Tyla embraced the clear heels trend while performing at the 2026 FIFA World Cup Opening Ceremony in Mexico City, where she sang the South African national anthem before her home country faced Mexico in the tournament’s opening Group A match.

The “Chanel” singer performed the song while in Jeffrey Campbell‘s Booyah style, a sandal with a wedge heel featuring a cutout in it and an upper consisting of a wide transparent vinyl strap. The shoe also features a metallic ring detail around the heel which helps to further distinguish it. From Jeffrey Campbell, the Booyah style in white retails for $170, while the tan suede version is $195.

Tyla paired the shoes with a color-blocked body-con dress that was sleeveless with a knee-length hemline that flared slightly. She wore her hair in an updo with a lock falling down from the bun.

Tyla is never one to shy away from a bold or unexpected shoe choice. For the 2026 Met Gala, the singer and Pandora ambassador was outfitted in head-to-toe Valentino Garavani, including her aquamarine-hued Open Toe Révélé Pumps, which featured a dramatic front cutout. She has also favored more classic styles, like Christian Louboutin’s So Kate Pump and Miu Miu slingback pumps for red carpets and more formal settings.

When it comes to performance shoes, however, her style runs the gamut. At the 2025 Nickelodeon Kids’ Choice Awards, where the “Chanel” singer both hosted and performed, she cycled through several silhouettes, from Rene Caovilla’s Cleo Satin Crystal Snake Wrap sandals to Nike Dunk Low sneakers to Gladiator-style sandals.

Tyla’s World Cup appearance also connects to “Game Time,” her track with Future from the official FIFA World Cup 2026™ album, which she is set to perform on Friday. The project includes songs from artists including Daddy Yankee, Jelly Roll, Shakira, the Rolling Stones and more. “Being part of the official FIFA World Cup 2026™ album feels like a full circle moment — from South Africa hosting the World Cup in 2010. I’m so excited to perform at the opening ceremonies! Let’s go Bafana Bafana,” Tyla said in an official release.

The 2026 FIFA World Cup kicks off June 11 and runs through July 19, with 48 countries participating in 104 matches throughout the tournament. Tyla is also slated to appear at the U.S. opening ceremony in Los Angeles on Friday, where she joins a lineup that includes Katy Perry, Future, Anitta, Lisa and Rema before the U.S. Men’s National Team faces Paraguay in Inglewood, Calif.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

• If you are wondering whether Figma at US$22.51 is a bargain or a value trap, you will want to understand what the current price actually reflects.

• The stock has been volatile recently, with the share price falling about 4% over the past week but rising around 15.9% over the last month, while year to date it is down roughly 40.1%.

• Recent coverage around Figma has focused on the stock’s sharp swings and how investors are reassessing growth potential and risk after these moves. This context matters because sentiment can move faster than the underlying fundamentals that ultimately anchor valuation.

• Simply Wall St’s valuation framework currently gives Figma a value score of 1 out of 6. Next, you will see how different valuation methods each frame the stock, before looking at a more complete way to think about value that ties everything together at the end of the article.

Figma scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: Figma Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow, or DCF, model estimates what a stock could be worth by projecting the company’s future cash flows and discounting them back to today’s dollars. It is essentially asking what all those future cash flows are worth right now.

For Figma, the model used is a 2 Stage Free Cash Flow to Equity approach, based on cash flow projections. The latest twelve month Free Cash Flow is about $235.1 million. Analyst estimates and Simply Wall St extrapolations project Free Cash Flow reaching $1,177.4 million in 2035, with interim years such as 2026 and 2029 sitting at $154.8 million and $500.7 million respectively. All of these figures are in $.

When these projected cash flows are discounted back, the model arrives at an estimated intrinsic value of about $27.25 per share. Against the current share price of $22.51, this implies the stock trades at roughly a 17.4% discount. On this DCF view, Figma appears to be undervalued.

Result: UNDERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Figma is undervalued by 17.4%. Track this in your watchlist or portfolio, or discover 47 more high quality undervalued stocks.

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Figma.

Approach 2: Figma Price vs Sales

For companies where earnings are not the main focus yet, the P/S ratio is often more useful than P/E, because it compares what you are paying directly to the revenue the business is already generating.

Story Continues

Growth expectations and risk still matter, though. Faster expected growth or lower perceived risk can support a higher P/S multiple, while slower expected growth or higher risk usually justifies a lower one.

Figma currently trades on a P/S of 10.24x. This is above the Software industry average P/S of 3.79x and also above the peer group average of 6.33x. On those simple comparisons, the stock looks expensive relative to both its sector and closer peers.

Simply Wall St’s Fair Ratio for Figma is 9.22x. This proprietary metric estimates what a reasonable P/S might be after accounting for factors such as earnings growth, profit margins, industry, market cap and specific risks. Because it adjusts for these company level characteristics, it can be more informative than a basic peer or industry comparison.

Comparing the Fair Ratio of 9.22x with the current P/S of 10.24x suggests Figma trades above this tailored benchmark, so on this measure the stock appears overvalued.

Result: OVERVALUED

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Upgrade Your Decision Making: Choose your Figma Narrative

Earlier it was mentioned that there is an even better way to understand valuation. Narratives on Simply Wall St give you a clear story behind the numbers by linking your view of Figma’s business, its forecast revenue, earnings and margins, to a calculated Fair Value that you can compare with the current price. They sit inside the Community page, update automatically when fresh news or earnings arrive, and can differ widely. For example, one Figma Narrative on the platform currently anchors to a Fair Value of about US$18.79, while a more optimistic Narrative anchors to roughly US$92.12. This shows how two investors can look at the same company, plug in different assumptions and reach very different conclusions about whether the stock looks cheap or expensive for their own decision making.

For Figma however we will make it really easy for you with previews of two leading Figma Narratives:

🐂 Figma Bull Case

Fair Value: US$65.25

Implied discount to this Fair Value vs the current US$22.51 price: about 65.5%.

Revenue growth assumption: 21.2%.

• Analysts model revenue reaching about US$1.7b and earnings of US$214.1 million by 2028, with profit margins improving from a loss position today toward the broader US Software industry average.

• To reach the US$65.25 target, the narrative assumes a high 236.2x P/E on those 2028 earnings, alongside ongoing share count growth of 7.0% a year and an 8.5% discount rate.

• Key risks include AI tools becoming more commoditised, slower than expected adoption of new products like Make and Buzz, and heavier investment or dilution weighing on per share earnings.

🐻 Figma Bear Case

Fair Value: US$18.79

Implied premium to this Fair Value vs the current US$22.51 price: about 19.8%.

Revenue growth assumption: 30.0%.

• This narrative focuses on how Figma is deeply embedded in product teams and used by around 95% of Fortune 500 companies, but questions whether the stock price already reflects that position.

• It highlights strong adoption of products such as Buzz, Slides, Sites and Make, while pointing out that competitors across design, presentations and web building remain strong in their own niches.

• The bear tilt comes from concerns that growth could slow, AI features may be matched by rivals, and the stock could be priced more like a mature software company if execution or sentiment weakens.

If you want to see how your own expectations compare with these, it helps to read the full narratives, pick the assumptions you agree with, and then decide whether the current US$22.51 share price feels closer to a discount or a premium for your goals and risk tolerance.

See what the community is saying about Figma

Do you think there’s more to the story for Figma? Head over to our Community to see what others are saying!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include FIG.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

OpenAI, Anthropic and SpaceX will soon have a new boss to answer to: Wall Street.

ChatGPT maker OpenAI is the latest AI giant to announce plans to go public, coming after Anthropic said it confidentially filed for an IPO last week. SpaceX, which includes Elon Musk’s AI company xAI, is set to make its market debut on Friday. The three public offerings are expected to provide the closest look yet at the state of the AI market – and potentially rack up hundreds of billions of dollars in massive stock sales.

It also means their AI businesses, which are already approaching valuations in the trillion-dollar range, will be subject to more scrutiny than ever as Wall Street demands explosive growth every three months.

“Expectations that seem manageable in private markets can become relentless under the glare of public ownership,” Nigel Green, CEO of financial advisory firm deVere Group, said in an email to CNN.

Wall Street already has sky-high expectations for AI, leaving no room for anything short of blockbuster growth each quarter. For example, Broadcom, which previously struck partnerships with OpenAI and Anthropic, reported jaw-dropping earnings: revenue growth of 48% for the second quarter and expected semiconductor growth of 180% compared to last year. But that wasn’t enough to impress investors; Broadcom shares were down over 13% last week, marking its worst week since September 2024.

AI chip stocks sank along with it late last week, with the Nasdaq falling for three consecutive days and the S&P 500 experiencing its worst day since October. An exchange-traded fund that tracks memory chip stocks was down 15% last week.

“People want more,” Stacy Rasgon, an analyst with Bernstein tracking the semiconductor market, told CNN last week when discussing chip stocks. “They always want more.”

Even Nvidia, the world’s most valuable public company, has faced similar scrutiny. In January 2025, the AI chipmaker lost a record $600 billion in market value in a single day, after DeepSeek, a new Chinese competitor, emerged in the market.

OpenAI and Anthropic are likely to be held to a similar standard, with the state of their businesses serving as the bellwethers of AI industry growth. Wall Street will also be looking for signs that both companies have the cash to back up their massive spending on AI infrastructure.

Companies like OpenAI and Anthropic have provided some signals about their growth.

But they’ve chosen to share those statistics publicly rather than out of legal responsibility.

OpenAI said it raised $122 billion in March, pushing its valuation to $852 billion. It also said that month that it’s generating $2 billion in revenue every month, a jump from the $1 billion it was previously generating every quarter.

ChatGPT also became the fastest app to reach one billion users last month, according to analytics firm Sensor Tower. It took apps like Google Maps, TikTok and YouTube five to eight years to achieve that milestone, while ChatGPT reached it in about three, the firm said.

Anthropic’s valuation jumped from $380 billion in February to $965 billion in May, surpassing OpenAI, the company said in May. It also said last month that it achieved $47 billion in run-rate revenue, a metric that estimates future annual revenue based on current financial data. More businesses used Anthropic than OpenAI for the first time in May, according to fintech firm Ramp.

The IPO could indicate OpenAI and Anthropic have grown confident enough in their respective paths to profitability to face Wall Street. OpenAI and Anthropic did not immediately respond to CNN’s request for comment regarding the timing of their IPO filings.

But the numbers are just the beginning. Analysts will likely grill OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei about the future of their businesses and upcoming products on earnings calls, looking for signs that they have endless potential for growth.

That means they may have to answer publicly about things like delays in upcoming model releases, and how they plan to translate those models into paid products. Product pivots, like OpenAI’s decision to shutter its video app Sora, will likely face much more questioning.

“Private investors can back a vision and wait years for results,” Green wrote. “Public markets rarely offer that luxury.”