Feed / FIG

Figma, Inc.

FIG

Technology · 22.15 +0.6% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Figma, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

What changed
  • Revenue increased 48.2% versus the comparable filing period.
  • Operating income moved from a profit to a loss in the comparable period.
Company+0.6% todayVolume comparison unavailable
Market group0 of 16 activeSoftware - Application · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
  • FIG's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if FIG's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Technology · Software - Application

The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 48.2% versus the comparable filing period.
Evidence that challenges
  • Operating income moved from a profit to a loss in the comparable period.
  • Cash declined 175.8M versus the comparable period.
  • Gross margin fell 5.2 percentage points.
What would clarify the read
  • FIG's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods3
Price observations281
Usable filing statements144
Verified relationships5
Evidence supporting the case
  • Latest annual revenue changed +41.0% year over year.
Evidence challenging the case
  • Operating margin changed -5.1 percentage points in the latest annual period.
  • Net margin changed -20.7 percentage points in the latest annual period.
Questions before a position
  • EV/sales is 56% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

22.15
6m-20.4%12m-58.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2023-12-31$504.9M$1.62
2024-12-31$749.0M+48.4%$-3.74+4.5%
2025-12-31$1.1B+41.0%$-3.71

What management says matters

Persistent and emerging business drivers

Legal and regulatory exposurepositive · 4 filings
We expect to incur additional expenses as a result of operating as a newly public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obl…
10-Q · May 14, 2026
Capital investment and capacitymixed · 3 filings
49 Cash Used in Investing Activities Net cash used in investing activities during the six months ended June 30, 2026 was $13.7 million, which was primarily due to the purchase of marketable securities of $420.6 million, capital expenditures of $14.5 million,…
10-Q · Aug 5, 2026
Credit and interest ratesmixed · 2 filings
Net cash provided by financing activities during the six months ended June 30, 2025 was $15.8 million, which was primarily due to proceeds from option exercises of $20.7 million, partially offset by $3.5 million used to pay deferred offering costs and $1.4 mi…
10-Q · Aug 5, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 7.1× · EV/sales 6.7×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Fewer than 4 annual revenue periods; too little history to scaffold scenarios.

Price action

How the market is pricing the story

22.15+0.6% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for FIG. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment

The latest filing shows material pressure

10-Q filed 2026-08-05 against the comparable filing from 2025-09-03.

cautious
OperationsmixedEvidence score 0
liquiditycautiousEvidence score -1
valuationpremium

Capital and cash conversion

Investment load increased

watch

Capital spending consumed more revenue while free-cash-flow margin declined.

Capital spending YoY
+622.1%
Capital spending / revenue
+2.1%
Free-cash-flow margin
+20.4%
FCF margin change
-12.6 pts

Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.

What improved

  • Revenue increased 48.2% versus the comparable filing period.

What weakened

  • Operating income moved from a profit to a loss in the comparable period.
  • Cash declined 175.8M versus the comparable period.
  • Gross margin fell 5.2 percentage points.

Filing receipts

49 Cash Used in Investing Activities Net cash used in investing activities during the six months ended June 30, 2026 was $13.7 million, which was primarily due to the purchase of marketable securities of $420.6 million, capital expenditures of $14.5 million, and purchase of intangible assets of $2.8 million, partially offset by proceeds from sales and maturities of marketable securities of $426.3 million.

Net cash used in investing activities during the six months ended June 30, 2025 was $33.6 million, which was primarily due to the purchase of marketable securities of $525.6 million, the purchase of digital assets of $30.0 million, $21.0 million of cash paid for business combinations, and the capitalization of internal-use software development costs of $2.4 million, partially offset by proceeds from sales and maturities of marketable securities of $548.3 million.

Cash Provided by (Used in) Financing Activities Net cash used in financing activities during the six months ended June 30, 2026 was $101.3 million, which was primarily due to $161.6 million used to pay the employee portion of taxes related to the net share settlement of equity awards, partially offset by proceeds from option exercises of $47.3 million and proceeds from the issuance of shares of Class A common stock under our 2025 ESPP of $13.2 million.

Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.

Business ecosystem

The relationships behind FIG

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

TEAMAtlassian CorporationpartnerFeb 18, 2026

Through collaborations with companies like Atlassian, Zoom, Notion, and Linear, and integrations with tools like ChatGPT, GitHub, and Storybook, users are connected to Figma from within their existing workflows.

GSThe Goldman Sachs Group, Inc.lenderFeb 18, 2026

Revolving Credit Facility On June 27, 2025, we entered into the Revolving Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells…

JPMJPMorgan Chase & Co.lenderFeb 18, 2026

Revolving Credit Facility On June 27, 2025, we entered into the Revolving Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells…

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

FIG is currently a Follower in the organic co-movement group Software - Application. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.