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Figma Q1 Earnings: Revenue Soars 46%, Stock Still Pricey
Figma's Q1 2026 revenue grew 46% YoY to $333M, with net dollar retention hitting a multi-year high of 139%. But even after its post-IPO slide, the stock still trades at ~75x next-12-month free cash flow. We break down what's driving the valuation gap, why free cash flow per share is still feeling IPO dilution effects, and what Figma needs to prove on profitability as AI disruption looms over creative software.
Topics covered:
Why Figma's valuation is still rich despite the stock's decline
Figma vs. Adobe, Microsoft, Wix, and the private design-tool field
AI's disruption risk to…
The skinny
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