TIVP063: Figma Inc. (FIG): Recovering From An 80% Post-IPO Decline w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
TAM Limits and Competitive Risks
Daniel and Shawn debate Figma's narrow design moat and risks expanding into Adobe and Canva territories.
Shawn O’Malley and Daniel Mahncke break down the emerging design giant Figma Inc. (ticker: FIG) and discuss whether the company can expand further into other enterprise design software verticals against Adobe. In this episode, you’ll learn how Figma burst onto the scene after three long years of toiling in the background, why Figma’s stock has crash 80% since IPO, and whether Figma’s stock is attractively priced at current levels.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro 00:09:01 - Why the design process used to be so messy and disjointed before Figma came along 00:11:08 - How Figma was born out of a partnership at Brown University 00:28:53 - How Figma is turning from a single-hit product into a more diversified platform 00:36:51 - What Figma is doing to redefine the future of AI in collaborative design 00:52:06 - What to make of Figma’s young CEO, Dylan Field 00:54:32 - Why Figma crashed after its IPO 00:56:14 - How IPO-related stock-based-comp accounting distorted Figma’s 2024 & 2025 financials 01:03:54 - Whether Shawn and Daniel add FIG to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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- Shawn’s meditation app made via Figma.
- Figma’s CEO on the future of design.
- Figma’s CEO on the In Good Company podcast.
- Figma’s investor relations’ page.
- Why Figma wins (blog article).
- Explore our previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.
- Related books mentioned in the podcast.
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