One-glance verdict
Within fair range
$17.07 our estimate vs market $22.26
Wall Street consensus: $23.00 (34.7% higher than our fair-value estimate)
30% above our estimate
Fundamentals snapshot
FIGS, Inc.
FIGS · NYQ · Consumer Cyclical · Apparel Manufacturing
Current price
$22.26
52-week range
$8.87 - $22.55
Market cap
$3.69B
Balance sheet
Healthy
159.61x Strong cushion
Net cash $264.15M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 18.7% last year.
- Reward Returns 16.8% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 6/10 years.
- Risk Insider ownership is only 4.5% (peer median: 10.7%).
What this company does
FIGS, Inc.
FIGS designs and sells comfortable, stylish apparel like scrubs and athleisure specifically for healthcare professionals, primarily through their own website and app. This direct-to-consumer model means they keep more of the profit from each sale because they don't have to pay other stores to sell their items, which helps them achieve good profit margins (the percentage of money left over after paying for making and selling the clothes).
How the company got here
FIGS was founded in 2013 by two entrepreneurs who saw a gap in the market for modern, comfortable, and stylish medical apparel. Frustrated by the traditional, ill-fitting scrubs available, they set out to create a direct-to-consumer brand that catered specifically to the needs and aesthetics of healthcare professionals. Their focus on high-quality fabrics, innovative designs, and a strong digital presence helped them quickly gain traction and build a loyal customer base among doctors, nurses, and other medical staff. This approach allowed them to bypass traditional retail channels and connect directly with their target audience.
What it actually does
FIGS designs and sells apparel and accessories primarily for healthcare professionals. Think of them as a company that makes really good-looking and comfortable uniforms, but also a lot of other things that doctors and nurses might wear or use. This includes their signature scrubwear, but also extends to items like jackets, footwear, loungewear, and even accessories like scrub caps and bags. They sell these products directly to customers through their website and mobile app, cutting out the middleman.
Apparel and Accessories
This is the core of FIGS' business, where they generate most of their revenue. They offer a wide range of clothing designed for healthcare professionals, including their well-known scrub sets, which are the outfits worn by many medical staff. Beyond scrubs, this segment includes items like outerwear, underscrubs, footwear, lab coats, and loungewear, all designed with a focus on comfort and style for people who are on their feet all day. They also sell various accessories such as scrub caps, lanyards, and bags that complement their apparel offerings. This segment is the largest part of the company's sales.
What management is betting on now
FIGS is focused on expanding its reach and product offerings to become a comprehensive lifestyle brand for healthcare professionals. They are investing in growing their international presence to tap into new markets and make their products accessible to more medical staff globally. Additionally, the company is looking to broaden its product categories beyond traditional medical apparel, introducing more lifestyle-oriented items. This strategy aims to deepen customer loyalty and increase the amount each customer spends with the brand over time, solidifying FIGS as a go-to source for healthcare professionals' apparel needs.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$27.05M
FY2025 Q1
$7.92M
FY2025 Q2
$-13.52M
FY2025 Q3
$531.00K
FY2025 Q4
$58.06M
FY2026 Q1
$-5.63M
FY2026 Q2
$44.26M
FY2026 Q3
$51.18M
Revenue
$190.69M
Net income
$19.28M
Diluted EPS
0.10
Operating cash flow
$56.87M
Free cash flow
$51.18M
Fetching…
Sources
Revenue
$196.62M
Net income
$28.38M
Diluted EPS
0.15
Operating cash flow
$46.86M
Free cash flow
$44.26M
Fetching…
Sources
Revenue
$159.90M
Net income
$6.29M
Diluted EPS
0.03
Operating cash flow
$-3.20M
Free cash flow
$-5.63M
Fetching…
Sources
Revenue
$201.90M
Net income
$18.51M
Diluted EPS
0.10
Operating cash flow
$60.93M
Free cash flow
$58.06M
Fetching…
Sources
Revenue
$151.66M
Net income
$8.75M
Diluted EPS
0.05
Operating cash flow
$3.44M
Free cash flow
$531.00K
Fetching…
Sources
Revenue
$152.64M
Net income
$7.10M
Diluted EPS
0.04
Operating cash flow
$-12.43M
Free cash flow
$-13.52M
Fetching…
Sources
Revenue
$124.90M
Net income
$-102.00K
Diluted EPS
0.00
Operating cash flow
$9.23M
Free cash flow
$7.92M
Fetching…
Sources
Revenue
$151.83M
Net income
$1.89M
Diluted EPS
0.01
Operating cash flow
$30.42M
Free cash flow
$27.05M
Fetching…
Sources
Is it cheap or expensive?
Fair value $17.07 vs current price $22.26
Wall Street consensus is the average analyst price target: $23.00 (34.7% higher than our fair-value estimate).
Our most-likely fair value is $17.07 a share — about 23.3% away from today's price of $22.26, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $264.1M - more cash than debt. Interest coverage 159.6x.
Net debt
$-264.15M
Interest coverage
159.61x
FIGS, Inc.'s profit covers its interest bill about 159.6 times over. which is stronger than every peer shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
FIGS
BASELINE
FIGS, Inc.
Total debt $67.02M Interest coverage 159.61x This is the baseline the peer rows are being compared against.
Total debt $84.67M Interest coverage 2.60x -98% vs FIGS Carries about 61.3x less debt cushion than FIGS.
Total debt $681.49M Interest coverage 17.21x -89% vs FIGS Carries about 9.3x less debt cushion than FIGS.
Total debt $264.80M Interest coverage -0.64x -100% vs FIGS This peer has almost no interest-payment cushion compared with FIGS.
Total debt $14.47M Interest coverage -70.45x -100% vs FIGS This peer has almost no interest-payment cushion compared with FIGS.
What you should know
The case for and against FIGS
3 Rewards
1 Risk
Rewards
-
Revenue grew 18.7% last year.
-
Returns 16.8% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Insider ownership is only 4.5% (peer median: 10.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
58.58x
Forward P/E
52.54x
P/B
8.16x
P/S
4.93x
EV/EBITDA
39.66x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
67.7%
Operating margin
11.6%
Net margin
9.7%
ROE
16.8%
ROA
7.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.15x
Current ratio
4.39x
Quick ratio
3.11x
Total debt
$67.02M
Total cash
$331.17M
Growth
How the business has been compounding
Revenue TTM
$749.11M
Revenue 5Y CAGR
10.7%
EPS TTM
0.38
EPS 5Y CAGR
20.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$161.45M
Free CF TTM
$53.00M
FCF margin
7.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
—