FIGS, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The brand is real, the balance sheet is clean, the growth is documented — but the three decisive questions will only be answered by the next quarterly report. First: does growth stay in double digits without the Olympics campaign, and does the marketing ratio fall back from 18.4 percent toward 15? Second: does the roughly $20 million tariff refund arrive, and what is the actual tariff burden after July 24, 2026? Third: does free cash flow turn back up from minus $5.6 million? Anyone buying today pays a price-to-earnings ratio of roughly 43 to 66 for an earnings base four quarters old, and accepts roughly 27 percent dilution plus a vote without weight until 2031. Watching here means recalculating the four building blocks of the quarter one by one before extrapolating them as a trend. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
FIGS is the tailwind trap in its purest form: a real, growing brand with luxury-like gross margins, a debt-free balance sheet and the best quarter in its history — $159.9 million of net revenues, up 28.0 percent, and $6.3 million of net income in the first quarter of 2026. But that quarter is made of at least four parts: real customer growth of 12.2 percent, a one-off Olympics campaign worth $11.3 million of extra marketing, a share-price-dependent tax benefit (an effective tax rate of 2.4 percent against 105.5 percent), and a U.S. Supreme Court ruling that voided the company's own roughly 400 basis point tariff guidance. Below the waterline sit 45.6 million options and RSUs at an average price of $4.09 and a voting structure in which 4.97 percent of the equity carries 51.1 percent of the vote. Not investment advice.
Brand and customer loyalty
FIGS turned a nameless commodity into a brand: 3.024 million active customers as of March 31, 2026, up 12.2 percent, $220 of net revenue per active customer against $208 a year earlier, and gross margins of 66.5 percent in 2025 rising to 67.7 percent in the first quarter of 2026. Revenue has grown every year since the IPO — from $419.6 million in 2021 to $631.1 million in 2025.
Balance sheet and liquidity
As of March 31, 2026 the company held $74.3 million in cash plus $202.7 million in short-term investments against $132.8 million of total liabilities and no drawn borrowings; the $100 million facility runs to November 3, 2030. Roughly 17 percent of the market capitalization is therefore simply money — a rare cushion at this size.
Earnings quality
First-quarter 2026 net income of $6.3 million benefited from an effective tax rate of 2.4 percent against 105.5 percent a year earlier, driven by a share-price-dependent benefit from stock-based compensation. At the same time free cash flow swung from plus $7.9 million to minus $5.6 million as inventories were built and $11.3 million of extra marketing went into the Olympics campaign.
Dilution
As of December 31, 2025 there were 37,791,945 options outstanding at a weighted-average exercise price of $4.09 plus 7,839,905 RSUs — roughly 27 percent of the 165.84 million shares outstanding, with a further 9,264,545 instruments unissued. In the first quarter of 2026 that lifted the share count from 166.5 million to 196.1 million and cut earnings per share from $0.04 to $0.03.
Governance and control
4.97 percent of the equity carries 51.1 percent of the vote as of the April 8, 2026 record date, because each Class B share holds twenty votes. Under the Equity Award Exchange Agreement the two co-founders could exchange a further 29.07 million option shares into Class B and reach 82.7 percent. FIGS qualifies as a controlled company and is exempt from parts of the NYSE governance rules; automatic conversion arrives only on June 1, 2031.
Tariff and supply-chain risk
Production in 2025 was split "approximately evenly" between Vietnam and Jordan. Tariffs cost roughly 120 basis points of gross margin in 2025 and 260 basis points in the fourth quarter alone. The 10 percent Section 122 tariff was scheduled to expire on July 24, 2026 per the quarterly report, an increase to 15 percent was announced but not implemented — and the roughly $20 million refund applied for is uncertain in both extent and timing.
Worth Noting
FIGS reached our research list through our in-house stock scanner, the Big Earnings Surprise list: rank 44 of 81 U.S. hits, RS rating 64, as of July 25, 2026. The lists are recomputed daily. On reading the surprise streak: with profits close to the zero line, a single cent of deviation produces triple-digit percentages — the 400 percent fourth-quarter surprise means $0.10 instead of $0.02 per share.
Valuation figures are deliberately given as a range. Market capitalization of roughly $1.59 billion (167,047,253 shares times the closing price of $9.51 on July 24, 2026) was checked against the most recent trading price documented in an SEC filing — $14.44 on April 2, 2026 per Schedule 13D/A, which corresponds to roughly $2.41 billion. The gap comes from a genuine price decline (2026 high of $17.12 on March 2, 2026), not from faulty data, so price-to-sales, price-to-earnings and market capitalization carry two dated anchors rather than one point estimate.
Recency status: the most recent periodic report is the 10-Q as of March 31, 2026 (filed May 7, 2026). Filings submitted afterwards — the 8-K of June 8, 2026 with the annual meeting voting results, the Schedule 13D/A of May 12, 2026, insider Form 4 reports and Form 144 sale notices — were reviewed and do not change the picture. There is no pending acquisition: no 8-K Item 1.01, no DEFM14A or PREM14A, no SC 13E-3. The second-quarter 2026 report was expected on August 6, 2026.
Not to be confused: FIGS is an apparel company and is sometimes classified under the healthcare sector in databases because its customers work there. It is not a medical technology or healthcare services provider. The FIGS ticker has stood for the same company without interruption since the May 2021 IPO; SEC registration lists no former names.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FIGS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.60 $ to 17.10 $ · Last price: 13.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Apparel Manufacturing
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| FIGS, Inc. FIGS | 2.2 | 59.9 | 25.0 | 68.9 | 2.8 | 13.6 | 79.2 |
| Ralph Lauren Corp Class A RL | 19.9 | 22.8 | 14.0 | 70.3 | 13.4 | 14.6 | 10.0 |
| Levi Strauss & Co Class A LEVI | 7.7 | 14.2 | 9.6 | 61.7 | 9.0 | -1.2 | -10.4 |
| VF Corporation VFC | 5.1 | 21.1 | 11.8 | 55.0 | 3.8 | 1.1 | -10.4 |
| Kontoor Brands Inc KTB | 3.6 | 13.9 | 10.3 | 49.3 | 17.2 | 21.0 | -16.5 |
| PVH Corp PVH | 3.6 | 23.7 | 10.1 | 57.6 | 5.8 | 3.4 | -12.3 |
| Ermenegildo Zegna NV ZGN | 3.3 | 28.1 | 12.5 | 67.6 | 9.5 | -5.4 | 27.5 |
| Columbia Sportswear Company COLM | 2.9 | – | 8.0 | 52.2 | 5.4 | 0.8 | 9.4 |
| Under Armour Inc A UAA | 2.1 | – | 29.3 | 45.6 | – | -3.9 | 2.3 |
| Median of companies shown | 3.6 | 22.8 | 11.8 | 57.6 | 7.4 | 1.1 | 2.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 110 | 0 | 0 | 0.00 | 7 | 39 | 63 |
| 2020 | 263 | 58 | 50 | 0.31 | 22 | 98 | 134 |
| 2021 | 420 | 11 | -10 | -0.06 | 66 | 246 | 312 |
| 2022 | 506 | 38 | 21 | 0.11 | -35 | 308 | 395 |
| 2023 | 546 | 34 | 23 | 0.12 | 101 | 377 | 473 |
| 2024 | 556 | 2 | 3 | 0.02 | 81 | 377 | 510 |
| 2025 | 631 | 38 | 34 | 0.19 | 61 | 437 | 580 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.01 | -50.00 | 144 | 4.40 | 0.80 | 17 | 8 |
| 2024: Q3 | -0.01 | -133.30 | 140 | -1.50 | -1.20 | 23 | 18 |
| 2024: Q4 | 0.01 | -80.00 | 152 | 4.80 | 1.20 | 30 | 27 |
| 2025: Q1 | 0.00 | -106.00 | 125 | 4.70 | -0.10 | 9 | 8 |
| 2025: Q2 | 0.04 | 300.00 | 153 | 5.80 | 4.70 | -12 | -14 |
| 2025: Q3 | 0.05 | 600.00 | 152 | 8.20 | 5.80 | 3 | 1 |
| 2025: Q4 | 0.10 | 900.00 | 202 | 33.00 | 9.20 | 61 | 58 |
| 2026: Q1 | 0.03 | 5,100.00 | 160 | 28.00 | 3.90 | -3 | -6 |
| 2026: Q2 | 0.15 | 275.00 | 197 | 28.80 | 14.40 | 47 | 44 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Earnings & Surprises
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.36 | 0.32 – 0.42 | 761 | 90.0% | 6 |
| 12/31/2027 | 0.37 | 0.29 – 0.41 | 827 | 2.4% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 9.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $97.2M |
|---|---|
| Market cap | $2.19B |
| Free cash flow in year ten | $236.7M |
| Terminal value as a share of market value | 57.0% |
For comparison: over the past five years free cash flow grew by 22.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
FIGS setzt eingekaufte KI-Werkzeuge Dritter im laufenden Betrieb ein — im Logistikzentrum in Goodyear/Arizona, im Marketing, bei Datenauswertung, Programmierung, Marktforschung, Asset-Erstellung, Verwaltung und Kundenservice — verkauft aber selbst keine KI-Produkte.
View the full file — quotes, sources, reviewed filings
„We currently use third-party artificial intelligence tools to aid with certain business purposes, including in the operation of our Goodyear, Arizona fulfillment center, marketing efforts, data summarization and interpretation, coding, market research, asset development, administrative tasks and customer support."
Wir setzen derzeit KI-Werkzeuge Dritter für bestimmte geschäftliche Zwecke ein, unter anderem beim Betrieb unseres Logistikzentrums in Goodyear, Arizona, im Marketing, bei der Zusammenfassung und Auswertung von Daten, beim Programmieren, in der Marktforschung, bei der Erstellung von Assets, bei Verwaltungsaufgaben und im Kundenservice.
10-Q · 2026-05-07 · View SEC filing
„We expect that increased investment will be required in the future to continuously improve our use of artificial intelligence technologies."
Wir erwarten, dass künftig höhere Investitionen nötig sein werden, um unseren Einsatz von KI-Technologien fortlaufend zu verbessern.
10-Q · 2026-05-07 · View SEC filing
„Because we use artificial intelligence technologies licensed from third parties, our ability to continue to use such technologies at the scale we need may be dependent on access to specific third-party software and infrastructure."
Weil wir von Dritten lizenzierte KI-Technologien nutzen, kann unsere Fähigkeit, diese Technologien weiterhin im benötigten Umfang einzusetzen, vom Zugang zu bestimmter Software und Infrastruktur Dritter abhängen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-K 2025-02-27 · DEF 14A 2026-04-23 · 10-Q 2025-11-06 · 10-Q 2025-08-07
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.7%
- More than 10% revenue growth is expected for the coming year -72.7%
- Share count grows by less than 3% a year -1.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.0%
- Gross margin at 40% or higher and without meaningful erosion 66.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 241 m net cash
- Operating cash flow covers the profits of the last three years 184 m
- Return on capital at 15% or higher, or up versus two years ago 7.8%
- Insiders hold at least 10% or are net buyers 4.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 33.7%
- Exp. sales growth 3Y > 5% 14.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 39.2%
- Net debt < 4x EBIT -6.3x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 96.1%
- Return on equity > 15% 7.8%
- ROCE > 15% 7.8%
- Expected return > 10% 42.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Hasson Heather L. | Executive Chairman | Other | 30,142 | 10.92 | 329,151 |
| Aug 5, 2026 | Oughtred Sarah | Chief Financial Officer | Other | 21,962 | 10.92 | 239,825 |
The company
About the Company
FIGS, Inc., together with its subsidiary, FIGS Canada, Inc., operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. The company designs and sells scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel. It also offers sports apparel, performance leggings and tops, super-soft pima cotton tops, vests, fleeces, and jackets; and necessities comprising scrub caps, lanyards, badge reels, bags, baseball caps, and beanies. The company markets and sells its products to healthcare professionals through its direct-to-consumer digital platform comprising website, mobile app, and B2B business, as well as retail stores. FIGS, Inc. was incorporated in 2013 and is headquartered in Santa Monica, California.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 330
- Headquarters
- Santa Monica, CA
- Address
- 2834 Colorado Avenue, 90404 Santa Monica, United States
- Phone
- 424 300 8330
- Website
- wearfigs.com
- IPO Date
- 05/27/2021
- ISIN
- US30260D1037
Management
| Name | Title | Birth Year |
|---|---|---|
| Heather L. Hasson | Co-Founder & Executive Chairman | 1982 |
| Catherine Eva Spear | Co-Founder, CEO & Director | 1984 |
| Sarah Oughtred | Chief Financial Officer | 1983 |
| Mark Bixby | Chief Technology Officer | – |
| Thomas D. Shaw C.F.A. | Senior Vice President of Investor Relations | – |
| Todd A. Maron | Chief Legal Officer & Secretary | – |
| Jami Pinto | Chief Global Product & Sustainability Officer | – |
| Devon Duff Gago | Chief Business Development Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 FIGS, Inc. (FIGS): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.