¿La fuerte corrección de precios de Figma en 2025 representa una oportunidad mal cotizada o un riesgo de reequilibrio?

The recent sharp price correction in Figma, Inc. (FIG) has sparked debate among investors about whether the stock is being unfairly devalued or if the market is recalibrating expectations to align with realistic fundamentals. To assess this, we must dissect Figma's valuation metrics, growth trajectory, and industry benchmarks, weighing the tension between optimism for its AI-driven innovation and skepticism about its lofty multiples.

Valuation Realism: A Tale of Two Metrics

Figma's financial performance in 2025 underscores its dominance in the design software space. , , . This growth is underpinned by a 131% net dollar retention rate for large customers . However, , as reported by Sacra. , as reported by the SaaS Capital Index, suggesting Figma trades at a premium.

The P/E ratio further complicates the picture. As of November 25, 2025, , according to Public.com. This anomaly reflects a negative EBITDA of -$1.132 billion for Q2 2025, driven by non-operational expenses. Yet, in its Q2 2025 earnings report, highlighting a disconnect between operational profitability and cash flow. This discrepancy raises questions about whether the price correction is a rational response to short-term volatility or an overreaction to non-core expenses.

Growth Optimism: AI-Driven Momentum and Market Share Expansion

Figma's growth narrative is fueled by its AI-powered tools, such as Figma Make, which now sees . This innovation has driven . as noted in its earnings call transcript.

Moreover, , . This premium is justified by its as reported in Q2 2025 earnings, .

Industry Benchmarks: A Mixed Picture

The SaaS industry's valuation landscape in 2025 is polarized. While AI-centric firms command high multiples, non-AI SaaS companies face tighter funding conditions as reported by SaaS Stock. The SaaS Capital Index notes a stabilization in valuation multiples, as detailed in their analysis. Figma's 27.3x multiple appears unsustainable if growth slows, as confirmed in Q3 2025 results.

as reported by Eqvista, . While this reflects general investor confidence, it also highlights the risk of overvaluation for SaaS firms with slowing growth. as noted by Sacra.

Is the Correction a Risk or an Opportunity?

The price correction could be a mispriced opportunity if Figma's fundamentals remain intact. Its strong revenue growth, AI-driven product roadmap, and robust customer retention metrics as reported in Q3 2025 results suggest the company is executing well. The negative EBITDA in Q2 appears to stem from non-operational expenses as explained by Gurufocus, not operational failure, and its net income remains positive as confirmed in Q2 2025 earnings. Investors who believe the market is overcorrecting for short-term volatility may find value here.

However, the correction also reflects a realistic reassessment of risks. . If growth slows or AI adoption falters, . Additionally, the SaaS sector's valuation compression in 2025 as reported by SaaS Capital .

Conclusion

Figma's sharp price correction in 2025 embodies the classic tension between valuation realism and growth optimism. While its fundamentals-robust revenue growth, AI-driven innovation, and high customer retention-justify a premium valuation, the market's skepticism about its EBITDA performance and lofty multiples is not unfounded. For investors, the key question is whether Figma can sustain its growth trajectory while improving profitability. If it can, the correction may represent a buying opportunity. If not, it could signal a risky rebalance. The coming quarters will be critical in determining which narrative prevails.