To The Moon

 Come, come, sit down. Don’t just stand there looking at the Figma stock chart like it’s a burnt plain prata. Let me flip the situation for you, clear and crisp, like my tissue prata.

​You know me, right? Night time I flip prata here at the hawker, daytime I am standing at NTUC FairPrice selling that Corningware set—the one that never cracks even if your mother-in-law throws it at you. Very high premium quality, just like Figma’s core software! But AI right now is making the market panic.

$Figma(FIG)$  

​Listen to Muthu, let me break down the numbers for you:

​1. The Dough is Rising, so Why is the Price So Cheap?

​Aiya, the stock crashed from $142 all the way down to $21.34. Market cap is only around $11. 3 Billion. Why? Everyone is scared that this new generative AI "prompt-to-code" stuff will kill Figma. They think people will stop paying for designer seats and just type a prompt to get a whole app.

​Plus, some activist fella named Findell Capital is making noise at the kitchen backend, demanding the CEO cut costs.

​But look at the actual orders coming into the kitchen, macha:

​Q1 2026 Revenue: $333.4 million! That is 46% growth year-over-year. The growth is actually reaccelerating faster than my morning queue for egg prata!

​Net Dollar Retention: 139%! The existing customers are buying more cheese and mutton toppings, not leaving.

​2. The Corningware Analogy (The AI Cost Problem)

​Now, you ask me, "Muthu, if business is so good, why did gross margins drop to 79%?"

​Aiya, simple. Running those AI features (Figma Make) is like using expensive ghee for every single order—it eats up the profit! But just like how I start charging 50 cents extra for extra sambal, Figma just launched strict AI credit limits in March.

​Now, if the designers want the high-tech AI stuff, they must buy top-up packages. By next year (2027), this AI cost drag transforms into a high-margin premium add-on. Strong and durable, just like Corningware!

​3. The 2030 Feast (What is the Target?)

​If you buy the stock now at $21.34 and hold it until 2030, here is how the catering order looks:

​The Normal Plate (Base Case — $64.75 to $77.00): Figma hits $3.5 Billion in revenue by 2030 because they successfully sell seats to developers and marketing boys, not just UI designers. Operating margins climb to 22-26%. At a standard 35x P/E multiple, the price hits around $70. That’s a 250% return, bro!

​The Supreme Briyani Set (Bull Case — $135.00+): AI doesn't kill them; it makes them a monopoly. Everyone uses Figma to prompt code directly. EPS flies to $3.00, market gives them a premium 45x multiple, and it goes back to the post-IPO glory days.

​The Burnt Prata (Bear Case — $24.00): If AI really bypasses the prototyping phase entirely and nobody needs designers anymore, the growth stalls. You make almost nothing.

​Muthu’s Final Recommendation

​The big boys on Wall Street have a 12-month average target of $31.00—that’s already a 55% upside from today’s $21.34 close.

​If you think the market is overreacting and Figma’s brand is solid like Corningware, this looks like a heavy discount. But if you think AI will replace the whole kitchen, then don't touch.

​Now, you want one plain, one egg, or you want to buy some shares? (Disclaimer: Muthu only financial advisor for prata toppings, do your own research, ah!)