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Figma is a private company and not a publicly traded stock; therefore, it cannot be an investment thesis for a ticker.
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Figma is maintaining around **40% YoY revenue growth**, with **\~90% gross margins** and already positive free cash flow.
The main reason GAAP net income hasn’t turned positive yet is heavy SBC (stock-based compensation). However, over the next 2–4 quarters, SBC impact should gradually decline and stabilize. Once that happens, GAAP EPS could flip positive relatively quickly.
In the long term, I believe net margins could eventually settle around \~30%. If that plays out, we’re looking at a company growing revenue at 40% with potentially **triple-digit YoY EPS growth** once operating leverage kicks in.
I work as an IT engineer and have personally used Figma extensively — it’s genuinely impressive. With integrations like Claude-powered MCP workflows, AI can generate design drafts automatically and even convert them into functional pages with minimal effort.
Figma feels more like an AI application company than a traditional SaaS company. They don’t operate their own data centers — instead, they leverage token-based AI infrastructure (e.g., Anthropic).
In my view, the market may be mispricing it. That said, I don’t expect a rebound to happen immediately. The timing likely depends on clear catalysts — especially visible SBC reduction and GAAP profitability turning positive.