Figma Inc. Class A Common Stock (FIG)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Figma first as a business, not a stock chart. It sells a browser-based collaboration platform for design and product teams. Filed revenue grew from $504.9 million in fiscal year 2023 to $749.0 million in fiscal year 2024 and $1.1 billion in fiscal year 2025. The latest reported quarter, fiscal Q2 2026, the quarter ended 2026-06-30, showed revenue of $370.1 million, up from $249.6 million in fiscal Q2 2025, the quarter ended 2025-06-30, so demand is expanding. Free cash flow over the trailing twelve months was $221.3 million, and the FairStock FCF yield is 1.9%, which tells me the core operation can generate cash despite reported losses. But the income statement is erratic and currently unprofitable. Fiscal year 2025 produced net income of -$1.3 billion and diluted EPS of -$3.71; fiscal Q1 2026, the quarter ended 2026-03-31, lost $142.4 million; fiscal Q2 2026, the quarter ended 2026-06-30, lost $112.2 million. A negative P/E of -5.00, ROE of -108.64%, and ROCE of -45.16% are FairStock calculations from those losses. The balance sheet looks conservative with debt-to-equity of 0.05 and an Altman Z-score of 7.46, but price-to-book is 7.80, so little asset protection exists at the $21.76 close on 2026-10-13. The Lynch category is TURNAROUND—loss in the latest year after earlier profits—which fits: fiscal year 2023 earned $737.8 million, then fiscal year 2024 and fiscal year 2025 swung to large losses. The competitive question is whether Figma's collaborative workflow creates durable switching costs. Revenue growth suggests yes, but the company must convert growth into consistent profits. At an $11.5 billion market cap and FairStock score of 34/100, I see a promising product with a speculative price and unproven profitability. I would monitor margins and cash conversion before calling it a value opportunity.

In plain English: Figma sells browser-based tools that help teams design and build digital products. The business is growing sales quickly and produces some free cash, but it has been losing money and the stock looks expensive compared with its accounting value. The price looks speculative rather than clearly cheap.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer