025	34.66	62,500			Form
38	Radakovich, Lynn Vojvodich		Direct	Sell	12172025	34.64	15,124	523,850	2,507,512	Form
39	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	12052025	36.71	177,387	6,512,168	399,945,598	Form
40	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12052025	36.68	4,392	161,113	32,497,801	Form
41	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	12052025	36.68	6,305	231,239	58,862,072	Form
42	Herb, Tyler	Chief Accounting Officer	Direct	Sell	12052025	36.60	2,310	84,539	7,444,017	Form
43	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	12032025	35.45	18,211	645,545	392,468,318	Form
44	Herb, Tyler	Chief Accounting Officer	Direct	Sell	12032025	35.45	3,073	108,932	7,292,241	Form
45	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12032025	35.45	9,343	331,192	31,559,302	Form
46	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	12032025	35.45	6,076	215,383	57,115,751	Form
47	Melwani, Praveer	CFO and Treasurer	Direct	Sell	12032025	35.45	15,781	559,406	56,402,854	Form
48	Field, Dylan	President & CEO	Direct	Sell	11262025	34.76	250,000			Form
49	Field, Dylan	President & CEO	See footnote	Sell	11262025	34.76	62,500			Form
50	Field, Dylan	President & CEO	Direct	Sell	11192025	37.30	3,029,063			Form
51	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11192025	37.29	4,299	160,329	33,551,591	Form
52	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11192025	38.21	757	28,925	7,977,828	Form
53	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11132025	45.00	10,000	450,000	72,581,310	Form
54	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11132025	45.03	31,715	1,428,085	499,361,213	Form
55	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11132025	45.00	10,000	450,000	40,643,145	Form
56	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	11132025	43.39	403,335	17,499,904	70,172,562	Form
57	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11132025	43.47	14,532	631,651	70,542,078	Form
58	Melwani, Praveer	CFO and Treasurer	APM33, LLC	Sell	11132025	43.46	13,000	565,011	5,628,378	Form
59	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11132025	43.47	272,789	11,857,002	483,407,825	Form
60	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11132025	43.47	80,934	3,517,940	39,693,031	Form
61	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11132025	43.93	43,357	1,904,777	9,172,604	Form
62	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11052025	48.17	73,738	3,552,055	548,137,321	Form
63	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	11052025	48.17	26,741	1,288,149	77,212,139	Form
64	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11052025	48.17	3,133	150,921	10,890,905	Form
65	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11052025	48.17	9,526	458,880	45,159,630	Form
66	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11052025	48.17	16,092	775,173	78,878,095	Form
67	Kleiner, Perkins Caufield & Byers Xvii, Llc		Direct	Sell	8052025	31.52	2,668,654	84,102,631	1,501,368,675	Form
68	Kleiner, Perkins Caufield & Byers Xvii, Llc		KPCB XVII Founders Fund, LLC	Sell	8052025	31.52	87,366	2,753,339	49,151,487	Form
69	Rimer, Daniel H		Index Ventures VI (Jersey), L.P.	Sell	8052025	31.52	3,187,765	100,462,414	1,758,877,677	Form
70	Rimer, Daniel H		Index Ventures VI Parralel Entreprenuer Fund (Jersey), L.P.	Sell	8052025	31.52	64,345	2,027,833	35,502,751	Form
71	Rimer, Daniel H		Yucca Jersey SLP	Sell	8052025	31.52	41,166	1,297,346	26,308,722	Form
72	Index, Ventures VI (jersey) LP		Direct	Sell	8052025	31.52	3,187,765	100,462,414	1,758,877,677	Form
73	Index, Ventures VI (jersey) LP		Index Ventures VI Parralel Entreprenuer Fund (Jersey), L.P.	Sell	8052025	31.52	64,345	2,027,833	35,502,751	Form
74	Index, Ventures VI (jersey) LP		Yucca Jersey SLP	Sell	8052025	31.52	41,166	1,297,346	26,308,722	Form
75	Hamid, Mamoon Amjad		Kleiner Perkins Caufield & Byers XVII, LLC	Sell	8052025	31.52	2,668,654	84,102,631	1,501,368,675	Form
76	Hamid, Mamoon Amjad		KPCB XVII Founders Fund, LLC	Sell	8052025	31.52	87,366	2,753,339	49,151,487	Form
77	Lilly, Iii John Osborne		Direct	Buy	8052025	33.00	62,500	2,062,500	2,062,500	Form
78	McDermott, William R		Direct	Buy	8052025	33.00	160,000	5,280,000	6,869,907	Form
79	Von, Ahn Luis		Direct	Buy	8052025	33.00	30,000	990,000	2,579,907	Form
80	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	8052025	31.52	90,000	2,836,350	52,986,170	Form
81	Melwani, Praveer	CFO and Treasurer	Direct	Sell	8052025	31.52	40,000	1,260,600	53,091,776	Form
82	Melwani, Praveer	CFO and Treasurer	APM33, LLC	Sell	8052025	31.52	7,500	236,362	4,490,888	Form
83	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	8052025	31.52	30,000	945,450	30,431,609	Form
84	Reed, Andrew Phillips		Sequoia Capital US/E Expansion Fund I, L.P.	Buy	8052025	33.00	60,000	1,980,000	1,980,000	Form
85	Reed, Andrew Phillips		Sequoia Capital U.S. Growth Fund VIII, L.P.	Sell	8052025	31.52	1,286,711	40,550,697	698,132,697	Form
86	Reed, Andrew Phillips		Sequoia Grove II, LLC	Sell	8052025	31.52	414,182	13,052,946	224,723,002	Form
87	Reed, Andrew Phillips		Sequoia Grove UK, L.P.	Sell	8052025	31.52	8,441	266,018	4,580,043	Form
88	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	8052025	31.52	217,270	6,847,264	362,061,622	Form
89	Field, Dylan	President & CEO	Direct	Sell	8052025	31.52	1,600,000			Form
90	Field, Dylan	President & CEO	See footnote	Sell	8052025	31.52	750,000			Form
91	Greylock, Xiv GP Llc		Greylock XIV-A Limited Partnership	Sell	8052025	31.52	153,738	4,845,053	92,056,229	Form
92	Greylock, Xiv GP Llc		Greylock XIV Limited Partnership	Sell	8052025	31.52	2,767,279	87,210,798	1,657,005,345	Form
93	Greylock, Xiv GP Llc		Greylock XIV Principals LLC	Sell	8052025	31.52	153,738	4,845,053	92,056,229	Form

FIG Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

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Core Investment Debate

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Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Noise: Real but irrelevant to thesis

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What FIG Makes & Who Pays

TTM figures based on

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③ Catalyst

Combined Score

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1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

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6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Figma (FIG)

Market Price (5/16/2026): $22.57 | Market Cap: $11.8 BilSector: Information Technology | Industry: Application Software

Figma (FIG)

Market Price (5/16/2026): $22.57Market Cap: $11.8 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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CONVICTION RATIONALE

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CORE TENSION

PREVAILING SENTIMENT

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Position Sizing

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Market Price (5/16/2026): $22.57 | Market Cap: $11.8 Bil
Sector: Information Technology | Industry: Application Software

Market Price (5/16/2026): $22.57
Market Cap: $11.8 Bil
Sector: Information Technology
Industry: Application Software