Figma’s 46% growth still yields a 6x multiple, while peers enjoy 15‑36x
Figma is growing revenue 46% YoY with accelerating growth, 82% margins, 139% NDR and 27% free‑cash‑flow margin, yet its stock trades around 6x forward revenue. Peers growing 30%+ command 15‑36x multiples. The gap stems from an IPO pop, AI‑fueled sector sell‑off, and misplaced fear that AI will replace design tools.