Figma: Deep Value With Blistering Growth Rates

Figma has transitioned from an overhyped AI stock to a deep value play, now trading near $19 after losing half its value this year. I maintain a 'Buy' rating, citing >40% y/y revenue growth, >130% net revenue retention, and a $1.5 billion annualized run rate. FIG's AI-driven pricing and consumption-based plans drive higher per-customer spending, insulating against pure seat churn.