Figma, Inc. (FIG)

Price$24.12Cached quoteAs of 2026-09-05 04:09 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already carries demanding long-term expectations.

At the observed quote, Figma’s equity is worth about $14.5 billion. Subtract roughly $1.7 billion of cash, cash equivalents, and marketable securities, with no revolving-credit borrowings, and investors are assigning about $12.8 billion to the operating business. That is roughly 8.8 times the midpoint of 2026 revenue guidance. This is not a bargain, but 39% guided growth and 136% customer expansion support a premium. The price needs growth above roughly 25% for several years plus much stronger cash margins.

Big pictureRevenue is compounding fast, but reported profits and cash quality still lag the growth.

Revenue rose from $504.9 million in 2023 to $1.06 billion in 2025; current guidance points to about $1.47 billion in 2026. Yet Figma lost $254.6 million in the first half of 2026. Operating cash flow was positive at $158.2 million, and less listed capital spending leaves about $143.7 million. The catch is $316.6 million of stock-based compensation, meaning employee pay in shares that saves cash today but can dilute owners. Cash generation is improving, but it is not yet durable enough to ignore dilution.

Business strengthCustomers are expanding usage quickly, and the balance sheet gives Figma room to keep investing.

Second-quarter revenue grew 48%, while customers spending at least $100,000 annually increased 46% to 1,635. Net dollar retention was 136%, meaning existing larger customers collectively spent 36% more than a year earlier after upgrades, downgrades, and cancellations. More than 80% of customers above $10,000 in annual recurring revenue used AI credits weekly. The balance sheet held about $1.7 billion in cash and marketable securities and no revolver borrowings. Growth is still tied to seat expansion, so weaker product-team hiring could slow revenue before cancellations rise.

What could change the storyFaster cash conversion could create upside; persistent share dilution or slower seat growth could break the case.

The bull case strengthens if Figma keeps growth above 25% while lifting free cash flow, the cash left after running and investing in the business, toward a 25% margin. The bear case is visible in dilution: first-half stock compensation equaled about 45% of revenue, and outstanding options plus restricted share units could eventually issue about 97.7 million shares, roughly 19% of the second-quarter weighted share count if all vested or exercised. Figma spent nothing on buybacks in 2025, so owners currently lack a meaningful offset to share issuance.

AI: News

Q2 beat, shares fellFigma beat growth expectations and raised guidance, but investors focused on heavier spending and weaker cash margins.

On August 5, Figma reported $370.1 million of quarterly revenue, up 48%, and raised full-year revenue guidance to $1.463-$1.467 billion. Free cash flow was $53.2 million, or 14% of revenue, down from a 24% margin a year earlier. The stock fell about 15% after hours and roughly 16% the next session. Financial reporting linked the reaction to rising AI-related investment and lower cash margins; that explanation is plausible, but one-day price moves can reflect several factors.

Final lock-up releaseA large block of previously restricted shares became saleable, increasing market supply without creating new shares.

On August 7, about 77.7 million previously locked Class A shares became eligible for transfer or sale after Figma’s second-quarter earnings. The SEC filing warned that substantial sales, or even the expectation of sales, could pressure the stock. This event did not create new shares, so it was not dilution by itself; it changed how much existing stock could reach the market. Because the release followed earnings by two trading days, any exact share-price effect is difficult to separate from the earnings reaction.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$1.06B	$749.0M	$504.9M
Gross profit	$870.3M	$661.5M	$460.4M
Gross margin	82.43%	88.32%	91.19%
Research & development	$1.03B	$751.1M	$164.8M
Operating expenses	$2.16B	$1.54B	$533.8M
Operating income	−$1.29B	−$877.4M	−$73.5M
Operating margin	−122.23%	−117.15%	−14.55%
EBITDA	−$1.27B	−$869.7M	−$65.0M
EBITDA margin	−120.75%	−116.12%	−12.87%
Net income	−$1.25B	−$732.1M	$737.8M
Net profit margin	−118.44%	−97.74%	146.14%
Basic EPSper basic share	-$3.71	-$3.74	$1.70
Diluted EPSper diluted share	-$3.71	-$3.74	$1.62

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.22%of listed shares

Rimer Daniel H.59.85M shares · May 19, 2026

View holders

Top 20 reported holders of FIG
Holder	% owned
Rimer Daniel H.	≈13.22%59.85M shares
Greylock XIV GP LLC	12.91%58.42M shares
Index Venture Associates VI Ltd	12.11%54.81M shares
Hamid Mamoon Amjad	≈9.23%41.76M shares
Reed Andrew Phillips	≈7.51%34.02M shares
SC US (TTGP), LTD.	5.90%26.73M shares
FMR LLC	3.87%17.52M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.74%16.92M shares
TWO SIGMA INVESTMENTS, LP	2.81%12.73M shares
UBS Group AG	2.76%12.49M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.30%10.41M shares
Rasmussen Kris	≈2.16%9.76M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.94%8.78M shares
GOLDMAN SACHS GROUP INC	1.82%8.22M shares
CITADEL ADVISORS LLC	1.67%7.58M shares
BANK OF AMERICA CORP /DE/	1.52%6.87M shares
MORGAN STANLEY	1.51%6.85M shares
BlackRock, Inc.	1.34%6.07M shares
a16z Capital Management, L.L.C.	1.32%5.98M shares
BAILLIE GIFFORD & CO	1.23%5.57M shares

Percentages use 452.68M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$46.85M disclosed value

Sells (SEC code S)151$875.61M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4 · 10b5-1	Voskanian ShauntChief Revenue Officer	SellClass A Common Stock	20.3K	$23.89	$484.5K	1.78M
Jun 3, 2026Form 4 · 10b5-1	Voskanian ShauntChief Revenue Officer	SellClass A Common Stock	67.2K	$22.75	$1.53M	1.80M
Jun 3, 2026Form 4 · 10b5-1	Melwani PraveerCFO and Treasurer	SellClass A Common Stock	1.8K	$23.69	$42.6K	1.75M
Jun 3, 2026Form 4 · 10b5-1	Melwani PraveerCFO and Treasurer	SellClass A Common Stock	82.2K	$22.75	$1.87M	1.75M
Jun 1, 2026Form 4 · 10b5-1	Herb TylerChief Accounting Officer	SellClass A Common Stock	1.9K	$26.40	$48.8K	263.4K

Review ownership filings at SEC.gov ↗

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Figma, Inc. (FIG)

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