Figma Grows 46% and Trades at 6x. Everyone Else Growing 30%+ Trades at 15-36x.

Figma's stock has cratered since its July twenty twenty-five IPO. The design platform went public at thirty-three dollars, surged two hundred fifty percent on day one, and peaked near one hundred forty-three dollars. As of this week, shares trade around nineteen dollars, down roughly eighty-seven percent from the high. Yet Figma is still growing forty-six percent year over year—faster than many peers. According to SaaStr, that paradox reveals a valuation reset: Figma trades at six times revenue, while competitors growing thirty percent or more command multiples of fifteen to thirty-six times. The market is pricing in slower future growth or simply reassessing SaaS as a category.

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