FIGS, Inc. (FIGS)
NYSE:FIGS
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FIGS
(NYSE:FIGS)
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Rating:63Neutral
Price Target:
$12.50
▼(-22.70% Downside)
Action:Reiterated
Date:05/09/26
The score is supported by improving profitability and a low-leverage balance sheet, plus a notably upbeat earnings update with raised 2026 guidance. Offsetting these positives are weak near-term technical momentum and a stretched valuation (high P/E, no dividend support), while weakening recent cash-flow trend and tariff/inventory pressures remain key monitoring items.
Positive Factors
High gross margins
FIGS’ ~66.6% gross margin reflects strong product economics and pricing power in medical apparel. Durable fabric innovation and direct‑to‑consumer control sustain margin advantage, enabling reinvestment in growth and cushioning margin pressure from cost shifts over the next 2–6 months.
Negative Factors
Tariff & freight headwinds
Section 122 tariff uncertainty and rising freight create structural cost volatility that can compress gross margins and complicate multi‑quarter planning. Persistent or higher tariffs materially affect COGS for apparel imports and can erode unit economics if price pass‑through is limited.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
FIGS’ ~66.6% gross margin reflects strong product economics and pricing power in medical apparel. Durable fabric innovation and direct‑to‑consumer control sustain margin advantage, enabling reinvestment in growth and cushioning margin pressure from cost shifts over the next 2–6 months.
Read all positive factors
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 (FIGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.09B
Dividend YieldN/A
Average Volume (3M)3.69M
Price to Earnings (P/E)97.8
Beta (1Y)0.58
Revenue Growth18.70%
EPS Growth3330.56%
CountryUS
Employees303
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.24
Shares Outstanding158,763,610
10 Day Avg. Volume3,767,675
30 Day Avg. Volume3,688,792
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 Cap0.99
Enterprise Value/Revenue3.12
Enterprise Value/Gross Profit4.73
Enterprise Value/Ebitda34.53
Forecast
1Y Price Target
$17.63Price Target Upside9.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.26
Revenue Forecast (FY)$727.29M
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 primarily makes money by selling healthcare-focused apparel and accessories, with revenue largely generated from direct-to-consumer (DTC) product sales through its owned e-commerce platform. Its core revenue stream is the sale of scrubs (tops...
FIGS Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The earnings call communicated strong, broad-based business momentum: top-line growth (+28% to $159.9M), accelerated active customers (surpassed 3M), category and geographic strength (scrubwear +27%, non-scrubwear +31%, international +50%), margin expansion (adjusted EBITDA margin up to 8.7%) and raised full-year guidance. Operational improvements (fulfillment efficiencies, product innovation with FORMx/FIBREx, and successful brand campaigns) underpin confidence. Key headwinds include tariff/freight pressures, elevated inventory levels, higher marketing spend this quarter, and some regional sensitivities; management has built cautious assumptions (tariff scenarios) and continues to invest while improving profitability. Overall, the positives materially outweigh the manageable near-term macro and cadence risks.Positive Updates
Revenue Growth Exceeds Expectations
Net revenues increased 28% year-over-year to $159.9M, outperforming the prior outlook (low 20% growth) and driving an updated full-year revenue guide of +14% to +16% (up from 10%-12%).
Negative Updates
Tariff and Freight Headwinds
Tariff uncertainty remains (Section 122 10% in effect with prior assumption of 15% later) and inbound freight cost pressure from higher oil prices plus a pause in the duty drawback program are expected to pressure gross margin cadence across the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth Exceeds Expectations
Net revenues increased 28% year-over-year to $159.9M, outperforming the prior outlook (low 20% growth) and driving an updated full-year revenue guide of +14% to +16% (up from 10%-12%).
Read all positive updates
Company Guidance
FIGS raised its full‑year 2026 net revenue guidance to +14%–16% (from 10%–12%), with Q2 expected to grow in the low‑20% range year‑over‑year; management expects a modest full‑year gross‑margin improvement versus FY25’s 66.5% (Q1 GM was 67.7%, +10 bps) but Q2 GM to be modestly down versus last year’s 67% (Q3 down more, Q4 a large YoY improvement), and assumes the 10% Section 122 tariff through July 24 then 15% thereafter (no IEEPA ~$20M refund baked in). Full‑year operating margin was raised to 7.8%–8.0% and adjusted EBITDA margin to 13.0%–13.2% (Q2 adj. EBITDA ~13.5% vs. 12.9% LY); effective tax rate now ~20% (vs. prior 25% outlook, 27.4% LY). Q1 operating results: net revenues $159.9M (+28%), active customers +12% surpassing 3.0M, AOV $124 (+4%), TTM net revenue per active customer $220 (+6%), adj. EBITDA 8.7%, net income $6.3M ($0.03 diluted EPS); balance sheet: net cash $277M, inventory $139.4M (+6%), inventory days target ~200, Q1 buybacks ~$8.8M (avg $15.38) with ~$43M remaining, and Q1 capex $2.4M.FIGS Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
80
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 666.10M | 631.10M | 555.56M | 545.65M | 505.83M | 419.59M |
| Gross Profit | 440.27M | 419.84M | 375.62M | 376.96M | 354.46M | 301.22M |
| EBITDA | 60.27M | 56.24M | 8.96M | 36.99M | 39.59M | 11.52M |
| Net Income | 40.64M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M |
Balance Sheet | ||||||
| Total Assets | 563.44M | 580.00M | 509.79M | 473.21M | 395.06M | 311.75M |
| Cash, Cash Equivalents and Short-Term Investments | 277.03M | 300.85M | 245.11M | 246.69M | 159.78M | 195.37M |
| Total Debt | 60.60M | 60.00M | 53.03M | 47.11M | 19.16M | 0.00 |
| Total Liabilities | 132.80M | 142.53M | 132.66M | 96.36M | 87.33M | 66.18M |
| Stockholders Equity | 430.64M | 437.46M | 377.13M | 376.85M | 307.74M | 245.57M |
Cash Flow | ||||||
| Free Cash Flow | 39.45M | 53.00M | 64.14M | 84.57M | -40.68M | 63.73M |
| Operating Cash Flow | 48.73M | 61.17M | 81.16M | 100.92M | -35.33M | 66.44M |
| Investing Cash Flow | -47.98M | -63.96M | -94.92M | -117.19M | -5.85M | -2.71M |
| Financing Cash Flow | -16.54M | -969.00K | -44.77M | 670.00K | 3.52M | 75.57M |
FIGS Technical Analysis
Neutral
16.17
Price Trends
14.28
Negative
13.26
Negative
10.83
Positive
Market Momentum
-0.76
Positive
44.09
Neutral
91.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIGS, the sentiment is Neutral. The current price of 16.17 is above the 20-day moving average (MA) of 13.28, above the 50-day MA of 14.28, and above the 200-day MA of 10.83, indicating a neutral trend. The MACD of -0.76 indicates Positive momentum. The RSI at 44.09 is Neutral, neither overbought nor oversold. The STOCH value of 91.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $181.82M | 44.55 | 4.45% | 5.74% | 1.07% | 27.61% | |
63 Neutral | $2.09B | 97.75 | 9.69% | ― | 18.70% | 3330.56% | |
63 Neutral | $1.30B | -9.69 | 3.88% | ― | -7.04% | -63.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
44 Neutral | $2.32B | -14.51 | -30.13% | ― | -3.39% | -152.87% | |
43 Neutral | $2.32B | ― | -30.13% | ― | -3.39% | -152.87% |
* Consumer Cyclical Sector Average
FIGS
FIGS
12.54
8.10
182.43%
GIII
G-III Apparel Group
30.82
3.74
13.81%
SGC
Superior Group of Companies
11.63
2.44
26.56%
UA
Under Armour
5.40
-0.84
-13.46%
UAA
Under Armour
5.50
-1.19
-17.79%
FIGS Corporate Events
Business Operations and StrategyFinancial Disclosures
FIGS Raises 2026 Outlook After Strong Q1 Results
Positive
May 7, 2026
On May 7, 2026, FIGS reported first-quarter 2026 results that beat expectations, with net revenue rising 28.0% year over year to $159.9 million and scrubwear and non-scrubwear sales both posting strong double-digit gains. International revenue jum...
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.