FIG Technology

Figma, Inc.

$21.03-5.27%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 11.2B USD
Enterprise value: 9.6B USD
Full-time employees: 1,886

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,088 of 1,612 technology companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Figma made a loss per share in its latest year after a profit the year before.
Valuation signals disagree. Cheaper than 44% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Figma looks cheaper than 44% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 92% of peers, at an operating loss.
Revenue grew faster than 92% of peers, but the business runs at an operating loss (margin -124%).

StockQuotient Score

42/ 100

Oct 5 42 → Nov 4 42

Valuation

Is the price right?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-14.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-16.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield2.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.24Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield13.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

70/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 10.4%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0483 · MAD: 0.0793

Revenue growth43.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.43Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-123.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-67.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-121.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin79.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-106.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.8710 · MAD: 0.3700

Current ratio2.45×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.91Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.05×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.90Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Figma

Is Figma getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is Figma valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 19/100 against 1,711 technology peers. Earnings yield -14.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -14.2% vs peers 2.2% (weaker than 100% of peers).
Is Figma growing?: Yes, faster than most of its peers. Growth scores 70/100 against 1,711 technology peers. Revenue growth 43.4% vs a peer median of 8.5% (stronger than 92% of peers).Revenue growth 43.4% vs peers 8.5% (stronger than 92% of peers).
How profitable is Figma?: Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -123.8% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -123.8% vs peers 6.3% (weaker than 100% of peers).
How risky is Figma?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.05× vs a peer median of 0.25× (stronger than 77% of peers).Debt / equity 0.05× vs peers 0.25× (stronger than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Figma is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.3B USD	+10.4%
Net income (12 months)	−1.4B USD	−1.6B USD	+9.8%
Operating margin	-126.4%	-123.8%	+2.6 pts
Free cash flow (12 months)	239.4M USD	232.3M USD	−3.0%
Cash	405.7M USD	445.8M USD	+9.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2023	FY 2024	FY 2025	Change
Gross margin	91.2%	88.3%	82.4%	▼ 5.9 pts
Operating margin	-14.5%	-117.1%	-122.2%	▼ 5.1 pts
Net margin	146.1%	-97.7%	-118.4%	▼ 21 pts
Return on assets (ROA)	—	-40.8%	-53.3%	▼ 12 pts
Return on equity (ROE)	70.7%	-55.3%	-82.8%	▼ 27 pts
Free cash flow margin	206.7%	-8.5%	23.3%	▲ 32 pts
Current ratio	—	3.66×	2.58×	▼ 30%

FIG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,088 of 1,612 technology companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Figma made a loss per share in its latest year after a profit the year before.

Valuation signals disagree. Cheaper than 44% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Figma looks cheaper than 44% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 92% of peers, at an operating loss.

Revenue grew faster than 92% of peers, but the business runs at an operating loss (margin -124%).

Questions investors ask about Figma

Is Figma getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.

How is Figma valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 19/100 against 1,711 technology peers. Earnings yield -14.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -14.2% vs peers 2.2% (weaker than 100% of peers).

Is Figma growing?

Yes, faster than most of its peers. Growth scores 70/100 against 1,711 technology peers. Revenue growth 43.4% vs a peer median of 8.5% (stronger than 92% of peers).Revenue growth 43.4% vs peers 8.5% (stronger than 92% of peers).

How profitable is Figma?

Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -123.8% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -123.8% vs peers 6.3% (weaker than 100% of peers).

How risky is Figma?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.05× vs a peer median of 0.25× (stronger than 77% of peers).Debt / equity 0.05× vs peers 0.25× (stronger than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.3B USD

+10.4%

Net income (12 months)

−1.4B USD

−1.6B USD

+9.8%

Operating margin

-126.4%

-123.8%

+2.6 pts

Free cash flow (12 months)

239.4M USD

232.3M USD

−3.0%

Cash

405.7M USD

445.8M USD

+9.9%

Key ratios

FY 2023

FY 2024

FY 2025

Change

Gross margin

91.2%

88.3%

82.4%

▼ 5.9 pts

Operating margin

-14.5%

-117.1%

-122.2%

▼ 5.1 pts

Net margin

146.1%

-97.7%

-118.4%

▼ 21 pts

Return on assets (ROA)

—

-40.8%

-53.3%

▼ 12 pts

Return on equity (ROE)

70.7%

-55.3%

-82.8%

▼ 27 pts

Free cash flow margin

206.7%

-8.5%

23.3%

▲ 32 pts

Current ratio

—

3.66×

2.58×

▼ 30%