Figma (FRA:1S2) Beneish M-Score: -5.21 (As of Jun. 26, 2026)


FRA:1S2 Figma Inc FRA:1S2
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What is Figma Beneish M-Score?

Figma FRA:1S2 -8.98% 10 Beneish M-Score is -5.21 as of Jun. 26, 2026. GuruFocus rates FRA:1S2 with a GF Score™ of 10/100. The stock has 2 warning signs investors should review. Among 2,634 Software companies, Figma ranks better than 96.01% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -5.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Figma's Beneish M-Score or its related term are showing as below:

FRA:1S2' s Beneish M-Score Range Over the Past 10 Years
Min: -5.21   Med: -4.97   Max: -4.72
Current: -5.21

During the past 3 years, the highest Beneish M-Score of Figma was -4.72. The lowest was -5.21. And the median was -4.97.

Figma Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Figma's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Figma Beneish M-Score Chart

Figma Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.72

Figma Quarterly Data
Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -4.72 -5.21

FRA:1S2 vs U, GWRE, TYL: Beneish M-Score Comparison

For the Software - Application subindustry, Figma's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Figma Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Figma's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Figma's Beneish M-Score falls into.


FRA:1S2
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Figma Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Figma for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1886+0.528 * 1.1093+0.404 * 1.929+0.892 * 1.3098+0.115 * 0.4118
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0998+4.679 * -0.743033-0.327 * 1.2817
=-5.25

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €162.9 Mil.
Revenue was 288.425 + 259.425 + 233.595 + 216.438 = €997.9 Mil.
Gross Profit was 229.029 + 213.051 + 162.126 + 192.258 = €796.5 Mil.
Total Current Assets was €1,675.0 Mil.
Total Assets was €1,981.5 Mil.
Property, Plant and Equipment(Net PPE) was €73.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €17.3 Mil.
Selling, General, & Admin. Expense(SGA) was €1,080.0 Mil.
Total Current Liabilities was €669.9 Mil.
Long-Term Debt & Capital Lease Obligation was €46.4 Mil.
Net Income was -123.177 + -193.48 + -934.657 + 0.733 = €-1,250.6 Mil.
Non Operating Income was -3.741 + -20.421 + 11.565 + 18.387 = €5.8 Mil.
Cash Flow from Operations was 84.171 + 34.063 + 43.591 + 54.148 = €216.0 Mil.
 Total Receivables was €104.6 Mil.
Revenue was 211.084 + 207.182 + 178.974 + 164.617 = €761.9 Mil.
Gross Profit was 193.091 + 191.46 + 162.122 + 127.868 = €674.5 Mil.
Total Current Assets was €1,585.9 Mil.
Total Assets was €1,771.1 Mil.
Property, Plant and Equipment(Net PPE) was €77.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €6.6 Mil.
Selling, General, & Admin. Expense(SGA) was €749.8 Mil.
Total Current Liabilities was €448.1 Mil.
Long-Term Debt & Capital Lease Obligation was €51.4 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(162.924 / 997.883) / (104.648 / 761.857)
=0.16327 / 0.137359
=1.1886

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(674.541 / 761.857) / (796.464 / 997.883)
=0.885391 / 0.798154
=1.1093

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1674.98 + 73.906) / 1981.532) / (1 - (1585.944 + 77.405) / 1771.148)
=0.117407 / 0.060864
=1.929

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=997.883 / 761.857
=1.3098

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(6.568 / (6.568 + 77.405)) / (17.331 / (17.331 + 73.906))
=0.078216 / 0.189956
=0.4118

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1080.02 / 997.883) / (749.764 / 761.857)
=1.082311 / 0.984127
=1.0998

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((46.385 + 669.91) / 1981.532) / ((51.404 + 448.109) / 1771.148)
=0.361485 / 0.282028
=1.2817

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-1250.581 - 5.79 - 215.973) / 1981.532
=-0.743033

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Figma has a M-score of -5.25 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -5.21 mean?
Figma (FRA:1S2) has a Beneish M-Score of -5.21 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Figma and its competitors. According to the industry distribution chart, Figma ranks #105 out of 2634 companies in the Software industry, placing it in the top 4%.
Is Figma's Beneish M-Score too high?
Figma's current Beneish M-Score is -5.21. Based on the distribution chart, Figma ranks #105 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Figma has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Figma's Beneish M-Score compare to U and GWRE?
According to the Software industry distribution chart, Figma ranks #105 out of 2634 companies for Beneish M-Score. This places Figma in the top 4% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Software company?
A good Beneish M-Score depends on the Software industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Figma and its competitors. Figma's current Beneish M-Score is -5.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Figma stock overvalued right now?
Figma (FRA:1S2) has a current Beneish M-Score of -5.21. The current Beneish M-Score is -5.21. Figma's overall GF Score™ is 10/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Figma (FRA:1S2), the current Beneish M-Score is -5.21 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Figma Business Description

Address 760 Market Street, Floor 10, San Francisco, CA, USA, 94102
Figma Inc is engaged in transforming ideas into digital products and experiences. The group focuses on the entire software creation lifecycle, enabling it to quickly launch new products on Figma's browser-based platform and reinforcing its belief that design extends well beyond a single step or role. The company adopts an expansive view, as design is more than how something looks, feels, or works. It derives its revenue from sales of subscriptions for access to its platform.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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