Latest Ratios: P/E Ratio -7.6x · EV/EBITDA N/A · ROE -88.2%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $9.1B | $19.1B | — | — |
| Enterprise Value | $8.8B | $18.8B | — | — |
| P/E Ratio → | -7.60 | — | — | — |
| P/S Ratio | 8.60 | 18.09 | — | — |
| P/B Ratio | 6.30 | 12.64 | — | — |
| P/FCF | 36.86 | 77.56 | — | — |
| P/OCF | 36.21 | 76.18 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 17.81 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| EV / FCF | — | 76.38 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 82.4% | 82.4% | 88.3% | 91.2% |
| Operating Margin | -122.2% | -122.2% | -117.1% | -14.5% |
| Net Profit Margin | -118.4% | -118.4% | -97.7% | 56.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -88.2% | -88.2% | -61.9% | 27.4% |
| ROA | -60.4% | -60.4% | -43.1% | 17.8% |
| ROIC | -92.7% | -92.7% | -201.4% | — |
| ROCE | -88.4% | -88.4% | -73.0% | -7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.02 | 0.01 |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.19 | -0.35 | -1.20 |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | -1.17 | — | -1.21 |
| Interest Coverage | — | — | — | — |
Net cash position: cash ($403M) exceeds total debt ($114M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 2.58 | 2.58 | 3.66 | 2.82 |
| Quick Ratio | 2.58 | 2.58 | 3.66 | 2.82 |
| Cash Ratio | 2.13 | 2.13 | 3.26 | 2.60 |
| Asset Turnover | — | 0.45 | 0.42 | 0.32 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 85.71 | 63.99 | 65.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 2.7% | 1.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $511M | $448M | $487M |
Operating margin volatility
Based on current market data, Figma trades at a price-to-sales multiple of 8.60, which suggests that investors are pricing in significant future expansion despite the company's current lack of GAAP profitability and the recent termination of its high-profile acquisition agreement with Adobe Inc.
The forward P/E of 66.03 indicates that the market is heavily discounting future earnings, placing a premium on the company's ability to scale its developer-focused product suite. This valuation appears to be predicated on the assumption that Figma will successfully transition from a design-centric tool to a broader enterprise productivity platform, justifying a higher multiple than traditional legacy software peers.
According to reported financial figures, Figma's ROIC has experienced significant volatility, plummeting to -8.8% in 2026Q1 from a positive 4.1% in 2024Q4, which highlights the substantial capital intensity required to maintain its competitive edge in the rapidly evolving UI/UX software market.
The sharp decline in returns on invested capital suggests that the company is currently prioritizing aggressive R&D and market share acquisition over immediate capital efficiency. Investors should monitor whether these investments in new product lines like Figma Slides and AI-driven tools will eventually yield the high returns on capital necessary to justify the current asset base.
As evidenced by the company's recent quarterly filings, Figma maintains a highly efficient asset turnover ratio of 0.14, which, when combined with its subscription-based billing model, suggests a robust ability to convert enterprise commitments into cash flow despite the broader technology sector's current headwinds.
The company's ability to maintain a consistent cash conversion cycle, supported by strong deferred revenue growth, indicates that it holds significant leverage over its customer base. This operational efficiency is a critical buffer, allowing the firm to fund its own growth internally while minimizing the need for external financing during periods of high R&D spending.
Based on the provided balance sheet data, Figma's current ratio of 2.50 as of 2026Q1 demonstrates a healthy liquidity position, providing the company with sufficient short-term assets to navigate potential market volatility and sustain its ongoing product development roadmap without immediate reliance on external capital markets.
This liquidity profile appears adequate to cover short-term obligations, even as the company manages the significant cash outflows associated with its aggressive reinvestment strategy. The absence of meaningful debt, as indicated by the low debt-to-equity ratio, further reinforces the company's financial flexibility in a high-interest-rate environment.
The price-to-earnings ratio is frequently misapplied to Figma's business model, as the metric fails to account for the massive non-cash expenses and one-time charges, such as the Adobe termination fee, that currently distort the company's bottom-line profitability and obscure its true economic earning power.
Investors should instead focus on free cash flow margins and net revenue retention, which provide a more accurate reflection of the company's ability to generate cash from its core subscription business. Relying on P/E in this context risks misinterpreting a temporary period of high reinvestment as a structural failure of the business model.
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Quick answers to the most common questions about buying FIG stock.
Figma, Inc.'s current P/E ratio is -7.6x. This places it at the 50th percentile of its historical range.
Figma, Inc.'s return on equity (ROE) is -88.2%. The historical average is -40.9%.
Based on historical data, Figma, Inc. is trading at a P/E of -7.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Figma, Inc. has 82.4% gross margin and -122.2% operating margin.