Balance sheet remains healthy with $445.8M cash and a low D/E of 0.05, but retained earnings have deteriorated to -$1.7B, and deferred revenue growth to $626.8M may signal softening demand.
Figma, Inc. (FIG) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Current Assets | 1.98B | 2B | 1.64B | 1.54B |
| Cash & Short-Term Investments | 1.67B | 1.66B | 1.46B | 1.42B |
| Cash Only | 445.85M | 403.47M | 486.95M | 1.27B |
| Short-Term Investments | 1.22B | 1.25B | 970.88M | 148.97M |
| Accounts Receivable | 190.88M | 247.91M | 131.31M | 90.09M |
| Days Sales Outstanding | 55.77 | 85.71 | 63.99 | 65.13 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 15.82M | 100.84M | 48.87M | 28.36M |
| Total Non-Current Assets | 374.23M | 343.51M | 155.12M | 64.31M |
| Property, Plant & Equipment | 100.64M | 42.32M | 43.82M | 11.63M |
| Fixed Asset Turnover | 14.98x | 24.95x | 17.09x | 43.40x |
| Goodwill | 101.4M | 101.4M | 11.4M | 11.4M |
| Intangible Assets | 13.37M | 19.08M | 2.51M | 3.12M |
| Long-Term Investments | 9.8M | 0 | 0 | 0 |
| Other Non-Current Assets | 158.83M | 180.71M | 97.39M | 38.16M |
| Total Assets | 2.35B | 2.35B | 1.79B | 1.6B |
| Asset Turnover | 0.57x | 0.45x | 0.42x | 0.32x |
| Asset Growth % | 66.15% | 30.95% | 11.94% | - |
| Total Current Liabilities | 806.68M | 776.11M | 446.96M | 545.05M |
| Accounts Payable | 26.15M | 4.5M | 4.16M | 3.69M |
| Days Payables Outstanding | 18.07 | 8.86 | 17.36 | 30.24 |
| Short-Term Debt | 0 | 2.63M | 0 | 0 |
| Deferred Revenue (Current) | 2.32B | 0 | 385.87M | 261.49M |
| Other Current Liabilities | 0 | 768.19M | 35.92M | 25.22M |
| Current Ratio | 2.45x | 2.58x | 3.66x | 2.82x |
| Quick Ratio | 2.45x | 2.58x | 3.66x | 2.82x |
| Cash Conversion Cycle | 37.69 | - | - | - |
| Total Non-Current Liabilities | 66.69M | 61.46M | 22.14M | 13.71M |
| Long-Term Debt | 0 | 55.84M | 0 | 0 |
| Capital Lease Obligations | 171.49M | 55.84M | 17.83M | 2.14M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.6M | -50.23M | 4.3M | 11.57M |
| Total Liabilities | 873.37M | 837.57M | 469.1M | 558.77M |
| Total Debt | 67.75M | 114.32M | 28.77M | 14.6M |
| Net Debt | -378.09M | -289.15M | -458.18M | -1.26B |
| Debt / Equity | 0.05x | 0.08x | 0.02x | 0.01x |
| Debt / EBITDA | -0.04x | - | - | - |
| Net Debt / EBITDA | 0.24x | - | - | - |
| Interest Coverage | - | - | - | - |
| Total Equity | 1.48B | 1.51B | 1.32B | 1.04B |
| Equity Growth % | 23.96% | 14.09% | 26.93% | - |
| Book Value per Share | 2.80 | 2.96 | 2.95 | 2.14 |
| Total Shareholders' Equity | 1.48B | 1.51B | 1.32B | 1.04B |
| Common Stock | 4K | 4K | 1K | 0 |
| Retained Earnings | -1.7B | -1.44B | -192.91M | 540.07M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.57M | 4M | 1.31M | 265K |
| Minority Interest | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FIG stock.
As of 2025, Figma, Inc. (FIG) had total assets of $2.35B including $2.00B in current assets.
Figma, Inc. (FIG) carries total debt of $114.3M, offset by $1.66B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Figma, Inc. (FIG) has total shareholders' equity (book value) of $1.51B ($2.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Figma, Inc. (FIG) reported a current ratio of 2.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Balance Sheet Strengthens Amid Losses
Total assets grew 20% to $2.4B in 2026Q2 from $2.0B a year earlier, while equity rose to $1.5B, per reported figures, indicating a strengthening balance sheet despite ongoing losses.
The increase in total assets is driven by a rise in cash and receivables, reflecting strong revenue growth. Equity expansion, despite negative retained earnings, suggests that capital infusions or other comprehensive income are offsetting accumulated deficits. This trajectory implies that the company is funding growth through a mix of operational cash flow and external financing, though the persistent negative retained earnings warrant monitoring.
Minimal Leverage Masks Refinancing Risk
Total debt rose to $67.8M in 2026Q2 from $28.8M in 2024Q4, yet D/E remains low at 0.05, as reported, indicating conservative leverage but a rising debt trend that bears watching.
The debt-to-equity ratio is negligible, suggesting that Figma is not reliant on debt financing. However, the increase in total debt from $28.8M to $67.8M over seven quarters may indicate a shift toward using debt for working capital or acquisitions. Given the company's negative operating margins, the low absolute debt level provides a cushion, but investors should monitor whether debt continues to rise as the company scales.
Asset Mix Reflects Asset-Light Model
Goodwill jumped from $11.4M in 2025Q1 to $101.4M in 2025Q3, per financial statements, while PPE remains modest at $100.6M, underscoring an asset-light model with acquisition-driven intangibles.
The significant increase in goodwill suggests that Figma has made acquisitions, likely to bolster its product suite or talent. This raises the risk of future impairment if those acquisitions do not perform as expected. The low PPE relative to total assets confirms a software business with minimal fixed-asset requirements, aligning with the company's high gross margins and low capital intensity.
Equity Quality Clouded by Accumulated Losses
Retained earnings deteriorated from -$192.9M in 2024Q4 to -$1.7B in 2026Q2, as reported, indicating that cumulative losses are eroding equity quality despite a positive total equity balance.
The negative retained earnings are a direct result of the $1.1B net loss in 2025Q3, likely tied to the Adobe termination fee. While total equity remains positive at $1.5B, the quality of that equity is questionable because it is not built on retained profits. This suggests that the company's book value is supported by external capital rather than organic earnings, which may concern value-focused investors.
Liquidity Buffer Remains Robust
Current ratio stands at 2.45 in 2026Q2, down from 3.62 in 2024Q4, while cash increased to $445.8M, per reported data, indicating a still-strong liquidity position but a declining trend.
The current ratio remains above 2, suggesting that Figma can comfortably cover its short-term obligations. The decline from 3.62 to 2.45 is driven by an increase in current liabilities, likely due to higher deferred revenue and accrued expenses as the business grows. Cash levels have risen, providing a buffer against operational volatility, though the company's negative operating margins imply that cash burn could accelerate if growth slows.
Deferred Revenue Growth May Signal Churn Risk
Deferred revenue rose to $626.8M in 2026Q2 from $381.4M in 2024Q4, per reported figures, but the growth rate may be decelerating, which could indicate softening demand or increased discounting.
While the absolute increase in deferred revenue is positive, the quarter-over-quarter growth from 2026Q1 to 2026Q2 was only -0.1%, suggesting a plateau. This could be a leading indicator of slowing new business or higher churn, as deferred revenue represents cash collected for future services. Investors should monitor whether this stagnation persists, as it would contradict the narrative of accelerating revenue growth.