$FIG (+0,94%)

🔹 Revenue: $274.2M (Est. $263.9M) 🟢; +38% YoY

🔹 GAAP Loss/Share: -$2.72 (Est. -$1.58) 🔴 (includes one-time IPO SBC charge)

🔹 Paid Customers >$100K ARR: 1,262; +140 added in Q3

🔹 Net Dollar Retention (>$10K ARR): 131%

Guidance

🔹 Q4 Revenue: $292M–$294M (Est. $281M) 🟢

🔹 FY25 Revenue: $1.044B–$1.046B (Prior: $1.02B–$1.03B) 🟢

🔹 FY25 Non-GAAP Operating Income: $112M–$117M

Other Metrics

🔹 Non-GAAP Operating Income: $34M; 12% margin

🔹 Non-GAAP Net Income: $62.4M

🔹 Revenue run-rate > $1B

🔹 Free Cash Flow: $49M; 18% margin

🔹 Cash & Marketable Securities: $1.6B

CEO Commentary

🔸 “Q3 was the best quarter in Figma’s history… AI investments are driving adoption.” – CEO Dylan Field

$FIG (+0,94%)

🔹 Revenue: $249.6M (Est. $248.7M) 😐; UP +41% YoY

🔹 EPS: $0.00 (Est. $0.08) 🔴

Business Metrics

🔹 Net Dollar Retention Rate: 129% (for >$10k ARR customers)

🔹 Paid Customers >$10k ARR: 11,906

🔹 Paid Customers >$100k ARR: 1,119

🔹 >80% of customers use 2+ products; ~⅔ use 3+ products

Q3 Guidance

🔹 Revenue: $263M–$265M; UP +33% YoY

FY25 Guidance

🔹 Revenue: $1.021B–$1.025B; UP +37% YoY

🔹 Adj. Operating Income: $88M–$98M

Product & Growth Updates

🔹 Launched 4 products: Figma Make (AI prototyping), Figma Draw, Figma Sites, Figma Buzz

🔹 Released Dev Mode MCP server for LLM-integrated workflows

🔹 Hosted annual Config conference, boosting customer engagement

🔹 Closed acquisitions of Modyfi (motion/animation tools) & Payload (headless CMS)

Other Metrics:

🔹 Operating Income: $2.1M; Operating Margin: 1%

🔹 Adj. Operating Income: $11.5M; Margin: 5%

🔹 Net Income: $28.2M; Adj. Net Income: $19.8M

🔹 Operating Cash Flow: $62.5M; Margin: 25%

🔹 Adj. Free Cash Flow: $60.6M; Margin: 24%

🔹 Cash & Investments: $1.6B

CEO Commentary

🔸 Dylan Field: “We delivered record revenue in Q2 as we continued to innovate with the launch of four new products. Design is more important than ever, and we have so much more to build.”

🔸 CFO Praveer Melwani: “We delivered best-in-class revenue growth and positive operating margin, while investing in AI and expanding our platform.”

Adobe – The Old King at Risk

“Adobe is still the undisputed heavyweight of creative software.” Valid statement? For now. Adobe controls a massive slice of the design market: Photoshop around 42% share, InDesign 26%, Illustrator 12%. Together, that’s dominance built over decades, embedded deep into companies and workflows.

But that doesn’t mean invincibility. Growth is slowing, subscription prices look absurd, and the product experience feels increasingly outdated compared to new players. Meanwhile, AI is shaking the entire industry — and Adobe risks falling behind if it doesn’t integrate fast.

Yes, the stock looks cheap (Forward P/E ~20, near historic lows) and the business model is sticky. But moats don’t last forever if customers start fleeing to sharper, cheaper, or more collaborative competitors. Adobe is still a force — but it looks like an aging one.

Figma – The Challenger Eating Market Share

Figma isn’t just another tool, it’s a different way of working: browser-native, collaborative, and viral. Teams adopt it before management even notices. The clearest proof of its threat? Adobe’s failed $20B acquisition attempt. If the king wants to buy you, it’s because he knows you’re dangerous.

And Figma didn’t just IPO — it exploded. The stock started trading more than 4x its $33 IPO price, before cooling back to a ~$32B market cap. That’s still a hell of a lot higher than what Adobe would’ve paid. The risk? Valuation. Forward EV/Sales around 32 is nosebleed territory. Not quite Palantir-insanity, but definitely in that neighborhood.

Still, Figma is where the next generation of designers are building muscle memory. Once you’ve won mindshare, revenue follows. And Adobe knows this — which is why they tried (and failed) to buy the problem away. Unfortunately, thanks to European bureaucrats, the deal died. I mean who doesn’t appreciate the work of these geniuses? How could we ever have two companies perfectly complementing each other merge? No, no, no. That would clearly harm competition.

My Take

Both companies are impressive in their own ways, but I own neither. Adobe feels safe but slow. Figma feels disruptive but extremely expensive. If I had to bet, I’d lean Adobe — because Figma has a long way to fall, while Adobe’s downside is partly priced in. But either way, I’m watching from the sidelines.

$ADBE (+1,24%)
$FIG (+0,94%)

• $PLTR (+5,04%) : 77x 🤯
• $NET (+1,27%) : 31x
• $FIG (+0,94%) : 30x
• $CRWD (+0,98%) : 30x
• $SNOW (+3,47%) : 16x
• $SHOP (+1,47%) : 15x
• $GWRE (+2,6%) / $ZS (+3,65%) : 14x
• $NOW (+2,88%) : 13x

➡️ The premium investors pay for growth is massive in some names.

#stocks
#software
#valuation