Figma

FIG

Software - Application · Technology

Price

$23.95

+0.54 (+2.31%)

Market Cap

$11.67B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+4.8% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 487.5M (2023) → 511.0M (2025)

Figma is a software company that makes tools for designing websites, apps, and digital products. Its main product is a browser-based design platform where teams of designers, engineers, and product managers can work together on the same file at the same time. Figma is widely used by technology companies and product teams around the world, and it became known for replacing older desktop design tools like Adobe Illustrator and Sketch.

Figma makes money by charging teams a monthly or annual subscription fee, with pricing that scales as more people join a workspace. The company operates globally and serves everyone from small startups to large enterprises, with particularly strong adoption inside tech companies. Its main competitive advantage is that its tool runs in a browser and is built for real-time collaboration, which makes switching to a competitor costly once a team is set up. The key risk is that Figma is spending far more than it earns, and it will need to grow revenue significantly to reach profitability.

Winston Score History

Politician Trades

8 trades / 12mo

6 Congressional buys and 2 sells on FIG in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+46.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+86.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.0B/ year

↑ Rising (+37% vs prior year)

97.5% of revenue

6.5x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

85.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Figma grew revenue 46% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

79.4%

Premium pricing power — 79.4% gross margin

Operating Margin

-41.2%

Losing money on operations — -41.2%

ROCE

-9.1%

Weak — -9.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+41.4%

Fast-growing sales (41.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

20.4%

Converts sales into free cash efficiently (20.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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