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The returned comparisons do not establish a sector match.; Available descriptive industry label: \"Services\". Its classification system and historical validity are unverified.; The analog set has no measurable follow-through for this st","coverage":"none","analogs_n":null,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Revenue accelerated to 48% growth in Q2, but AI consumption and post-IPO equity costs change the profit and cash conversion. The model distinguishes consolidated demand from inference margins and tests how much free cash remains after employee withholding.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare retained-customer expansion and AI adoption with gross-margin dollars, then reconcile adjusted operating profit, GAAP loss and cash after award settlement."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1579878/000162828026053348/fig-20260630.htm","title":"August filing, equity costs, cash flow and service commitments","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1579878/000162828026053331/q226pressrelease.htm","title":"Q2 results, AI monetization, NDR and updated annual guidance","retrieved":"2026-09-19"}],"business":{"drivers":["Recognized seat and AI consumption demand","Inference/hosting cost and sales/product investment","Commission cash, capitalized software and equity-award withholding"],"description":"Figma provides collaborative design and software creation tools through subscriptions and consumption-based AI credits. Enterprise seat expansion and AI usage support revenue; inference, hosting and sales investment determine margins. The cash retained by common owners also depends on employee equity awards and associated tax settlement."},"earnings":{"source":"estimated from 10-Q filed 2026-08-05 plus 90 days","next_report_date":"2026-11-03"},"identity":{"cik":1579878,"sic":"7372","name":"Figma, Inc.","symbol":"FIG","cluster":"Software & internet","exchange":"NYSE"},"research":{"risks":["AI creation tools may change customer demand and competitive intensity.","Inference costs may outgrow consumption monetization.","Large SBC and vesting taxes create different GAAP, cash and ownership outcomes.","Enterprise billing and commission timing can distort a single quarter.","Infrastructure commitments reduce spending flexibility."],"title":"The economics of seat expansion and AI consumption","question":"Can Figma compound recognized revenue while keeping inference costs and equity cash claims under control?","economics":"Q2 revenue was $370.1M and trailing net dollar retention 136%; it was the first full quarter of AI credit monetization. H1 adjusted operating income $88.2M contrasts with GAAP operating loss $254.7M, including $316.6M SBC and $17.4M employer payroll taxes excluded from adjusted earnings. CFO $158.2M less PP&E $14.5M and software $1.9M gives company FCF $141.8M. Purchased intangibles $2.8M and equity-award withholding $161.6M reduce that to negative $22.6M before option/ESPP proceeds. June cash and securities totaled $1.667B; digital assets are separately disclosed. Service commitments totaled $556.4M, with $184.8M due within twelve months, and are not added again as capex. FY2026 midpoint revenue is $1.465B and adjusted operating income $130M; the model explicitly budgets the remaining expense ramp.","change_note":"Completed consolidated demand/cost model with software capex and separate equity-award cash claims.","checkpoints":[{"event":"Consumption economics","watch":"Check revenue, gross profit and credit monetization together.","timing":"Next quarterly report; date unconfirmed","date_status":"estimated"},{"event":"Annual expense delivery","watch":"Reconcile remaining revenue and adjusted expense with annual guidance.","timing":"FY2026 results","date_status":"estimated"},{"event":"Employee equity cash","watch":"Separate employer payroll tax, withholding, capitalized SBC and option receipts.","timing":"Each cash-flow statement","date_status":"estimated"}],"countercase":"AI adoption can increase billable consumption while requiring enough inference and product investment to slow profit growth. Positive FCF can also precede substantial award-settlement cash and dilution.","limitations":["Figma does not disclose a complete seat-versus-AI recognized-revenue split. The model uses consolidated revenue and cost sensitivities rather than inventing historical segments.","NDR 136% is a trailing cohort metric, not a quarterly revenue growth rate. AI credit monetization is already included in consolidated revenue; no separate AI revenue is added twice.","Q3/FY2026 revenue and annual adjusted operating-income ranges are company outlook. Quarterly expense allocation and all FY2027 estimates are desk assumptions, not consensus.","Company FCF subtracts PP&E and capitalized software, but not acquired intangibles or financing cash for employee award withholding. These claims are shown below FCF without treating SBC itself as a cash payment.","Forecast equity-award withholding depends on vesting and stock price; it is not a deduction of all SBC in cash. Option/ESPP proceeds, new acquisitions, digital-asset purchases and optional buybacks are excluded.","Digital assets and unrealized investment marks are not unrestricted operating liquidity or recurring cash generation. No EPS or fully diluted valuation is presented."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":374000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":387478000.00000006},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":415000000.00000006},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":450000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from consolidated statements and non-GAAP reconciliation.","label":"H1 revenue","value":703.522,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1579878/000162828026053348/fig-20260630.htm","source_date":"2026-08-05"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from consolidated statements and non-GAAP reconciliation.","label":"H1 gross profit","value":574.384,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1579878/000162828026053348/fig-20260630.htm","source_date":"2026-08-05"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from consolidated statements and non-GAAP 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