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FIGS
(NYSE:FIGS)
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Rating:76Outperform
Price Target:
$20.00
▲(36.24% Upside)
Action:Reiterated
Date:10/13/26
FIGS scores well primarily on improved fundamentals (profitability rebound, low leverage, and strong free cash flow) and a very upbeat earnings outlook with raised FY26 guidance and buyback support. Technicals are positive with strong momentum, though signals are somewhat stretched. The biggest constraint on the score is valuation, with a high P/E and no dividend yield provided, increasing sensitivity to any normalization after one-time tariff benefits and near-term supply/logistics headwinds.
Positive Factors
Revenue and customer growth
Strong revenue growth is supported by expanding customer participation and higher spending per order, rather than a single product event. These metrics indicate improving brand engagement and provide a durable base for repeat purchases and continued sales growth over the next several quarters.
Negative Factors
Non-recurring tariff benefit
A meaningful portion of recent gross-margin improvement came from a one-time tariff refund, so reported profitability may normalize when that benefit disappears. The underlying margin progress remains important, but comparisons could become less favorable and reduce confidence in near-term earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and customer growth
Strong revenue growth is supported by expanding customer participation and higher spending per order, rather than a single product event. These metrics indicate improving brand engagement and provide a durable base for repeat purchases and continued sales growth over the next several quarters.
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
$3.23B
Dividend YieldN/A
Average Volume (3M)3.64M
Price to Earnings (P/E)51.5
Beta (1Y)0.67
Revenue Growth24.67%
EPS Growth741.89%
CountryUS
Employees359
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.37
Shares Outstanding157,856,600
10 Day Avg. Volume5,638,595
30 Day Avg. Volume3,637,682
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)4.24
Price to Sales (P/S)2.94
P/FCF Ratio35.04
Enterprise Value/Market Cap0.54
Enterprise Value/Revenue2.48
Enterprise Value/Gross Profit3.62
Enterprise Value/Ebitda20.13
Forecast
1Y Price Target
$18.14Price Target Upside23.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.37
Revenue Forecast (FY)$761.04M
FIGS Business Overview & Revenue Model
Company Description
FIGS, Inc. functions as a direct-to-consumer enterprise specializing in healthcare apparel and lifestyle merchandise across the United States. The company innovates and distributes a comprehensive selection of medical uniforms, complemented by a d...
How the Company Makes Money
FIGS makes money primarily by selling branded healthcare apparel and accessories. Its core revenue stream is product sales (notably scrubs) sold largely through its direct-to-consumer e-commerce model, where customers purchase items via FIGS’ webs...
FIGS Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call delivers a strongly positive operational and financial message: broad-based top-line growth, record customer and product metrics, improved profitability and a strengthened balance sheet. Management raised full-year revenue and margin guidance, highlighted significant international and category expansion, and announced increased share repurchase capacity. Key near-term risks include a supply disruption in Jordan that requires expedited sourcing and airfreight (adding costs), and the fact that a meaningful portion of the margin improvement in the quarter was aided by a one-time tariff refund. Overall, the underlying momentum (customer growth, AOV, higher full-price sell-through, and product/brand traction) appears sustainable and outweighs the temporary headwinds described.Positive Updates
Strong Top-Line Growth
Net revenues increased 29% year-over-year to $196.6M (reported ~ $197M), marking the third consecutive quarter with 25%+ growth and prompting an upward revision to full-year revenue growth guidance of ~20% (previously 14%-16%).
Negative Updates
Supply Chain Disruption - Jordan Withhold Release Order
U.S. Customs withhold release order currently prevents imports from a partner in Jordan; management is expediting production with other partners and using airfreight to mitigate, but expects supplier transitions and Q3 inventory to remain down double digits year-over-year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Net revenues increased 29% year-over-year to $196.6M (reported ~ $197M), marking the third consecutive quarter with 25%+ growth and prompting an upward revision to full-year revenue growth guidance of ~20% (previously 14%-16%).
Read all positive updates
Company Guidance
FIGS raised its fiscal 2026 outlook: full‑year net revenues are now expected to grow ~20% (vs prior 14–16%), with Q3 growth ≈20% and Q4 ≈10%; GAAP gross margin is guided to approximate 69.5% (inclusive of tariff refunds) while underlying margin trends remain modestly improved versus FY25’s 66.5%. Management lifted full‑year operating margin to ~10.8% and adjusted EBITDA margin to 14.8–15% (inclusive of refunds), with Q3 adjusted EBITDA margin targeted at ~14%; these updates follow a strong Q2 (net revenues $196.6M, +29% YoY; GAAP gross margin 75.2%, +820 bps including a $15.4M COGS benefit from the $20.5M IEEPA refund; adjusted EBITDA margin 18.6% excluding $7.9M of prior‑year refund benefit). Balance sheet and capital allocation metrics include net cash of $296.3M, inventory of $119.6M (down 12% YoY and expected to remain down double‑digits in Q3), Q2 buybacks of ~$24M at a $11.94 average (≈$81M repurchased cumulatively) and a new $100M repurchase authorization (total capacity $119M), Q2 capex of $2.6M, a revised Section 301 tariff assumption of 12.5% (vs prior 15%) and planned airfreight to expedite certain goods; management expects a YoY gross‑margin dip in Q3 followed by a large YoY improvement in Q4.FIGS Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 710.08M | 631.10M | 555.56M | 545.65M | 505.83M | 419.59M |
| Gross Profit | 485.88M | 419.84M | 375.62M | 376.96M | 354.46M | 301.22M |
| EBITDA | 87.30M | 56.24M | 21.03M | 43.75M | 40.65M | 11.52M |
| Net Income | 61.92M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M |
Balance Sheet | ||||||
| Total Assets | 582.68M | 580.00M | 509.79M | 473.21M | 395.06M | 311.75M |
| Cash, Cash Equivalents and Short-Term Investments | 296.29M | 300.85M | 245.11M | 246.69M | 159.78M | 195.37M |
| Total Debt | 57.67M | 60.00M | 53.03M | 47.11M | 19.16M | 0.00 |
| Total Liabilities | 140.31M | 142.53M | 132.66M | 96.36M | 87.33M | 66.18M |
| Stockholders Equity | 442.37M | 437.46M | 377.13M | 376.85M | 307.74M | 245.57M |
Cash Flow | ||||||
| Free Cash Flow | 97.22M | 53.00M | 64.14M | 84.57M | -40.68M | 63.73M |
| Operating Cash Flow | 108.02M | 61.17M | 81.16M | 100.92M | -35.33M | 66.44M |
| Investing Cash Flow | -10.14M | -63.96M | -94.92M | -117.19M | -5.85M | -2.71M |
| Financing Cash Flow | -40.21M | -969.00K | -44.77M | 670.00K | 3.52M | 75.57M |
FIGS Technical Analysis
Positive
14.68
Price Trends
14.66
Positive
12.81
Positive
13.05
Positive
Market Momentum
1.48
Negative
77.87
Negative
88.67
Negative
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 14.68 is below the 20-day moving average (MA) of 15.25, above the 50-day MA of 14.66, and above the 200-day MA of 13.05, indicating a bullish trend. The MACD of 1.48 indicates Negative momentum. The RSI at 77.87 is Negative, neither overbought nor oversold. The STOCH value of 88.67 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $3.23B | 51.51 | 14.37% | ― | 24.67% | 741.89% | |
67 Neutral | $3.07B | 15.59 | 12.58% | 2.00% | -0.22% | -2.10% | |
67 Neutral | $212.23M | 24.05 | 4.28% | 4.21% | -0.43% | 7.24% | |
63 Neutral | $3.99B | 15.14 | 45.96% | 2.90% | 15.62% | 6.80% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
51 Neutral | $6.74B | 24.07 | 15.95% | 2.10% | -0.16% | 212.77% | |
45 Neutral | $2.02B | -4.02 | -32.12% | ― | -3.23% | -595.55% |
* Consumer Cyclical Sector Average
FIGS
FIGS
19.45
11.38
141.02%
COLM
Columbia Sportswear
59.98
8.55
16.62%
SGC
Superior Group of Companies
13.31
3.65
37.73%
UA
Under Armour
4.63
0.06
1.31%
VFC
VF
17.14
3.03
21.48%
KTB
Kontoor Brands
73.00
-9.11
-11.10%
FIGS Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
FIGS Boosts Guidance After Strong Q2 Revenue Growth
Positive
Aug 6, 2026
On August 6, 2026, FIGS reported second-quarter 2026 results that exceeded internal expectations, with net revenues rising 28.8% year over year to $196.6 million. Growth was broad-based across scrubwear and non-scrubwear categories and both U.S. a...
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.