FIGS (FIGS) AI Stock Analysis

• Market Cap: $1.80B
• Dividend Yield: N/A
• Average Volume (3M): 2.50M
• Price to Earnings (P/E): 110.4
• Beta (1Y): 0.72
• Revenue Growth: 5.90%
• EPS Growth: 68.44%
• Country: US
• Employees: 303
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 0.10
• Shares Outstanding: 156,215,060
• 10 Day Avg. Volume: 2,903,556
• 30 Day Avg. Volume: 2,500,321
• PEG Ratio: 0.05
• Price to Book (P/B): 4.24
• Price to Sales (P/S): 2.94
• P/FCF Ratio: 35.04
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 2.87
• Enterprise Value/Gross Profit: 4.31
• Enterprise Value/Ebitda: 36.90
• 1Y Price Target: $12.71
• Price Target Upside: 1.96% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.12
• Revenue Forecast (FY): $625.62M

• Rating: 73 Outperform
• Price Target: $14.00 ▲(12.27% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by solid financial health (strong gross margins and low leverage) and favorable technical momentum (price above major moving averages with a positive MACD). This is tempered by a very high P/E valuation and ongoing operating risks highlighted in guidance (tariffs and elevated inventory), despite strong recent execution and raised expectations.

Positive Factors

Gross Margin Strength

Sustained mid-to-high 60%+ gross margins demonstrate durable product-level economics and pricing power in medical apparel. High gross margin supports investment in SG&A, funds margin recovery, and provides a structural buffer against cost inflation or promotional cycles over the next several quarters.

Conservative Balance Sheet

Very low leverage gives financial flexibility to invest in inventory, international expansion, or absorb tariff shocks without stressing liquidity. A conservatively financed balance sheet reduces refinancing risk and supports steady capital allocation through near-term industry volatility.

Product & Geographic Expansion

Broadening into ~60 markets and launching new fabrics (FORMx, FIBERx) diversifies revenue beyond US scrubwear. Geographic and product expansion deepen addressable market, reduce single-market dependence, and create structural tailwinds for active-customer growth and repeat purchase rates.

Negative Factors

Tariff Headwinds

A meaningful, multi-hundred-basis-point tariff impact is a structural cost risk because it directly pressures gross margins and requires ongoing mitigation. Persistent or rising duties can erode pricing power and force either margin compression or higher prices to customers over multiple quarters.

Inventory Build-up

A large inventory build raises the risk of excess stock, markdowns, and higher working-capital requirements. Elevated inventory ties up cash, can pressure gross margins if sell-through slows, and makes free cash flow and execution more sensitive to demand shifts over the next several quarters.

Cash-Flow Volatility

While FCF is positive, declines versus prior year and a prior negative-cash year (2022) show cash generation can be cyclical and working-capital sensitive. Inconsistent cash flow reduces runway for organic investment and heightens reliance on prudent balance-sheet management during downturns.

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, compression socks footwear, and masks. It also offers sports bras, performance leggings, tops, super-soft pima cotton tops, vests, and jackets. The company markets and sells its products through its digital platform comprising website and mobile app. FIGS, Inc. was founded in 2013 and is headquartered in Santa Monica, California.

How the Company Makes Money

FIGS generates revenue primarily through the sale of its scrubs and related healthcare apparel directly to consumers via its online platform. The company's revenue model is based on a direct-to-consumer approach, allowing it to maintain higher profit margins by eliminating intermediaries. Key revenue streams include individual sales of scrubs, bulk purchases by healthcare institutions, and subscription services for regular customers. FIGS also benefits from partnerships with healthcare organizations and influencers in the medical field, which help to enhance brand visibility and drive sales. Seasonal promotions and limited-edition product releases further contribute to its earnings by creating urgency and encouraging repeat purchases.

FIGS Financial Statement Overview

Summary

Fundamentals are solid but not fully consistent: revenue re-accelerated in 2025 and profitability rebounded (net margin ~5.4%), supported by strong gross margins and a low-leverage balance sheet (debt-to-equity ~0.14). The main risk is volatility—cash-flow quality is mixed (FCF down vs. 2024 despite better earnings) and there was a prior negative cash-flow year (2022).

Income Statement

Revenue has grown steadily over time, with 2025 re-accelerating to 8.6% growth after a near-flat 2024. Profitability rebounded meaningfully in 2025 (net margin ~5.4% vs. ~0.5% in 2024), but margins remain well below earlier peaks (notably 2020) and have been volatile. Gross margin remains strong in the mid-to-high 60% range, though it has drifted down from the low 70%s earlier in the period—suggesting some pricing/mix or cost pressure.

Balance Sheet

The balance sheet looks conservatively financed: debt is modest relative to equity (debt-to-equity ~0.14 in 2025), and equity has grown materially across the period. Returns on equity improved in 2025 (~7.8%) from a very weak 2024, but are still moderate versus stronger years earlier in the cycle. Overall, leverage risk appears low, with the main weakness being inconsistency in shareholder returns tied to earnings volatility.

Cash Flow

Cash generation is generally solid: operating cash flow and free cash flow are positive in most years, including 2025 (operating cash flow ~$61M; free cash flow ~$53M). However, cash flow quality is mixed—operating cash flow declined versus 2024, and free cash flow also fell despite a sharp improvement in reported earnings, indicating working-capital or timing headwinds. A notable risk flag is the 2022 downturn when both operating and free cash flow turned negative, showing cash flows can be sensitive during weaker operating periods.

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	38.15M	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

• Technical Analysis Sentiment: Positive
• Last Price: 12.47
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 12.47 is above the 20-day moving average (MA) of 10.85, above the 50-day MA of 11.37, and above the 200-day MA of 8.09, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 69.39 is Neutral, neither overbought nor oversold. The STOCH value of 74.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIGS.

FIGS Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FIGS	73 Outperform	$1.80B	110.37	4.32%	―	5.90%	68.44%
GIII	71 Outperform	$1.31B	9.35	8.61%	―	-2.61%	-11.87%
SGC	66 Neutral	$158.57M	27.27	2.86%	5.74%	-0.44%	-55.22%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
UAA	55 Neutral	$3.26B	-6.21	-30.39%	―	-6.35%	-565.47%
UA	48 Neutral	$3.26B	―	-30.39%	―	-6.35%	-565.47%

FIGS Corporate Events

FIGS Delivers Record Q4 Results, Eyes 2026 Expansion

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 higher tariffs and an inventory write-off. For full year 2025, revenue increased 13.6% to $631.1 million and net income climbed to $34.3 million, as operating expense ratios fell, cash generation strengthened and management said the performance leaves the company well positioned for further growth and margin expansion in 2026, even amid new global tariff headwinds.

The company closed 2025 with 2.9 million active customers and higher average order values, signaling deeper engagement among its healthcare clientele and reinforcing its positioning as a leading brand in medical apparel. Management highlighted particularly strong momentum in international markets and newer initiatives such as TEAMS and Community Hubs, suggesting FIGS is broadening its revenue base beyond its U.S. core and shoring up its competitive standing in the healthcare apparel sector.

The most recent analyst rating on (FIGS) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on FIGS stock, see the FIGS Stock Forecast page.

FIGS Relocates Headquarters to New Santa Monica Office

On December 9, 2025, FIGS, Inc. announced a First Amendment to its office lease, relocating its headquarters to a new office space on the fourth floor of the same building in Santa Monica, California. This move consolidates their office space and is expected to result in cost savings. The lease term for the new premises is 91 months, with an initial monthly rent of $249,301 and annual increases of 3%. FIGS also has renewal options and a right of first refusal for additional space.

The most recent analyst rating on (FIGS) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on FIGS stock, see the FIGS Stock Forecast page.