Figma, Inc.
FIGdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Figma, Inc. earns about -81% on invested capital, below its ~9% cost of capital, but has diluted owners by 80% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $14.16 and $15.26 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $504.9M1 | $749M1 | $1.06B1 |
| Net income | $737.8M2 | −$732.1M2 | −$1.25B2 |
| Operating cash flow | $1.05B3 | −$61.7M3 | $250.7M3 |
| Capital expenditure | $3.74M4 | $1.98M4 | $4.44M4 |
| Free cash flow (derived) | $1.04B3 | −$63.7M3 | $246.2M3 |
| Total debt | — | — | — |
| Cash & equivalents | $1.27B5 | $487M5 | $403.5M5 |
| Diluted shares | 187.2M | 195.6M | 337.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $44.82 of net worth that earned you −$37.1 and generated $7.31 of cash last year.
It earned about -81% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 80% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $14.16 and $15.26 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$246.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$246.2M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $11.64 |
| Base | 5.0% | $14.16 |
| Bull | 10.0% | $17.19 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009228 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009228 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009228 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009228 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009228 (CashAndCashEquivalentsAtCarryingValue)