Figma stock fell 9.4% today as part of a broader decline in the cloud software segment following disappointing guidance from ServiceNow, Microsoft and SAP. Despite reporting 38% year-over-year revenue growth last quarter, investors reassessed valuations across design and collaboration tools, driving Figma to its lowest level since shortly after its July 2025 IPO. The stock is now down 80% from its post-IPO peak, underscoring heightened concerns over stretched multiples in a market sensitive to AI-related guidance.

Figma will report fourth quarter and full year 2025 financials on February 18, 2026, after U.S. markets close, with a conference call scheduled at 2 p.m. PT / 5 p.m. ET. Management is expected to provide revenue guidance for 2026 and commentary on usage-based pricing initiatives introduced last quarter. Investors will watch for any update on operating margins, which narrowed by 320 basis points year-over-year in Q3, as the company balances R&D investment in AI with cost discipline.

The company continues to roll out AI-powered features such as Figma Make and deep integration with OpenAI models, aiming to strengthen its collaboration moat. While these launches could expand the addressable market beyond traditional design teams, Figma’s current EV/S multiple of 9.4x remains below the 12x average for high-growth cloud peers. Analysts will be closely monitoring adoption rates for AI tools and the impact of a shift to usage-based pricing on average revenue per user in the coming quarters.