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    Figma (FIG)

    Market Price (7/30/2026): $24.73 | Market Cap: $12.9 BilSector: Information Technology | Industry: Application Software

    Figma (FIG)

    Market Price (7/30/2026): $24.73
    Market Cap: $12.9 Bil
    Sector: Information Technology
    Industry: Application Software

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

    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 -12%

    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%

    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 -113%, 3Y Excs Rtn is -139%

    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 13%

    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%

    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 -16%

    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 -12%
    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 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 -113%, 3Y Excs Rtn is -139%
    5 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 13%
    6 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%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 132%
    8 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 -16%
    9 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%
    VB0.06%
    ARKW1.1%
    ARKK0.23%
    VBR0.10%
    IWS0.04%
    IWR0.03%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FIG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.2 Bil—
    FY 2026 Sales$1.4 Bil—
    FY 2027 Sales$1.8 Bil—
    FY 2026 Sales Growth23.7%—
    FY 2027 Sales Growth22.6%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$-1.5 Bil—
    FY 2026 Net Income (Non-GAAP)$148.9 Mil—
    FY 2027 Net Income (Non-GAAP)$183.5 Mil—
    FY 2027 Net Income Growth23.2%19.8%
    FY 2026 EPS (Non-GAAP)$0.27—
    FY 2027 EPS (Non-GAAP)$0.34—
    FY 2027 EPS Growth24.5%—
    VALUATION
    FY 2026 P/S9.01.8
    FY 2027 P/S7.4—
    FY 2026 P/E86.98.4
    FY 2027 P/E70.5—

    [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 7/31/27 (~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).
    FIGS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)1.2
    Rev Chg Q46.1%9.1%
    Rev Chg LTM41.4%7.8%
    Rev Chg 3Y Avg45.1%5.9%
    PROFITABILITYVERY 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 LTM21.6%21.5%
    Net Inc Mgn-126.2%13.0%
    VALUATIONVERY HIGH
    P/S11.23.4
    P/CFO51.615.7
    P/FCF55.920.4
    P/E-8.824.4
    STABILITYVERY GOOD
    Debt/Equity0.000.19
    Cash/Assets0.720.07

    AI Analysis | Feedback

    MetricValueDateSource
    Monthly Active Users13 million3312025Link
    Net Dollar Retention Rate132%3312025Link
    Total Usersover 10 million112025Link
    Market Share in Design Tools40.65%8252025Link
    Paid Customers with >$10,000 in ARR119066302025Link
    Paid Customers with >$100,000 in ARR11196302025Link
    Percentage of Fortune 500 Companies Using Figma95%3312025Link
    Total Paying Customer Accountsapproximately 450,0003312025Link
    Percentage of Weekly Active Users outside the United Statesalmost 85%3312025Link
    Percentage of Customers Using Two or More Productsmore than 80%6302025Link

    Price Chart

    Upcoming
    8/05/2026Earnings ReleaseRev: $351 Mil (E)
    EPS: $0.04 (E)
    9/02/2026Earnings ReleaseRev: $351 Mil (E)
    EPS: $0.04 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/28/2026

    Figma (FIG) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Figma's strong fiscal Q1 2026 earnings beat and raised full-year guidance significantly bolstered investor confidence.

    Figma reported fiscal Q1 2026 revenue of $333.4 million, representing a 46% year-over-year increase, surpassing analysts' consensus estimates of $316 million by 5.5%. Additionally, the company announced non-GAAP earnings per share (EPS) of $0.10, which notably beat the consensus estimate of -$0.17. Its Net Dollar Retention Rate reached 139% as of March 31, 2026, the highest in over two years. Following these robust results, management raised its full-year 2026 revenue guidance by $55 million, projecting revenues between $1.422 billion and $1.428 billion. The stock saw a jump of over 10% after its earnings release on May 14, 2026.

    2. Strategic advancements in AI integration and product innovation were perceived positively by the market.

    Figma introduced a hybrid AI-credit pricing model and expanded its developer-focused tooling to drive future growth. The company also rolled out key product innovations in May 2026, including "The Figma design agent" on May 20, 2026, and "Figma Make, now on your local code" on May 28, 2026. These initiatives showcased Figma's proactive approach to AI, countering earlier market fears of disruption from AI-native competitors and contributing to a 150% year-over-year growth in new Pro team conversions due to AI feature adoption.

    Show more
    Updated on 7/28/2026

    Figma (FIG) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Figma's strong fiscal Q1 2026 earnings beat and raised full-year guidance significantly bolstered investor confidence.

    Figma reported fiscal Q1 2026 revenue of $333.4 million, representing a 46% year-over-year increase, surpassing analysts' consensus estimates of $316 million by 5.5%. Additionally, the company announced non-GAAP earnings per share (EPS) of $0.10, which notably beat the consensus estimate of -$0.17. Its Net Dollar Retention Rate reached 139% as of March 31, 2026, the highest in over two years. Following these robust results, management raised its full-year 2026 revenue guidance by $55 million, projecting revenues between $1.422 billion and $1.428 billion. The stock saw a jump of over 10% after its earnings release on May 14, 2026.

    2. Strategic advancements in AI integration and product innovation were perceived positively by the market.

    Figma introduced a hybrid AI-credit pricing model and expanded its developer-focused tooling to drive future growth. The company also rolled out key product innovations in May 2026, including "The Figma design agent" on May 20, 2026, and "Figma Make, now on your local code" on May 28, 2026. These initiatives showcased Figma's proactive approach to AI, countering earlier market fears of disruption from AI-native competitors and contributing to a 150% year-over-year growth in new Pro team conversions due to AI feature adoption.

    3. Inclusion in major Russell indexes generated mechanical buying pressure.

    Figma was added to the Russell 1000, 2500, and 3000 indexes, with the reconstitution taking effect after the close on June 26, 2026. This inclusion led to mandatory buying of Figma stock by passive funds benchmarked to these indexes, providing significant demand and contributing to a rally that helped the stock recover from its June lows.

    4. Generally positive analyst sentiment and price targets supported the stock's upward trend.

    Despite some analysts trimming their price targets during the period, the overall Wall Street consensus remained a "Moderate Buy" for Figma. The average 12-month price target for Figma ranged from $30.44 to $35.88, indicating a potential upside from the stock's closing price of $24.41 on July 28, 2026. Key firms like Citi and Bank of America maintained "Buy" ratings, reinforcing a generally bullish outlook on the company's fundamentals and future growth prospects.

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    Stock Movement Drivers

    Fundamental Drivers

    The 17.1% change in FIG stock from 3/31/2026 to 7/29/2026 was primarily driven by a 10.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120267292026Change
    Stock Price ($)21.1424.7617.1%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0561,16110.0%
    P/S Multiple10.311.28.7%
    Shares Outstanding (Mil)513523-2.0%
    Cumulative Contribution17.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/29/2026
    ReturnCorrelation
    FIG17.1% 
    Market (SPY)12.2%-9.1%
    Sector (XLK)25.3%-14.4%

    Fundamental Drivers

    The -33.7% change in FIG stock from 12/31/2025 to 7/29/2026 was primarily driven by a -57.4% change in the company's P/S Multiple.
    (LTM values as of)123120257292026Change
    Stock Price ($)37.3724.76-33.7%
    Change Contribution By: 
    Total Revenues ($ Mil)6771,16171.6%
    P/S Multiple26.211.2-57.4%
    Shares Outstanding (Mil)475523-9.3%
    Cumulative Contribution-33.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/29/2026
    ReturnCorrelation
    FIG-33.7% 
    Market (SPY)7.3%11.6%
    Sector (XLK)15.8%3.9%

    Fundamental Drivers

    null
    null

    Market Drivers

    6/30/2025 to 7/29/2026
    ReturnCorrelation
    FIG  
    Market (SPY)19.1%15.7%
    Sector (XLK)32.1%11.3%

    Fundamental Drivers

    null
    null

    Market Drivers

    6/30/2023 to 7/29/2026
    ReturnCorrelation
    FIG  
    Market (SPY)70.4%15.7%
    Sector (XLK)95.2%11.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FIG Return-----68%-35%-79%
    Peers Return15%-46%51%5%-7%-20%-27%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    FIG Win Rate----17%43% 
    Peers Win Rate60%27%63%53%45%43% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    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 7/29/2026 (YTD)

    How Low Can It Go

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

    EventXLKS&P 500
    2025 US Tariff Shock
      % Loss-25.7%-18.8%
      % Gain to Breakeven34.5%23.1%
      Time to Breakeven65 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-17.0%-7.8%
      % Gain to Breakeven20.4%8.5%
      Time to Breakeven92 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.0%-9.5%
      % Gain to Breakeven11.2%10.5%
      Time to Breakeven15 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-33.1%-24.5%
      % Gain to Breakeven49.5%32.4%
      Time to Breakeven246 days427 days
    2020 COVID-19 Crash
      % Loss-31.2%-33.7%
      % Gain to Breakeven45.2%50.9%
      Time to Breakeven78 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.8%-19.2%
      % Gain to Breakeven31.2%23.8%
      Time to Breakeven100 days105 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.

    EventXLKS&P 500
    2025 US Tariff Shock
      % Loss-25.7%-18.8%
      % Gain to Breakeven34.5%23.1%
      Time to Breakeven65 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-33.1%-24.5%
      % Gain to Breakeven49.5%32.4%
      Time to Breakeven246 days427 days
    2020 COVID-19 Crash
      % Loss-31.2%-33.7%
      % Gain to Breakeven45.2%50.9%
      Time to Breakeven78 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.8%-19.2%
      % Gain to Breakeven31.2%23.8%
      Time to Breakeven100 days105 days
    2008-2009 Global Financial Crisis
      % Loss-51.5%-53.4%
      % Gain to Breakeven106.2%114.4%
      Time to Breakeven797 days1085 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)

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    The key risks to Figma's business are:

    1. 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.

    2. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.

    AI Analysis | Feedback

    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.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Figma Stock Slides 34% With A 11-Day Losing Spree06/17/2026
    210-Day Sell-Off Sends Figma Stock Down 32%06/16/2026
    3Figma Stock Plummets 32% With 9-Day Losing Streak06/13/2026
    4Figma Stock Slides 29% With A 8-Day Losing Spree06/12/2026
    5Figma Stock 7-Day Losing Spree: Stock Falls 27%06/11/2026
    6Figma Stock Plummets 24% With 6-Day Losing Streak06/10/2026
    7Figma Stock Plummets 22% With 5-Day Losing Streak06/09/2026
    8Figma Stock In Shambles: Down 23% With 6-Day Losing Streak03/26/2026
    9Figma Stock In Shambles: Down 20% With 5-Day Losing Streak03/25/2026
    10FIG Stock Surges 18% With A 5-day Winning Spree On Record Earnings Beat02/21/2026
    11ARTICLES 
    12Stocks Trading At 52-Week Low06/26/2026
    1311-Day Sell-Off Sends Figma Stock Down -34%06/17/2026
    14Figma Stock 10-Day Losing Spree: Stock Falls -32%06/16/2026
    15Figma Stock 9-Day Losing Spree: Stock Falls -32%06/13/2026
    16Figma Stock 8-Day Losing Spree: Stock Falls -29%06/12/2026

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    Top Gainers

    TickerCompanyCategory1W RtnYTD Rtn
    AKREAkre Focus ETFEquity9.3%-10.4%
    COWZPacer US Cash Cows 100 ETFEquity5.4%13.1%
    KWEBKraneShares CSI China Internet ETFEquity5.1%-18.4%
    FXIiShares China Large-Cap ETFEquity4.9%-5.7%
    XLVState Street Health Care Select Secto...Equity4.3%7.8%
    VHTVanguard Health Care ETFEquity3.8%8.9%
    IGViShares Expanded Tech-Software Sector...Equity3.8%-12.6%
    XLPState Street Consumer Staples Select ...Equity3.5%13.1%
    NOBLProShares S&P 500 Dividend Aristocrat...Equity3.2%12.4%
    SCHDSchwab US Dividend Equity ETFEquity2.8%24.4%

    Top Losers

    TickerCompanyCategory1W RtnYTD Rtn
    SOXXiShares Semiconductor ETFEquity-16.3%54.5%
    SOXQInvesco PHLX Semiconductor ETFEquity-15.8%47.6%
    EWYiShares MSCI South Korea ETFEquity-15.4%48.3%
    SMHVanEck Semiconductor ETFEquity-14.1%40.0%
    NASATema Space Innovators ETFEquity-11.7%-18.4%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-9.9%13.2%
    SPMOInvesco S&P 500 Momentum ETFEquity-9.1%14.6%
    ICLNiShares Global Clean Energy ETFEquity-9.0%2.7%
    URAGlobal X Uranium ETFEquity-8.4%-12.2%
    ARKQARK Autonomous Technology & Robotics ETFEquity-8.0%-4.4%

    Top Gainers

    TickerCompanyCategory1M RtnYTD Rtn
    USOUnited States Oil Fund LPCommodity20.8%87.0%
    ETHAiShares Ethereum Trust ETFCryptocurrency16.3%-36.5%
    KWEBKraneShares CSI China Internet ETFEquity14.4%-18.4%
    FXIiShares China Large-Cap ETFEquity13.9%-5.7%
    HGERHarbor Commodity All-Weather Strategy...Commodity11.4%29.9%
    PDBCInvesco Optimum Yield Diversified Com...Commodity10.9%32.6%
    DBCInvesco DB Commodity Index Tracking FundCommodity10.8%31.6%
    XOPState Street SPDR S&P Oil & Gas Explo...Equity10.7%36.8%
    AKREAkre Focus ETFEquity10.5%-10.4%
    XLEState Street Energy Select Sector SPD...Equity9.5%32.0%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    NASATema Space Innovators ETFEquity-29.6%-18.4%
    EWYiShares MSCI South Korea ETFEquity-27.0%48.3%
    SOXXiShares Semiconductor ETFEquity-24.3%54.5%
    SOXQInvesco PHLX Semiconductor ETFEquity-23.7%47.6%
    SMHVanEck Semiconductor ETFEquity-20.2%40.0%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-15.7%13.2%
    ICLNiShares Global Clean Energy ETFEquity-15.1%2.7%
    ARKQARK Autonomous Technology & Robotics ETFEquity-14.7%-4.4%
    URAGlobal X Uranium ETFEquity-14.6%-12.2%
    SPMOInvesco S&P 500 Momentum ETFEquity-14.0%14.6%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    FIGADBEMSFTTEAMZMADSKMedian
    NameFigma Adobe MicrosoftAtlassianZoom Com.Autodesk  
    Mkt Price24.76263.43390.54104.2892.41245.25174.76
    Mkt Cap13.0105.92,900.227.227.251.739.5
    Rev LTM1,16125,198331,8396,1904,9337,5076,849
    Op Inc LTM-1,4689,090155,237-2291,1932,0271,610
    FCF LTM23110,28066,9871,2051,9612,6942,327
    FCF 3Y Avg-8,69570,8901,3151,7691,7641,769
    CFO LTM25110,481182,9351,2492,0212,7812,401
    CFO 3Y Avg-8,893145,8821,3521,8791,8471,879

    Growth & Margins

    FIGADBEMSFTTEAMZMADSKMedian
    NameFigma Adobe MicrosoftAtlassianZoom Com.Autodesk  
    Rev Chg LTM41.4%11.5%17.8%24.7%5.0%18.3%18.0%
    Rev Chg 3Y Avg-11.0%16.1%22.7%3.7%13.8%13.8%
    Rev Chg Q46.1%12.7%17.7%31.7%5.5%18.4%18.1%
    QoQ Delta Rev Chg LTM10.0%3.0%4.3%7.5%1.3%4.2%4.2%
    Op Inc Chg LTM-72.6%10.6%20.8%-35.5%40.0%44.0%15.7%
    Op Inc Chg 3Y Avg-13.6%20.6%-11.1%337.9%27.4%20.6%
    Op Mgn LTM-126.4%36.1%46.8%-3.7%24.2%27.0%25.6%
    Op Mgn 3Y Avg-79.9%35.9%45.7%-3.2%19.4%23.5%21.4%
    QoQ Delta Op Mgn LTM-4.2%-0.6%-0.0%-0.5%1.1%2.1%-0.3%
    CFO/Rev LTM21.6%41.6%55.1%20.2%41.0%37.0%39.0%
    CFO/Rev 3Y Avg-38.8%50.6%27.2%39.7%27.6%38.8%
    FCF/Rev LTM19.9%40.8%20.2%19.5%39.7%35.9%28.0%
    FCF/Rev 3Y Avg-37.9%25.3%26.5%37.3%26.3%26.5%

    Valuation

    FIGADBEMSFTTEAMZMADSKMedian
    NameFigma Adobe MicrosoftAtlassianZoom Com.Autodesk  
    Mkt Cap13.0105.92,900.227.227.251.739.5
    P/S11.24.28.74.45.56.96.2
    P/Op Inc-8.811.718.7-118.922.825.515.2
    P/EBIT-8.811.317.2-186.922.825.514.2
    P/E-8.814.621.7-125.513.135.413.9
    P/CFO51.710.115.921.813.518.617.2
    Total Yield-11.3%6.8%5.5%-0.8%7.6%2.8%4.2%
    Dividend Yield0.0%0.0%0.9%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-6.9%2.2%3.8%8.0%3.6%3.8%
    D/E0.00.10.00.00.00.10.0
    Net D/E-0.10.0-0.00.0-0.3-0.0-0.0

    Returns

    FIGADBEMSFTTEAMZMADSKMedian
    NameFigma Adobe MicrosoftAtlassianZoom Com.Autodesk  
    1M Rtn29.8%27.6%6.0%31.6%7.3%25.6%26.6%
    3M Rtn46.9%8.2%-7.8%47.9%-3.5%4.0%6.1%
    6M Rtn-17.6%-12.1%-18.6%-22.6%-4.0%-8.6%-14.8%
    12M Rtn-78.6%-28.9%-23.2%-47.9%24.0%-20.0%-26.1%
    3Y Rtn-78.6%-50.2%18.1%-40.1%26.5%16.9%-11.6%
    1M Excs Rtn31.4%29.3%7.6%33.2%8.9%27.3%28.3%
    3M Excs Rtn41.6%5.8%-11.3%47.1%-1.1%1.9%3.9%
    6M Excs Rtn-17.8%-16.3%-23.2%-26.9%-7.0%-13.4%-17.1%
    12M Excs Rtn-93.1%-43.2%-37.7%-62.8%8.1%-33.9%-40.4%
    3Y Excs Rtn-139.2%-110.3%-44.8%-100.4%-27.7%-44.1%-72.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/14/20262/18/202611/5/20259/3/20257/31/20257/31/202511/5/20259/3/20257/31/20257/31/20257/31/20257/31/2025
    Key Financials Quarterly            
    Total Revenue333304274250228217199177156144132119
    Ebitda-131-189-1,13264153-45-89215-40-1-27
    Operating Income-137-196-1,13724052-47-89413-40-1-27
    Net Income-142-227-1,0971998-16-82807651-23
    EPS-0.27-0.44-2.720.000.020.21-0.03-1.740.001.610.00-0.05
    Key Financials TTM            
    Total Revenue TTM1,1611,056969893821749677610552505--
    Ebitda TTM-1,447-1,275-1,03255-843-870-963-918-52-73--
    Operating Income TTM-1,468-1,290-1,04346-850-877-969-922-54-73--
    Net Income TTM-1,465-1,314-99092-737-746-79-62743738--
    Growth Rates Quarterly            
    Total Revenue Growth46.1%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 Cash1,6541,6721,6081,6231,5421,458---1,419--
    Total Debt5658616567290001500
    Net Debt / (Cash)-1,598-1,613-1,547-1,559-1,475-1,429----1,405--
    Cash Flows Quarterly            
    FCF from Operations97405162977362-178-18---
    Cash Flows TTM            
    FCF from Operations TTM25125128429454-62------
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-01-0-0-0-0
    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
    $ Mil202520242023
    Single Segment1,056749505
    Total1,056749505


    Price Behavior

    Price Behavior
    Market Price$24.76 
    Market Cap ($ Bil)13.0 
    First Trading Date07/31/2025 
    Distance from 52W High-79.7% 
       50 Days200 Days
    DMA Price$70.13$70.13
    DMA Trenddownup
    Distance from DMA-64.7%-64.7%
     3M1YR
    Volatility87.1%87.0%
    Downside Capture-207.03255.71
    Upside Capture-0.7227.40
    Correlation (SPY)-7.1% 
    FIG Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.01-0.310.030.950.200.03
    Up Beta2.920.680.250.180.59-0.12
    Down Beta0.700.47-0.460.640.500.12
    Up Capture-278%-60%-15%34%14%1%
    Bmk +ve Days11244067140429
    Stock +ve Days61625499292
    Down Capture71%-123%39%190%182%98%
    Bmk -ve Days10172358112321
    Stock -ve Days15253876136136

    [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-78.7%87.0%-1.39-
    Sector ETF (XLK)26.8%25.0%0.9011.3%
    Equity (SPY)15.6%12.8%0.8615.7%
    Gold (GLD)21.6%28.1%0.68-2.1%
    Commodities (DBC)31.5%19.7%1.270.6%
    Real Estate (VNQ)15.9%14.0%0.821.6%
    Bitcoin (BTCUSD)-46.1%42.9%-1.3219.7%

    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-26.5%87.0%-1.39-
    Sector ETF (XLK)17.9%25.6%0.6311.3%
    Equity (SPY)12.4%17.1%0.5515.7%
    Gold (GLD)17.1%18.4%0.75-2.1%
    Commodities (DBC)9.3%19.5%0.360.6%
    Real Estate (VNQ)2.9%18.9%0.051.6%
    Bitcoin (BTCUSD)14.7%53.3%0.4619.7%

    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-14.3%87.0%-1.39-
    Sector ETF (XLK)23.4%24.8%0.8611.3%
    Equity (SPY)14.7%17.9%0.7015.7%
    Gold (GLD)11.3%16.1%0.57-2.1%
    Commodities (DBC)7.1%18.0%0.320.6%
    Real Estate (VNQ)5.1%20.7%0.211.6%
    Bitcoin (BTCUSD)57.7%66.2%0.9819.7%

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

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity66.1 Mil
    Short Interest: % Change Since 6302026-21.8%
    Average Daily Volume24.8 Mil
    Days-to-Cover Short Interest2.7 days
    Basic Shares Quantity523.5 Mil
    Short % of Basic Shares12.6%

    Earnings Returns History

    Updated 6/17/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/14/202613.2%6.7%-8.5%
    2/18/20266.9%29.1%0.1%
    11/5/20254.5%-0.0%-14.5%
    9/3/2025-19.9%-25.1%-23.8%
    SUMMARY STATS   
    # Positive321
    # Negative123
    Median Positive6.9%17.9%0.1%
    Median Negative-19.9%-12.5%-14.5%
    Max Positive13.2%29.1%0.1%
    Max Negative-19.9%-25.1%-23.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/14/202613.2%6.7%-8.5%
    2/18/20266.9%29.1%0.1%
    11/5/20254.5%-0.0%-14.5%
    9/3/2025-19.9%-25.1%-23.8%
    SUMMARY STATS   
    # Positive321
    # Negative123
    Median Positive6.9%17.9%0.1%
    Median Negative-19.9%-12.5%-14.5%
    Max Positive13.2%29.1%0.1%
    Max Negative-19.9%-25.1%-23.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/14/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/05/202510-Q
    06/30/202509/03/202510-Q
    03/31/202507/31/2025424B4
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/14/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/05/202510-Q
    06/30/202509/03/202510-Q
    03/31/202507/31/2025424B4

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q1 2026 Earnings Reported 5/14/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 Revenue348.00 Mil349.00 Mil350.00 Mil10.4% Higher NewGuidance: 316.00 Mil for Q1 2026
    2026 Revenue1.42 Bil1.43 Bil1.43 Bil4.0% RaisedGuidance: 1.37 Bil for 2026
    2026 Non-GAAP Operating Income125.00 Mil130.00 Mil135.00 Mil23.8% RaisedGuidance: 105.00 Mil for 2026

    Prior: Q4 2025 Earnings Reported 2/18/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    Q1 2026 Revenue315.00 Mil316.00 Mil317.00 Mil7.8% Higher NewGuidance: 293.00 Mil for Q4 2025
    2026 Revenue1.37 Bil1.37 Bil1.37 Bil31.1% Higher NewGuidance: 1.04 Bil for 2025
    2026 Non-GAAP Operating Income100.00 Mil105.00 Mil110.00 Mil-8.3% Lower NewGuidance: 114.50 Mil for 2025

    Q3 2025 Earnings Reported 11/5/2025

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    Q4 2025 Revenue292.00 Mil293.00 Mil294.00 Mil   
    2025 Revenue1.04 Bil1.04 Bil1.05 Bil2.2% RaisedGuidance: 1.02 Bil for 2025
    2025 Non-GAAP operating income112.00 Mil114.50 Mil117.00 Mil23.1% RaisedGuidance: 93.00 Mil for 2025

    Insider Activity

    Updated 7/16/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Voskanian, ShauntChief Revenue OfficerDirectSell716202623.9211,219268,37441,945,051Form
    2Melwani, PraveerCFO and TreasurerDirectSell708202620.4830,460623,89435,056,160Form
    3Voskanian, ShauntChief Revenue OfficerDirectSell708202620.628,629177,91136,383,654Form
    4Voskanian, ShauntChief Revenue OfficerDirectSell605202623.0187,5102,013,74940,992,473Form
    5Melwani, PraveerCFO and TreasurerDirectSell605202622.7783,9741,911,90739,821,503Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Voskanian, ShauntChief Revenue OfficerDirectSell716202623.9211,219268,37441,945,051Form
    2Melwani, PraveerCFO and TreasurerDirectSell708202620.4830,460623,89435,056,160Form
    3Voskanian, ShauntChief Revenue OfficerDirectSell708202620.628,629177,91136,383,654Form
    4Voskanian, ShauntChief Revenue OfficerDirectSell605202623.0187,5102,013,74940,992,473Form
    5Melwani, PraveerCFO and TreasurerDirectSell605202622.7783,9741,911,90739,821,503Form
    6Herb, TylerChief Accounting OfficerDirectSell603202626.401,85048,8406,954,684Form
    7Field, DylanPresident & CEOTrustSell602202625.02174,430  Form
    8Mulligan, BrendanGeneral Counsel and SecretaryDirectSell521202625.0418,741469,28624,739,762Form
    9Rasmussen, KrisChief Technology OfficerDirectSell521202625.07327,0468,199,501244,985,912Form
    10Herb, TylerChief Accounting OfficerDirectSell520202623.7966915,9166,347,743Form
    11Index, Ventures VI (jersey) LP Yucca Jersey SLPSell520202624.3612,475303,89120,031,837Form
    12Rimer, Daniel H Yucca Jersey SLPSell520202624.3612,475303,89120,031,837Form
    13Mulligan, BrendanGeneral Counsel and SecretaryDirectSell318202626.304,817126,68721,714,437Form
    14Mulligan, BrendanGeneral Counsel and SecretaryDirectSell305202628.304,817136,30323,498,974Form
    15Rasmussen, KrisChief Technology OfficerDirectSell305202629.80179,3315,344,928303,090,508Form
    16Herb, TylerChief Accounting OfficerDirectSell305202628.471,67847,7735,378,353Form
    17Herb, TylerChief Accounting OfficerDirectSell302202632.001,49247,7446,174,144Form
    18Field, DylanPresident & CEODirectSell302202630.80250,000  Form
    19Field, DylanPresident & CEOTrustSell302202630.77236,930  Form
    20Voskanian, ShauntChief Revenue OfficerDirectSell227202630.008,554256,62047,405,430Form
    21Rasmussen, KrisChief Technology OfficerDirectSell227202630.0051,3591,541,017311,076,144Form
    22Reed, Andrew Phillips SC Expansion Fund II Management, L.P.Buy224202624.30912,74922,183,70035,650,770Form
    23Reed, Andrew Phillips SC Expansion Fund II Management, L.P.Buy224202625.90554,10314,353,37314,353,373Form
    24Herb, TylerChief Accounting OfficerDirectSell223202626.001,49238,7925,055,284Form
    25Mulligan, BrendanGeneral Counsel and SecretaryDirectSell223202626.005,227135,90221,976,812Form
    26Mulligan, BrendanGeneral Counsel and SecretaryDirectSell212202625.005,227130,67521,262,225Form
    27Rasmussen, KrisChief Technology OfficerDirectSell212202625.01205,4385,138,559260,604,945Form
    28Rasmussen, KrisChief Technology OfficerDirectSell204202624.8674,3051,847,397264,146,181Form
    29Melwani, PraveerCFO and TreasurerDirectSell204202624.8616,247403,93938,544,072Form
    30Voskanian, ShauntChief Revenue OfficerDirectSell204202624.863,82895,17339,499,657Form
    31Mulligan, BrendanGeneral Counsel and SecretaryDirectSell204202624.867,671190,71921,275,137Form
    32Herb, TylerChief Accounting OfficerDirectSell204202624.862,23255,4934,871,196Form
    33Mulligan, BrendanGeneral Counsel and SecretaryDirectSell120202632.025,666181,39927,641,594Form
    34Field, DylanPresident & CEODirectSell116202632.63250,000  Form
    35Field, DylanPresident & CEOSee footnoteSell116202632.6362,500  Form
    36Herb, TylerChief Accounting OfficerDirectSell106202637.152,840105,5197,362,446Form
    37Voskanian, ShauntChief Revenue OfficerDirectSell106202637.248,449314,66459,311,456Form
    38Rasmussen, KrisChief Technology OfficerDirectSell106202637.25181,3456,755,172398,528,790Form
    39Mulligan, BrendanGeneral Counsel and SecretaryDirectSell106202637.255,666211,04632,370,350Form
    40Herb, TylerChief Accounting OfficerDirectSell106202637.212,40889,5977,478,709Form
    41Voskanian, ShauntChief Revenue OfficerDirectSell106202637.213,933146,33859,569,975Form
    42Rasmussen, KrisChief Technology OfficerDirectSell106202637.2114,252530,285404,820,255Form
    43Melwani, PraveerCFO and TreasurerDirectSell106202637.2111,880442,02858,287,631Form
    44Mulligan, BrendanGeneral Counsel and SecretaryDirectSell106202637.216,793252,75232,546,297Form
    45Melwani, PraveerCFO and TreasurerDirectSell1229202540.0112,714508,72763,157,677Form
    46Melwani, PraveerCFO and TreasurerAPM33, LLCSell1229202540.0111,137445,6264,736,071Form
    47Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1217202534.654,392152,20030,547,861Form
    48Field, DylanPresident & CEODirectSell1217202534.66250,000  Form
    49Field, DylanPresident & CEOSee footnoteSell1217202534.6662,500  Form
    50Radakovich, Lynn VojvodichDirectSell1217202534.6415,124523,8502,507,512Form
    51Rasmussen, KrisChief Technology OfficerDirectSell1205202536.71177,3876,512,168399,945,598Form
    52Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1205202536.684,392161,11332,497,801Form
    53Voskanian, ShauntChief Revenue OfficerDirectSell1205202536.686,305231,23958,862,072Form
    54Herb, TylerChief Accounting OfficerDirectSell1205202536.602,31084,5397,444,017Form
    55Rasmussen, KrisChief Technology OfficerDirectSell1203202535.4518,211645,545392,468,318Form
    56Herb, TylerChief Accounting OfficerDirectSell1203202535.453,073108,9327,292,241Form
    57Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1203202535.459,343331,19231,559,302Form
    58Voskanian, ShauntChief Revenue OfficerDirectSell1203202535.456,076215,38357,115,751Form
    59Melwani, PraveerCFO and TreasurerDirectSell1203202535.4515,781559,40656,402,854Form
    60Field, DylanPresident & CEODirectSell1126202534.76250,000  Form
    61Field, DylanPresident & CEOSee footnoteSell1126202534.7662,500  Form
    62Field, DylanPresident & CEODirectSell1119202537.303,029,063  Form
    63Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1119202537.294,299160,32933,551,591Form
    64Herb, TylerChief Accounting OfficerDirectSell1119202538.2175728,9257,977,828Form
    65Melwani, PraveerCFO and TreasurerDirectSell1113202545.0010,000450,00072,581,310Form
    66Rasmussen, KrisChief Technology OfficerDirectSell1113202545.0331,7151,428,085499,361,213Form
    67Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1113202545.0010,000450,00040,643,145Form
    68Voskanian, ShauntChief Revenue OfficerDirectSell1113202543.39403,33517,499,90470,172,562Form
    69Melwani, PraveerCFO and TreasurerDirectSell1113202543.4714,532631,65170,542,078Form
    70Melwani, PraveerCFO and TreasurerAPM33, LLCSell1113202543.4613,000565,0115,628,378Form
    71Rasmussen, KrisChief Technology OfficerDirectSell1113202543.47272,78911,857,002483,407,825Form
    72Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1113202543.4780,9343,517,94039,693,031Form
    73Herb, TylerChief Accounting OfficerDirectSell1113202543.9343,3571,904,7779,172,604Form
    74Rasmussen, KrisChief Technology OfficerDirectSell1105202548.1773,7383,552,055548,137,321Form
    75Voskanian, ShauntChief Revenue OfficerDirectSell1105202548.1726,7411,288,14977,212,139Form
    76Herb, TylerChief Accounting OfficerDirectSell1105202548.173,133150,92110,890,905Form
    77Mulligan, BrendanGeneral Counsel and SecretaryDirectSell1105202548.179,526458,88045,159,630Form
    78Melwani, PraveerCFO and TreasurerDirectSell1105202548.1716,092775,17378,878,095Form
    79Kleiner, Perkins Caufield & Byers Xvii, LlcDirectSell805202531.522,668,65484,102,6311,501,368,675Form
    80Kleiner, Perkins Caufield & Byers Xvii, LlcKPCB XVII Founders Fund, LLCSell805202531.5287,3662,753,33949,151,487Form
    81Rimer, Daniel HIndex Ventures VI (Jersey), L.P.Sell805202531.523,187,765100,462,4141,758,877,677Form
    82Rimer, Daniel HIndex Ventures VI Parralel Entreprenuer Fund (Jersey), L.P.Sell805202531.5264,3452,027,83335,502,751Form
    83Rimer, Daniel HYucca Jersey SLPSell805202531.5241,1661,297,34626,308,722Form
    84Index, Ventures VI (jersey) LPDirectSell805202531.523,187,765100,462,4141,758,877,677Form
    85Index, Ventures VI (jersey) LPIndex Ventures VI Parralel Entreprenuer Fund (Jersey), L.P.Sell805202531.5264,3452,027,83335,502,751Form
    86Index, Ventures VI (jersey) LPYucca Jersey SLPSell805202531.5241,1661,297,34626,308,722Form
    87Hamid, Mamoon AmjadKleiner Perkins Caufield & Byers XVII, LLCSell805202531.522,668,65484,102,6311,501,368,675Form
    88Hamid, Mamoon AmjadKPCB XVII Founders Fund, LLCSell805202531.5287,3662,753,33949,151,487Form
    89Lilly, Iii John OsborneDirectBuy805202533.0062,5002,062,5002,062,500Form
    90McDermott, William RDirectBuy805202533.00160,0005,280,0006,869,907Form
    91Von, Ahn LuisDirectBuy805202533.0030,000990,0002,579,907Form
    92Voskanian, ShauntChief Revenue OfficerDirectSell805202531.5290,0002,836,35052,986,170Form
    93Melwani, PraveerCFO and TreasurerDirectSell805202531.5240,0001,260,60053,091,776Form
    94Melwani, PraveerCFO and TreasurerAPM33, LLCSell805202531.527,500236,3624,490,888Form
    95Mulligan, BrendanGeneral Counsel and SecretaryDirectSell805202531.5230,000945,45030,431,609Form
    96Reed, Andrew Phillips Sequoia Capital US/E Expansion Fund I, L.P.Buy805202533.0060,0001,980,0001,980,000Form
    97Reed, Andrew Phillips Sequoia Capital U.S. Growth Fund VIII, L.P.Sell805202531.521,286,71140,550,697698,132,697Form
    98Reed, Andrew Phillips Sequoia Grove II, LLCSell805202531.52414,18213,052,946224,723,002Form
    99Reed, Andrew Phillips Sequoia Grove UK, L.P.Sell805202531.528,441266,0184,580,043Form
    100Rasmussen, KrisChief Technology OfficerDirectSell805202531.52217,2706,847,264362,061,622Form
    101Field, DylanPresident & CEODirectSell805202531.521,600,000  Form
    102Field, DylanPresident & CEOSee footnoteSell805202531.52750,000  Form
    103Greylock, Xiv GP Llc Greylock XIV-A Limited PartnershipSell805202531.52153,7384,845,05392,056,229Form
    104Greylock, Xiv GP Llc Greylock XIV Limited PartnershipSell805202531.522,767,27987,210,7981,657,005,345Form
    105Greylock, Xiv GP Llc Greylock XIV Principals LLCSell805202531.52153,7384,845,05392,056,229Form

    Investor Activity (13F)

    Updated Jul 30, 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Index Venture Associates VI Ltd$1.2 Bil57.8%3Hold13F
    Thrive Capital Management, LLC$92.9 Mil27.0%5Hold13F
    a16z Capital Management, L.L.C.$338.5 Mil26.2%16Hold13F
    SC US (TTGP), LTD.$565.0 Mil6.1%36ADD +5.8%13F
    Westerly Capital Management, LLC$5.3 Mil1.6%36New13F
    Greenoaks Capital Partners LLC$31.7 Mil1.4%10TRIM -52.1%13F
    SurgoCap Partners LP$39.5 Mil1.3%14Hold13F
    Madrone Advisors, LLC$11.4 Mil1.1%5Hold13F
    Crosslink Capital Inc$10.9 Mil1.1%21New13F
    XN LP$7.6 Mil0.3%23TRIM -33.8%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Crosslink Capital Inc$10.9 Mil1.1%21New13F
    Westerly Capital Management, LLC$5.3 Mil1.6%36New13F
    SC US (TTGP), LTD.$565.0 Mil6.1%36ADD +5.8%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
    HRTG Gpe, LLC$146.4 Mil18.6%5ExitedDec 31, 202513F
    Durable Capital Partners LP$64.5 Mil0.6%40ExitedDec 31, 202513F
    Headwater Capital Co Ltd$19.4 Mil4.0%17ExitedDec 31, 202513F
    Dragoneer Investment Group, LLC$16.1 Mil0.4%27ExitedDec 31, 202513F
    Greenoaks Capital Partners LLC$31.7 Mil1.4%10TRIM -52.1%Mar 31, 202613F
    XN LP$7.6 Mil0.3%23TRIM -33.8%Mar 31, 202613F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Index Venture Associates VI Ltd$1.2 Bil57.8%3Hold13F
    SC US (TTGP), LTD.$565.0 Mil6.1%36ADD +5.8%13F
    a16z Capital Management, L.L.C.$338.5 Mil26.2%16Hold13F
    Thrive Capital Management, LLC$92.9 Mil27.0%5Hold13F
    SurgoCap Partners LP$39.5 Mil1.3%14Hold13F
    Greenoaks Capital Partners LLC$31.7 Mil1.4%10TRIM -52.1%13F
    Madrone Advisors, LLC$11.4 Mil1.1%5Hold13F
    Crosslink Capital Inc$10.9 Mil1.1%21New13F
    XN LP$7.6 Mil0.3%23TRIM -33.8%13F
    Westerly Capital Management, LLC$5.3 Mil1.6%36New13F

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