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ZYBERNO

Stock Report

Updated Aug 29, 2026

FIGMA, INC. (FIG)

Technology • NYSE

$28.82

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

44.0/100

WEAK BUSINESS

FIGMA, INC. (FIG) scores 44/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FIG quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FIG valuation analysis · → View full FIG Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-92.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.09x)

Operating Margin (Operational Efficiency):CRITICAL (-110.2%)

Return on Capital (Capital Efficiency):CRITICAL (-148.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

FIGMA, INC. (FIG) stock report — Zyberno Score 44/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:28.82

Market Cap:$15.20B

Valuation Multiples (3)

P/B Ratio:10.29x

P/S Ratio:12.39x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$13.60B

Pfcf Ratio:61.73x

Price Action & Momentum (1)

% of 52-Week High:38.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-92.0%

📊 Click to view full FIG ROE analysis →

ROA:-60.5%

Roic:

-148.3%

📊 Click to view full FIG ROIC analysis →

Reinvestment Rate:-4.7%

Fundamental Growth Rate (g):6.9%

Margin Analysis (3)

Operating Margin Ttm:-110.2%

Net Margin Ttm:-107.8%

Ebitda Margin:-108.9%

TTM Performance (3)

Gross Margin Ttm:80.4%

Operating Margin Ttm:-110.2%

Net Margin Ttm:-107.8%

Yield Metrics (2)

Earnings Yield:-$11.10

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):48.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.45x

Quick Ratio:2.45x

Cash Ratio:2.07x

Leverage Analysis (3)

Debt To Equity Ttm:0.09x

Debt-to-Equity Ratio:0.09x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:1,170,362,000.00

Cash And Cash Equivalents:1,667,138,000.00

Long Term Debt:$59.09M

Net Debt:-$1.60B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.23B

Linear Growth: 48.3%

📊 Click to view full FIG Revenue analysis & methodology →

Cost Of Revenue Ttm:$240.91M

Profitability Breakdown (2)

Gross profit TTM: $986.42M

Linear Growth: 49.1%

📊 Click to view full FIG Gross Profit analysis & methodology →

-$1.35B

Bottom Line Performance (3)

-$1.32B

Income Before Tax:-$1.32B

Ebitda Ttm:-1,336,819,000.00

Operating Expenses (5)

Operating Expenses:2,375,815,000.00

R And D Expense:1,104,240,000.00

Sga Expense:618,691,000.00

Income Tax Expense:$3.52M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:298.4%

Sga To Revenue Percentage:167.2%

Ebitda Margin:-108.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.35B

Current Assets:$1.98B

Ppe Net:38,321,000.00

Goodwill:101,396,000.00

Intangible Assets:$13.37M

Liability Structure (4)

Total Liabilities:873,367,000.00

Current Liabilities:806,678,000.00

Long Term Debt:$59.09M

Short Term Debt:$8.66M

Equity & Capital (3)

Equity:$1.48B

Retained Earnings:-$1.70B

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:190,876,000.00

Inventory:0.00

Accounts Payable:91,557,000.00

Special Items (2)

Contract Liabilities:626,783,000.00

Stock Based Compensation:147,554,000.00

C. Cash Flow Analysis

Operating Activities (2)

$250.68M$246.24M

Investment Activities (1)

Investing Cash Flow:-$7.45M

Financing Activities (3)

Financing Cash Flow:-$87.54M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-3.20

-$3.20

Earnings Per Share Ttm:-$2.51

Revenue & Cash Per Share (2)

Sales Per Share Ttm:2.33

Operating Cash Flow Per Share:$0.48

Book Value & Capital (2)

Book Value Per Share:$2.80

Cash Per Share:3.16

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.56x

Working Capital Turnover Ttm:1.05x

Receivables Management (2)

Receivables Turnover Ttm:6.43x

Days Sales Outstanding Ttm:56.77

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:138.72

Cash Conversion Cycle:-1,080.95

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (2)

Reinvestment Rate:-4.7%

Fundamental Growth Rate (g):6.9%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):48.3%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):49.1%

Book Value Growth Rate (Linear):4.8%

C. Company Profile & Context

Corporate Information (6)

Symbol:FIG

Company Name:FIGMA, INC.

Sector:Technology

Industry:Software

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:527.46M

Shares Outstanding Basic:527.46M

Shares Outstanding Diluted:527.46M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 12:28:51 UTC

Data Timestamp:2026-08-29T12:28:51.632367