Figma, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Outside the United States was 53% and United States was 47% of revenue; Outside the United States rose from 50% in the fiscal year to Dec 2023.

Quarters: Figma, Inc.'s SEC filings, named by the month they end. Fiscal years: Figma, Inc.'s annual reports to the SEC.

How it makes money

The company loses $118.4 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 2 years ago and is now loss-making.

Beyond ±100% the scale is logarithmic, so that Jun 2024's −505% and the quarters near zero both read.

Each margin is that line of the income statement divided by revenue. Fiscal year: Figma, Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 58.8 (growth 42.8% + FCF margin 16.0%): strong, clears the 40 line. Stock pay is 49.6% of revenue; counted as a cost, it brings the FCF margin down to −33.6%.

Figma trades at 6.1× revenue on 42.8% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.

Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.

Customers and suppliers

In its latest annual report Figma buys from Phelan Building.

Suppliers

P

Phelan Building

 

FIGFigma

Partners

Atlassian TEAMProduct integrations and workflow collaborationZoom Communications ZMProduct integrations and workflow collaboration

NNotionProduct integrations and workflow collaboration

LLinearProduct integrations and workflow collaboration

Microsoft MSFTWorkflow integration with FigmaApple AAPLProvides platform design resources within Figma

OpenAIIntegrates Figma app into ChatGPT

Only the companies Figma names in its 10-K filed Feb 18, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 6.1x, in line with the peer median of 7.0x.

EV/revenue in line with the peer median of 7.0x: priced like its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $27.41, 45% above the current price; 31% of 16 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 5 analysts (31%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $65.14 to $27.50 (−58%), while FIG went from $40.56 to $18.92 (−53%). In the past three months targets were raised once and cut 6 times. 1 upgrade and no downgrades over the year; the latest: Wells Fargo moved it to Overweight from Equal-Weight on Jan 8, 2026.

The day after each of these reports the stock moved +11.9% (Dec 2025, beat); +21.0% (Mar 2026, beat); −11.6% (Jun 2026, beat); −12.3% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.06 a share, 26% less than the $0.08 of a year earlier, and revenue of $404M, up 33% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $0.40 a share, and revenue of $1.9B, up 24% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $224M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 2.6, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held FIG at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 4 cut, 1 bought new and 2 sold all. The largest of them is Renaissance Technologies, 5.65M shares worth $119M at Sep 30, 2026, 86.5% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FIG at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $36.5M and sold $120M of FIG on the open market in the 12 months to Nov 12, 2026. 99% of the sales were made under 10b5-1 plans, set up in advance. The largest was Dylan Field (President & CEO; director), who sold $51.2M in 23 sales.

From the Form 4s filed with the SEC about Figma, Inc. (147 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 144 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax, gifts and other transfers).