Figma Q2 Earnings Preview: Adobe Is A Better Option

Figma is rated Hold as valuation remains high despite strong growth and AI-driven expansion.

FIG's revenue growth decelerated to 41% YoY in 2025, with gross margin compressing from ~89% to ~82%.

Stock-based compensation is a major concern, driving a large GAAP operating loss and significant shareholder dilution.

I see fair value near the IPO price of $33, with upside contingent on disciplined expense management and shareholder protection.

I can’t believe that since I covered the Figma ( FIG ) IPO, over one year has passed. It feels like it happened just yesterday, but here I am year later revisiting the stock before its Q2

I write about stocks I’m personally interested in adding to my portfolio. I’m not a professional advisor, but I study business and economics and analyze markets full-time. My writing is meant for both complete beginners — I avoid unnecessary complexity — and advanced readers, as I always aim to offer a distinct and well-reasoned perspective.I also run a YouTube Channel called "The Market Monkeys" and break some of the stocks there as well.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ADBE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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