Figma Further Broadening Capabilities with Focus on AI Agent Assisted Tools at Config 2026; Near-Term Gross Margin Related Concerns to Persist

研报英文原文证据摘录

Figma Further Broadening Capabilities with Focus on AI Agent Assisted Tools at Config 2026; Near-Term Gross Margin Related Concerns to Persist

J P M O R G A N North America Equity Research

24 June 2026

Figma

Further Broadening Capabilities with Focus on AI Agent Neutral

Assisted Tools at Config 2026; Near-Term Gross Margin FIG, FIG US

Related Concerns to Persist Price (24 Jun 26):$18.64

Software - Large Cap / Mid & Small

We attended Figma's inaugural investor and analyst session as a public company, Cap

hosted in conjunction with its annual Config conference in San Francisco. The Samik Chatterjee, CFA AC

company laid out a compelling vision in which design and code converge into a (1-212) 622-0798

single, seamless experience, with the company framing the canvas as the place samik.x.chatterjee@jpmorgan.com

"where everything connects." We see this platform-wide, integrated capability as Arti Vula, CFA

a core structural moat, one that compounds as more of the design-to-development (1-415) 315-5919

arti.vula@jpmchase.com

workflow lives natively within Figma, emphasizing the platform as connective

Jaiden R Patel

tissue across the broader product-development organization. The incremental

(1-212) 270-6953

announcements centered on a slate of new products, some already in Beta and jaiden.patel@jpmchase.com

others slated for future release, with a focus on agentic AI-based tools which will Brian Hyska

help Figma embed AI throughout the core workflow. While management remains (1-212) 622-2883

confident about seat growth longer-term, helped in part by expansion to personas brian.hyska@jpmchase.com

beyond design focused individuals within an organization, the announcements at Mashu Nishi

Config 2026 appeared more biased toward deepening spend within Figma's (1-212) 622-0078