FIG

Figma is a category-defining collaborative-design platform now expanding aggressively into AI (Figma Make, Sites, Buzz, Draw, plus an MCP server and AI credits). FY2025 revenue grew 41.0% to $1.06B at an exceptional 82.4% gross margin, and — critically — the business is already cash-generative: operating cash flow was $251M, up 506% year over year, on minimal capex. That combination of high growth, software-grade margins, and positive cash flow is rare and marks a genuinely high-quality franchise.

The headline net loss of $1.25B looks catastrophic but is almost entirely an artifact of the August 2025 IPO: the company recognized a one-time cumulative stock-based-compensation charge of $975.7M tied to RSUs that vested on the liquidity event. Strip that out and the underlying economics are far healthier than the -118% net margin or -82.8% ROE suggest (the ROE is also distorted by the loss). Equity of $1.51B and liabilities of $838M (0.55x) leave a sound balance sheet, with $403M cash supplemented by $393M of IPO proceeds.