This isn't just about Figma being a nicer tool its about how design actually works now. Teams are remote devs, designers, PMs all in the same file at the same time and that alone breaks the old Adobe model. Adobe is still basically selling fancy single player software with files you pass around
The real threat is that Figma becomes the default layer where product decisions happen not just pixels. Once you start design there you never really need to leave and new designers learn Figma first not Photoshop or Illustrator. That pipeline shift matters way more than people think
Adobe has distribution and legacy sure but that can flip into a liability fast. Enterprises move slow individuals dont and Figma already owns the individual mindshare. By the time Adobe ships a real cloud native answer Figma will already be the system of record..
85% gross margin with revenue growing at 38%;
P/S 14;
No debt, liquidity fine...
I like the stock