Figma’s Stock Plummets 6.7% as $520M Trading Volume Ranks 197th Ahead of Earnings Test

Figma (FIG) closed September 2 at $65.57, a 6.70% decline, with a trading volume of $520 million, ranking 197th in market activity. The design collaboration platform will release its first quarterly earnings report as a public company on September 3, with analysts focusing on key metrics to assess its growth trajectory and valuation sustainability.

Investors will scrutinize Figma’s Net Dollar Retention (NDR), which stood at 132% as of March 2025, reflecting strong customer retention and expansion. The company’s pricing increase in March 2025 is expected to bolster revenue and NDR, though normalization effects may emerge by early 2026. Another critical metric is the number of customers with annual recurring revenue (ARR) exceeding $100,000, which grew 47% year-on-year to 1,031, indicating untapped potential among large enterprises.

Figma’s gross margin, currently at 91%, underscores its competitive edge in the SaaS sector. However, near-term AI investments could pressure margins, with projections of a decline to 87% in 2025 and 83% in 2026. The forward price-to-earnings ratio of 240x remains elevated, prompting analysts to emphasize the need for earnings to justify the valuation. The upcoming report will serve as a pivotal test of Figma’s ability to balance growth ambitions with profitability.

The backtest shows that Figma’s stock price dropped 6.70% on September 2, 2025.