Figma - justified revenue multiple (no usable earnings, SBC 129% of revenue)

Figma, Inc. (FIG)
By@anthropopithecus
Assumptions as of 2026-07-21
USD
Updated Jul 21, 2026
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Figma - justified revenue multiple (no usable earnings, SBC 129% of revenue)

as of 2026-07-21

Fair value per share
$21.83
Upside to market
-0.9%
Justified multiple of revenue
9.00
Market multiple of revenue
9.10
15.0%
10.0%
41.0%
247.13$M
82.4%
20.0%
1,655.94$M
$22.04
1,055.79$M
1,364.13$M
511.04M
18.00
45.00

Justified revenue multiple bridge ($M)

FY2025
Revenue1,056
Assumed mature FCF margin (post-SBC)20.0%
= Normalized FCF (assumption, not observed)211
Justified multiple of normalized FCF45.0
= Justified multiple of revenue9.00
= Enterprise value9,502
plus net cash1,656
= Equity value11,158
memo - market pays (x revenue)9.10
memo - actual owner earnings today-1,117
memo - SBC as pct of revenue129.2%

Sources

  1. — sec.gov

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