Figma: It’s Fine, Okay? Really.

So, Figma. This company, right? They had this offer from Adobe, a perfectly reasonable offer, probably. But they said no. No! They wanted to go public. Public! Like anyone needs another publicly traded company. And then the stock… well, let’s just say it didn’t exactly soar. It’s below the IPO price. Below! It’s like they actively tried to make a bad decision. And now everyone’s acting surprised. Honestly.

Eighty-five bucks on day one. One hundred and fifteen, closing. A brief moment of optimism, quickly crushed. It’s just… predictable. It’s like ordering a pastrami on rye and expecting a lobster. You’re setting yourself up.

They’re Still Selling Stuff, Apparently

Okay, so they’re still growing. Revenue up 40% to $303.8 million. Fine. Analysts expected $293.15 million. A penny over on adjusted EPS. A penny. Like that’s something to celebrate. It’s the principle of the thing! They should be blowing the numbers away. It’s not that hard. Just… try harder.

And this “net revenue retention” thing. 136%. For customers spending over ten grand a year. Okay, so they’re getting more money from the same people. Great. It’s called repeat business. It’s not rocket science. They’re acting like they discovered fire. And it’s accelerating? 131% last quarter, 129% before that? It’s just…numbers. Meaningless numbers.

Apparently, people are using both Figma Make and Figma Design. Eighty percent of users who pay for the full software also use the AI tool. Which means they’re charging people twice for essentially the same thing. Clever. Deviously clever. It’s like a car wash that also tries to sell you windshield wipers while you’re in the wash. It’s just…aggressive. And the AI tool turns designs into apps? What’s next? A toaster that writes poetry?

They’re doubling their product lineup to eight solutions. Eight! Who needs eight solutions? I can barely manage one solution to a simple problem. And 75% of big spenders are using AI credits. None a year ago. Of course not. They had to earn your money first. Now they’re shifting to charging for AI credits. Of course they are. It’s always about finding new ways to extract money. Always.

They’re predicting $1.366 to $1.374 billion in revenue next year. Thirty percent growth. Fine. And $315 to $317 million for the first quarter. Thirty-eight percent growth. More numbers. More growth. It’s exhausting.

Should You Buy This Thing? Honestly?

They’re growing quickly. No AI disruption. Okay. The valuation has shrunk to 8.5 times forward price-to-sales. Attractive, they say. I say it’s still overpriced. It’s like finding a slightly dented can of beans on sale. It’s still beans. And they’re introducing new AI-powered products. Of course they are. It’s the only thing everyone’s doing these days. And shifting the pricing model. Always shifting. Always tinkering. It’s infuriating.

I’d consider a small position. A very small position. And only if you’re prepared to lose it. And then maybe, just maybe, add more if the price drops. But don’t expect a miracle. It’s Figma. What did you expect?

2026-02-23 16:53

They’re Still Selling Stuff, Apparently

Should You Buy This Thing? Honestly?

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