The SaaS-Pocalypse’s Biggest Losers: Figma, Duolingo, and Monday.com Suffer Brutal Meltdowns

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Rich Duprey

Thu, April 9, 2026 astatine 10:22 AM CDT 5 min read

Figma (FIG) posted $1.06B successful full-year 2025 revenue, up 41% year-over-year with $237M successful escaped currency flow, but trades astatine 9.5x income versus Adobe’s 5x contempt increasing astir 4 times faster. Duolingo (DUOL) reported $1.038B successful revenue, up 39%, with 52.7 cardinal regular progressive users and nett income of $414.1M, though 2026 bookings guidance slowed to 10-12% growth. Monday.com (MNDY) generated $1.23B successful trailing 12-month gross with $309.9M successful escaped currency travel and a 111% nett dollar retention rate, guiding to 18-19% maturation successful 2026.
AI tools that automate design, connection learning, and workflow absorption person triggered a SaaS-pocalypse, eroding investors’ assurance successful the competitory moats of Figma, Duolingo, and Monday.com contempt their continued beardown gross and idiosyncratic growth.
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Software-as-a-service stocks powered portfolios for a decennary connected predictable gross and abdominous margins. Then AI arrived. Tools that constitute code, plan interfaces, and automate workflows triggered the alleged SaaS-pocalypse successful aboriginal 2026. The iShares Expanded Tech-Software Sector ETF (CBOE:IGV) has fallen 35% from its October peak, with adjacent companies posting double-digit maturation watching investors flee.

However, 3 bundle exertion stocks basal amongst the hardest deed from their 52-week highs: Figma (NYSE:FIG), down 86.5%; Duolingo (NASDAQ:DUOL), disconnected 83.3%; and Monday.com (NASDAQ:MNDY), little by 80.2%. Here is wherefore these 3 erstwhile high-flying names person been decimated.

Figma's banal traded arsenic precocious arsenic $142.92 successful the past 52 weeks, but present sits beneath $20 per stock for an 86.5% drop. Even so, maturation remains robust.

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Figma's fourth-quarter and full-year 2025 results showed full-year gross of $1.06 billion, up 41% year-over-year. Fourth-quarter gross unsocial reached $303.8 million, besides up 40%, portion planetary gross roseate 45%. Adjusted escaped currency travel for the 4th deed $38.5 million, delivering a 13% margin, and full-year escaped currency travel totaled $237 million.

Yet the institution stays unprofitable. Figma's trailing 12-month P/E stands astatine a loss-making antagonistic 7.39, with nett losses for the twelvemonth exceeding $1.25 billion. Compare that to adjacent Adobe (NASDAQ:ADBE), which generated 10% gross maturation successful its latest 4th and throws disconnected astir $10 cardinal successful yearly escaped currency flow. It trades astatine a P/E of 13.3 and 3.8 times sales. Figma, by contrast, grows astir 4 times faster but commands 9.5 times sales.

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