FIG · Research
Figma's Stock Pay Is 671.29% of Operating Cash Flow While Net Dollar Retention Runs at 136%
Figma grew revenue 48.25% in Q2 and net dollar retention is 136%, yet $1.67B of stock pay is 671.29% of operating cash flow over twelve months. Stock pay fell from 50.68% of revenue in Q1 to 39.87% in Q2.
- EV / operating cash flow
- 48.51x
- Stock pay / operating cash flow
- 671.29% $1.67B vs $249.25M
- Net dollar retention
- 136% 129% a year ago
- Q2 revenue growth
- 48.25% $370.08M
| Scorecard | Read | Filing |
|---|---|---|
| Key multiple | 48.51x EV / operating cash flow on $249.25M. EV / EBITDA carries no signal here: $1.67B of stock pay puts TTM GAAP EBITDA at -$1.57B | 10-K, 10-Q cash flow |
| Thesis | Retention and growth are strong, and stock pay absorbs more than the business generates in cash | 10-Q key metrics, cash flow |
| What would change the read | Quarterly stock pay stays at or above 39.87% of revenue through the Q3 and Q4 prints | 10-Q cash flow |
| Second test | Net dollar retention falls below the 129% of a year ago | 10-Q key metrics |
| Next catalyst | Third quarter results on Nov 4, 5:00 p.m. ET | Company press release |
| Debt | $0 outstanding (Note 6: no borrowings or letters of credit); $500.00M revolver undrawn, due Jun 27, 2030 | 10-Q Note 6 |
| Cash | $445.85M of cash and equivalents; marketable securities of $1.22B are excluded, and counting them would lower EV by $1.22B | 10-Q balance sheet |
Two readings from one filing
Figma makes design and collaboration software. Revenue was $1.28B over the last twelve months and grew 48.25% in Q2, to $370.08M [1][4].
Net dollar retention was 136% against 129% a year ago. Paid customers above $10K of ARR number 15,964, up 34%, and those above $100K number 1,635, up 46% [2].
The cost side is the second reading. Stock pay from the cash flow line is $1.67B, against operating cash flow of $249.25M.
That is 671.29% of operating cash flow and 130.57% of revenue [1][4].
GAAP operating income is -$1.59B and EBITDA is -$1.57B, so EV / EBITDA carries no signal. The multiple is set on operating cash flow instead, at 48.51x [1][4].
How stock pay is settling
The 10-Q ties much of the Q2 cost growth to stock pay recognized after the July 2025 IPO. Within the quarter's increases, $58.10M of research and development and $19.00M of sales and marketing employee costs are stock pay and payroll taxes tied to the IPO [2].
The trend runs down. Stock pay was 50.68% of revenue in Q1 (derived) and 39.87% in Q2, or 45.00% for the half.
First-half stock pay of $316.55M is 200.11% of first-half operating cash flow of $158.20M (derived) [1][2].
Net share settlement costs cash outside operating cash flow. Figma paid $161.65M of employee taxes in the first half and $661.46M over twelve months, in financing, which is 2.65x trailing operating cash flow (derived).
Option exercise and ESPP proceeds of $60.52M offset part of the first-half payment [1][4].
Gross margin was 83.66% in Q2 against 88.83% a year ago. Cost of revenue grew 117%, and $27.10M of the $32.58M increase came from infrastructure and hosting for superintelligence features and platform usage [2].
Balance sheet, peers and what we track
Figma has no debt outstanding and $445.85M of cash. The $500.00M revolver matures Jun 27, 2030 and carries a $100.00M minimum liquidity covenant, which Figma met at Jun 30, 2026 [5].
| Company | EV / GAAP EBITDA | EV / operating cash flow | EV / owner cash | Latest quarter revenue growth | Stock pay, % of revenue |
|---|---|---|---|---|---|
| Figma (FIG) | EBITDA negative | 48.51x | Owner cash negative | 48.3% | 130.6% |
| Adobe (ADBE) | 10.23x | 9.50x | 12.05x | 12.9% | 8% |
| HubSpot (HUBS) | 42.14x | 14.25x | 84.93x | 19.8% | 14.9% |
| GitLab (GTLB) | EBITDA negative | 41.25x | Owner cash negative | 21.3% | 21.8% |
| Box (BOX) | 39.25x | 15.31x | 39.35x | 9.2% | 19.1% |
Figma has the highest EV / operating cash flow of the five, 48.51x against 9.50x to 41.25x, and the fastest revenue growth, 48.25% against 9.23% to 21.31%. Its stock pay of 130.57% of revenue compares with 7.98% to 21.79% at peers.
Q3 results arrive on Nov 4 [10]. Six conditions, each with a threshold from the filings, mark what to watch.
A hit narrows the stock-pay gap, and a miss weakens the growth reading:
- Net dollar retention stays at or above the 129% of a year ago, against 136% now.
- Quarterly revenue growth stays above 30%, against 48.25% now, while stock pay falls.
- Quarterly stock pay falls below the Q2 level of 39.87% of revenue in the Q3 and Q4 prints.
- Gross margin stays at or above 80%, against 83.66% in Q2, as inference costs keep rising.
- Cash paid for taxes on net share settlement falls below trailing operating cash flow, against $661.46M and $249.25M now.
- Paid customers above $100K of ARR keep growing above 30%, against 46% now.
Figures are derived from filed statements. Nothing here is a price view.
Stock Profiles & Comparable Companies
FIG Stock Profile →More Published Research
View All →Paysafe Trades at 5.97x Adjusted EBITDA and 8.36x GAAP: $122.91M of Add-Backs Include Legal Costs Not yet Paid
Paysafe's trailing adjusted EBITDA of $430.73M is 39.93% above its GAAP EBITDA of $307.81M. Add-backs rose from $36.57M in 2023 to $124.27M, and a $47.73M litigation provision is still on the balance sheet.
Alight's Refinancing Talks Ended Without a Deal, 22 Months Before a $1.97B Wall and Beside a $463M TRA
Alight has $1.97B of term loan principal due in 2028, talks with lenders that produced no agreement, and $136M of tax receivable agreement payments that run outside operating cash flow. Owner cash is $230M before the TRA and about $94M after it.