We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
FIG Stock Outlook: Can AI Credit Monetization Lift 2026 Sales?
Read MoreHide Full Article
Key Takeaways
Figma targets 2026 revenue of $1.366B$1.374B, implying ~30% growth driven by seat expansion.
FIG plans AI credit monetization in March 2026, with 75% of large customers already using credits weekly.
Margins face pressure as AI costs surge, with operating margin seen near 8%, down from 12% in 2025.
Figma (FIG - Free Report) enters 2026 with a balanced setup. Enterprise standardization is widening platform adoption, and native artificial intelligence (AI) features are gaining traction across the workflow. The next leg depends on whether seat growth and cross-product adoption can translate into steady revenue as the company shifts to monetizing both subscriptions and AI credits. That transition also comes with visible margin pressure tied to AI infrastructure and hosting costs.
FIG stock has suffered from challenging prospects on a year-to-date (YTD) basis. Shares have dropped 33.5% YTD, underperforming the broader Zacks Computer & Technology sector’s decline of 4.1%. Figma shares have underperformed broader and well-established peers, including Autodesk (ADSK - Free Report) , Microsoft (MSFT - Free Report) and Adobe (ADBE - Free Report) , shares of which have dropped 15.8%, 19.5% and 29.8%, respectively, over the same time frame.
Figma is facing stiff competition from Adobe across creative tools and design workflows, while Autodesk dominates professional design workflows. Microsoft’s AI endeavors across its entire product portfolio make the stock a formidable competitor against FIG.
FIG Stock Performance
Image Source: Zacks Investment Research
Figma shares are also overvalued, as suggested by a Value Score of F. In contrast, Autodesk and Microsoft have a Value Score of D, suggesting a stretched valuation, while Adobe has a Value Score of B.
FIG’s Setup Today: Balanced Growth With Clear Trade-Offs
Figma’s expansion story is rooted in broader enterprise usage, not just the core designer persona. The platform spans ideation, design, developer handoff, and presentation workflows, with deeper integration across Design, Make, and Dev Mode intended to increase engagement across roles. Management’s 2026 revenue guidance sets the key decision frame. Figma expects 2026 revenue of $1.366 billion to $1.374 billion, which implies about 30% growth from 2025 at the midpoint. The growth drivers are continued seat expansion, higher cross-product adoption across the suite, and incremental international contribution as renewals and new workflows compound.
Customer cohorts provide the strongest evidence that expansion is durable. As of Dec. 31, 2025, Figma had 13,861 paid customers with more than $10,000 in annual recurring revenue (ARR) and 1,405 paid customers with more than $100,000 in ARR. Retention dynamics reinforce the upsell thesis. Net dollar retention for customers above the $10,000 ARR threshold reached 136%, supported by gross retention of 97%. These metrics signal expansion on low churn and multi-quarter momentum at scale.
The near-term mechanics investors must underwrite start in March 2026, when Figma plans to enforce AI credit limits and monetize both seats and credits. Customers can purchase an additional AI credit subscription or opt into a pay-as-you-go credit plan, with add-on credit packs designed to align pricing with usage intensity. Pre-monetization telemetry suggests real demand, especially in larger cohorts. About 75% of customers above $10,000 in ARR were already consuming AI credits weekly ahead of monetization, which supports a credible path to incremental revenues as enforcement and new AI surfaces expand. Over time, the model is expected to help offset inference costs as adoption scales, but the ramp is expected to be measured.
FIG’s Margin Pressure: The Cost Side of Going AI-Native
At the same time, the earnings narrative carries trade-offs. The main risk sits on the cost side. In 2025, the cost of revenues surged 112% year over year, driven in part by $49.1 million in higher technical infrastructure and hosting costs tied to artificial intelligence. That dynamic pushed non-GAAP gross margin down to 82.4% in 2025 from 92% in 2024.
Figma expects a full year of AI serving costs in 2026, with credit monetization offsetting gradually. The 2026 outlook implies non-GAAP operating income of $100 million to $110 million and an operating margin around 8% at the mid-point, below the 12% achieved in 2025, as AI and go-to-market investments accelerate.
The shift to a hybrid seat-plus-credit model introduces new consumption dynamics that can make quarterly results less linear. Management expects a slow build as enforcement begins and plans to refine revenue assumptions after observing post-March behavior. Co-termed credit packs aim to improve predictability, while pay-as-you-go supports burst usage but adds variability.
Visibility risk is also amplified by timing. Pricing and packaging changes from March 2025 supported growth in 2025 and are expected to continue flowing through renewals into the first half of 2026, but those tailwinds are expected to fade in the second half of 2026, which doesn’t bode well for Figma.
View the Zacks #1 Rank List
Image: Bigstock
FIG Stock Outlook: Can AI Credit Monetization Lift 2026 Sales?
Key Takeaways
Figma (FIG - Free Report) enters 2026 with a balanced setup. Enterprise standardization is widening platform adoption, and native artificial intelligence (AI) features are gaining traction across the workflow. The next leg depends on whether seat growth and cross-product adoption can translate into steady revenue as the company shifts to monetizing both subscriptions and AI credits. That transition also comes with visible margin pressure tied to AI infrastructure and hosting costs.
FIG stock has suffered from challenging prospects on a year-to-date (YTD) basis. Shares have dropped 33.5% YTD, underperforming the broader Zacks Computer & Technology sector’s decline of 4.1%. Figma shares have underperformed broader and well-established peers, including Autodesk (ADSK - Free Report) , Microsoft (MSFT - Free Report) and Adobe (ADBE - Free Report) , shares of which have dropped 15.8%, 19.5% and 29.8%, respectively, over the same time frame.
Figma is facing stiff competition from Adobe across creative tools and design workflows, while Autodesk dominates professional design workflows. Microsoft’s AI endeavors across its entire product portfolio make the stock a formidable competitor against FIG.
FIG Stock Performance
Image Source: Zacks Investment Research
Figma shares are also overvalued, as suggested by a Value Score of F. In contrast, Autodesk and Microsoft have a Value Score of D, suggesting a stretched valuation, while Adobe has a Value Score of B.
FIG’s Setup Today: Balanced Growth With Clear Trade-Offs
Figma’s expansion story is rooted in broader enterprise usage, not just the core designer persona. The platform spans ideation, design, developer handoff, and presentation workflows, with deeper integration across Design, Make, and Dev Mode intended to increase engagement across roles. Management’s 2026 revenue guidance sets the key decision frame. Figma expects 2026 revenue of $1.366 billion to $1.374 billion, which implies about 30% growth from 2025 at the midpoint. The growth drivers are continued seat expansion, higher cross-product adoption across the suite, and incremental international contribution as renewals and new workflows compound.
Figma, Inc. Price and Consensus
Figma, Inc. price-consensus-chart | Figma, Inc. Quote
Customer cohorts provide the strongest evidence that expansion is durable. As of Dec. 31, 2025, Figma had 13,861 paid customers with more than $10,000 in annual recurring revenue (ARR) and 1,405 paid customers with more than $100,000 in ARR. Retention dynamics reinforce the upsell thesis. Net dollar retention for customers above the $10,000 ARR threshold reached 136%, supported by gross retention of 97%. These metrics signal expansion on low churn and multi-quarter momentum at scale.
The near-term mechanics investors must underwrite start in March 2026, when Figma plans to enforce AI credit limits and monetize both seats and credits. Customers can purchase an additional AI credit subscription or opt into a pay-as-you-go credit plan, with add-on credit packs designed to align pricing with usage intensity. Pre-monetization telemetry suggests real demand, especially in larger cohorts. About 75% of customers above $10,000 in ARR were already consuming AI credits weekly ahead of monetization, which supports a credible path to incremental revenues as enforcement and new AI surfaces expand. Over time, the model is expected to help offset inference costs as adoption scales, but the ramp is expected to be measured.
FIG’s Margin Pressure: The Cost Side of Going AI-Native
At the same time, the earnings narrative carries trade-offs. The main risk sits on the cost side. In 2025, the cost of revenues surged 112% year over year, driven in part by $49.1 million in higher technical infrastructure and hosting costs tied to artificial intelligence. That dynamic pushed non-GAAP gross margin down to 82.4% in 2025 from 92% in 2024.
Figma expects a full year of AI serving costs in 2026, with credit monetization offsetting gradually. The 2026 outlook implies non-GAAP operating income of $100 million to $110 million and an operating margin around 8% at the mid-point, below the 12% achieved in 2025, as AI and go-to-market investments accelerate.
The shift to a hybrid seat-plus-credit model introduces new consumption dynamics that can make quarterly results less linear. Management expects a slow build as enforcement begins and plans to refine revenue assumptions after observing post-March behavior. Co-termed credit packs aim to improve predictability, while pay-as-you-go supports burst usage but adds variability.
Visibility risk is also amplified by timing. Pricing and packaging changes from March 2025 supported growth in 2025 and are expected to continue flowing through renewals into the first half of 2026, but those tailwinds are expected to fade in the second half of 2026, which doesn’t bode well for Figma.
Zacks Rank
Figma currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.