Parkev Tatevosian, CFA 对 $FIG 的判断变化

2026-09-15看跌
《Figma Stock Analysis: Buy or Sell?》
由于激进增长支出导致利润率侵蚀,且估值仍高于说话者DCF目标价,Figma并不值得买入。

Figma 已连续三个季度实现营收增长加速。在最近一个季度,营收同比增长 48%,达到 3.7 亿美元。Figma 将此归因于公司 AI 增强型信用消费模式的高采用率。

Figma has reported three consecutive quarters of accelerated revenue growth. In the most recent, revenue accelerated 48% to 370 million compared to the same quarter last year. Figma attributes this to high adoption of the company's AI-enhanced credit consumption model.

展望未来,公司上调了全年剩余时间的营收展望,预计营收增长中值为 39%。不过,管理团队并未上调其盈利预期,他们告知投资者,尽管这会影响利润率,公司仍乐于投资于业务以推动营收增长、获取竞争优势,即便要以牺牲利润率为代价。

Looking forward, the company raised its revenue outlook for the rest of the full year, forecasting revenue growth at 39% at the midpoint. Still, the management team did not raise its expectations for profitability, informing investors that despite the impact on profit margins, the company is happy with investing in the business to grow revenue, gain competitive advantages, even at the expense of margins.