Salesforce vs. Figma: Evaluating the Better High-Growth Software Stock to Buy in 2026

Investors frequently debate between established giants and high-growth newcomers. In 2026, the choice between Salesforce (NYSE:CRM) and Figma (NYSE:FIG) highlights the trade-off between proven profitability and explosive, albeit expensive, expansion.

Salesforce remains the dominant leader in cloud-based customer relationship management (CRM), serving over 150,000 businesses globally. Figma is a rapidly growing collaborative design platform that has become essential for modern digital product teams. While they operate in different software niches, both compete for enterprise technology budgets and are integrating artificial intelligence to drive value.

The case for Salesforce

As a leader among tech stocks, Salesforce focuses on cloud-based applications that help businesses manage sales, service, and marketing. The company serves a diverse global customer base, and no single customer accounts for more than 10% of total revenue. Recent strategy shifts include acquiring companies like Fin and Qualified.com to enhance its data management and artificial intelligence capabilities.

In its latest annual report, filed for the fiscal year (FY) ended Jan. 31, 2026, revenue reached $41.5 billion. This represents a 9.6% increase compared with the prior fiscal year, driven by steady demand for its integrated software suite. The company reported net income of $7.5 billion, maintaining a healthy net margin of 18% as it focuses on operational efficiency.

As of its January 2026 balance sheet, the debt-to-equity ratio is 0.3x. This ratio measures total debt relative to shareholder equity, suggesting a conservative use of borrowed money. The current ratio is 0.8x, which evaluates the ability to cover short-term bills with liquid assets.

During the fiscal year ended Jan. 31, 2026, free cash flow was $14.4 billion. Note that stock-based compensation (SBC) represented 23.4% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for Figma

Figma provides a collaborative design platform used by designers and developers to build digital products. While it began with organic word-of-mouth adoption, the company is now aggressively targeting large enterprise customers. Figma has implemented new pricing models, including usage-based credits for its design and prototyping features, to support more complex workflows and international growth in markets such as India.

In its latest annual report, filed for the fiscal year ended Dec. 31, 2025, revenue reached $1.1 billion. This reflects 41% growth compared with the prior year, though the company reported a net loss of $1.3 billion. The net margin was negative 118.4%, indicating that for every dollar of revenue, the company spent more than double that amount in total expenses to fund its expansion.

As of its December 2025 balance sheet, the debt-to-equity ratio is 0.1x, showing the company carries very little debt. The current ratio is 2.6x, indicating a healthy cushion of assets that can be turned into cash within one year to pay upcoming bills. Free cash flow for the fiscal year ended Dec. 31, 2025, reached $246.2 million. Note that stock-based compensation represented 544.2% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.

Risk profile comparison

Salesforce faces risks related to cybersecurity and the protection of sensitive customer data, which could lead to legal liability if breached. The rapid integration of generative and agentic artificial intelligence also poses execution risks, including high infrastructure costs and ethical concerns. Furthermore, the company must successfully integrate large acquisitions like Informatica while navigating intense competition from other cloud platform providers, such as Microsoft, that could displace its market share.

Figma is dealing with volatility in the costs of its artificial intelligence features and its reliance on Amazon for platform hosting services. There is also a risk that new automated design tools could reduce the demand for its subscription model. Figma faces intense competition from Adobe, which offer bundled software solutions that may be more cost-effective for large enterprise customers.

Valuation comparison

Figma carries a much higher premium than Salesforce, while Salesforce offers a lower Forward P/E and P/S ratio for investors prioritizing established profits.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Both Salesforce and Figma were hit by the SaaSpocalypse earlier this year, when Wall Street feared AI would take customers away, leading to a widespread sell-off in software stocks. At that time, Salesforce was the no-brainer stock to buy as its shares plunged to a 52-week low of $146.32.

Since then, Salesforce shares have rebounded strongly. Even so, I still believe the CRM leader remains the better stock over Figma.

There's certainly a case for Figma. It's seeing far greater growth, with revenue rising a whopping 48% year-over-year to $370.1 million in the second quarter. It also raised its full-year guidance. I believe the stock is worth owning, but not over Salesforce.

Figma is not profitable. Its Q2 net loss totaled $112.2 million. Its share price valuation is also very high, while Salesforce trades at more reasonable levels even after the stock went up.

Salesforce remains a compelling investment because the company's leadership in CRM gives it the depth of data to thrive in a world where AI agents are increasingly taking on workplace tasks. On Sept. 15, Salesforce announced the launch of Koa, an AI built using the company's 27 years of data. Koa can reason through complex workflows to successfully execute business processes. Rivals without that kind of data depth will be hard pressed to compete.

Robert Izquierdo has positions in Adobe, Amazon, Figma, Microsoft, and Salesforce. The Motley Fool has positions in and recommends Adobe, Amazon, Figma, Microsoft, and Salesforce. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.