Figma FIG is benefiting from strong momentum in its paid customer growth. As of Sept. 30, 2025, the company had 12,910 paid customers with more than $10,000 in annual recurring revenues (ARR) and 1,262 paid customers with more than $100,000 in ARR. With a net dollar retention rate of 131% for customers spending $10,000 or more annually in the third quarter of 2025, Figma is successfully driving expansion within its customer base.
In the third quarter of 2025, FIG’s customer base grew significantly, with the company adding more than 90,000 paid teams in just two quarters, bringing the total to 540,000 paid customers. This growth was driven by the adoption of new products like Figma Make and AI features, which attracted new users and expanded usage within existing teams.
The launch of Figma Make, an AI-powered tool that allows users to create prototypes and web apps using text prompts, has been noteworthy. Approximately 30% of customers spending $100,000 or more in ARR were using Figma Make weekly by the end of September.
Figma’s expanding portfolio has been a major growth driver. The company launched more than 50 new features across the Figma platform in the third quarter of 2025. This includes AI-driven tools like Copy Design, remote Figma MCP Server, and Make Kits, enhancing AI-native design and product development workflows for users.
Figma Suffers From Stiff Competition
Figma is facing stiff competition from companies like Adobe ADBE and Atlassian TEAM, both of which are expanding their clientele and AI-driven revenue base.
Adobe is expanding its clientele through strong adoption of innovative AI-infused products like Acrobat AI Assistant, Firefly, and Adobe Express, attracting new users, including next-generation creators and enterprises. Adobe’s AI-influenced ARR surpassed $5 billion in the third quarter of 2025, reflecting strong adoption of AI-infused solutions across its portfolio.
Atlassian’s focus on adding generative AI features to some of its collaboration software is likely to drive the top line. In the first quarter of fiscal 2026, Atlassian has integrated AI deeply into its platform, enabling more than 3.5 million monthly active users to leverage AI-powered tools for collaboration. This usage has grown by more than 50% since the last quarter, demonstrating strong adoption.
Figma’s Share Price Performance, Valuation, and Estimates
Figma’s shares have lost 48.3% in the past three months. The broader Zacks Computer & Technology sector has appreciated 10.8% while the Zacks Internet – Software industry has decreased 11.8% in the same period.
FIG Stock Performance
Image Source: Zacks Investment Research
Figma’s stock is trading at a premium, with a forward 12-month Price/Sales of 11.91X compared with the Computer and Technology sector’s 6.65X. FIG has a Value Score of F.
Price/Sales (F12M)
Image Source: Zacks Investment Research
The consensus mark for 2025 earnings is pegged at 41 cents per share, which has increased 37% over the past 30 days. This indicates a 110.96% increase from the reported figure of 2024.
Figma, Inc. Price and Consensus
Figma, Inc. price-consensus-chart | Figma, Inc. Quote
Figma currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
