<p>就在几周前，<strong>Figma</strong>(FIG 1.83%) 迎来了近年来最大的首次公开募股（IPO）涨幅，从上市价格 33 美元跃升至 7 月 31 日的收盘价 115 美元，次日最高达到 142.92 美元。</p>
<p>然而，自那次狂欢的上涨以来，估值担忧开始蔓延，随着投资者期待其作为上市公司的首次财报，该股逐渐回落，财报于 9 月 3 日发布。</p>
<p>尽管这家设计软件公司发布了强劲的首份财报，但它似乎也证实了导致早期抛售的估值担忧，财报发布后股价下跌了 20%。</p>
<p>经过调整后，Figma 现在的市场估值 270 亿美元是否合理？在回答这个问题之前，我们先来看一下第二季度的数据。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyNTIvYWktdGVjaC1kYXRhLXdvbWFuLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyNTIvYWktdGVjaC1kYXRhLXdvbWFuLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>我们从 Figma 的第二季度报告中学到了什么</h2>
<p>Figma 的第二季度数据并不完全令人意外，因为它在 S-1 招股说明书中已经给出了初步结果，使用了一个范围。</p>
<p>在完整报告中，Figma 的收入增长 41%，达到 2.496 亿美元，超出预期的 2.487 亿美元。这个增长率较第一季度的 46% 有所放缓。</p>
<p>在底线方面，Figma 报告了 210 万美元的公认会计原则（GAAP）营业利润和 1150 万美元的调整后营业收入。调整后的每股收益为 0.09 美元，而市场共识为 0.08 美元。</p>
<p>触发抛售的似乎不是第二季度的结果，而是 Figma 的指引。公司预计第三季度的收入增长将在其 263 百万至 265 百万的指引中减缓至 33%。对于全年，它现在预计调整后的营业收入在 8800 万至 9800 万美元之间，低于 2024 年的 1.27 亿美元，并暗示下半年的利润率将降低。</p>
<p>虽然这听起来像是个问题，但利润率的下降似乎主要是出于设计，因为 Figma 在第二季度推出了四款新产品：Make、Draw、Sites 和 Buzz，产品组合翻倍，并加强了 AI 驱动的功能。</p>
<p>公司的指引反映了新产品的推出，包括向客户介绍它们的销售成本，以及对采用曲线的不确定性。此外，管理层可能对其指引持谨慎态度，因为这是其首次财报，他们希望确保能够实现。</p>
<p>谈到公司的 AI 投资时，首席执行官 Dylan Field 表示：“我们预计短期内利润率会下降，因为我们在长期内进行投资。”</p>
<p>然而，凭借其盈利和执行的良好记录，公司赢得了投资者的信任。</p>
<h2>Figma 能否证明其估值合理？</h2>
<p>以 55 美元的股价交易，该股较开盘日的收盘价下跌了超过一半，但 Figma 在传统指标上仍然显得昂贵，尽管云软件股票通常会获得高估值。</p>
<p>该股目前的市销率为 30，即使对于云软件股票来说也显得昂贵。相比之下，竞争对手 <strong>Adobe</strong> 的市销率仅为 7，尽管其增长速度慢得多，且处于生命周期的不同阶段。</p>
<p>这样的估值使其比 <strong>标准普尔 500</strong> 中的任何其他股票都要昂贵，除了 <strong>Palantir</strong>。</p>
<p>尽管如此，考虑到 Figma 强劲的增长、盈利能力和迄今为止的颠覆性影响，它仍然值得溢价，因为它继续从 Adobe 那里抢占市场份额。事实上，Adobe 在 2022 年曾试图以 200 亿美元收购 Figma，投资者应记住这一点，因为这个价格应该作为该股的底线，尤其是现在的 Figma 比当时大得多。</p>
<p>以 270 亿美元的市场估值来看，Figma 的估值似乎是合理的。虽然股价可能会进一步下滑，但考虑到其新产品和对 AI 的投资，该股仍有很大的上涨潜力。</p>
<p>投资者应预期该股将会波动，但其估值已降至合理的购买范围。</p>

<p>Figma 最近的首次公开募股（IPO）使其股价从 33 美元飙升至 142.92 美元，但由于估值担忧，在其第二季度财报发布后股价下跌了 20%。该公司报告的收入增长为 41%，达到 2.496 亿美元，但对第三季度的指引显示增速将放缓至 33%。尽管其市销率高达 30，Figma 的强劲增长和新推出的人工智能产品可能会为其 270 亿美元的估值提供合理依据。投资者应预期市场波动，但随着公司在产品组合和市场份额方面的扩展，尤其是与 Adobe 等竞争对手相比，仍然可以看到潜在的上行空间</p>

<p>Just weeks ago, <strong>Figma</strong>(FIG 1.83%) had one of the biggest IPO pops in years, jumping from its listing price of $33 to a closing price on July 31 of $115, before topping out at $142.92 the following day.</p>
<div class="lb-trans"><p>就在几周前，<strong>Figma</strong>(FIG 1.83%) 迎来了近年来最大的首次公开募股（IPO）涨幅，从上市价格 33 美元跃升至 7 月 31 日的收盘价 115 美元，次日最高达到 142.92 美元。</p>
</div><p>However, since that euphoric surge, valuation concerns have spread, and the stock gradually pulled back as investors looked forward to its first earnings report as a publicly traded company, which came out on Sept. 3.</p>
<div class="lb-trans"><p>然而，自那次狂欢的上涨以来，估值担忧开始蔓延，随着投资者期待其作为上市公司的首次财报，该股逐渐回落，财报于 9 月 3 日发布。</p>
</div><p>Though the design software company delivered a strong debut earnings report, it also seemed to confirm the valuation concerns that were driving the earlier sell-off as the stock fell 20% on the report.</p>
<div class="lb-trans"><p>尽管这家设计软件公司发布了强劲的首份财报，但它似乎也证实了导致早期抛售的估值担忧，财报发布后股价下跌了 20%。</p>
</div><p>After the reset, is Figma now fairly valued at a $27 billion market cap? Let's look at the Q2 numbers before answering that question.</p>
<div class="lb-trans"><p>经过调整后，Figma 现在的市场估值 270 亿美元是否合理？在回答这个问题之前，我们先来看一下第二季度的数据。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyNTIvYWktdGVjaC1kYXRhLXdvbWFuLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832252%2Fai-tech-data-woman.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What we learned from Figma's Q2 report</h2>
<div class="lb-trans"><h2>我们从 Figma 的第二季度报告中学到了什么</h2>
</div><p>Figma's second-quarter numbers weren't a total surprise since it had given preliminary results in its S-1 prospectus, using a range.</p>
<div class="lb-trans"><p>Figma 的第二季度数据并不完全令人意外，因为它在 S-1 招股说明书中已经给出了初步结果，使用了一个范围。</p>
</div><p>In the full report, Figma posted 41% revenue growth to $249.6 million, ahead of estimates at $248.7 million. That growth rate represented a deceleration from 46% in the first quarter.</p>
<div class="lb-trans"><p>在完整报告中，Figma 的收入增长 41%，达到 2.496 亿美元，超出预期的 2.487 亿美元。这个增长率较第一季度的 46% 有所放缓。</p>
</div><p>On the bottom line, Figma reported a generally accepted accounting principles (GAAP) operating profit of $2.1 million and adjusted operating income of $11.5 million. Adjusted earnings per share was $0.09, compared to the consensus of $0.08.</p>
<div class="lb-trans"><p>在底线方面，Figma 报告了 210 万美元的公认会计原则（GAAP）营业利润和 1150 万美元的调整后营业收入。调整后的每股收益为 0.09 美元，而市场共识为 0.08 美元。</p>
</div><p>What seemed to trigger the sell-off wasn't the Q2 results, but Figma's guidance. The company sees revenue growth slowing to 33% in the third quarter at the midpoint of its guidance of $263 million-$265 million. For the full year, it now expects adjusted operating income of $88 million-$98 million, down from the $127 million it made in 2024, and implying lower margins in the second half of the year.</p>
<div class="lb-trans"><p>触发抛售的似乎不是第二季度的结果，而是 Figma 的指引。公司预计第三季度的收入增长将在其 263 百万至 265 百万的指引中减缓至 33%。对于全年，它现在预计调整后的营业收入在 8800 万至 9800 万美元之间，低于 2024 年的 1.27 亿美元，并暗示下半年的利润率将降低。</p>
</div><p>While that might sound like a problem, the declining profit margin seems mostly by design as Figma rolled out four new products in the second quarter, Make, Draw, Sites, and Buzz, doubling its product portfolio and leaning into AI-powered features.</p>
<div class="lb-trans"><p>虽然这听起来像是个问题，但利润率的下降似乎主要是出于设计，因为 Figma 在第二季度推出了四款新产品：Make、Draw、Sites 和 Buzz，产品组合翻倍，并加强了 AI 驱动的功能。</p>
</div><p>The company's guidance reflects the new product push, including the sales cost to introduce them to customers, and uncertainty around the adoption curve. Additionally, management is likely being conservative with its guidance since this is its first earnings report, and it wants to be sure that it can hit it.</p>
<div class="lb-trans"><p>公司的指引反映了新产品的推出，包括向客户介绍它们的销售成本，以及对采用曲线的不确定性。此外，管理层可能对其指引持谨慎态度，因为这是其首次财报，他们希望确保能够实现。</p>
</div><p>Referring to the company's AI investments, CEO Dylan Field said, &#34;We expect margins to come down in the near term as we invest in the long term.&#34;</p>
<div class="lb-trans"><p>谈到公司的 AI 投资时，首席执行官 Dylan Field 表示：“我们预计短期内利润率会下降，因为我们在长期内进行投资。”</p>
</div><p>However, with its track record of profitability and execution, the company has earned investor trust.</p>
<div class="lb-trans"><p>然而，凭借其盈利和执行的良好记录，公司赢得了投资者的信任。</p>
</div><h2>Can Figma justify its valuation?</h2>
<div class="lb-trans"><h2>Figma 能否证明其估值合理？</h2>
</div><p>Trading at a share price of $55, the stock is down by more than half from its closing price on opening day, but Figma is still expensive by traditional metrics, though cloud software stocks tend to fetch high valuations.</p>
<div class="lb-trans"><p>以 55 美元的股价交易，该股较开盘日的收盘价下跌了超过一半，但 Figma 在传统指标上仍然显得昂贵，尽管云软件股票通常会获得高估值。</p>
</div><p>The stock currently trades at a price-to-sales ratio of 30, making it expensive even for a cloud software stock. By comparison, rival <strong>Adobe</strong> trades at a P/S ratio of just 7, though it is growing much more slowly and is at a different stage of its life cycle.</p>
<div class="lb-trans"><p>该股目前的市销率为 30，即使对于云软件股票来说也显得昂贵。相比之下，竞争对手 <strong>Adobe</strong> 的市销率仅为 7，尽管其增长速度慢得多，且处于生命周期的不同阶段。</p>
</div><p>That valuation would make it more expensive than any other stock in the <strong>S&amp;P 500</strong> except <strong>Palantir</strong>.</p>
<div class="lb-trans"><p>这样的估值使其比 <strong>标准普尔 500</strong> 中的任何其他股票都要昂贵，除了 <strong>Palantir</strong>。</p>
</div><p>Still, Figma deserves a premium, considering its strong growth, profitability, and disruptive impact thus far as it continues to grab market share from Adobe. In fact, Adobe tried to buy Figma for $20 billion back in 2022, and investors should keep that in mind, as that price should act as a floor on the stock, especially since it's much bigger today than it was then.</p>
<div class="lb-trans"><p>尽管如此，考虑到 Figma 强劲的增长、盈利能力和迄今为止的颠覆性影响，它仍然值得溢价，因为它继续从 Adobe 那里抢占市场份额。事实上，Adobe 在 2022 年曾试图以 200 亿美元收购 Figma，投资者应记住这一点，因为这个价格应该作为该股的底线，尤其是现在的 Figma 比当时大得多。</p>
</div><p>At a market cap of $27 billion, Figma's valuation seems justified. While the share price could certainly drift lower, the stock has a lot of upside potential, given its new products and investments in AI.</p>
<div class="lb-trans"><p>以 270 亿美元的市场估值来看，Figma 的估值似乎是合理的。虽然股价可能会进一步下滑，但考虑到其新产品和对 AI 的投资，该股仍有很大的上涨潜力。</p>
</div><p>Investors should expect the stock to be volatile, but its valuation has fallen to a reasonable purchase range.</p>
<div class="lb-trans"><p>投资者应预期该股将会波动，但其估值已降至合理的购买范围。</p>
</div>

Figma 能否在第二季度表现强劲但不尽如人意后证明其 270 亿美元的估值合理性？