+51%

est. 2Y upside i

ProductivityIPO

Collaborative interface design and prototyping tool for product teams

Rank

#1922

Sector

Design & Collaboration Software

Est. Liquidity

~0Y

Data Quality

Data: Medium

Figma is high-quality SaaS at meaningful discount to hype: 41% growth, 136% NRR, 88% GM at ~12x revenue.

Last updated: March 20, 2026

Bull (35%)+100%

Figma Make becomes dominant AI design-to-code. NRR sustains >130%, 35%+ growth. Re-rates to 20-22x forward (~$50).

Base (45%)+50%

Growth to 25-30%, GAAP profitability improves. Re-rates to 15x forward (~$37-38).

Bear (20%)-35%

AI fragments market, NRR compresses <120%, growth sub-20%, to $16.

Est. time to liquidity~0.0 years
Adjusted for competitive dynamics: 56% (raw: 51%, adjustment: +5%)

Preference Stack Risk

low

Funding Intensity

6%

Public. No preference stack.

Dilution Risk

moderate

High SBC culture; $976M FY2025. Monitor share count growth.

Secondary Liquidity

active

NYSE-listed (FIG). Full liquidity at vest.

View all 170 open roles at Figma →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Figma's data — designed to show you've done your homework.

  • 1

    “AI impact on seat model as designers reduce?”

  • 2

    “RSU vesting and refresh grants given stock below IPO?”

  • 3

    “Free-to-paid conversion driving 136% NRR?”

Cluster Peers

Expected Upside

Figma
+51%
Canva
+26%
Miro
-69%

Community

Valuation Sentiment

Our model estimates +51% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.