NEW YORK, June 25, 2026, 17:05 (EDT)
- Figma, Inc. (NYSE:FIG) dropped 9.8% to close at $16.84. Trading volume was roughly 32% higher than the three-month average.
- Figma is in FTSE Russell’s preliminary list to join the Russell 3000, with the reshuffle set to take effect after the U.S. market closes Friday.
- Figma’s market cap minus cash and securities is roughly 5.0 times its 2026 revenue guidance midpoint, according to one estimate.
Figma, Inc. (NYSE:FIG) lost 9.8% to finish at $16.84 on Thursday, putting shares close to their 52-week low of $16.60. The stock opened at $18.06 and moved as low as $16.815. Trading volume came in at 24.8 million shares, up roughly 32% from its three-month average.
It’s an odd position going into Friday’s close. FTSE Russell’s initial file on Russell 3000 additions has Figma as a technology name. LSEG says the index rebalancing for June 2026 becomes effective after U.S. equity markets shut on June 26. The new indexes begin trading from the June 29 open.
Index flow is something to watch for a stock that’s been public less than a year. According to LSEG, around $12.2 trillion tracks or is invested through Russell U.S. indexes. Reuters said Thursday the reconstitution trade this week is pegged at about $150 billion.
Jefferies equity analyst Steven DeSanctis said Friday was a “really massive trade.” Melissa Roberts at Stephens called it a “key liquidity day,” Reuters reported. If Figma stays on the list, desks tracking benchmarks might need to trade a stock that just touched a new low. Reuters
Figma is now priced for a bigger reset than what the index file shows. The company ended Thursday with a market cap of $8.82 billion. After pulling out the $1.64 billion in cash, cash equivalents and marketable securities reported as of March 31, that comes out to roughly $7.18 billion. That’s about 5.0 times the midpoint of its 2026 revenue forecast of $1.422 billion to $1.428 billion.
Figma is still showing speed on growth as its cash-adjusted value holds steady. First-quarter revenue rose 46% to $333.4 million, and the company raised its 2026 outlook by $55 million. Net dollar retention hit 139%. Customers spending over $100,000 on annual recurring revenue climbed 48% to 1,525.
Figma CEO Dylan Field said in May, “When code is a commodity, design is the competitive edge.” CFO Praveer Melwani said the company sees “promising early traction on AI monetization” after Figma raised its full-year revenue and non-GAAP operating-income forecast. Figma Investor Relations
Figma’s rating moves Thursday were mixed. Oppenheimer stayed at Perform after the company’s first financial analyst meeting and noted there wasn’t much financial disclosure. RBC Capital also kept Sector Perform but lowered its price target to $22 from $28. Piper Sandler’s Billy Fitzsimmons kept his Overweight rating and held his $30 target.
Figma’s profit number won’t win over skeptics. GAAP operating loss hit $137.4 million last quarter. The cash-flow statement counted back $169.0 million in stock-based comp, close to half of quarterly revenue.
Figma is down 49% from its $33 IPO price at Thursday’s close and trades 88% under the $142.92 52-week high. Adobe Inc. (NASDAQ:ADBE) had planned to acquire the company for $20 billion before dropping the deal—Figma’s current valuation is now less than half that amount.
