NEW YORK, August 5, 2026, 15:03 EDT
- Shares of Figma were up 2.4% at $27.78 during afternoon trading. The stock has increased by 14.2% since the close on Friday.
- As of Friday, as many as 77.7 million locked shares will be available for sale. Based on Wednesday’s price, the block holds a value of roughly $2.16 billion.
- The current consensus estimate for second-quarter revenue stands at $351.5 million, representing a 0.7% increase over the midpoint of Figma’s guidance.
Figma stock climbed ahead of earnings set for release after Wednesday’s market close. However, the near-term challenge is not limited to earnings. A planned lock-up expiry may free about 77.7 million more shares to trade starting at Friday’s open.
The possible influx would account for around 14.8% of Figma’s shares outstanding as of the March quarter. That volume is 3.6 times greater than the stock’s average trading volume over the last 65 days. Shareholders are under no obligation to sell. However, according to the filing, expected or actual sales might weigh on the share price.
The stock has risen 14.2% from July 31. Following that advance, the shares have just 9.6% remaining to reach the average analyst price target. Nine analysts advise holding the stock, while six rate it as a buy.
| Trading measure | Reading |
|---|---|
| Latest price | $27.78 |
| Wednesday change | +2.4% |
| Gain since July 31 | +14.2% |
| Wednesday volume, latest available | 28.3 million |
| 65-day average volume | 21.7 million |
| Average analyst target | $30.44 |
| Implied target upside | 9.6% |
| Potential lock-up release | 77.7 million shares |
| Market value of potential release | About $2.16 billion |
Market figures reflect Wednesday afternoon data. Cited figures are used to compute returns and ratios.
The earnings target appears relatively easy to meet. Figma’s forecast for second-quarter revenue is between $348 million and $350 million. Analysts’ preliminary consensus estimate is $351.5 million, exceeding the midpoint by $2.5 million. Adjusted earnings are projected at four cents a share.
| Earnings measure | Company outlook | Preliminary consensus | Gap to midpoint |
|---|---|---|---|
| Q2 revenue | $348M-$350M | $351.5M | +0.7% |
| Q2 adjusted EPS | Not disclosed | $0.04 | — |
| 2026 revenue | $1.422B-$1.428B | $1.44B | +1.1% |
Consensus numbers represent estimates and could be revised. The company provided guidance on May 14.
Figma began the quarter with solid operational momentum. Revenue for the first quarter climbed 46% to $333.4 million. Net dollar retention hit 139%, marking its highest point in over two years. Free-cash-flow margin stood at 27%.
The number of paid customers rose by 54% to nearly 690,000. Clients generating a minimum of $100,000 in annual recurring revenue climbed 48% to 1,525. Chief Executive Dylan Field summed up the approach: “When code is a commodity, design is the competitive edge.” SEC
AI monetisation is expected to become a more significant factor than overall user growth. In April, more than 75% of organisational and enterprise users who surpassed their credit limits continued utilising credits, with over 95% staying active. Pro teams purchasing additional credits delivered average recurring revenue more than triple that of teams not making such purchases.
BofA Securities analyst Tal Liani described AI as “more likely a tailwind, not a headwind.” The firm, a unit of Bank of America NYSE:BAC, maintains a Buy rating with a $30 price target. This target implies potential upside of around 8%. Investing.com
| Latest analyst opinion | Count or value |
|---|---|
| Buy | 6 |
| Hold | 9 |
| Sell | 0 |
| Consensus | Overweight |
| Average target | $30.44 |
| Median target | $30.00 |
| High target | $38.00 |
| Low target | $22.00 |
The ratings and targets are based on the most recent consensus from market data.
Figma continues to expand more rapidly than listed software rivals. Its valuation trades at a higher premium as well. Based on a market-cap-to-annualised-sales ratio, Figma stands at about 10.9, compared to 3.9 for Adobe Inc. NASDAQ:ADBE and 3.2 for monday.com Ltd. NASDAQ:MNDY.
| Company | Latest quarterly revenue | Revenue growth | Market value | Market cap / annualised sales |
|---|---|---|---|---|
| Figma NYSE:FIG | $333.4M | 46% | $14.54B | 10.9x |
| Adobe NASDAQ:ADBE | $6.62B | 13% | $103.78B | 3.9x |
| monday.com NASDAQ:MNDY | $351.3M | 24% | $4.48B | 3.2x |
This valuation metric annualizes the most recent reported quarter for each company. It is neither an enterprise-value multiple nor based on forward sales.
The premium sets higher expectations than a standard revenue beat. The spotlight for investors will likely be on customer retention, AI-credit sales, and projections for the full year. A dip in any of these indicators could offset even a slight revenue outperformance. This conclusion comes from reviewing valuation and consensus information.
The lock-up introduces another technical factor. Figma is set to release its report following the close on Wednesday, with Friday, August 7, marking the second session after this update. Shares are set to become transferable or available for sale at that point. This eligibility does not guarantee that holders will choose to sell.
Risks are still high. Technical infrastructure and hosting expenses in the first quarter rose by $33.7 million, primarily due to artificial intelligence and greater platform activity. Cautious guidance, together with the lock-up expiration, may heighten volatility.
Key upcoming metrics are well-defined. Investors will measure revenue against the current consensus of $351.5 million, look at retention versus 139%, and evaluate the new guidance set against the established range of $1.422 billion to $1.428 billion. Trading volume on Friday will indicate if the unlock translates into tangible market supply.
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