The gross margin rebound from 69.4% in 2025Q3 to 83.7% in 2026Q2 suggests that the earlier dip was likely a one-off, possibly related to the Adobe termination fee or other non-recurring items. However, operating margin of -31.7% in 2026Q2, while improved from -64.4% in 2025Q4, still reflects R&D and S&M expenses that exceed gross profit, as evidenced by the $426.9M in combined R&D and SG&A versus $309.6M gross profit. This implies that the company is still in a heavy investment phase, and investors should monitor whether the accelerating revenue growth can eventually translate into operating leverage.

The dramatic swing in ROIC from -81.8% in 2025Q3 to -8.0% in 2026Q2 is largely attributable to the one-time $1.1B loss in 2025Q3, likely from the Adobe termination fee. Excluding that quarter, ROIC has been consistently negative but improving, from -12.0% in 2025Q4 to -8.8% in 2026Q1 and -8.0% in 2026Q2. This suggests that while the company is not yet generating returns above its cost of capital, the trend is toward narrowing losses, which may indicate that the heavy investment is beginning to yield efficiency gains. However, the negative ROIC underscores that the business model is still in a value-destructive phase, and investors should require evidence of sustained improvement before expecting a re-rating.

The reduction in DSO from 61 days to 47 days over two quarters suggests that Figma is collecting receivables more quickly, which is a positive sign for cash conversion. Simultaneously, DPO increased from 15 days to 26 days, indicating that the company is taking longer to pay suppliers, which can improve cash flow. However, the cash conversion cycle is not calculable due to missing DIO data, but the combination of lower DSO and higher DPO likely points to a shorter cash cycle. This efficiency gain is consistent with the positive operating cash flow reported despite net losses, and it may indicate that Figma is gaining negotiating leverage with both customers and suppliers as it scales.

Figma's leverage is minimal, with a D/E ratio of 0.05, which is far below peers like Adobe's 0.57. However, the absolute debt level has risen from $28.8M in 2024Q4 to $67.8M in 2026Q2, a 135% increase, which may indicate a shift toward using debt to fund operations or acquisitions. Given the company's negative operating margins, interest coverage is not meaningful, but the low debt level suggests that refinancing risk is minimal. Investors should monitor whether the rising debt trend continues, as it could signal a need for external capital if cash flow deteriorates, though the current balance sheet strength provides ample cushion.

The current ratio has fallen from 3.62 to 2.45 over seven quarters, indicating that current liabilities are growing faster than current assets, likely due to increased deferred revenue and accrued expenses. Despite this decline, a ratio of 2.45 is still healthy and suggests that Figma can comfortably meet its short-term obligations. The quick ratio is identical to the current ratio, implying that inventory is negligible, which is typical for a software company. The $445.8M in cash, combined with positive operating cash flow, suggests that the company is not at immediate liquidity risk, but the declining trend warrants monitoring if losses persist.