Figma and ServiceNow offer investors contrasting paths through the enterprise software market: Figma is expanding faster from a smaller base, while ServiceNow combines continued growth with established profitability. Both are adding artificial-intelligence capabilities, but their financial profiles and business risks differ sharply.
That growth has not yet translated into consistent GAAP profitability. Its 2025 filing also cautioned that rapid expansion may not continue at the same rate and disclosed substantial stock-based compensation, a factor that affects how investors assess reported cash generation.
ServiceNow is operating at a much larger scale.
ServiceNow also reported that deployments of its AI agents increased ninefold in nine months. Its platform connects workflows across areas including information technology, customer service and employee operations, while partnerships and acquisitions are broadening its reach into AI governance, analytics and security.
Figma is dealing with an Office of Foreign Assets Control inquiry into potential past sanctions violations and faces competition from established design providers and newer AI tools. ServiceNow competes with major enterprise software companies and AI-native vendors, and is cooperating with a Department of Justice investigation involving government contracting matters.
On the supplied valuation measures, Figma trades at a higher forward earnings multiple while ServiceNow has the lower forward price-to-earnings ratio; their price-to-sales ratios are closer. The distinction reflects the central investment choice: Figma offers greater reported growth but remains unprofitable on a GAAP basis, while ServiceNow has demonstrated that it can expand its AI business while producing substantial earnings. The figures support a more conservative case for ServiceNow, but they do not establish which stock will deliver the better future return.