<p>可以説，2025 年下半年最受期待的首次公開募股（IPO）是科技股 Figma（紐約證券交易所代碼：FIG）。Figma 在交易首日上漲近 158% 的表現證明了這種期待的積累。</p>
<p>市場顯然對該股票的前景看得比承銷的投資銀行家要樂觀得多。然而，自首日交易以來，截至 9 月 8 日，該股已下跌約 55%。考慮到這一巨大的修正，合理懷疑 Figma 股票現在是否代表了 <strong>對投資者具有吸引力的機會</strong>。</p>
<p>下面，我們將努力回答這個問題，因為 Figma 最近發佈了其首次財報。</p>
<h2>為什麼 Figma 讓投資者興奮</h2>
<p>Figma 引起巨大關注的原因在於，該公司在一個龐大的市場——數字設計中創造了一個差異化的產品。通過傳統上主導這個市場，Adobe（納斯達克代碼：ADBE）已成為全球十大最有價值的軟件公司之一。多年來，Adobe 在這個市場面臨的競爭有限。因此，Figma 作為一種顛覆性力量讓投資者感到興奮是可以理解的。</p>
<p>Figma 的軟件幫助企業將創意轉化為可以產生收入的應用程序。企業利用其軟件創造出良好的用户體驗（UX），這是開發人們真正想要使用的應用程序的關鍵。例如，Robinhood Markets（納斯達克代碼：HOOD）平台簡單而吸引人的用户體驗是其成功的關鍵。這幫助公司在投資經紀市場中獲得了顯著的市場份額。這並不是説 Robinhood 在創建其應用程序時使用了 Figma，而是為了展示像 Figma 這樣的產品所能提供的價值主張。</p>
<p>值得注意的是，Figma 的平台在 Adobe 的解決方案上提供了重要的優勢。Figma 的統一平台使創意團隊和編碼團隊能夠輕鬆協作。他們可以同時實時編輯應用程序。相比之下，使用 Adobe 的解決方案進行協作則要繁瑣得多。這可能導致在同一個項目上多個人工作時出現混亂和低效率。</p>
<p>Figma 解決這個問題的能力是 <strong>該公司在過去 12 個月中產生近 9 億美元收入的關鍵原因</strong>。根據自我估計，Figma 的總可尋址市場為 330 億美元，目前的滲透率不到 3%。這為潛在增長提供了廣闊的空間。</p>
<h2>市場對 FIG 的首次財報反應平淡</h2>
<p>在第二季度，Figma 的銷售增長了 41%，略微超出分析師的預期。然而，<strong>在 9 月 4 日的財報反應中，股價幾乎暴跌 20%</strong>，因為該公司在每股收益（EPS）上大幅未達預期。</p>
<p>不過，值得注意的是，Figma 的調整後營業利潤率為 5%，調整後的自由現金流利潤率為 24%。對於整個年度，Figma 預計中值收入增長為 37%，中值調整後營業利潤率約為 9%。</p>
<p>此外，該公司在年收入 10,000 美元或以上的客户中的淨美元留存率為健康的 129%。客户的支出比去年同期增加了 29%，顯示出 <strong>Figma 的產品正在增加價值</strong>。Figma 在流動性方面也處於強勢地位，擁有 16 億美元的現金、現金等價物和可交易證券，債務僅為 6500 萬美元。</p>
<p>在公司發佈第二季度財報後，幾位華爾街分析師顯著下調了對 Figma 的目標價。根據 MarketBeat 的數據，這些分析師平均下調了 15% 的目標價，略低於該股 20% 的跌幅。MarketBeat 對 Figma 的共識目標價約為 67.50 美元，相較於該股 9 月 8 日的收盤價，意味着約 28% 的上漲空間。此外，在 Figma 發佈財報後更新或首次設定目標價的分析師中，平均目標價為 71.80 美元。這一數字意味着股價幾乎有 37% 的上漲空間。</p>
<h2>Adobe 的收購報價暗示 FIG 有成功的潛力</h2>
<p>總體而言，投資者對 Figma 在首日交易中令人矚目的上漲感到恐懼是有道理的。然而，截至 9 月 8 日，該股的市值已回落至約 257 億美元。</p>
<p>這與 Adobe 在 2022 年 9 月試圖以 200 億美元收購 Figma 的報價相差不遠，而 Figma 目前的季度收入比當時高出約 90%。這進一步證明該股可能被吸引性地，或至少是合理地定價。</p>
<p>考慮到 Figma 持續增長業務的顯著能力和其穩健的財務狀況，未來幾年該股表現強勁並不令人感到意外。</p>
<h2>你現在應該投資 1,000 美元在 Figma 嗎？</h2>
<p>在考慮 Figma 之前，你需要聽聽這個。</p>
<p>MarketBeat 跟蹤華爾街頂級評級和表現最佳的研究分析師及其每日推薦的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前立即購買……而 Figma 並不在名單上。</p>
<p>雖然 Figma 目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

<p>Figma 的股票自首次公開募股以來已下跌 55%，儘管初期表現強勁，這引發了對其投資潛力的質疑。該公司提供一個具有競爭力的數字設計平台，在第二季度報告了 41% 的銷售增長，但未能達到盈利預期，導致股票下跌 20%。分析師已下調了價格目標，但共識認為仍有 28-37% 的潛在上漲空間。憑藉穩健的財務狀況和顯著的市場增長機會，Figma 在未來仍可能是一個有吸引力的投資</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>可以説，2025 年下半年最受期待的首次公開募股（IPO）是科技股 Figma（紐約證券交易所代碼：FIG）。Figma 在交易首日上漲近 158% 的表現證明了這種期待的積累。</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>市場顯然對該股票的前景看得比承銷的投資銀行家要樂觀得多。然而，自首日交易以來，截至 9 月 8 日，該股已下跌約 55%。考慮到這一巨大的修正，合理懷疑 Figma 股票現在是否代表了 <strong>對投資者具有吸引力的機會</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，我們將努力回答這個問題，因為 Figma 最近發佈了其首次財報。</p>
</div><h2>Why Figma Excited Investors</h2>
<div class="lb-trans"><h2>為什麼 Figma 讓投資者興奮</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 引起巨大關注的原因在於，該公司在一個龐大的市場——數字設計中創造了一個差異化的產品。通過傳統上主導這個市場，Adobe（納斯達克代碼：ADBE）已成為全球十大最有價值的軟件公司之一。多年來，Adobe 在這個市場面臨的競爭有限。因此，Figma 作為一種顛覆性力量讓投資者感到興奮是可以理解的。</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 的軟件幫助企業將創意轉化為可以產生收入的應用程序。企業利用其軟件創造出良好的用户體驗（UX），這是開發人們真正想要使用的應用程序的關鍵。例如，Robinhood Markets（納斯達克代碼：HOOD）平台簡單而吸引人的用户體驗是其成功的關鍵。這幫助公司在投資經紀市場中獲得了顯著的市場份額。這並不是説 Robinhood 在創建其應用程序時使用了 Figma，而是為了展示像 Figma 這樣的產品所能提供的價值主張。</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 的解決方案上提供了重要的優勢。Figma 的統一平台使創意團隊和編碼團隊能夠輕鬆協作。他們可以同時實時編輯應用程序。相比之下，使用 Adobe 的解決方案進行協作則要繁瑣得多。這可能導致在同一個項目上多個人工作時出現混亂和低效率。</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 解決這個問題的能力是 <strong>該公司在過去 12 個月中產生近 9 億美元收入的關鍵原因</strong>。根據自我估計，Figma 的總可尋址市場為 330 億美元，目前的滲透率不到 3%。這為潛在增長提供了廣闊的空間。</p>
</div><h2>Markets Left Unimpressed by FIG’s First Ever Report</h2>
<div class="lb-trans"><h2>市場對 FIG 的首次財報反應平淡</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 的銷售增長了 41%，略微超出分析師的預期。然而，<strong>在 9 月 4 日的財報反應中，股價幾乎暴跌 20%</strong>，因為該公司在每股收益（EPS）上大幅未達預期。</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>不過，值得注意的是，Figma 的調整後營業利潤率為 5%，調整後的自由現金流利潤率為 24%。對於整個年度，Figma 預計中值收入增長為 37%，中值調整後營業利潤率約為 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，該公司在年收入 10,000 美元或以上的客户中的淨美元留存率為健康的 129%。客户的支出比去年同期增加了 29%，顯示出 <strong>Figma 的產品正在增加價值</strong>。Figma 在流動性方面也處於強勢地位，擁有 16 億美元的現金、現金等價物和可交易證券，債務僅為 6500 萬美元。</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>在公司發佈第二季度財報後，幾位華爾街分析師顯著下調了對 Figma 的目標價。根據 MarketBeat 的數據，這些分析師平均下調了 15% 的目標價，略低於該股 20% 的跌幅。MarketBeat 對 Figma 的共識目標價約為 67.50 美元，相較於該股 9 月 8 日的收盤價，意味着約 28% 的上漲空間。此外，在 Figma 發佈財報後更新或首次設定目標價的分析師中，平均目標價為 71.80 美元。這一數字意味着股價幾乎有 37% 的上漲空間。</p>
</div><h2>Adobe’s Attempted Purchase Price Suggests FIG Is Set Up for Success</h2>
<div class="lb-trans"><h2>Adobe 的收購報價暗示 FIG 有成功的潛力</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>總體而言，投資者對 Figma 在首日交易中令人矚目的上漲感到恐懼是有道理的。然而，截至 9 月 8 日，該股的市值已回落至約 257 億美元。</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>這與 Adobe 在 2022 年 9 月試圖以 200 億美元收購 Figma 的報價相差不遠，而 Figma 目前的季度收入比當時高出約 90%。這進一步證明該股可能被吸引性地，或至少是合理地定價。</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>考慮到 Figma 持續增長業務的顯著能力和其穩健的財務狀況，未來幾年該股表現強勁並不令人感到意外。</p>
</div><h2>Should You Invest $1,000 in Figma Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1,000 美元在 Figma 嗎？</h2>
</div><p>Before you consider Figma, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮 Figma 之前，你需要聽聽這個。</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 跟蹤華爾街頂級評級和表現最佳的研究分析師及其每日推薦的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前立即購買……而 Figma 並不在名單上。</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>雖然 Figma 目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

在 Figma 股票上市後下跌 55% 後，你是否應該購買它？