Figma, Inc. Class A (FIG) AI Stock Analysis

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Figma, Inc. Class A

(NYSE:FIG)

Select Model

Rating:62Neutral

Price Target:$19.50▲(2.79% Upside)

Action:reiterated

Date:11/06/26

The score is driven primarily by solid financial flexibility and cash generation alongside strong growth and margins, plus a notably upbeat earnings call with raised full-year guidance. Offsetting these positives are weak technicals (downtrend and negative momentum) and valuation uncertainty due to negative earnings and no dividend yield.

Positive Factors

High growth and retentionStrong growth combined with consistently high retention indicates that customers are expanding their use of Figma rather than merely adding new accounts. This supports durable recurring revenue, strengthens customer relationships, and provides a foundation for continued expansion within larger organizations.

Negative Factors

Persistent operating lossesFigma has not yet converted its strong revenue profile into durable GAAP profitability, leaving execution risk around operating leverage. Persistent losses can constrain strategic flexibility and make future earnings dependent on disciplined spending and successful monetization of growth investments.

Figma, Inc. Class A (FIG) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $9.25B
Dividend Yield: ―
Average Volume (3M): 12.70M
Price to Earnings (P/E): -17.7
Beta (1Y): 0.83
Revenue Growth: 44.35%
EPS Growth: 43.78%
Country: US
Employees: 1,886
Sector: General
Sector Strength: 55
Industry: Software - Application

Figma, Inc. Class A Business Overview & Revenue Model

Company Description

Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform. The company offers Figma Design, a collaborative design tool for teams that...

Figma, Inc. Class A Earnings Call Summary

Earnings Call Date:Nov 04, 2026(Q3-2026)|% Change Since:-14.28%|Next Earnings Date:Feb 24, 2027

Earnings Call SentimentPositive

The call was strongly positive, with Q3 revenue materially exceeding guidance, retention and expansion remaining robust, AI and MCP adoption accelerating, large customers increasing AI commitments and full-year revenue and operating income guidance being raised. The main challenges were Q4 growth moderation, a 3-point sequential gross-margin decline from covering agent inference costs, delayed monetization from pricing and packaging changes, and the need to convert AI usage into longer-term margin and revenue leverage.

Positive Updates

Strong Q3 Revenue Performance

Q3 revenue was $391 million, up 43% year-over-year and $16 million above the high end of prior guidance.

Negative Updates

Expected Q4 Growth Moderation

Q4 revenue guidance of $402 million to $404 million implies 33% growth at the midpoint, below the 43% year-over-year growth reported in Q3.

Company Guidance

For the fourth quarter, Figma expects revenue of $402 million to $404 million or 33% growth at the midpoint; for the full year, it is raising its outlook to $1.497 billion to $1.499 billion, implying 42% growth, a raise of $33 million at the midpoint. Figma is also raising its full year non-GAAP operating income outlook to $158 million to $163 million, an 11% operating margin and a raise of $31 million at the midpoint. The outlook reflects the pricing and packaging changes made late in August and early signals into agent usage and adoption, and Figma is not commenting on its '27 guide.

Figma, Inc. Class A Financial Statement Overview

Summary

Strong revenue growth and very high gross margins are positives, and cash flow is solidly positive with a low-leverage balance sheet. The main constraint is still deeply negative net and operating margins in TTM, indicating execution risk in translating growth into durable profitability.

Income Statement

42Neutral

Balance Sheet

76Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023
Income Statement
Total Revenue	1.40B	1.06B	749.01M	504.87M
Gross Profit	1.14B	870.26M	661.50M	460.37M
EBITDA	-511.15M	-1.21B	-785.38M	954.42M
Net Income	-562.46M	-1.25B	-732.12M	285.86M
Balance Sheet
Total Assets	2.49B	2.35B	1.79B	1.60B
Cash, Cash Equivalents and Short-Term Investments	1.72B	1.66B	1.46B	1.42B
Total Debt	104.14M	114.32M	28.77M	14.60M
Total Liabilities	946.92M	837.57M	469.10M	558.77M
Stockholders Equity	1.54B	1.51B	1.32B	1.04B
Cash Flow
Free Cash Flow	223.47M	246.24M	-69.14M	1.04B
Operating Cash Flow	246.49M	250.68M	-61.72M	1.05B
Investing Cash Flow	-70.54M	-371.41M	-784.26M	-57.34M
Financing Cash Flow	-8.89M	43.34M	62.45M	0

Figma, Inc. Class A Technical Analysis

Technical Analysis SentimentNegative

Last Price18.97

Price Trends

50DMA22.09Negative

100DMA22.92Negative

200DMA22.73Negative

Market Momentum

MACD-0.95Positive

RSI38.79Neutral

STOCH17.88Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIG, the sentiment is Negative. The current price of 18.97 is below the 20-day moving average (MA) of 21.69, below the 50-day MA of 22.09, and below the 200-day MA of 22.73, indicating a bearish trend. The MACD of -0.95 indicates Positive momentum. The RSI at 38.79 is Neutral, neither overbought nor oversold. The STOCH value of 17.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FIG.

Figma, Inc. Class A Risk Analysis

Figma, Inc. Class A disclosed 62 risk factors in its most recent earnings report. Figma, Inc. Class A reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

1 New Risk

1.Third-party AI agents and tools that operate on or through our platform may circumvent our pricing and packaging models, increase our costs, and adversely affect our business, operating results, financial condition, and future prospects.Q1, 2026

Figma, Inc. Class A Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

FIG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNDY	67Neutral	$3.23B	26.15	17.32%	―	22.40%	133.12%
ASAN	66Neutral	$2.20B	-14.85	-105.68%	―	9.48%	26.94%
AMPL	64Neutral	$2.10B	-22.64	-55.08%	―	20.17%	3.25%
U	62Neutral	$22.34B	-62.85	-10.86%	―	20.86%	24.19%
FIG	62Neutral	$9.98B	-17.73	-37.56%	―	44.35%	43.78%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
WIX	46Neutral	$2.69B	-17.75	19.26%	―	13.97%	-254.82%

* General Sector Average

Performance Comparison

FIG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
FIG	Figma, Inc. Class A	18.97	-21.59	-53.23%
WIX	Wix.com Ltd	68.34	-58.58	-46.16%
U	Unity Software, Inc.	49.65	12.49	33.61%
ASAN	Asana, Inc.	9.81	-2.84	-22.45%
MNDY	Monday.Com Ltd.	77.64	-82.97	-51.66%
AMPL	Amplitude Inc Class A	17.21	6.38	58.91%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 06, 2026

Figma, Inc. Class A AI Stock Analysis