Key Takeaways for Figma Stock as of September 2026
- Year-Long Slide: Figma stock has fallen 59% over the past year, sliding from a peak near $70 in November 2025 to $22.01 by September 9.
- Margin Squeeze: Q2 revenue rose 48% YoY to $370.1M, beating the $351.6M estimate, but R&D spend jumped 101.5% and sequential adjusted operating margin fell to 10% from 16%, sending shares down over 15% premarket on Aug. 6.
- Street Repositioning: Figma stock carries 4 buy ratings, 2 outperforms and 8 holds, and the mean target of $31, down from $71 a year ago, still sits 40% above the current price.
- TIKR Model View: TIKR targets $66 by 2030, a 201% return.
Why Figma Stock Has Sunk 59% Since Its Post-IPO Peak
Figma (FIG) stock has fallen 59% over the past year, sliding from a peak near $70 in November 2025 to $22.01 by September 9, even as the company keeps growing revenue at a pace most software firms would envy.
Figma priced its 2025 debut for a splashy pop, and it got one, jumping 250% on its first trading day. Stocks that open that hot tend to give it back. The average IPO climbs 32% on debut and trades 26% below that offer price a year later, according to JPMorgan data cited in Reuters Breakingviews commentary. Figma stock has traced a version of that arc, and it hasn’t been a quiet unwind.
The clearest inflection came on Aug. 5, when Figma reported second-quarter revenue of $370.1 million, up 48% year over year and above the $351.6 million analysts expected. Full-year guidance rose to $1.463 billion to $1.467 billion. But R&D spending jumped 101.5% as the company poured money into AI development, pushing total operating expenses to $426.9 million and cutting the sequential adjusted operating margin to 10% from 16%. Shares slid more than 15% the next morning as the market fixated on the cost line instead of the beat.
The damage runs deeper than that one operating line. Figma’s gross margin, historically in the low-to-mid 90s, cratered to 69.4% in the quarter ended Sept. 30, 2025, and has stayed compressed since, running at 83.7% as of June 30, 2026 versus 92.4% a year earlier. AI compute is now sitting inside the cost of revenue itself, not just the R&D line, which is why the margin pressure has outlasted any single earnings report.
Three weeks later, at the Sept. 8 Goldman Sachs Communacopia + Technology Conference, CEO Dylan Field confirmed Figma had cut pricing on its Figma Make AI credits by up to half, choosing usage growth over near-term profit. “So I think we all like did the gut check in varying customer feedback and went, this feels a bit too high, and it’s most important to get the usage of the system and the volume growing,” Field said. That tradeoff, growth chosen over margin, is precisely what the market punished five weeks earlier, and Field’s comments confirmed it as strategy rather than a one-quarter blip.
For Figma stock, the past year reads as one story told twice: a hyped debut meeting a costly AI buildout, with margins now the variable investors are pricing ahead of growth.
Persistent Insider Selling Has Added to Figma Stock’s Overhang
The margin story hasn’t been Figma stock’s only source of pressure. Chief Technology Officer Kris Rasmussen sold 261,301 shares for $6.55 million on July 29, and Chief Financial Officer Praveer Melwani sold 40,000 shares for roughly $1.06 million on Aug. 4. Chief Revenue Officer Shaunt Voskanian sold shares twice in July for a combined $446,290, and Chief Accounting Officer Herb Tyler filed four separate stock sales between Aug. 1 and Sept. 3, trimming his stake to 249,386 shares.
Director Daniel Rimer’s affiliated Index Ventures funds distributed millions of shares to their own investors in mid-August. None of these filings points to one catalyst, but together they’ve kept fresh supply hitting the market through every rally attempt.
Figma Stock’s Analyst Targets Have Fallen as Fast as the Price
Figma stock carries 4 buy ratings, 2 outperforms and 8 holds. The mean price target stands at $31, which sits 40% above the current price near $22. Separately, 10 analysts now publish a price target on Figma stock, up from 8 a year ago.
That $31 mean has fallen hard. It stood at $71 in June 2025, $65 three months later, then $40 by year-end and $35 in March 2026 as the stock kept sliding. Even as the dollar target collapsed, the ratings mix moved the other way: buy ratings climbed from 1 to 4 and outperforms from 1 to 2 over the same stretch.
Analysts have stopped expecting a return to IPO-era pricing, but a growing share of them see the current level as cheap against Figma’s own reset expectations.
TIKR Values Figma Stock at $66, Betting on a Multiyear Rebound
TIKR’s mid-case model values Figma stock at $66 by December 2030, implying a 201% total return from the current price of $22, or 29% annualized over 4.3 years.
A return of that size prices in a business still working through a rough patch rather than one already executing cleanly, a bigger ask than most profitable software peers carry today.
The path there runs through Figma’s AI spending converting into paid usage instead of pure cost, the exact trade management is making by cutting Make credit pricing to chase volume. It also runs through the Street’s own $31 target getting revised higher as the current margin pressure eases.
Should You Invest in Figma, Inc.?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up Figma, Inc. stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
