Figma Rides on Strong MCP Server Demand: A Sign for More Upside?
Figma FIG is benefiting from strong demand for its Model Context Protocol (MCP) server, which has emerged as a key driver of growth for the company. The MCP server facilitates seamless integration between design and development workflows, enabling users to transition effortlessly between code and design environments.
The demand for MCP server capabilities is driving Figma’s partnerships with leading AI companies like Anthropic and GitHub. These collaborations are helping FigmaFIG-- expand its reach and enhance its platform’s functionality, particularly in AI-assisted workflows. The ability to integrate with tools like Claude Code and GitHub’s MCP Registry further solidifies Figma’s position as a leader in the design and product development space.
The company’s expanding portfolio has been noteworthy. In February 2026, Figma announced that users can now generate Figma Design files from Codex using the Figma MCP server. The Codex desktop application is purpose-built for agentic coding. The Figma MCP server can capture information from Figma Design, Figma Make and FigJam files and pass it to Codex as part of the building process.
Further expanding its portfolio, Figma recently introduced its MCP server. This allows AI agents to create and modify designs directly within Figma. They use structured “skills” that include design systems, workflows and conventions to produce more consistent outputs that align with the brand.
The company’s increased adoption of AI features is expected to drive FIG’s top-line growth. Figma expects its first-quarter 2026 revenues to be between $315 million and $317 million, implying year-over-year growth of 38%.
Figma Suffers From Stiff Competition
Figma is facing stiff competition from companies like Adobe ADBE and Atlassian TEAM, both of which are expanding their clientele and AI-driven revenue base.
Adobe is benefiting from strong demand for its creative products. Its Creative Cloud, Document Cloud and Adobe Experience Cloud products have been driving top-line growth. New AI releases, including Express, Acrobat AI Assistant, Firefly Services, DX premium tiers and GenStudio for Performance Marketing, have expanded the portfolio of products. These are expected to drive Adobe’s market share and monetization in the near future.
Atlassian’s focus on adding generative AI features to some of its collaboration software is likely to drive the top line. In February 2026, Atlassian introduced AI agents in Jira, enabling teams to assign tasks to AI agents and integrate agent-driven workflows directly into project management processes.
Figma’s Share Price Performance, Valuation and Estimates
Figma’s shares have lost 61.1% in the past six months. The broader Zacks Computer & Technology sector and the Zacks Internet - Software industry have declined 7.3% and 30.8%, respectively, in the same period.
FIG Stock Performance
Image Source: Zacks Investment Research
Figma stock is trading at a premium, with a forward 12-month Price/Sales of 6.2X compared with the Computer and Technology sector’s 5.56X. FIGFIG-- has a Value Score of F.
FIG Valuation
Image Source: Zacks Investment Research
The consensus mark for 2026 earnings is pegged at 23 cents per share, which has declined by a penny over the past 30 days. This indicates a 23.33% decrease from the reported figure of 2024.
Figma currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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