<p>可以说，2025 年下半年最受期待的首次公开募股（IPO）是科技股 Figma（纽约证券交易所代码：FIG）。Figma 在交易首日上涨近 158% 的表现证明了这种期待的积累。</p>
<p>市场显然对该股票的前景看得比承销的投资银行家要乐观得多。然而，自首日交易以来，截至 9 月 8 日，该股已下跌约 55%。考虑到这一巨大的修正，合理怀疑 Figma 股票现在是否代表了 <strong>对投资者具有吸引力的机会</strong>。</p>
<p>下面，我们将努力回答这个问题，因为 Figma 最近发布了其首次财报。</p>
<h2>为什么 Figma 让投资者兴奋</h2>
<p>Figma 引起巨大关注的原因在于，该公司在一个庞大的市场——数字设计中创造了一个差异化的产品。通过传统上主导这个市场，Adobe（纳斯达克代码：ADBE）已成为全球十大最有价值的软件公司之一。多年来，Adobe 在这个市场面临的竞争有限。因此，Figma 作为一种颠覆性力量让投资者感到兴奋是可以理解的。</p>
<p>Figma 的软件帮助企业将创意转化为可以产生收入的应用程序。企业利用其软件创造出良好的用户体验（UX），这是开发人们真正想要使用的应用程序的关键。例如，Robinhood Markets（纳斯达克代码：HOOD）平台简单而吸引人的用户体验是其成功的关键。这帮助公司在投资经纪市场中获得了显著的市场份额。这并不是说 Robinhood 在创建其应用程序时使用了 Figma，而是为了展示像 Figma 这样的产品所能提供的价值主张。</p>
<p>值得注意的是，Figma 的平台在 Adobe 的解决方案上提供了重要的优势。Figma 的统一平台使创意团队和编码团队能够轻松协作。他们可以同时实时编辑应用程序。相比之下，使用 Adobe 的解决方案进行协作则要繁琐得多。这可能导致在同一个项目上多个人工作时出现混乱和低效率。</p>
<p>Figma 解决这个问题的能力是 <strong>该公司在过去 12 个月中产生近 9 亿美元收入的关键原因</strong>。根据自我估计，Figma 的总可寻址市场为 330 亿美元，目前的渗透率不到 3%。这为潜在增长提供了广阔的空间。</p>
<h2>市场对 FIG 的首次财报反应平淡</h2>
<p>在第二季度，Figma 的销售增长了 41%，略微超出分析师的预期。然而，<strong>在 9 月 4 日的财报反应中，股价几乎暴跌 20%</strong>，因为该公司在每股收益（EPS）上大幅未达预期。</p>
<p>不过，值得注意的是，Figma 的调整后营业利润率为 5%，调整后的自由现金流利润率为 24%。对于整个年度，Figma 预计中值收入增长为 37%，中值调整后营业利润率约为 9%。</p>
<p>此外，该公司在年收入 10,000 美元或以上的客户中的净美元留存率为健康的 129%。客户的支出比去年同期增加了 29%，显示出 <strong>Figma 的产品正在增加价值</strong>。Figma 在流动性方面也处于强势地位，拥有 16 亿美元的现金、现金等价物和可交易证券，债务仅为 6500 万美元。</p>
<p>在公司发布第二季度财报后，几位华尔街分析师显著下调了对 Figma 的目标价。根据 MarketBeat 的数据，这些分析师平均下调了 15% 的目标价，略低于该股 20% 的跌幅。MarketBeat 对 Figma 的共识目标价约为 67.50 美元，相较于该股 9 月 8 日的收盘价，意味着约 28% 的上涨空间。此外，在 Figma 发布财报后更新或首次设定目标价的分析师中，平均目标价为 71.80 美元。这一数字意味着股价几乎有 37% 的上涨空间。</p>
<h2>Adobe 的收购报价暗示 FIG 有成功的潜力</h2>
<p>总体而言，投资者对 Figma 在首日交易中令人瞩目的上涨感到恐惧是有道理的。然而，截至 9 月 8 日，该股的市值已回落至约 257 亿美元。</p>
<p>这与 Adobe 在 2022 年 9 月试图以 200 亿美元收购 Figma 的报价相差不远，而 Figma 目前的季度收入比当时高出约 90%。这进一步证明该股可能被吸引性地，或至少是合理地定价。</p>
<p>考虑到 Figma 持续增长业务的显著能力和其稳健的财务状况，未来几年该股表现强劲并不令人感到意外。</p>
<h2>你现在应该投资 1,000 美元在 Figma 吗？</h2>
<p>在考虑 Figma 之前，你需要听听这个。</p>
<p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师及其每日推荐的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前立即购买……而 Figma 并不在名单上。</p>
<p>虽然 Figma 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

<p>Figma 的股票自首次公开募股以来已下跌 55%，尽管初期表现强劲，这引发了对其投资潜力的质疑。该公司提供一个具有竞争力的数字设计平台，在第二季度报告了 41% 的销售增长，但未能达到盈利预期，导致股票下跌 20%。分析师已下调了价格目标，但共识认为仍有 28-37% 的潜在上涨空间。凭借稳健的财务状况和显著的市场增长机会，Figma 在未来仍可能是一个有吸引力的投资</p>

<p>Arguably the most anticipated IPO during the second half of 2025 was that of technology stock Figma NYSE: FIG. The nearly 158% gain that Figma’s shares posted on their first day of trading demonstrated this built-up anticipation.</p>
<div class="lb-trans"><p>可以说，2025 年下半年最受期待的首次公开募股（IPO）是科技股 Figma（纽约证券交易所代码：FIG）。Figma 在交易首日上涨近 158% 的表现证明了这种期待的积累。</p>
</div><p>The market clearly saw a much brighter outlook for the stock than the investment bankers who underwrote it. However, since that first day's action, the stock is down around 55% as of the Sept. 8 close. Considering this huge correction, it's reasonable to wonder whether Figma stock now represents a <strong>compelling opportunity for investors</strong>.</p>
<div class="lb-trans"><p>市场显然对该股票的前景看得比承销的投资银行家要乐观得多。然而，自首日交易以来，截至 9 月 8 日，该股已下跌约 55%。考虑到这一巨大的修正，合理怀疑 Figma 股票现在是否代表了 <strong>对投资者具有吸引力的机会</strong>。</p>
</div><p>Below, we’ll work to answer that question in the wake of Figma recently releasing its first earnings report ever.</p>
<div class="lb-trans"><p>下面，我们将努力回答这个问题，因为 Figma 最近发布了其首次财报。</p>
</div><h2>Why Figma Excited Investors</h2>
<div class="lb-trans"><h2>为什么 Figma 让投资者兴奋</h2>
</div><p>Driving the big-time interest in Figma is the fact that the company has created a differentiated product in a huge market: digital design. Through traditionally dominating this market, Adobe NASDAQ: ADBE has become one of the 10 most valuable software stocks in the world. Adobe has faced limited competition in this market for years. Thus, it’s understandable that Figma excites investors as a disruptive force.</p>
<div class="lb-trans"><p>Figma 引起巨大关注的原因在于，该公司在一个庞大的市场——数字设计中创造了一个差异化的产品。通过传统上主导这个市场，Adobe（纳斯达克代码：ADBE）已成为全球十大最有价值的软件公司之一。多年来，Adobe 在这个市场面临的竞争有限。因此，Figma 作为一种颠覆性力量让投资者感到兴奋是可以理解的。</p>
</div><p>Figma’s software helps businesses turn an idea into an application that can generate revenue. Businesses deploy their software to create a great user experience (UX), which is key to developing an application that people actually want to use. For example, the simple and appealing UX of Robinhood Markets' NASDAQ: HOOD platform has been key to its success. It has helped the company gain a significant share of the investment brokerage market. This isn’t to suggest that Robinhood used Figma in creating its app, but rather to show the value proposition products like Figma’s can offer.</p>
<div class="lb-trans"><p>Figma 的软件帮助企业将创意转化为可以产生收入的应用程序。企业利用其软件创造出良好的用户体验（UX），这是开发人们真正想要使用的应用程序的关键。例如，Robinhood Markets（纳斯达克代码：HOOD）平台简单而吸引人的用户体验是其成功的关键。这帮助公司在投资经纪市场中获得了显著的市场份额。这并不是说 Robinhood 在创建其应用程序时使用了 Figma，而是为了展示像 Figma 这样的产品所能提供的价值主张。</p>
</div><p>Notably, Figma’s platform offers important advantages over Adobe’s solutions. Figma’s unified platform lets creative and coding teams work together easily. They can edit applications simultaneously and in real time. By contrast, collaborating using Adobe’s solutions is much more cumbersome. This can cause confusion and inefficiency when multiple people work on the same project.</p>
<div class="lb-trans"><p>值得注意的是，Figma 的平台在 Adobe 的解决方案上提供了重要的优势。Figma 的统一平台使创意团队和编码团队能够轻松协作。他们可以同时实时编辑应用程序。相比之下，使用 Adobe 的解决方案进行协作则要繁琐得多。这可能导致在同一个项目上多个人工作时出现混乱和低效率。</p>
</div><p>Figma’s ability to remedy this problem is a key reason why <strong>the firm generated nearly $900 million in revenue over the last 12 months</strong>. With a self-estimated total addressable market of $33 billion, Figma is less than 3% penetrated into its opportunity. This provides a long runway for potential growth.</p>
<div class="lb-trans"><p>Figma 解决这个问题的能力是 <strong>该公司在过去 12 个月中产生近 9 亿美元收入的关键原因</strong>。根据自我估计，Figma 的总可寻址市场为 330 亿美元，目前的渗透率不到 3%。这为潜在增长提供了广阔的空间。</p>
</div><h2>Markets Left Unimpressed by FIG’s First Ever Report</h2>
<div class="lb-trans"><h2>市场对 FIG 的首次财报反应平淡</h2>
</div><p>In Q2, Figma’s sales grew by 41%, very slightly beating out analysts' expectations. However, <strong>shares cratered by nearly 20%</strong> in reaction to the results on Sept. 4, as the firm missed sorely on earnings per share (EPS).</p>
<div class="lb-trans"><p>在第二季度，Figma 的销售增长了 41%，略微超出分析师的预期。然而，<strong>在 9 月 4 日的财报反应中，股价几乎暴跌 20%</strong>，因为该公司在每股收益（EPS）上大幅未达预期。</p>
</div><p>Still, it is important to note that Figma posted a positive adjusted operating margin of 5% and an adjusted free cash flow margin of 24%. For the full year, Figma expects midpoint revenue growth of 37% and a midpoint adjusted operating margin of around 9%.</p>
<div class="lb-trans"><p>不过，值得注意的是，Figma 的调整后营业利润率为 5%，调整后的自由现金流利润率为 24%。对于整个年度，Figma 预计中值收入增长为 37%，中值调整后营业利润率约为 9%。</p>
</div><p>Additionally, the company’s net dollar retention rate among customers with annual recurring revenue of $10,000 or more sat at a healthy 129%. Customers spent 29% more than they did in the prior year’s quarter, showing that <strong>Figma’s products are adding value</strong>. Figma is also in a strong position when it comes to liquidity, with $1.6 billion in cash, cash equivalents, and marketable securities, and only $65 million in debt.</p>
<div class="lb-trans"><p>此外，该公司在年收入 10,000 美元或以上的客户中的净美元留存率为健康的 129%。客户的支出比去年同期增加了 29%，显示出 <strong>Figma 的产品正在增加价值</strong>。Figma 在流动性方面也处于强势地位，拥有 16 亿美元的现金、现金等价物和可交易证券，债务仅为 6500 万美元。</p>
</div><p>After the company’s Q2 report, several Wall Street analysts significantly lowered their price targets on Figma. Those analysts tracked by MarketBeat lowered their targets by an average of 15%, moderately less than the stock’s 20% fall. The MarketBeat consensus price target on Figma is approximately $67.50, implying around 28% upside compared to the stock’s Sept. 8 closing price. Furthermore, among analysts who updated or initiated their target after Figma’s earnings, the average price target is $71.80. That figure implies nearly 37% upside in shares.</p>
<div class="lb-trans"><p>在公司发布第二季度财报后，几位华尔街分析师显著下调了对 Figma 的目标价。根据 MarketBeat 的数据，这些分析师平均下调了 15% 的目标价，略低于该股 20% 的跌幅。MarketBeat 对 Figma 的共识目标价约为 67.50 美元，相较于该股 9 月 8 日的收盘价，意味着约 28% 的上涨空间。此外，在 Figma 发布财报后更新或首次设定目标价的分析师中，平均目标价为 71.80 美元。这一数字意味着股价几乎有 37% 的上涨空间。</p>
</div><h2>Adobe’s Attempted Purchase Price Suggests FIG Is Set Up for Success</h2>
<div class="lb-trans"><h2>Adobe 的收购报价暗示 FIG 有成功的潜力</h2>
</div><p>Overall, investors would be right to feel frightened by Figma’s eye-watering rise on its first day of trading. However, the stock has settled back down to earth, having a market cap of around $25.7 billion as of the Sept. 8 close.</p>
<div class="lb-trans"><p>总体而言，投资者对 Figma 在首日交易中令人瞩目的上涨感到恐惧是有道理的。然而，截至 9 月 8 日，该股的市值已回落至约 257 亿美元。</p>
</div><p>That’s not too far off from the $20 billion Adobe attempted to buy Figma for back in September 2022, and Figma’s quarterly revenues today are around 90% higher than they were at that time. This provides further evidence that the stock may be attractively, or at least fairly valued.</p>
<div class="lb-trans"><p>这与 Adobe 在 2022 年 9 月试图以 200 亿美元收购 Figma 的报价相差不远，而 Figma 目前的季度收入比当时高出约 90%。这进一步证明该股可能被吸引性地，或至少是合理地定价。</p>
</div><p>Given Figma’s considerable ability to continue growing its business and its solid financial position, it would not be shocking to see shares perform strongly over the coming years.</p>
<div class="lb-trans"><p>考虑到 Figma 持续增长业务的显著能力和其稳健的财务状况，未来几年该股表现强劲并不令人感到意外。</p>
</div><h2>Should You Invest $1,000 in Figma Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 Figma 吗？</h2>
</div><p>Before you consider Figma, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Figma 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Figma wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师及其每日推荐的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前立即购买……而 Figma 并不在名单上。</p>
</div><p>While Figma currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Figma 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

在 Figma 股票上市后下跌 55% 后，你是否应该购买它？