Does FIGMA, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores FIGMA, INC. (FIG) 45.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 55, capital discipline 24.

How has FIG's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 45.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

FIGMA, INC.

FIG · Technology · $8.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power98

Median gross margin 88.3% over 3y, very stable.

Returns on capital0

Median ROIC -87.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $23.95
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

4 years of fundamentals

The business, in plain English

FIGMA, INC. booked $1.1B of revenue in FY2025 in the Technology sector and kept 82.4% of it as gross profit — a high-margin business by that measure. After every other cost, −118.4% of each revenue dollar reached the bottom line.

FIG's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the four filters (98/100) and Returns on Capital the weakest (0/100), which is how FIG lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.1B FY2025

Gross marginRevenue kept after cost of goods82.4% FY2025

Return on invested capitalOperating profit on the capital employed−92.1% FY2025

Owner earningsCash an owner could take out−$1.2B FY2025

Gaps in a line mean that item isn’t in FIG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.1 / 100

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FIG has read Shallow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How FIGMA, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored FIG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, FIG did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#260 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#258BB BlackBerry Limited45.2 out of 100, Shallow moatShallow moat
#259CERT Certara, Inc.45.2 out of 100, Shallow moatShallow moat
#261COUR COURSERA, INC.45.0 out of 100, Shallow moatShallow moat
#262OMCL Omnicell, Inc.44.7 out of 100, Shallow moatShallow moat

Compare FIG with its nearest peers →All Technology companies on the Index →

Common questions about FIG

Does FIGMA, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores FIGMA, INC. (FIG) 45.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 55, capital discipline 24.
How has FIG's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 45.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FIG. See the disclaimer.