The Investment Log

Figma $FIG reported a $1.25 billion net loss in its first 10-K. But 83% of the $2.3B in SBC over FY24-25 was one-time. The real story: 41% revenue growth, 23% FCF margins and a 6% annual dilution rate with no buyback in sight. Full breakdown: theinvestmentlog.com/posts/fig/2026…

New feature on theinvestmentlog.com: every acronym and jargon term now has a hover/tap tooltip with a plain-English definition. Would love feedback. What terms do you always have to look up when reading investment research?

I spend a lot of time on my stock research. I want it to be easy to read when it's done: no ads, no popups, no clutter. Just the analysis.

@CarsonTalkMoney Good point. You're right, I was thinking about that wrong. I was thinking about it from a "what makes this company unique" standpoint, but having customers that are sticky is also a defensible moat.

@TILResearch They both have a massive competitive advantage which is no physical branches, that unique to both of them Do you think both $MA and $V have no Moat?

This a great question... Does $SOFI have a moat? I would 100% argue yes — and it comes down to how sticky their products are For example: Once a user sets up direct deposit and begins using $SOFI more and more for daily life, why would they switch? If you have - Loans - Credit Cards - Stock + crypto investing - Banking - Credit score monitoring + much more All inside Sofi, why would you want to move everything off of them? Everything is super easy and you honestly could do everything on Sofi you want... Once you in the ecosystem your not leaving and with them growing 1 million users last quarter, I'm as bullish as ever That's why I continue to buy $SOFI

@CarsonTalkMoney How can multiple companies have the same moat? Wouldn't that make it not that great of a moat?

@TILResearch I would argue $ALLY also has a moat for the same reason, but they are significantly worse at marketing My dad knows Sofi because of Sofi stadium, he has never heard of Ally I think Sofi and Ally are both great though

@nanalyzetweets Also making sure that gross margins don't collapse from their compute costs of actually providing these AI features.

Maybe the most interesting thing about Figma $FIG is the "AI credits" pricing model they began enforcing this month. The least questionable thing might be their TAM - they claim $33 billion for collaborative design software. Not small but not that big really. How credible is this number? Now $FIG will say that designers only make up a third of users, and that they plan to do "so much more than design" along with the cash to dabble in some M&A. Fair enough, but that sort of broad expansion can be tough to actually execute on. This is why paying attention to net retention rate is so important. Are existing customers spending more over time?

@1nvestorGadget Do you think $ARDX could get some sort of cross-selling agreement to start selling other GI products when they are hitting up their clients? That seems like a way to increase the effectiveness of their current sales team until they get a fuller internal line of products.

90% of stocks have been losers since the start of this war. Everything loses every day but a couple of outliers. $ARDX is one, but will be fine because it has massive revenue, a couple of products, always hits or exceeds revenue, improves guidance and is undervalued by 50-70% and they are at cash flow breakeven. They’ve been trading under 200-DMA over the past few days. ZYDUS, the generic pharma company is a likely acquirer of ARDX in the $8.50-$9.50 cash range with a CRV in $2.00-$3.00 range if Xphozah can find a way to get paid by Medicare. Zydus has an interest in acquiring a good GI company to compliment their generics business.

@nanalyzetweets This is a great breakdown of $FIG. I agreed with most of the points you made. I am not sure the upside is super intriguing, and the stock-based comp is at least something that will be a headwind for them. I just analyzed this last night as well: theinvestmentlog.com/posts/fig/2026…

$FIG vs $ADBE Everybody loves a good debate about Figma vs Adobe, except the battle is already over when it comes to collaborative design. $FIG won and $ADBE folded their cards. However, not everyone agrees. We received a lot of " $FIG is garbage " comments after publishing this video on Youtube. No real reasoning provided, "just $FIG is garbage!" These folks are talking about the stock, not the company. You see, $FIG is down 75% since we warned investors how overpriced it was. Today, $FIG seems like an interesting way to play the growth of collaborative design - and more - with 2/3 of their users not even being designers. The debate around whether or not AI is a tailwind or a headwind is - at least for now - put to rest by the tremendous revenue growth on display. But, can $FIG keep this up? Let us know in the comments below and don't be afraid to watch the video first :)👇

@websurfshop @RentYourStocks $GTM is an uninspiring business. I would stay away from it unless you already are in. Their buyback shows that management has no ideas for what to do to actually grow the business. I am not opposed to share buybacks, but I am opposed to this specific buyback

@RentYourStocks I missed the $CFLT buyout... sold at $18... lol What do you think about Zoominfo $GTM... is it ripe?

Gimme Gimme... I added >$500k to $GTLB today as it was curling but before it ripped into close. I continue to believe this gets taken out. Was trading at about $3.75b with $1.3b in cash. The rumor was that DataDog was going to take them out, but now I don't know who does. It would be a drop in the bucket for Anthropic or OpenAI. I sold a few $24c for 3/20 to help the market makers out and let them breathe a little bit. Also, sold them to test, would they grab the liquidity? They sure did! Seems like they wanted it to me. I assess this by looking at what they do after I sell a few calls, and in this case, they raised their bid.

@RentYourStocks Lots of upside for $GTLB at these prices!

Ardelyx $ARDX owns the only NHE3 inhibitor on the market. Patent protection through 2042. IBSRELA grew 73% last year. A $35M/yr royalty just rolled off. 2026 could be their first profitable year. A Phase 3 trial could triple the market. Full breakdown: theinvestmentlog.com/posts/ardx/202…

@mailboxmoney6 It doesn't have a ticker yet but it will trade under $NINEQ if a finra-registered broker asks for it to. Here is my latest update on the company/equity: theinvestmentlog.com/posts/nine/202…

For the love of all that is good and right, does anyone have the pink sheets ticker for the $NINE post re-org equity? The world is about to ask U.S. onshore to bail out the Middle East producers.

@nealreclus @Ron_Trades Agreed with this one! I wrote a post recently about this pick: theinvestmentlog.com/posts/bax/2026…

@Ron_Trades $BAX and check in with me in 2 years

I'm bored of seeing the same 20 stocks on Fin X Tell me some new ideas that I should look into this week ⬇️

@FissionChain Good luck! I hope you're right about them getting a better price now. I sold my shares because I am not confident management will be able to close on a deal like this before they run out of money. I still think the core business is good.

New info per Urenco's annual report: "We have a solid plan in place to manage tails in Europe and are conducting a feasibility study for deconversion in the US." urenco.com/cdn/uploads/su… $INIS

International Isotopes (Radnostix) $INIS update: As foreseen, the (undervalued) de-conversion asset sale fell though! Now $INIS is free to sell this NRC-approved license to construct a DUF6 plant for a much higher value. radnostix.com/mutual-termina…

CVS Health $CVS generated $402 billion in revenue in 2025 across a PBM, an insurer, and 9,000 pharmacies. It spent $88 billion assembling this vertical integration strategy. Then wrote off $5.7 billion of it in a single year. Full breakdown: theinvestmentlog.com/posts/cvs/2026…

Enservco $ENSV bought a trucking company for $5M. Eight months later, they gave it back for $2.7 million. Now: no SEC filings, no website, a $75K market cap, and a stock trading at $0.0013 on a market where retail can't even buy shares. Full breakdown: theinvestmentlog.com/posts/ensv/202…

@NotA_Bull I'm not being that secret about it, but $BAX is on my list that other people seem to be dismissing! theinvestmentlog.com/posts/bax/2026…

What is the one stock everyone is trashing right now that you are secretly accumulating? 👀

$NINE emerged from bankruptcy on March 5 with 13.95M shares issued. Nine days later, no major holder has sold a single share on the open market. New CUSIP is active but no market maker has filed. Exchange listing targeted in 20–30 days. Full update: theinvestmentlog.com/posts/nine/202…