FIGS (FIGS)
NYSE:FIGS
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FIGS
(NYSE:FIGS)
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Rating:69Neutral
Price Target:
$15.50
▲(9.00% Upside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by solid fundamentals (low leverage, generally positive free cash flow, and improving 2025 profitability) and supportive earnings-call guidance for continued growth and margin expansion. These positives are tempered by a stretched valuation (very high P/E with no dividend support) and technical overbought conditions that raise near-term pullback risk.
Positive Factors
Conservative balance sheet & cash
A record cash and short-term investments position (~$300.8M) plus low reported leverage gives FIGS durable financial flexibility. This funding buffer supports investments in international expansion, community hubs, and working-capital needs while insulating the business from tariff shocks or temporary demand swings.
Negative Factors
Tariff-driven gross margin pressure
Rising global tariffs and sourcing cost shifts are a structural margin headwind; management models a conservative 15% tariff and anticipates sizeable unmitigated drag. Persistent duty or freight cost increases will erode durable gross margins unless prices, mix or sourcing footprints materially change.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & cash
A record cash and short-term investments position (~$300.8M) plus low reported leverage gives FIGS durable financial flexibility. This funding buffer supports investments in international expansion, community hubs, and working-capital needs while insulating the business from tariff shocks or temporary demand swings.
Read all positive factors
FIGS (FIGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.37B
Dividend YieldN/A
Average Volume (3M)3.27M
Price to Earnings (P/E)54.2
Beta (1Y)0.65
Revenue Growth5.90%
EPS Growth68.44%
CountryUS
Employees303
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.10
Shares Outstanding158,093,480
10 Day Avg. Volume2,594,680
30 Day Avg. Volume3,266,568
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)4.24
Price to Sales (P/S)2.94
P/FCF Ratio35.04
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue3.79
Enterprise Value/Gross Profit5.69
Enterprise Value/Ebitda44.10
Forecast
1Y Price Target
$17.19Price Target Upside20.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.22
Revenue Forecast (FY)$691.68M
FIGS Business Overview & Revenue Model
Company Description
FIGS, Inc. operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. It designs and sells healthcare apparel and other non-scrub offerings, such as lab coats, under scrubs, outerwear, activewear, loungewear, c...
How the Company Makes Money
FIGS makes money primarily by selling branded healthcare apparel and related products directly to consumers. Its main revenue stream is product sales through its e-commerce platform, where it captures retail margins by controlling design, branding...
FIGS Key Performance Indicators (KPIs)
Any
Active Customers
Counts the number of unique customers making purchases within a certain period, reflecting FIGS' market reach, brand appeal, and potential for expanding its customer base.
Counts the number of unique customers making purchases within a certain period, reflecting FIGS' market reach, brand appeal, and potential for expanding its customer base.
Data provided by:
The Fly
The FlyFIGS Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presented a strong operational inflection: significant top-line acceleration (Q4 +33%) with improving customer metrics, product and marketing momentum, margin expansion on a full-year basis, and a record cash position. These positives were tempered by meaningful gross margin pressure in the quarter driven by tariffs and the lapping of prior duty benefits, a $5.6M inventory write-off, and ongoing tariff and new-market investment uncertainty. Management offered a constructive 2026 guide (10–12% revenue growth, margin expansion) and concrete strategic initiatives (international expansion, community hubs, TEAMS), indicating confidence in sustaining momentum despite near-term cost headwinds.Positive Updates
Record Q4 Net Revenue Surge
Q4 net revenues grew 33% year-over-year to $201.9 million, the first quarter above $200 million in company history, driven by holiday strength and strong Black Friday/Cyber Monday performance.
Negative Updates
Gross Margin Contraction and Tariff Headwinds
Q4 gross margin contracted 440 basis points to 62.9%; full-year gross margin contracted 110 basis points to 66.5%, driven by tariff pressure (a 120 bps drag in FY2025) and lapping a prior-year duty drawback benefit. Management assumes a conservative 15% global tariff stance and expects an additional ~280 bps unmitigated tariff impact in 2026 unless mitigated.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Q4 Net Revenue Surge
Q4 net revenues grew 33% year-over-year to $201.9 million, the first quarter above $200 million in company history, driven by holiday strength and strong Black Friday/Cyber Monday performance.
Read all positive updates
Company Guidance
FIGS guided fiscal 2026 net revenues to grow 10–12% year‑over‑year (roughly approaching $700M), with Q1 growth expected in the low‑20% range; full‑year adjusted EBITDA margin of 12.7–12.9% (versus 11.8% in 2025) and Q1 adjusted EBITDA around ~7%; GAAP operating margin of 7.6–7.9% (versus 6.0% in 2025); gross margin modestly up from the 66.5% 2025 level despite modeling a 15% global tariff and an incremental ~280 bps tariff headwind (on top of ~120 bps in 2025); pricing assumed to yield only a modest net‑revenue benefit (higher AURs largely offset by UPT/frequency), an effective tax rate of ~25%, capex of about $17M, stock‑based compensation near $25M, inventory days targeted closer to ~200 after a $5.6M Q4 write‑off, a record starting cash/investment position of $300.8M with $52M repurchase capacity, and plans to open four additional community hubs in H2 2026 while maintaining active‑customer momentum off a 2025 year‑end base of ~2.9M.FIGS Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 631.10M | 555.56M | 545.65M | 505.83M | 419.59M |
| Gross Profit | 419.84M | 375.62M | 376.96M | 354.46M | 301.22M |
| EBITDA | 56.24M | 8.96M | 36.99M | 39.59M | 11.52M |
| Net Income | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M |
Balance Sheet | |||||
| Total Assets | 580.00M | 509.79M | 473.21M | 395.06M | 311.75M |
| Cash, Cash Equivalents and Short-Term Investments | 300.85M | 245.11M | 246.69M | 159.78M | 195.37M |
| Total Debt | 60.00M | 53.03M | 47.11M | 19.16M | 0.00 |
| Total Liabilities | 142.53M | 132.66M | 96.36M | 87.33M | 66.18M |
| Stockholders Equity | 437.46M | 377.13M | 376.85M | 307.74M | 245.57M |
Cash Flow | |||||
| Free Cash Flow | 53.00M | 64.14M | 84.57M | -40.68M | 63.73M |
| Operating Cash Flow | 61.17M | 81.16M | 100.92M | -35.33M | 66.44M |
| Investing Cash Flow | -63.96M | -94.92M | -117.19M | -5.85M | -2.71M |
| Financing Cash Flow | -969.00K | -44.77M | 670.00K | 3.52M | 75.57M |
FIGS Technical Analysis
Positive
14.22
Price Trends
13.42
Positive
12.31
Positive
9.63
Positive
Market Momentum
0.08
Positive
49.07
Neutral
50.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIGS, the sentiment is Positive. The current price of 14.22 is below the 20-day moving average (MA) of 14.59, above the 50-day MA of 13.42, and above the 200-day MA of 9.63, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 49.07 is Neutral, neither overbought nor oversold. The STOCH value of 50.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIGS.
FIGS Risk Analysis
FIGS disclosed 74 risk factors in its most recent earnings report. FIGS reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FIGS Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.37B | 54.22 | 8.41% | ― | 5.90% | 68.44% | |
63 Neutral | $1.25B | -9.69 | 3.88% | ― | -2.61% | -11.87% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $168.98M | 20.70 | 3.62% | 5.74% | -0.44% | -55.22% | |
55 Neutral | $2.58B | ― | -29.46% | ― | -6.35% | -565.47% | |
43 Neutral | $2.58B | ― | -29.46% | ― | -6.35% | -565.47% |
* Consumer Cyclical Sector Average
FIGS
FIGS
14.22
9.96
233.80%
GIII
G-III Apparel Group
29.31
5.27
21.91%
SGC
Superior Group of Companies
10.73
0.94
9.62%
UA
Under Armour
5.99
0.82
15.86%
UAA
Under Armour
6.12
0.68
12.50%
FIGS Corporate Events
Business Operations and StrategyFinancial Disclosures
FIGS Delivers Record Q4 Results, Eyes 2026 Expansion
Positive
Feb 26, 2026
FIGS reported that its fourth-quarter 2025 net revenues rose 33% year on year to a record $201.9 million, with scrubwear and international sales leading growth, while net income margin improved sharply to 9.2% despite gross margin pressure from hi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.