Figma (FIG)

Market Price (9/9/2026): $22.81 | Market Cap: $12.0 BilSector: Information Technology | Industry: Application Software

Figma (FIG)

Market Price (9/9/2026): $22.81
Market Cap: $12.0 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 43%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

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 -119%, 3Y Excs Rtn is -151%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -124%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 131%

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 43%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
3	Megatrend and thematic drivers Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), and Collaborative Software.
4	Weak multi-year price returns 2Y Excs Rtn is -119%, 3Y Excs Rtn is -151%
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -1.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -124%
6	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 131%
7	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%
8	Key risks FIG key risks include [1] margin pressure and an existential threat from AI-native competitors, Show more.

FIG in ETFs

Weight = FIG's share of each fund

VTI0.01%

IWB0.01%

VB0.08%

ARKW1.3%

VBR0.14%

IWS0.05%

IWR0.04%

DYNF0.02%

+4 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	9/9/26	2025	2024	2023
Share Price			$22.81	$37.37	�	�
Mkt Cap ($ Bil)			12.0	19.2	-	-
+ Debt ($ Bil)			0.1	0.1	0.0	0.0
- Cash ($ Bil)			1.7	1.7	1.5	1.4
TEV ($ Bil)			10.4	19.3
Valuation Ratios
P/S	6.6	8.2	9.4	18.2	-	-
P/EBIT	45.2	57.7	-7.6	-14.9	-	-
P/E	60.9	77.7	-7.6	-14.6	-	-
P/FCF	—	—	54.4	80.7	-	-
Sector Ratios (* = sector average)
P/S *			3.8	3.6	3.6	3.2
P/EBIT *			3.0	3.7	1.6	-0.1
P/E *			-0.0	-0.1	-0.3	-0.2
P/FCF *			10.2	12.7	14.8	13.9

FYE: 12/31	Forward FYE		Now
	2027	2026	9/9/26
Share Price			$22.81
Mkt Cap ($ Bil)			12.0
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			1.7
TEV ($ Bil)			10.4
Valuation Ratios
P/S	6.6	8.2	9.4
P/EBIT	45.2	57.7	-7.6
P/E	60.9	77.7	-7.6
P/FCF	—	—	54.4
Sector Ratios (* = sector average)
P/S *			3.8
P/EBIT *			3.0
P/E *			-0.0
P/FCF *			10.2

FYE: 12/31	FIG [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.3 Bil	—
FY 2026 Sales	$1.5 Bil	—
FY 2027 Sales	$1.8 Bil	—
FY 2026 Sales Growth	14.7%	—
FY 2027 Sales Growth	23.8%	13.1%
EARNINGS
LTM Net Income (GAAP) [3]	$-1.6 Bil	—
FY 2026 Net Income (Non-GAAP)	$154.8 Mil	—
FY 2027 Net Income (Non-GAAP)	$197.6 Mil	—
FY 2027 Net Income Growth	27.7%	18.6%
FY 2026 EPS (Non-GAAP)	$0.29	—
FY 2027 EPS (Non-GAAP)	$0.36	—
FY 2027 EPS Growth	26.7%	—
VALUATION
FY 2026 P/S	8.2	1.7
FY 2027 P/S	6.6	—
FY 2026 P/E	77.7	7.6
FY 2027 P/E	60.9	—

[1] FIG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	FIG	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	1.3
Rev Chg Q	48.2%	9.3%
Rev Chg LTM	43.4%	8.4%
Rev Chg 3Y Avg	44.9%	5.9%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-1.6
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	-1.6
Op Mgn LTM	-123.8%	18.6%
CFO/Rev LTM	19.5%	21.9%
Net Inc Mgn	-123.1%	13.1%
VALUATION	VERY HIGH
P/S	9.4	3.2
P/CFO	48.3	15.5
P/FCF	54.4	19.8
P/E	-7.6	23.2
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.71	0.07

AI Analysis | Feedback

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

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/8/2026

Figma (FIG) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Gross Margin Pressure and Uncertain AI Monetization Following Fiscal Q2 2026 Earnings.

Figma reported its fiscal Q2 2026 results (for the quarter ending June 30, 2026) on August 5, 2026, exceeding revenue expectations with $370.08 million, a 48% year-over-year increase, and an EPS of $0.08 against an estimated ($0.22). Despite the strong top-line performance and raised full-year guidance, the stock declined due to concerns over non-GAAP gross margin pressure. The company incurred costs for "inference on AI products still in beta that do not yet charge customers," leading to investor apprehension about the near-term monetization pace of new AI features. This sentiment was echoed by CEO Dylan Field at the Goldman Sachs Communacopia + Technology Conference 2026, who noted uncertainty in gross margin guidance for the next six months due to unpredictable usage and monetization patterns of new AI products like Code Layers and Figma Make.

2. Significant Insider Selling Exceeding $5 Million Threshold.

During the period, there were substantial insider stock sales that indicated a potential lack of confidence. On July 31, 2026, Figma's CFO & Treasurer, Praveer Melwani, sold shares valued at $9,581,424. This was followed by another significant sale on August 6, 2026, when former Chief Technology Officer Kris Rasmussen sold shares totaling $5,014,389. These transactions individually exceeded the $5 million threshold, contributing to negative investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The -10.8% change in FIG stock from 5/31/2026 to 9/8/2026 was primarily driven by a -18.6% change in the company's P/S Multiple.

(LTM values as of)	5312026	9082026	Change
Stock Price ($)	25.50	22.75	-10.8%
Change Contribution By:
Total Revenues ($ Mil)	1,161	1,281	10.4%
P/S Multiple	11.5	9.4	-18.6%
Shares Outstanding (Mil)	523	527	-0.8%
Cumulative Contribution			-10.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/8/2026

	Return	Correlation
FIG	-10.8%
Market (SPY)	1.3%	4.8%
Sector (XLK)	-1.6%	-12.5%

Fundamental Drivers

The -22.6% change in FIG stock from 2/28/2026 to 9/8/2026 was primarily driven by a -34.4% change in the company's P/S Multiple.

(LTM values as of)	2282026	9082026	Change
Stock Price ($)	29.39	22.75	-22.6%
Change Contribution By:
Total Revenues ($ Mil)	1,056	1,281	21.4%
P/S Multiple	14.3	9.4	-34.4%
Shares Outstanding (Mil)	513	527	-2.7%
Cumulative Contribution			-22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/8/2026

	Return	Correlation
FIG	-22.6%
Market (SPY)	12.0%	8.6%
Sector (XLK)	35.6%	-0.7%

Fundamental Drivers

The -67.6% change in FIG stock from 8/31/2025 to 9/8/2026 was primarily driven by a -10.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	8312025	9082026	Change
Stock Price ($)	70.28	22.75	-67.6%
Change Contribution By:
Total Revenues ($ Mil)	�	1,281	0.0%
P/S Multiple	�	9.4	0.0%
Shares Outstanding (Mil)	475	527	-10.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/8/2026

	Return	Correlation
FIG	-67.6%
Market (SPY)	19.8%	20.0%
Sector (XLK)	43.7%	14.0%

Fundamental Drivers

null
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Market Drivers

8/31/2023 to 9/8/2026

	Return	Correlation
FIG
Market (SPY)	76.1%	16.9%
Sector (XLK)	117.9%	12.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
FIG Return	-	-	-	-	-68%	-35%	-79%
Peers Return	15%	-46%	51%	5%	-7%	-2%	-11%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
FIG Win Rate	-	-	-	-	17%	44%
Peers Win Rate	60%	27%	63%	53%	45%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
FIG Max Drawdown	-	-	-	-	-	-55%
Peers Max Drawdown	-28%	-53%	-22%	-28%	-31%	-40%
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 9/8/2026 (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 (FIG) is a leading browser-based, AI-powered collaboration platform designed for teams to create and develop digital products and experiences. It serves as a central hub where designers, developers, product managers, and other stakeholders work together throughout the entire software creation lifecycle, from initial idea generation and concept visualization to final product implementation. The platform's expansive view of design extends beyond aesthetics to encompass how digital products function, making it critical for companies aiming to stand out in an increasingly digital world.

The company's core offering is its integrated, cloud-based platform that enables real-time collaboration on design projects through a simple URL. It allows cross-functional teams to share ideas, align on visions, and translate designs into coded products efficiently. Figma caters to the growing movement to elevate design and streamline software building, recognizing that better-designed digital products are essential for attracting and retaining user loyalty.

Figma primarily serves large enterprises and organizations across diverse industries and geographies that are heavily investing in digital transformation. Its robust client base includes 95% of the Fortune 500 and 78% of the Forbes Global 2000 as of March 2025. The platform supports over 13 million monthly active users, with a significant two-thirds comprising non-designers, highlighting its broad appeal for cross-functional team collaboration on prominent digital products used by billions daily, such as Google Maps, Uber, and Netflix.

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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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null

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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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Peer Outperformance in Application Software

null

Share of Application Software constituents that FIG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

20%

of 153 industry peers · -56.6% return

—

insufficient peer history

—

insufficient peer history

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Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is FIG's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	9	61.1%	192.7%	295.5%	TTMI 850% · FLEX 760% · SANM 426%
Semiconductor Materials & Equipment	27	130.8%	82.2%	102.6%	AEHR 749% · AXTI 659% · KLAC 470%
Technology Distributors	9	29.8%	72.1%	88.5%	CLMB 337% · AVT 169% · SNX 125%
Communications Equipment	36	20.9%	81.9%	74.9%	AAOI 1345% · LITE 1003% · ANET 771%
Electronic Components	26	47.9%	61.2%	64.2%	CLS 3641% · BELFA 1330% · LPTH 398%
Semiconductors	55	27.0%	28.2%	25.4%	POET 1940% · MU 1308% · NVDA 921%
Technology Hardware, Storage & Peripherals	21	32.7%	79.9%	20.0%	DELL 1111% · STX 1102% · SMCI 1004%
Internet Services & Infrastructure	6	17.4%	31.8%	11.6%	DOCN 83% · VRSN 29% · GDDY 23%
Electronic Equipment & Instruments	27	-10.4%	9.0%	-8.7%	PI 217% · OSIS 111% · NSSC 104%
IT Consulting & Other Services	28	-27.0%	-13.3%	-30.0%	CHRN 554111% · APLD 1316% · TSSI 687%
Application Software ←	123	-28.2%	-15.0%	-45.9%	VIDA 221718% · INLX 4885% · PLTR 552%
Systems Software	68	-13.1%	0.7%	-58.5%	QNC 514% · ZETA 355% · PAYS 338%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Figma's AI Future Is Here, But Its Guidance Is Stuck in Beta	08/07/2026
2	Figma Stock Slides 34% With A 11-Day Losing Spree	06/17/2026
3	10-Day Sell-Off Sends Figma Stock Down 32%	06/16/2026
4	Figma Stock Plummets 32% With 9-Day Losing Streak	06/13/2026
5	Figma Stock Slides 29% With A 8-Day Losing Spree	06/12/2026
6	Figma Stock 7-Day Losing Spree: Stock Falls 27%	06/11/2026
7	Figma Stock Plummets 24% With 6-Day Losing Streak	06/10/2026
8	Figma Stock Plummets 22% With 5-Day Losing Streak	06/09/2026
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
11	ARTICLES
12	Figma Stock Slides 26% Over 7 Straight Down Days	09/09/2026
13	Figma Stock Slides 21% Over 6 Straight Down Days	09/07/2026
14	Figma Stock Slides 18% Over 5 Straight Down Days	09/04/2026
15	Figma Stock Rose With Its Peers, Not On Its Own News	08/28/2026
16	Figma Is Paying For The Products It Has Not Started Charging For	08/07/2026

	Title
0	DASHBOARDS
1	Figma's AI Future Is Here, But Its Guidance Is Stuck in Beta
2	Figma Stock Slides 34% With A 11-Day Losing Spree
3	10-Day Sell-Off Sends Figma Stock Down 32%
4	Figma Stock Plummets 32% With 9-Day Losing Streak
5	Figma Stock Slides 29% With A 8-Day Losing Spree
6	Figma Stock 7-Day Losing Spree: Stock Falls 27%
7	Figma Stock Plummets 24% With 6-Day Losing Streak
8	Figma Stock Plummets 22% With 5-Day Losing Streak
9	Figma Stock In Shambles: Down 23% With 6-Day Losing Streak
10	Figma Stock In Shambles: Down 20% With 5-Day Losing Streak
11	ARTICLES
12	Figma Stock Slides 26% Over 7 Straight Down Days
13	Figma Stock Slides 21% Over 6 Straight Down Days
14	Figma Stock Slides 18% Over 5 Straight Down Days
15	Figma Stock Rose With Its Peers, Not On Its Own News
16	Figma Is Paying For The Products It Has Not Started Charging For

Trade Ideas

Select ideas related to FIG.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FCEL	FuelCell Energy	1.0	18.8%	143.0%
ROIV	Roivant Sciences	29.9	18.8%	91.2%
SEI	Solaris Energy Infrastructure	3.8	16.3%	39.7%
SATL	Satellogic	0.8	15.3%	186.1%
SMR	NuScale Power	4.1	15.3%	-21.1%
AXTI	AXT	4.3	12.8%	325.4%
DOCN	DigitalOcean	13.3	12.6%	163.3%
NRGV	Energy Vault	0.8	12.5%	-6.3%
CRWV	CoreWeave	55.0	11.7%	39.4%
FRMI	Fermi	3.6	11.5%	-28.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
DYN	Dyne Therapeutics	3.4	-16.4%	3.8%
SGML	Sigma Lithium	1.2	-15.8%	-20.9%
XFOR	X4 Pharmaceuticals	0.4	-13.2%	-12.4%
CNXC	Concentrix	1.7	-12.1%	-29.3%
HWM	Howmet Aerospace	92.6	-10.7%	13.1%
SANA	Sana Biotechnology	1.0	-10.4%	-15.2%
MEI	Methode Electronics	0.5	-10.4%	115.4%
STDN	Standard Nuclear	2.1	-10.1%	7.4%
AMGN	Amgen	212.3	-10.1%	22.6%
APPN	Appian	2.5	-9.9%	-2.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BE	Bloom Energy	79.6	34.4%	219.0%
EOSE	Eos Energy Enterprises	1.5	33.5%	-62.5%
SECZ	Securitize	1.2	27.7%	-32.9%
NRGV	Energy Vault	0.8	27.1%	-6.3%
SMMT	Summit Therapeutics	13.4	26.9%	-1.2%
HUT	Hut 8	11.8	26.5%	116.6%
SEI	Solaris Energy Infrastructure	3.8	26.0%	39.7%
CBIO	Crescent Biopharma	0.6	23.3%	72.5%
FRVO	Fervo Energy	3.0	22.9%	-48.3%
SMTC	Semtech	15.1	22.3%	120.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.2	-92.8%	-94.8%
ALMS	Alumis	1.4	-51.5%	8.4%
RARE	Ultragenyx Pharmaceutical	1.5	-41.0%	-35.3%
CXM	Sprinklr	1.3	-32.4%	-28.7%
GWRE	Guidewire Software	12.6	-26.9%	-25.5%
CRDO	Credo Technology	31.0	-25.8%	16.6%
PATH	UiPath	7.3	-25.0%	-14.5%
MEI	Methode Electronics	0.5	-22.9%	115.4%
RPD	Rapid7	0.7	-22.3%	-31.2%
MDB	MongoDB	28.6	-21.5%	-15.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MRNA	Moderna	55.9	137.2%	375.9%
CAPR	Capricor Therapeutics	0.5	121.5%	-68.6%
QMCO	Quantum	0.5	103.2%	279.2%
PURR	Hyperliquid Strategies	1.5	75.2%	235.1%
HTFL	HeartFlow	4.1	65.7%	63.8%
ABCL	AbCellera Biologics	3.5	65.1%	234.5%
ARX	Accelerant	4.3	59.2%	21.3%
FWDI	Forward Industries	0.6	58.4%	3.8%
NIQ	NIQ Global Intelligence	5.4	57.0%	11.2%
STDN	Standard Nuclear	2.1	56.5%	7.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.4	-61.7%	8.4%
IESC	IES	13.7	-44.1%	-11.9%
RARE	Ultragenyx Pharmaceutical	1.5	-42.6%	-35.3%
AADX	Applied Aerospace & Defense	1.8	-42.5%	-34.8%
CDNL	Cardinal Infrastructure	0.6	-40.3%	58.1%
LINC	Lincoln Educational Services	0.8	-39.5%	2.7%
AEVA	Aeva Technologies	1.1	-39.0%	22.4%
DKS	Dick's Sporting Goods	11.7	-36.6%	-32.3%
EVCM	EverCommerce	1.3	-34.2%	-40.7%
LCID	Lucid	1.8	-34.2%	-56.2%

Peer Comparisons

Peers to compare with:

Financials

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Mkt Price	22.75	257.26	493.95	176.42	96.44	212.21	194.31
Mkt Cap	12.0	103.4	3,668.1	44.6	28.2	44.6	44.6
Rev LTM	1,281	25,198	331,839	6,572	4,993	7,790	7,181
Op Inc LTM	-1,587	9,090	155,237	10	1,185	2,175	1,680
FCF LTM	221	10,280	66,987	1,319	1,925	2,804	2,365
FCF 3Y Avg	-	8,695	70,890	1,383	1,830	1,907	1,907
CFO LTM	249	10,481	182,935	1,353	2,000	2,896	2,448
CFO 3Y Avg	-	8,893	145,882	1,421	1,932	1,994	1,994

Growth & Margins

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Rev Chg LTM	43.4%	11.5%	17.8%	26.0%	5.0%	17.9%	17.9%
Rev Chg 3Y Avg	-	11.0%	16.1%	23.0%	3.8%	14.4%	14.4%
Rev Chg Q	48.2%	12.7%	17.7%	27.6%	4.9%	16.1%	16.9%
QoQ Delta Rev Chg LTM	10.4%	3.0%	4.3%	6.2%	1.2%	3.8%	4.0%
Op Inc Chg LTM	-3,538.1%	10.6%	20.8%	107.9%	22.0%	43.6%	21.4%
Op Inc Chg 3Y Avg	-	13.6%	20.6%	54.2%	184.1%	29.5%	29.5%
Op Mgn LTM	-123.8%	36.1%	46.8%	0.2%	23.7%	27.9%	25.8%
Op Mgn 3Y Avg	-89.9%	35.9%	45.7%	-1.7%	20.1%	24.4%	22.2%
QoQ Delta Op Mgn LTM	2.6%	-0.6%	-0.0%	3.9%	-0.4%	0.9%	0.4%
CFO/Rev LTM	19.5%	41.6%	55.1%	20.6%	40.1%	37.2%	38.6%
CFO/Rev 3Y Avg	-	38.8%	50.6%	27.3%	40.4%	28.8%	38.8%
FCF/Rev LTM	17.3%	40.8%	20.2%	20.1%	38.6%	36.0%	28.1%
FCF/Rev 3Y Avg	-	37.9%	25.3%	26.6%	38.3%	27.5%	27.5%

Valuation

	FIG	ADBE	MSFT	TEAM	ZM	ADSK	Median
Name	Figma	Adobe	Microsoft	Atlassian	Zoom Com.	Autodesk
Mkt Cap	12.0	103.4	3,668.1	44.6	28.2	44.6	44.6
P/S	9.4	4.1	11.1	6.8	5.7	5.7	6.3
P/Op Inc	-7.6	11.4	23.6	4,307.6	23.8	20.5	22.1
P/EBIT	-7.6	11.0	21.7	623.8	23.8	20.5	21.1
P/E	-7.6	14.3	27.4	-828.7	8.7	27.1	11.5
P/CFO	48.1	9.9	20.1	33.0	14.1	15.4	17.7
Total Yield	-13.2%	7.0%	4.4%	-0.1%	11.5%	3.7%	4.0%
Dividend Yield	0.0%	0.0%	0.7%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	6.9%	2.2%	4.1%	8.3%	3.9%	4.1%
D/E	0.0	0.1	0.0	0.0	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	-2.3%	-3.0%	-1.0%	18.3%	-7.7%	-14.8%	-2.7%
3M Rtn	11.0%	8.1%	22.7%	84.5%	-0.4%	-5.3%	9.6%
6M Rtn	-19.8%	-6.5%	22.2%	126.2%	26.3%	-16.4%	7.9%
12M Rtn	-56.6%	-28.3%	-0.0%	2.2%	13.4%	-35.1%	-14.2%
3Y Rtn	-80.3%	-54.1%	51.2%	-14.6%	33.8%	-3.2%	-8.9%
1M Excs Rtn	-1.2%	-1.9%	0.1%	19.4%	-6.6%	-13.7%	-1.6%
3M Excs Rtn	4.2%	1.4%	16.6%	76.6%	-8.3%	-9.3%	2.8%
6M Excs Rtn	-38.3%	-21.8%	8.2%	102.1%	12.2%	-31.5%	-6.8%
12M Excs Rtn	-76.9%	-44.7%	-17.8%	-16.1%	-3.1%	-53.4%	-31.2%
3Y Excs Rtn	-150.5%	-124.2%	-16.0%	-83.8%	-34.5%	-74.6%	-79.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023
Filing Date	8/5/2026	2/18/2026	7/31/2025	2/18/2026
Key Financials
Total Revenue	1,281	1,056	749	505
Gross Profit	1,014	870	661	460
EBITDA	-1,566	-1,275	-870	-65
Operating Income	-1,587	-1,290	-877	-73
Net Income	-1,578	-1,250	-732	286
EPS	-3.64	-3.71	-1.50	0.60
Growth Rates
Total Revenue Growth	43.4%	41.0%	48.4%	-
EBITDA Growth	-2955.2%	-46.6%	-1238.9%	-
Operating Income Growth	-3538.1%	-47.1%	-1094.5%	-
Net Income Growth	-1821.6%	-70.8%	-356.1%	-
Margins
Gross Margin	79.1%	82.4%	88.3%	91.2%
EBITDA Margin	-122.2%	-120.7%	-116.1%	-12.9%
Operating Income Margin	-123.8%	-122.2%	-117.1%	-14.5%
Net Income Margin	-123.1%	-118.4%	-97.7%	56.6%
Cash & Debt
Total Cash	1,667	1,656	1,458	1,419
Total Debt	68	58	29	15
Net Debt / (Cash)	-1,599	-1,597	-1,429	-1,405
Cash Flows & CapEx
Net Cash from Operations	249	251	-62	1,047
Total CapEx	-28	-13	-7	-6
Free Cash from Operations	221	237	-69	1,041
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	1	0

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	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
Filing Date	8/5/2026	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
Key Financials Quarterly
Total Revenue	370	333	304	274	250	228	217	199	177	156	144	132
Ebitda	-113	-131	-189	-1,132	6	41	53	-45	-892	15	-40	-1
Operating Income	-117	-137	-196	-1,137	2	40	52	-47	-894	13	-40	-1
Net Income	-112	-142	-227	-1,097	1	9	98	-16	-828	0	765	1
EPS	-0.21	-0.27	-0.44	-2.72	0.00	0.02	0.21	-0.03	-1.74	0.00	1.61	0.00
Key Financials TTM
Total Revenue TTM	1,281	1,161	1,056	969	893	821	749	677	610	552	505	-
Ebitda TTM	-1,566	-1,447	-1,275	-1,032	55	-843	-870	-963	-918	-52	-73	-
Operating Income TTM	-1,587	-1,468	-1,290	-1,043	46	-850	-877	-969	-922	-54	-73	-
Net Income TTM	-1,578	-1,465	-1,314	-990	92	-737	-746	-79	-62	743	738	-
Growth Rates Quarterly
Total Revenue Growth	48.2%	46.1%	40.0%	38.0%	40.9%	46.1%	50.2%	50.2%	49.3%	42.6%	-	-
EBITDA Growth	-2088.1%	-418.2%	-455.8%	-2396.9%	100.6%	181.9%	234.8%	-8621.3%	-3245.9%	316.8%	-	-
Operating Income Growth	-5749.8%	-445.7%	-478.4%	-2301.5%	100.2%	217.5%	230.8%	-9003.1%	-3253.4%	285.4%	-	-
Net Income Growth	-13356.7%	-1753.7%	-331.6%	-6933.0%	100.1%	-	-87.2%	-1345.8%	-3459.0%	100.0%	-	-
Margins Quarterly
EBITDA Margin	-30.6%	-39.4%	-62.4%	-413.0%	2.3%	18.1%	24.5%	-22.8%	-503.5%	9.4%	-27.4%	-0.4%
Operating Income Margin	-31.7%	-41.2%	-64.4%	-414.6%	0.8%	17.4%	23.8%	-23.8%	-504.7%	8.0%	-27.4%	-0.4%
Net Income Margin	-30.3%	-42.7%	-74.6%	-400.1%	0.3%	3.8%	45.1%	-7.9%	-467.2%	0.0%	529.4%	0.9%
Cash & Debt
Total Cash	1,667	1,638	1,656	1,578	1,593	1,542	1,458	-	-	-	1,419	-
Total Debt	68	56	58	61	65	67	29	0	0	0	15	0
Net Debt / (Cash)	-1,599	-1,582	-1,597	-1,516	-1,529	-1,475	-1,429	-	-	-	-1,405	-
Cash Flows Quarterly
FCF from Operations	61	97	40	51	62	97	73	62	-178	-18	-	-
Cash Flows TTM
FCF from Operations TTM	249	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	-0	1	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-29.8%	-37.6%	-57.6%	-413.6%	32.7%	349.9%	235.1%	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-100.7%	-100.5%	-95.1%	-95.3%	251.2%	-1770.9%	-921.5%	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Single Segment	1,056	749	505
Total	1,056	749	505

Price Behavior

Price Behavior

Market Price	$22.75
Market Cap ($ Bil)	12.0
First Trading Date	07/31/2025
Distance from 52W High	-68.0%
	50 Days	200 Days
DMA Price	$49.08	$72.54
DMA Trend	down	up
Distance from DMA	-53.6%	-68.6%
	3M	1YR
Volatility	88.2%	79.3%
Downside Capture	-29.08	242.74
Upside Capture	24.50	96.72
Correlation (SPY)	0.1%	21.6%

FIG Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	3.84	0.59	0.33	0.51	1.31	0.49
Up Beta	5.09	0.06	0.88	0.11	0.46	0.71
Down Beta	-4.90	-1.06	0.67	0.46	1.46	-0.38
Up Capture	470%	269%	16%	48%	71%	4%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	10	22	29	54	107	115
Down Capture	374%	-32%	-21%	90%	163%	96%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	11	20	35	73	143	156

[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	-58.7%	79.2%	-0.77	-
Sector ETF (XLK)	43.7%	26.2%	1.35	14.6%
Equity (SPY)	19.4%	12.8%	1.11	22.1%
Gold (GLD)	20.8%	29.2%	0.65	-1.1%
Commodities (DBC)	45.0%	20.4%	1.72	-1.3%
Real Estate (VNQ)	7.8%	13.6%	0.30	6.8%
Bitcoin (BTCUSD)	-28.1%	43.9%	-0.63	20.7%

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	-27.8%	87.5%	-1.29	-
Sector ETF (XLK)	19.5%	25.9%	0.67	12.0%
Equity (SPY)	12.6%	17.2%	0.56	16.9%
Gold (GLD)	18.8%	18.8%	0.81	-0.9%
Commodities (DBC)	10.6%	19.5%	0.42	-0.2%
Real Estate (VNQ)	1.5%	18.9%	-0.03	2.5%
Bitcoin (BTCUSD)	11.1%	52.6%	0.39	19.3%

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	-15.0%	87.5%	-1.29	-
Sector ETF (XLK)	24.4%	25.0%	0.88	12.0%
Equity (SPY)	15.2%	17.9%	0.72	16.9%
Gold (GLD)	12.2%	16.3%	0.61	-0.9%
Commodities (DBC)	7.9%	18.1%	0.36	-0.2%
Real Estate (VNQ)	4.9%	20.7%	0.20	2.5%
Bitcoin (BTCUSD)	63.6%	66.2%	1.03	19.3%

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

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	42.2 Mil
Short Interest: % Change Since 7312026	-30.0%
Average Daily Volume	28.6 Mil
Days-to-Cover Short Interest	1.5 days
Basic Shares Quantity	527.5 Mil
Short % of Basic Shares	8.0%

Returns Analyses

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Earnings Returns History

Updated 9/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	-14.8%	-15.6%	-10.4%
5/14/2026	13.2%	6.7%	-8.5%
2/18/2026	6.9%	29.1%	0.1%
11/5/2025	4.5%	-0.0%	-14.5%
9/3/2025	-19.9%	-25.1%	-23.8%
SUMMARY STATS
# Positive	3	2	1
# Negative	2	3	4
Median Positive	6.9%	17.9%	0.1%
Median Negative	-17.4%	-15.6%	-12.4%
Max Positive	13.2%	29.1%	0.1%
Max Negative	-19.9%	-25.1%	-23.8%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	-14.8%	-15.6%	-10.4%
5/14/2026	13.2%	6.7%	-8.5%
2/18/2026	6.9%	29.1%	0.1%
11/5/2025	4.5%	-0.0%	-14.5%
9/3/2025	-19.9%	-25.1%	-23.8%
SUMMARY STATS
# Positive	3	2	1
# Negative	2	3	4
Median Positive	6.9%	17.9%	0.1%
Median Negative	-17.4%	-15.6%	-12.4%
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
06/30/2026	08/05/2026	10-Q
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

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Revenue	Reported	373.00 Mil	374.00 Mil	375.00 Mil
2026 Revenue	Reported	1.46 Bil	1.47 Bil	1.47 Bil	2.8%		Raised	Guidance: 1.43 Bil for 2026
2026 Non-GAAP Operating Income	Reported	125.00 Mil	130.00 Mil	135.00 Mil	0		Affirmed	Guidance: 130.00 Mil for 2026
2026 Non-GAAP Operating Margin	Reported		9.0%

Prior: Q1 2026 Earnings Reported 5/14/2026

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

Q4 2025 Earnings Reported 2/18/2026

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

Q3 2025 Earnings Reported 11/5/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Revenue	Reported	292.00 Mil	293.00 Mil	294.00 Mil
2025 Revenue	Reported	1.04 Bil	1.04 Bil	1.05 Bil	2.2%		Raised	Guidance: 1.02 Bil for 2025
2025 Non-GAAP operating income	Reported	112.00 Mil	114.50 Mil	117.00 Mil	23.1%		Raised	Guidance: 93.00 Mil for 2025

Insider Activity

Updated 9/8/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	9082026	25.98	109,106	2,834,526	15,832,230	Form
2	Herb, Tyler	Chief Accounting Officer	Direct	Sell	9082026	26.29	1,416	37,227	6,556,358	Form
3	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	9012026	29.79	211,599	6,304,220	21,688,051	Form
4	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8312026	30.00	2,000	60,000	7,579,200	Form
5	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8252026	27.14	1,840	49,938	6,910,930	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	9082026	25.98	109,106	2,834,526	15,832,230	Form
2	Herb, Tyler	Chief Accounting Officer	Direct	Sell	9082026	26.29	1,416	37,227	6,556,358	Form
3	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	9012026	29.79	211,599	6,304,220	21,688,051	Form
4	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8312026	30.00	2,000	60,000	7,579,200	Form
5	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8252026	27.14	1,840	49,938	6,910,930	Form
6	Rimer, Daniel H		Yucca Jersey SLP	Sell	8122026	25.39	12,475	316,740	19,974,313	Form
7	Index, Ventures VI (jersey) LP		Yucca Jersey SLP	Sell	8122026	25.39	12,475	316,740	19,974,313	Form
8	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	8062026	27.91	30,000	837,183	47,401,860	Form
9	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	8062026	26.63	12,825	341,543	46,034,945	Form
10	Rasmussen, Kris	Former Chief Technology Off.	Direct	Sell	8062026	25.53	196,397	5,014,389	235,776,552	Form
11	Melwani, Praveer	CFO and Treasurer	Direct	Sell	8062026	26.63	40,000	1,065,314	44,597,889	Form
12	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8062026	26.00	709	18,434	6,668,480	Form
13	Herb, Tyler	Chief Accounting Officer	Direct	Sell	8042026	26.00	1,536	39,936	6,686,914	Form
14	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	7312026	25.00	18,213	455,385	23,792,415	Form
15	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	7312026	25.07	261,301	6,550,450	237,974,866	Form
16	Melwani, Praveer	CFO and Treasurer	Direct	Sell	7312026	25.13	381,288	9,581,424	43,365,690	Form
17	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	7162026	23.92	11,219	268,374	41,945,051	Form
18	Melwani, Praveer	CFO and Treasurer	Direct	Sell	7082026	20.48	30,460	623,894	35,056,160	Form
19	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	7082026	20.62	8,629	177,911	36,383,654	Form
20	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	6052026	23.01	87,510	2,013,749	40,992,473	Form
21	Melwani, Praveer	CFO and Treasurer	Direct	Sell	6052026	22.77	83,974	1,911,907	39,821,503	Form
22	Herb, Tyler	Chief Accounting Officer	Direct	Sell	6032026	26.40	1,850	48,840	6,954,684	Form
23	Field, Dylan	President & CEO	Trust	Sell	6022026	25.02	174,430			Form
24	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	5212026	25.04	18,741	469,286	24,739,762	Form
25	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	5212026	25.07	327,046	8,199,501	244,985,912	Form
26	Herb, Tyler	Chief Accounting Officer	Direct	Sell	5202026	23.79	669	15,916	6,347,743	Form
27	Index, Ventures VI (jersey) LP		Yucca Jersey SLP	Sell	5202026	24.36	12,475	303,891	20,031,837	Form
28	Rimer, Daniel H		Yucca Jersey SLP	Sell	5202026	24.36	12,475	303,891	20,031,837	Form
29	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3182026	26.30	4,817	126,687	21,714,437	Form
30	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	3052026	28.30	4,817	136,303	23,498,974	Form
31	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	3052026	29.80	179,331	5,344,928	303,090,508	Form
32	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3052026	28.47	1,678	47,773	5,378,353	Form
33	Herb, Tyler	Chief Accounting Officer	Direct	Sell	3022026	32.00	1,492	47,744	6,174,144	Form
34	Field, Dylan	President & CEO	Direct	Sell	3022026	30.80	250,000			Form
35	Field, Dylan	President & CEO	Trust	Sell	3022026	30.77	236,930			Form
36	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	2272026	30.00	8,554	256,620	47,405,430	Form
37	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2272026	30.00	51,359	1,541,017	311,076,144	Form
38	Reed, Andrew Phillips		SC Expansion Fund II Management, L.P.	Buy	2242026	24.30	912,749	22,183,700	35,650,770	Form
39	Reed, Andrew Phillips		SC Expansion Fund II Management, L.P.	Buy	2242026	25.90	554,103	14,353,373	14,353,373	Form
40	Herb, Tyler	Chief Accounting Officer	Direct	Sell	2232026	26.00	1,492	38,792	5,055,284	Form
41	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2232026	26.00	5,227	135,902	21,976,812	Form
42	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2122026	25.00	5,227	130,675	21,262,225	Form
43	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2122026	25.01	205,438	5,138,559	260,604,945	Form
44	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	2042026	24.86	74,305	1,847,397	264,146,181	Form
45	Melwani, Praveer	CFO and Treasurer	Direct	Sell	2042026	24.86	16,247	403,939	38,544,072	Form
46	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	2042026	24.86	3,828	95,173	39,499,657	Form
47	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	2042026	24.86	7,671	190,719	21,275,137	Form
48	Herb, Tyler	Chief Accounting Officer	Direct	Sell	2042026	24.86	2,232	55,493	4,871,196	Form
49	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1202026	32.02	5,666	181,399	27,641,594	Form
50	Field, Dylan	President & CEO	Direct	Sell	1162026	32.63	250,000			Form
51	Field, Dylan	President & CEO	See footnote	Sell	1162026	32.63	62,500			Form
52	Herb, Tyler	Chief Accounting Officer	Direct	Sell	1062026	37.15	2,840	105,519	7,362,446	Form
53	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	1062026	37.24	8,449	314,664	59,311,456	Form
54	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	1062026	37.25	181,345	6,755,172	398,528,790	Form
55	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1062026	37.25	5,666	211,046	32,370,350	Form
56	Herb, Tyler	Chief Accounting Officer	Direct	Sell	1062026	37.21	2,408	89,597	7,478,709	Form
57	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	1062026	37.21	3,933	146,338	59,569,975	Form
58	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	1062026	37.21	14,252	530,285	404,820,255	Form
59	Melwani, Praveer	CFO and Treasurer	Direct	Sell	1062026	37.21	11,880	442,028	58,287,631	Form
60	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	1062026	37.21	6,793	252,752	32,546,297	Form
61	Melwani, Praveer	CFO and Treasurer	Direct	Sell	12292025	40.01	12,714	508,727	63,157,677	Form
62	Melwani, Praveer	CFO and Treasurer	APM33, LLC	Sell	12292025	40.01	11,137	445,626	4,736,071	Form
63	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12172025	34.65	4,392	152,200	30,547,861	Form
64	Field, Dylan	President & CEO	Direct	Sell	12172025	34.66	250,000			Form
65	Field, Dylan	President & CEO	See footnote	Sell	12172025	34.66	62,500			Form
66	Radakovich, Lynn Vojvodich		Direct	Sell	12172025	34.64	15,124	523,850	2,507,512	Form
67	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	12052025	36.71	177,387	6,512,168	399,945,598	Form
68	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12052025	36.68	4,392	161,113	32,497,801	Form
69	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	12052025	36.68	6,305	231,239	58,862,072	Form
70	Herb, Tyler	Chief Accounting Officer	Direct	Sell	12052025	36.60	2,310	84,539	7,444,017	Form
71	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	12032025	35.45	18,211	645,545	392,468,318	Form
72	Herb, Tyler	Chief Accounting Officer	Direct	Sell	12032025	35.45	3,073	108,932	7,292,241	Form
73	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	12032025	35.45	9,343	331,192	31,559,302	Form
74	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	12032025	35.45	6,076	215,383	57,115,751	Form
75	Melwani, Praveer	CFO and Treasurer	Direct	Sell	12032025	35.45	15,781	559,406	56,402,854	Form
76	Field, Dylan	President & CEO	Direct	Sell	11262025	34.76	250,000			Form
77	Field, Dylan	President & CEO	See footnote	Sell	11262025	34.76	62,500			Form
78	Field, Dylan	President & CEO	Direct	Sell	11192025	37.30	3,029,063			Form
79	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11192025	37.29	4,299	160,329	33,551,591	Form
80	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11192025	38.21	757	28,925	7,977,828	Form
81	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11132025	45.00	10,000	450,000	72,581,310	Form
82	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11132025	45.03	31,715	1,428,085	499,361,213	Form
83	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11132025	45.00	10,000	450,000	40,643,145	Form
84	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	11132025	43.39	403,335	17,499,904	70,172,562	Form
85	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11132025	43.47	14,532	631,651	70,542,078	Form
86	Melwani, Praveer	CFO and Treasurer	APM33, LLC	Sell	11132025	43.46	13,000	565,011	5,628,378	Form
87	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11132025	43.47	272,789	11,857,002	483,407,825	Form
88	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11132025	43.47	80,934	3,517,940	39,693,031	Form
89	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11132025	43.93	43,357	1,904,777	9,172,604	Form
90	Rasmussen, Kris	Chief Technology Officer	Direct	Sell	11052025	48.17	73,738	3,552,055	548,137,321	Form
91	Voskanian, Shaunt	Chief Revenue Officer	Direct	Sell	11052025	48.17	26,741	1,288,149	77,212,139	Form
92	Herb, Tyler	Chief Accounting Officer	Direct	Sell	11052025	48.17	3,133	150,921	10,890,905	Form
93	Mulligan, Brendan	General Counsel and Secretary	Direct	Sell	11052025	48.17	9,526	458,880	45,159,630	Form
94	Melwani, Praveer	CFO and Treasurer	Direct	Sell	11052025	48.17	16,092	775,173	78,878,095	Form

Investor Activity (13F)

Updated Sep 9, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Index Venture Associates VI Ltd	$1.2 Bil	57.8%	3	Hold	13F
Thrive Capital Management, LLC	$92.9 Mil	27.0%	5	Hold	13F
a16z Capital Management, L.L.C.	$338.5 Mil	26.2%	16	Hold	13F
SC US (TTGP), LTD.	$565.0 Mil	6.1%	36	ADD +5.8%	13F
Westerly Capital Management, LLC	$5.3 Mil	1.6%	36	New	13F
Greenoaks Capital Partners LLC	$31.7 Mil	1.4%	10	TRIM -52.1%	13F
SurgoCap Partners LP	$39.5 Mil	1.3%	14	Hold	13F
Madrone Advisors, LLC	$11.4 Mil	1.1%	5	Hold	13F
Crosslink Capital Inc	$10.9 Mil	1.1%	21	New	13F
XN LP	$7.6 Mil	0.3%	23	TRIM -33.8%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Crosslink Capital Inc	$10.9 Mil	1.1%	21	New	13F
Westerly Capital Management, LLC	$5.3 Mil	1.6%	36	New	13F
SC US (TTGP), LTD.	$565.0 Mil	6.1%	36	ADD +5.8%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
HRTG Gpe, LLC	$146.4 Mil	18.6%	5	Exited	Dec 31, 2025	13F
Durable Capital Partners LP	$64.5 Mil	0.6%	40	Exited	Dec 31, 2025	13F
Headwater Capital Co Ltd	$19.4 Mil	4.0%	17	Exited	Dec 31, 2025	13F
Dragoneer Investment Group, LLC	$16.1 Mil	0.4%	27	Exited	Dec 31, 2025	13F
Greenoaks Capital Partners LLC	$31.7 Mil	1.4%	10	TRIM -52.1%	Mar 31, 2026	13F
XN LP	$7.6 Mil	0.3%	23	TRIM -33.8%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Index Venture Associates VI Ltd	$1.2 Bil	57.8%	3	Hold	13F
SC US (TTGP), LTD.	$565.0 Mil	6.1%	36	ADD +5.8%	13F
a16z Capital Management, L.L.C.	$338.5 Mil	26.2%	16	Hold	13F
Thrive Capital Management, LLC	$92.9 Mil	27.0%	5	Hold	13F
SurgoCap Partners LP	$39.5 Mil	1.3%	14	Hold	13F
Greenoaks Capital Partners LLC	$31.7 Mil	1.4%	10	TRIM -52.1%	13F
Madrone Advisors, LLC	$11.4 Mil	1.1%	5	Hold	13F
Crosslink Capital Inc	$10.9 Mil	1.1%	21	New	13F
XN LP	$7.6 Mil	0.3%	23	TRIM -33.8%	13F
Westerly Capital Management, LLC	$5.3 Mil	1.6%	36	New	13F

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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Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

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1 Price Structure & Trend · ▾

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8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
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ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Figma — Investor Video Playlist

Leadership

Squawk Pod: Moderna & Merck’s cancer treatment win & Figma CEO - 08/19/26 | Audio Only

CNBC Television · 2026-08-19

Products & Services

Using agents in Figma Design (and coming soon to FigJam and Slides)

Figma · 2026-08-10

Products & Services

Level up your workflow with Figma agent

Figma · 2026-07-20

Leadership

Closing keynote ft. Dylan Field (CEO & Co-founder, Figma) | Config 2026

Figma · 2026-07-08

Products & Services

Introducing Figma Motion: Your canvas now has a timeline

Figma · 2026-06-25

Leadership

Config 2026 Keynote with Dylan Field (CEO & Co-founder, Figma)

Figma · 2026-06-24

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

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Ars Technica

Application Software Resources

Capterra

Software Advice

InfoWorld

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 9/8/2026

Figma (FIG)

Market Price (9/9/2026): $22.81 | Market Cap: $12.0 BilSector: Information Technology | Industry: Application Software

Figma (FIG)

Market Price (9/9/2026): $22.81Market Cap: $12.0 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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FIG Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

Market Price (9/9/2026): $22.81
Market Cap: $12.0 Bil
Sector: Information Technology
Industry: Application Software