# Figma, Inc. (FIG)

> Source: Nexqual · https://nexqual.com/FIG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Figma, Inc. (FIG), nexqual.com/FIG" · informational, not investment advice.

**Price:** USD 24.1 (+4.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.98 · day 22.96–24.38 · 52w 16.6–55.48 · market cap $12.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.28B, net income -$1.58B (-123.1% margin), free cash flow $232M (SEC filings).
- Analysts: Buy (mean 2.47 on a 1–5 scale) (15 analysts), mean target USD 30.1 (range 22–37).
- Total return with dividends: 1Y -54.8% vs S&P 500 +14.9%; 5Y -80.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.05, revenue estimate $377M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $505M | $749M | $1.06B | $1.28B |
| Gross profit | $460M | $661M | $870M | — |
| Operating income | -$73.5M | -$877M | -$1.29B | -$1.59B |
| Net income | $738M | -$732M | -$1.25B | -$1.58B |
| EPS (diluted) | $1.62 | -$3.74 | -$3.71 | — |
| Free cash flow | $1.04B | -$63.7M | $246M | $232M |
| Gross margin | 91.2% | 88.3% | 82.4% | — |
| Operating margin | -14.5% | -117.1% | -122.2% | -123.8% |
| Net margin | 146.1% | -97.7% | -118.4% | -123.1% |
| Revenue growth | — | +48.4% | +41.0% | — |
| Cash + short-term investments | $1.27B | $1.46B | $1.66B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.0x · P/FCF 55.3x · P/B 8.7x · FCF yield 1.81% · Earnings yield -12.29%

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 15 analysts; mean target USD 30.1 (low 22, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Stifel | Target lowered | Hold | $25 → $22 |
| 2026-10-13 | Wells Fargo | Target lowered | Overweight | $34 → $30 |
| 2026-09-14 | Keybanc | Initiated | Sector Weight |  |
| 2026-08-19 | B of A Securities | Target raised | Buy | $30 → $33 |
| 2026-08-07 | Citigroup | Target raised | Buy | $35 → $37 |
| 2026-07-24 | Citigroup | Target lowered | Buy | $36 → $35 |
| 2026-06-26 | Wells Fargo | Target lowered | Overweight | $42 → $36 |
| 2026-06-25 | RBC Capital | Target lowered | Sector Perform | $28 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-07-28) |
|---|---|---|
| Total return | -54.8% | -80.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -55.0% | -73.1% |
| Volatility (annualized) | 74.5% | 80.0% |
| Max drawdown | -68.4% (Oct 2025→Jun 2026) | -85.7% (Jul 2025→Apr 2026) |

## Peers (Software - Application)
FROG (JFrog Ltd.) USD 93.89 -2.50% · PAYC (Paycom Software, Inc.) USD 272.61 +4.44% · HUBS (HubSpot, Inc.) USD 267.19 +6.92% · BSY (Bentley Systems, Incorporated) USD 39.41 +2.74% · GRAB (Grab Holdings Limited) USD 2.85 +1.06% · CHYM (Chime Financial, Inc.) USD 30.16 -0.69%

## More
Full page: https://nexqual.com/FIG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FIG's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1579878/000162828026009228/fig-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "provided by AWS, or regular or prolonged interruptions in that service, could also impact the use of, and our customers' satisfaction with, our platform and could harm our business and reputation." |
| Partner | OpenAI | "In late 2025, we partnered with OpenAI to launch the Figma app in ChatGPT, enabling users to turn conversations into collaborative visual artifacts." |
| Partner | Morgan Stanley Senior Funding | "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 Ban…" |
| Partner | Wells Fargo Securities | "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 Ban…" |
| Partner | RBC Capital Markets | "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 Ban…" |
| Partner | Adobe (ADBE) | "(1)On December 17, 2023, the Company abandoned its Merger Agreement with Adobe." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International | $199.3M | 53.8% | +50.0% |
| United States | $170.8M | 46.2% | +46.3% |
| Total revenue | $370.1M | 100% | — |

## Customer concentration

Period ended 2025-09-30: 11% of revenue from unnamed direct customers (10-Q, filed 2025-11-05).

## Company outlook (8-K filed 2026-08-05)

- "Conference Call Details: Figma will host a conference call today, August 5, 2026, at 5:00pm Eastern Time (2:00pm Pacific Time) to discuss its financial results for the second quarter of 2026 and outlook for the third quarter and full 2 year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.07 | -16.0% | $376.6M | 14 |
| Next quarter (ends 2026-12-31) | $0.05 | $0.07 | -25.2% | $388.7M | 15 |
| Current fiscal year (ends 2026-12-31) | $0.29 | $0.27 | +5.0% | $1.47B | 14 |
| Next fiscal year (ends 2027-12-31) | $0.34 | $0.33 | +5.5% | $1.82B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±16.5%; earnings reaction alone ±12.2%; last 5 reports averaged ±12.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 68.6% | ±8.2% |
| 2026-11-06 | 14 | 101.3% | ±16.5% |
| 2026-11-13 | 21 | 92.5% | ±18.2% |
| 2026-11-20 | 28 | 86.8% | ±19.6% |
| 2026-11-27 | 35 | 82.7% | ±20.8% |
| 2026-12-04 | 42 | 84.9% | ±23.3% |
| 2026-12-18 | 56 | 75.3% | ±24.5% |
| 2027-01-15 | 84 | 72.2% | ±28.5% |