Figma, Inc. (FIG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-204.9%

-$24.11

vs $22.98 price

Levered DCF

$29.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.19

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-15.25×	-37.14×	195.76×
P/B	12.64×	39.1×	53.97×
P/S	18.09×	69.11×	111.52×
EV / EBITDA	-15.54×	-65.33×	57.68×
Gross margin	82.4%	88.3%	91.2%
Operating margin	-122.2%	-117.1%	-14.5%
Net margin	-118.4%	-97.7%	56.6%
Current ratio	2.58×	3.66×	2.82×
Debt / equity	0.08×	0.02×	0.01×
Interest coverage	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-82.8%	-55.3%	27.4%
Return on invested capital	-81.9%	-59.7%	-5.4%
Return on assets	-53.3%	-40.8%	17.8%
Free cash flow yield	1.3%	-0.1%	1.8%
Earnings yield	-6.5%	-1.4%	0.5%
Enterprise value	$18.8B	$51.3B	$55B
Net debt / EBITDA	0.24×	0.58×	-1.32×
Cash conversion cycle (days)	77	47	35