When $FIG went public last year, I argued that it was overpriced. Using our proprietary Durable Growth Moat methodology for clients, I wrote:
βFigma is a beautifully engineered SaaS 2.0 company being valued for a future it has not yet earned.β
My critique was very specific: βnot yet earned.β
My original skepticism toward Figma was rooted in valuation discipline and architectural ambiguity: a great SaaS company priced as a future orchestrator without proof it could occupy that role.
So, I kept watching, even as the market punished the stock, and seemed to validate my skepticism.
In February, I re-evaluated my position following several announcements and structural moves by @figma. Seen through that lens, the latest earnings performance should come as no surprise:
https://t.co/72UVgi6eSD