TIVP063: FIGMA INC. (FIG): RECOVERING FROM AN 80% POST-IPO DECLINE

W/ SHAWN O’MALLEY & DANIEL MAHNCKE

TIVP063: FIGMA INC. (FIG): RECOVERING FROM AN 80% POST-IPO DECLINE W/ SHAWN O’MALLEY & DANIEL MAHNCKE

15 March 2026

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, or whether it will be disrupted by AI design tools. Figma made collaborative graphic design simpler than anyone had ever imagined before, building a tool that many refer to as “the Google Docs of design.”

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, how the company is defining the future of design with AI, and whether Figma’s stock is attractively priced at current levels, plus so much more!

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IN THIS EPISODE, YOU’LL LEARN:

  • How Figma was born out of a partnership at Brown University
  • Why the design process used to be so messy and disjointed before Figma came along
  • How Figma is turning from a single-hit product into a more diversified platform
  • What to make of Figma’s young CEO, Dylan Field
  • Why Figma crashed after its IPO
  • How IPO-related stock-based-comp accounting distorted Figma’s 2024 & 2025 financials
  • What Figma is doing to redefine the future of AI in collaborative design
  • Whether Shawn and Daniel add FIG to their Intrinsic Value Portfolio
  • And much, much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Shawn O’Malley: Overhyped IPOs are not a new phenomenon, but when the market discards a growing business because it was priced very ambitiously, perhaps that creates opportunities for us.

[00:00:10] Daniel Mahncke: Well, I would think so. Nearly four years ago, Adobe was trying to buy Figma for nearly twice the valuation that the public markets now value Figma at.

[00:00:18] Shawn O’Malley: And yet during that time, the company has unveiled a really impressive suite of products and maybe the most impressive generative AI tool for building apps that I’ve seen.

[00:00:32] Intro: You are listening to The Intrinsic Value Podcast by The Investors Podcast Network. Since 2014 with over 180 million downloads, we’ve learned directly from the world to best investors. Now we are applying those lessons to analyze businesses and investment opportunities every week, helping you uncover intrinsic value. And now here are your hosts, Shawn O’Malley and Daniel Mahncke.

[00:01:04] Daniel Mahncke: In light of SaaS-mageddon, everyone is asking themselves whether this is a generational buying opportunity for software stocks or a value trap in an industry that’s about to be hugely disrupted by the advancements LLMs have made in coding, significantly lowering the barriers to software equation and potentially.

[00:01:22] Daniel Mahncke: Eating into the modes of businesses that were until recently considered some of the best in the history of capitalism.

[00:01:29] Shawn O’Malley: Oh man, it’s a good setup. A lot of people in particular are asking questions about Adobe’s ability to generate excess returns going forward, considering just how good generative AI content for images and videos has gotten.

[00:01:41] Shawn O’Malley: And he is gotten really, really good. And, and so today’s pitch though won’t be for Adobe, even though we’ve covered it numerous times in in-depth discussions in our intrinsic value community with members there. I’m actually interested in going through the business of one of Adobe’s biggest emerging competitors in Figma.

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