Core Insights - Figma is experiencing strong momentum in paid customer growth, with 12,910 customers generating over $10,000 in annual recurring revenues (ARR) and 1,262 customers generating over $100,000 in ARR as of September 30, 2025 [1] - The company added over 90,000 paid teams in two quarters, bringing the total to 540,000 paid customers, driven by the adoption of new products like Figma Make and AI features [2][10] - Figma Make, an AI-powered tool, has seen approximately 30% of high-spending customers using it weekly by the end of September [3] - The launch of over 50 new features in Q3 2025, including AI-driven tools, has significantly enhanced Figma's platform [4] Competitive Landscape - Figma faces stiff competition from Adobe and Atlassian, both of which are expanding their clientele and AI-driven revenue base [5] - Adobe's AI-influenced ARR surpassed $5 billion in Q3 2025, reflecting strong adoption of its innovative AI-infused products [6] - Atlassian has integrated AI deeply into its platform, enabling over 3.5 million monthly active users to leverage AI-powered tools, with usage growing by more than 50% since the last quarter [7] Financial Performance - Figma's shares have lost 48.3% in the past three months, while the broader Zacks Computer & Technology sector has appreciated by 10.8% [8] - The company's stock is trading at a forward 12-month Price/Sales ratio of 11.91X, compared to the sector's 6.65X, indicating a premium valuation [11] - The consensus estimate for 2025 earnings is 41 cents per share, reflecting a 110.96% increase from the reported figure of 2024 [13]
Figma's Paid Customer Count Rises: Is the Growth Thesis Strengthening?