Figma, Inc. (FIG) fair value: what the stock is really worth
We calculate from audited financials what Figma, Inc. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 18, 2026.
How to read this chart
14‑month range $16.84 – $122.00 · fair‑value band $6.88 – $18.33 · the $22.69 price screens above the $12.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 18, 2026.
Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform.
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Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align decisions, and move work forward"all in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz, which publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; Payload CMS is an open-source, headless content management system and application framework acquired by Figma; Figma Make, an AI tool to design and prompt way to a functional prototype; Figma Weave for AI-powered media generation and editing. The company was incorporated in 2012 and is headquartered in San Francisco, California.
Stock analysis
Figma, Inc. (FIG) currently trades at $22.69, while our model-based Fair Value estimate is $12.76, implying the stock looks roughly 77.8% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $15.54 per share, and 0 of the 7 models we run sit above the $22.69 price.
Bear case: the Asset-Based group reads lowest at $2.27, and 7 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: $6.88 (bear) to $18.33 (bull), the price of $22.69 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Figma, Inc. reported revenue of $1.1B in FY2025 versus $505M in FY2023, a compound +44.6%/yr. Reported net income was −$1.3B in FY2025.
Key figures
Market cap $12.6B · P/S ratio 10.9 · EPS (TTM) $−4.11 · Net margin −118% · Return on equity −102% · Return on assets (EBIT) −36.2% · Operating margin −41.2% · Revenue (TTM) $1.2B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
For context, the median of 10 Technology peers we cover trades at −16% fair-value upside, at −44%, FIG screens richer than that median.
Fair Value models
Bear $6.88Fair Value $12.76Bull $18.33
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+21.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+22.0%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 702 stocks
Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−72% · Bottom 25%
Profitability
Return on assets−44% · Bottom 25%
Net margin (TTM)−124% · Bottom 25%
Operating margin (TTM)−41% · Bottom 25%
Growth and dividend
Revenue growth46% · Top 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/B8.35× · Priciest 25%
P/S (TTM)10.86× · Priciest 25%
P/FCF51.2× · Priciest 25%
PEG4.30× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)100· sector 36
PAST (return on equity)0· sector 12
HEALTH (low debt)0· sector 98
DIVIDEND (yield)0· sector 28
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Figma, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/FIG
Frequently asked questions
Is Figma, Inc. (FIG) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of $12.76 versus a price of $22.69, about −44% upside (overvalued).
What is the fair value of FIG?
Our model-based fair value for Figma, Inc. is $12.76 (as of Sep 18, 2026), built from audited fundamentals. The current price: $22.69.
What is the quality score of FIG?
Figma, Inc. has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Figma, Inc. (FIG)?
Our model-based price target is the fair value of $12.76 (as of Sep 18, 2026) from 7 valuation models. Cautious scenario $6.88, optimistic scenario $18.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Figma, Inc. stock forecast for 2026?
Our models put fair value at $12.76, about −44% upside versus a price of $22.69 (overvalued). Cautious scenario $6.88, optimistic scenario $18.33. The calculation is refreshed regularly with new filings.
What is the revenue of Figma, Inc. (FIG)?
Figma, Inc. reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Sep 18, 2026).
What growth is priced into Figma, Inc. (FIG)?
For today's price to be fair in a discounted-cash-flow model, Figma, Inc. would have to grow free cash flow by +21.3 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +44.6 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of FIG use?
Our models discount Figma, Inc. at 9.2 %: a base by market capitalisation (large), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Figma, Inc. that is +21.3 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Figma, Inc. (FIG) delivered so far?
Over the past 2 years revenue at Figma, Inc. grew +44.6 % a year. The price currently implies +21.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Figma, Inc. (FIG) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into Figma, Inc. (+21.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Figma, Inc. (FIG)?
The free-cash-flow yield on the price is 2.12 %: that much free cash flow Figma, Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Figma, Inc. (FIG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Figma, Inc. it is $12.76 per share (as of Sep 18, 2026), against a price of $22.69. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Figma, Inc. stock overvalued or undervalued in 2026?
As of Sep 18, 2026, FIG trades above its calculated fair value: price $22.69, fair value $12.76, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FIG?
No. The price is what the market pays today ($22.69); the fair value is what the company's own numbers justify ($12.76). For Figma, Inc. the two are $9.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Figma, Inc. worth?
The market values Figma, Inc. at about $12.6B (market capitalisation, as of Sep 18, 2026). Per share that is $22.69; our models calculate a fair value of $12.76 per share.
What do the bullish and bearish scenarios say about FIG?
Our models span a range for Figma, Inc.: cautious scenario $6.88, base $12.76, optimistic $18.33 per share (as of Sep 18, 2026, price $22.69). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FIG?
The PEG ratio of Figma, Inc. is 4.30 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Figma, Inc. (FIG)?
Balance-sheet figures for Figma, Inc. (as of Sep 18, 2026): return on equity −101.7%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
Which stocks are comparable to Figma, Inc.?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Figma, Inc. stock attractive at the current price?
The data as of Sep 18, 2026: price $22.69, calculated fair value $12.76 (−44%), Quality Score 51/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FIG calculated?
We run Figma, Inc. through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $12.76, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Figma, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Figma, Inc. (FIG)?
The closing price on Sep 18, 2026 was $22.69. Our model-based fair value is $12.76, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Figma, Inc. right now?
The price sits above even our optimistic bull case ($18.33). The favourable scenario is already priced in. The model range is unusually wide ($6.88 to $18.33). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Figma, Inc.
How large is the market capitalisation of Figma, Inc. (FIG)?
The market capitalisation of Figma, Inc. is $12.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Figma, Inc. (FIG)?
The price-to-sales ratio of Figma, Inc. is 10.9 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Figma, Inc. (FIG)?
Earnings per share at Figma, Inc. are $−4.11. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Figma, Inc. (FIG)?
The net margin of Figma, Inc. is −118% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Figma, Inc. (FIG)?
The return on equity (ROE) of Figma, Inc. is −102% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Figma, Inc. (FIG)?
On an EBIT basis the return on assets of Figma, Inc. is −36.2% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Figma, Inc. (FIG)?
The operating margin of Figma, Inc. is −41.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Figma, Inc. (FIG)?
Revenue at Figma, Inc. is growing +46.1% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Figma, Inc. (FIG)?
Earnings per share at Figma, Inc. are growing −51.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Figma, Inc. (FIG) hold?
Figma, Inc. holds more cash than debt, $289M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 18, 2026