Figma vs. UiPath: Which Technology Stock Is a Better Buy in 2026?
UiPath reached consistent profitability and keeps raising its outlook after years of losses. Figma is growing faster than expected but saw its stock drop sharply as AI investment costs weigh on margins.
Figma and UiPath are two prominent technology stocks in the digital design and process automation sectors, respectively. Figma is a collaborative design platform for product teams, while UiPath offers automation software to streamline enterprise workflows. Both companies are expanding within the large organization segment but cater to very different financial profiles.
Figma's growth is driven by its real-time collaboration features, with nearly 690,000 paid customers and revenue reaching almost $1.1 billion in the fiscal year 2025, a 41% year-over-year increase. However, the company faces significant revenue concentration and profitability challenges, reporting a net loss of about $1.25 billion and a negative net margin of around 118.4%.
Figma's debt-to-equity ratio is minimal at 0.1x, and its current ratio is nearly 2.6x. Its free cash flow stands at approximately $246.2 million, though stock-based compensation heavily inflates reported cash generation.
UiPath, on the other hand, provides orchestration and automation software to over 10,000 customers in sectors like financial services and healthcare. The company recently partnered with Snowflake and BDO USA to enhance AI-driven solutions and audit automation. In the fiscal year 2026, UiPath's revenue reached nearly $1.6 billion, a 12.7% year-over-year growth.
The Forward P/E ratio is 17.0x, and the company reported a net income of roughly $282.3 million, resulting in a net margin of about 17.5%. UiPath's debt-to-equity ratio is 0.0x, indicating no debt relative to equity, and its current ratio is around 2.5x. Free cash flow is nearly $352.2 million, though stock-based compensation inflates reported cash generation by approximately 78.3%.
While Figma competes with industry giants like Adobe and Salesforce, it faces risks from AI technology evolution and reliance on Amazon Web Services. UiPath, however, carries risks related to customer concentration and the challenges of acquiring firms like Peak and WorkFusion. Despite significant losses and competition, UiPath has shown improvement with four consecutive profitable quarters and a more conservative valuation compared to Figma's high-growth but unprofitable model.
Therefore, for a patient investor seeking software exposure with lower risk, UiPath currently presents a more favorable option.
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