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Forensic Analysis · Software & SaaS · as of Nov 10, 2026

Figma, Inc. (FIG)

A forensic read on Figma, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.4
Distress distance
1
Forensic signals
-82.8%
ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Figma, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.4, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

129% of rev
FY2025
Stock-based comp load. Stock-based compensation ran 129% of revenue and 562% of free cash flow in FY2025 — about $4.05 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.

Key fundamentals

Latest Revenue$1.06B
Net Margin-118.4%
Free Cash Flow$242.7M
Return on Equity-82.8%

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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