Figma hits new low

Figma’s stock fell to about $17.84 on April 10, 2026, which put it at the bottom of its 52-week range after trading as high as $142.92 over the past year. Yahoo Finance showed the shares down about 79% over 12 months and more than 52% since the start of 2026. (finance.yahoo.com) That drop looks strange if you only read the company’s latest results. Figma said on February 18, 2026 that fourth-quarter revenue rose 40% year over year to $303.8 million, and full-year revenue rose 41% to $1.056 billion. (investor.figma.com) Figma also told investors its net dollar retention rate reached 136% in the fourth quarter. That means customers who were already using Figma spent 36% more than they did a year earlier, even before counting new customers. (investor.figma.com) The market is punishing the stock anyway because software investors are no longer paying up just for growth. Figma’s own investor page still describes the company as an “AI-powered platform,” but traders are asking whether artificial intelligence turns premium design software into a cheaper, easier feature. (investor.figma.com) That is the fear behind the “software as a service apocalypse” label now floating around Figma. Yahoo Finance cited concerns that new artificial-intelligence design agents could pull work away from Figma’s collaborative design platform even while the business is still posting strong customer growth. (finance.yahoo.com) Figma is not a niche app with no moat. The European Commission said in November 2023 that Figma was the “clear market leader” in interactive product design tools when it explained why Adobe’s takeover could reduce competition. (ec.europa.eu) That blocked Adobe deal still hangs over the story. Adobe agreed in 2023 to buy Figma for $20 billion, regulators in Europe and the United Kingdom pushed back, and Adobe eventually walked away and paid Figma a $1 billion termination fee. (politico.eu) So investors are now valuing Figma in a very different way than they did when it was seen as a scarce takeover target. Yahoo Finance listed Figma’s intraday market capitalization at about $9.3 billion on April 10, 2026, less than half the price Adobe had once agreed to pay. (finance.yahoo.com) There is another wrinkle in the numbers: Figma is growing fast, but its accounting profits still look ugly. In its February 2026 results, the company reported a full-year generally accepted accounting principles operating loss of $1.3 billion, though it said that figure was heavily affected by a one-time $975.7 million stock-based compensation expense tied to its initial public offering. (investor.figma.com) That leaves the stock stuck between two stories. One story says Figma has $1.7 billion in cash and marketable securities, strong revenue growth, and customers spending more on the platform; the other says artificial intelligence could compress design software into a lower-margin utility before Figma grows into its old expectations. (investor.figma.com)