Since its July 2023 debut at $33 per share, Figma’s stock surged to $142.92 before retreating nearly 75% to trade just above its IPO price. This decline has pushed its market capitalization down to approximately $18.5 billion—below the $20 billion price Adobe agreed to pay in 2022 before regulators blocked the deal. Given that Figma was smaller and operating without a public AI narrative at that time, the Adobe offer serves as a valuation floor and underscores the current upside potential for long-term investors.

In the third quarter, Figma delivered 38% year-over-year revenue growth to $274.2 million and reported adjusted operating income of $34 million. Even after accounting for a one-time non-cash IPO expense that inflated GAAP losses, the company remains profitable on a GAAP basis over the long term. With roughly $1.5 billion in cash and marketable securities on the balance sheet, Figma trades at about 15 times run-rate price-to-sales—an attractive multiple compared to peers, especially given its 85.7% gross margin and history of consistent profitability.

Figma has aggressively expanded its AI capabilities, recognizing UX/UI design as a prime use case for generative tools. In 2025 the company launched Figma Make, a prompt-to-app code generator; Figma Sites, which publishes responsive websites directly from design files; and Figma Buzz, an AI assistant for brand and marketing teams. Although management cautioned that AI development would pressure near-term margins, these investments position Figma to capitalize on the broader AI software tipping point and to extend its lead in collaborative design platforms.

In mid-2025 Figma acquired Weavy, an AI-driven interface startup, and rebranded it as Figma Weave. Weave integrates digital editing, real-time collaboration and generative design suggestions into a single workspace. By embedding Weave’s technology, Figma can offer designers and developers seamless end-to-end workflows that combine drag-and-drop components with AI-powered code generation—strengthening customer lock-in and accelerating time-to-market for web and application design projects.