Uncle Stock Notes on Figma, Inc. (FIG)
主要经营地 San Francisco, California（美国）
详细的生意模式 同上（业绩解读口径）
护城河 同上
估值水平 FCF/EV=-6.3%；EV/EBITDA=-8.3x；P/E=-6.5x
EV/Market Cap 0.87x
网络观点 🟡 Q4强但AI投入导致2026利润率指引偏弱；长期仍强留存，但短期消化成本/增速
AI的观点 ✅更适合等“投入→利润率回升”或更深回撤后的介入点 ✅核对：AI成本可规模摊薄性、定价能否覆盖成本、生态黏性 ⚠️AI同质化风险下，护城河更靠网络效应与生态
作者简介 专业❌否；顶级❌否；13F❌否；回报-10.5% (19 trades)；@Unclestocknotes
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