Is Figma Stock Worth Buying After the Post-IPO Crash?

Figma was 2025's hottest IPO — then SaaSpocalypse hit and the stock dropped hard. We ran the numbers on Q1 2026, and the results are more complicated than the headlines suggest. Figma (FIG) went public in 2025 as one of the most anticipated software IPOs in years — then the SaaS selloff and AI disruption fears sent the stock tumbling. In this episode, Nick and Kasey Rossolillo break down whether Figma's fundamentals justify a second look or whether the risks are being underestimated. We analyze Figma's Q1 2026 earnings in detail: 46% year-over-year revenue growth, a 139% net dollar retention rate (the highest in years), and $89M in free cash flow — all strong signals. But the IPO-related dilution, share-based compensation tax drag, and slowing new customer acquisition tell a more nuanced story. Using data from fiscal.ai, we walk through free cash flow per share trends, valuation (still ~75x NTM FCF), balance sheet strength ($1.6B cash, zero debt), and the full-year 2026 guidance implying 35% revenue growth. We also discuss what Figma needs to prove as it laps its IPO anniversary — and why AI disruption in creative software remains a real long-term risk. If you're tracking enterprise SaaS, software cycle recovery plays, or just want a grounded take on a high-profile 2025 IPO, this breakdown is for you. Semi Insider members get access to CSI's research platform and tools plus deeper research as it happens. Join at https://chipstockinvestor.com/ 📺 Watch our related video — we called this back in June:    • The Dead Stocks That Are Quietly Beating AI   🔗 Full research + stock tools: https://chipstockinvestor.com Get 15% of your membership with our special link here: https://fiscal.ai/csi 🎧: https://creators.spotify.com/pod/prof... If you found this video useful, please make sure to like and subscribe! 0:00 — Why Figma Fell: IPO Hype, SaaSpocalypse & AI Fear 1:30 — Where Figma Sits in the Enterprise Software Supply Chain 3:00 — Figma vs. Adobe, Microsoft & the Peer Landscape 4:45 — Q1 2026 Earnings Breakdown: Revenue, NDR & What It Means 6:30 — Free Cash Flow Deep Dive: IPO Dilution & Per-Share Reality 8:15 — Balance Sheet: $1.6B Cash, No Debt & Acquisition Potential 9:30 — Q2 & Full-Year 2026 Guidance: Is 35% Growth Sustainable? 10:45 — What Figma Must Prove Next: Margin Expansion & AI Resilience 11:30 — Final Verdict: Cautious, Watchlist, or Buy? ******************************************************* Affiliate links that are sprinkled in throughout this video. If something catches your eye and you decide to buy it, we might earn a little coffee money. Thanks for helping us (Kasey) fuel our caffeine addiction! Content in this video is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal. Nick and Kasey own shares of Figma. #SoftwareInvesting #SaaSInvesting #FigmaStock #SaaSpocalypse #Enterprisesoft