FIGS, Inc. (FIGS)
🔔 Watch stock
Our Rating
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The brand is real, the balance sheet is clean, the growth is documented — but the three decisive questions will only be answered by the next quarterly report. First: does growth stay in double digits without the Olympics campaign, and does the marketing ratio fall back from 18.4 percent toward 15? Second: does the roughly $20 million tariff refund arrive, and what is the actual tariff burden after July 24, 2026? Third: does free cash flow turn back up from minus $5.6 million? Anyone buying today pays a price-to-earnings ratio of roughly 43 to 66 for an earnings base four quarters old, and accepts roughly 27 percent dilution plus a vote without weight until 2031. Watching here means recalculating the four building blocks of the quarter one by one before extrapolating them as a trend. The decision is yours.
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
FIGS sells scrubs and lab coats directly to nurses and doctors — and delivered its strongest numbers since the IPO in the first quarter of 2026: $159.9 million in net revenues, up 28.0 percent, and $6.3 million in net income after a $0.1 million loss a year earlier. But part of the tailwind came from Washington rather than from the store. The U.S. Supreme Court struck down the IEEPA tariffs in February 2026, and FIGS applied for roughly $20 million in refunds — extent and timing uncertain, the quarterly report says. Below the waterline sit 45.6 million options and RSUs at a weighted-average exercise price of $4.09 (as of December 31, 2025) and a voting structure in which 4.97 percent of the equity carries 51.1 percent of the vote. Our in-house stock scanner ranks FIGS 44th among earnings surprises in the U.S. selection (as of July 25, 2026). No recommendation — just the question of how much of this quarter the company earned itself.
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIFIGS setzt eingekaufte KI-Werkzeuge Dritter im laufenden Betrieb ein — im Logistikzentrum in Goodyear/Arizona, im Marketing, bei Datenauswertung, Programmierung, Marktforschung, Asset-Erstellung, Verwaltung und Kundenservice — verkauft aber selbst keine KI-Produkte.
View the full file — quotes, sources, reviewed filings
„We currently use third-party artificial intelligence tools to aid with certain business purposes, including in the operation of our Goodyear, Arizona fulfillment center, marketing efforts, data summarization and interpretation, coding, market research, asset development, administrative tasks and customer support."
Wir setzen derzeit KI-Werkzeuge Dritter für bestimmte geschäftliche Zwecke ein, unter anderem beim Betrieb unseres Logistikzentrums in Goodyear, Arizona, im Marketing, bei der Zusammenfassung und Auswertung von Daten, beim Programmieren, in der Marktforschung, bei der Erstellung von Assets, bei Verwaltungsaufgaben und im Kundenservice.
„We expect that increased investment will be required in the future to continuously improve our use of artificial intelligence technologies."
Wir erwarten, dass künftig höhere Investitionen nötig sein werden, um unseren Einsatz von KI-Technologien fortlaufend zu verbessern.
„Because we use artificial intelligence technologies licensed from third parties, our ability to continue to use such technologies at the scale we need may be dependent on access to specific third-party software and infrastructure."
Weil wir von Dritten lizenzierte KI-Technologien nutzen, kann unsere Fähigkeit, diese Technologien weiterhin im benötigten Umfang einzusetzen, vom Zugang zu bestimmter Software und Infrastruktur Dritter abhängen.
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-K 2025-02-27 · DEF 14A 2026-04-23 · 10-Q 2025-11-06 · 10-Q 2025-08-07
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.01 | -50.00 | 144 | 4.40 | 0.80 | 17 | 8 |
| 2024: Q3 | -0.01 | -133.30 | 140 | -1.50 | -1.20 | 23 | 18 |
| 2024: Q4 | 0.01 | -80.00 | 152 | 4.80 | 1.20 | 30 | 27 |
| 2025: Q1 | 0.00 | -106.00 | 125 | 4.70 | -0.10 | 9 | 8 |
| 2025: Q2 | 0.04 | 300.00 | 153 | 5.80 | 4.70 | -12 | -14 |
| 2025: Q3 | 0.05 | 600.00 | 152 | 8.20 | 5.80 | 3 | 1 |
| 2025: Q4 | 0.10 | 900.00 | 202 | 33.00 | 9.20 | 61 | 58 |
| 2026: Q1 | 0.03 | 5,100.00 | 160 | 28.00 | 3.90 | -3 | -6 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
FIGS turned a nameless commodity into a brand: 3.024 million active customers as of March 31, 2026, up 12.2 percent, $220 of net revenue per active customer against $208 a year earlier, and gross margins of 66.5 percent in 2025 rising to 67.7 percent in the first quarter of 2026. Revenue has grown every year since the IPO — from $419.6 million in 2021 to $631.1 million in 2025.
As of March 31, 2026 the company held $74.3 million in cash plus $202.7 million in short-term investments against $132.8 million of total liabilities and no drawn borrowings; the $100 million facility runs to November 3, 2030. Roughly 17 percent of the market capitalization is therefore simply money — a rare cushion at this size.
First-quarter 2026 net income of $6.3 million benefited from an effective tax rate of 2.4 percent against 105.5 percent a year earlier, driven by a share-price-dependent benefit from stock-based compensation. At the same time free cash flow swung from plus $7.9 million to minus $5.6 million as inventories were built and $11.3 million of extra marketing went into the Olympics campaign.
As of December 31, 2025 there were 37,791,945 options outstanding at a weighted-average exercise price of $4.09 plus 7,839,905 RSUs — roughly 27 percent of the 165.84 million shares outstanding, with a further 9,264,545 instruments unissued. In the first quarter of 2026 that lifted the share count from 166.5 million to 196.1 million and cut earnings per share from $0.04 to $0.03.
4.97 percent of the equity carries 51.1 percent of the vote as of the April 8, 2026 record date, because each Class B share holds twenty votes. Under the Equity Award Exchange Agreement the two co-founders could exchange a further 29.07 million option shares into Class B and reach 82.7 percent. FIGS qualifies as a controlled company and is exempt from parts of the NYSE governance rules; automatic conversion arrives only on June 1, 2031.
Production in 2025 was split "approximately evenly" between Vietnam and Jordan. Tariffs cost roughly 120 basis points of gross margin in 2025 and 260 basis points in the fourth quarter alone. The 10 percent Section 122 tariff was scheduled to expire on July 24, 2026 per the quarterly report, an increase to 15 percent was announced but not implemented — and the roughly $20 million refund applied for is uncertain in both extent and timing.
FIGS is the tailwind trap in its purest form: a real, growing brand with luxury-like gross margins, a debt-free balance sheet and the best quarter in its history — $159.9 million of net revenues, up 28.0 percent, and $6.3 million of net income in the first quarter of 2026. But that quarter is made of at least four parts: real customer growth of 12.2 percent, a one-off Olympics campaign worth $11.3 million of extra marketing, a share-price-dependent tax benefit (an effective tax rate of 2.4 percent against 105.5 percent), and a U.S. Supreme Court ruling that voided the company's own roughly 400 basis point tariff guidance. Below the waterline sit 45.6 million options and RSUs at an average price of $4.09 and a voting structure in which 4.97 percent of the equity carries 51.1 percent of the vote. Not investment advice.
- FIGS reached our research list through our in-house stock scanner, the Big Earnings Surprise list: rank 44 of 81 U.S. hits, RS rating 64, as of July 25, 2026. The lists are recomputed daily. On reading the surprise streak: with profits close to the zero line, a single cent of deviation produces triple-digit percentages — the 400 percent fourth-quarter surprise means $0.10 instead of $0.02 per share.
- Valuation figures are deliberately given as a range. Market capitalization of roughly $1.59 billion (167,047,253 shares times the closing price of $9.51 on July 24, 2026) was checked against the most recent trading price documented in an SEC filing — $14.44 on April 2, 2026 per Schedule 13D/A, which corresponds to roughly $2.41 billion. The gap comes from a genuine price decline (2026 high of $17.12 on March 2, 2026), not from faulty data, so price-to-sales, price-to-earnings and market capitalization carry two dated anchors rather than one point estimate.
- Recency status: the most recent periodic report is the 10-Q as of March 31, 2026 (filed May 7, 2026). Filings submitted afterwards — the 8-K of June 8, 2026 with the annual meeting voting results, the Schedule 13D/A of May 12, 2026, insider Form 4 reports and Form 144 sale notices — were reviewed and do not change the picture. There is no pending acquisition: no 8-K Item 1.01, no DEFM14A or PREM14A, no SC 13E-3. The second-quarter 2026 report was expected on August 6, 2026.
- Not to be confused: FIGS is an apparel company and is sometimes classified under the healthcare sector in databases because its customers work there. It is not a medical technology or healthcare services provider. The FIGS ticker has stood for the same company without interruption since the May 2021 IPO; SEC registration lists no former names.
About the Company
FIGS, Inc., together with its subsidiary, FIGS Canada, Inc., operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. The company designs and sells scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel. It also offers sports apparel, performance leggings and tops, super-soft pima cotton tops, vests, fleeces, and jackets; and necessities comprising scrub caps, lanyards, badge reels, bags, baseball caps, and beanies. The company markets and sells its products to healthcare professionals through its direct-to-consumer digital platform comprising website, mobile app, and B2B business, as well as retail stores. FIGS, Inc. was incorporated in 2013 and is headquartered in Santa Monica, California.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 330 |
| Headquarters | Santa Monica, CA |
| Website | wearfigs.com |
| IPO Date | 27. May 2021 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Heather L. Hasson | Co-Founder & Executive Chairman | 1982 |
| Catherine Eva Spear | Co-Founder, CEO & Director | 1984 |
| Sarah Oughtred | Chief Financial Officer | 1983 |
| Mark Bixby | Chief Technology Officer | – |
| Thomas D. Shaw C.F.A. | Senior Vice President of Investor Relations | – |
| Todd A. Maron | Chief Legal Officer & Secretary | – |
| Jami Pinto | Chief Global Product & Sustainability Officer | – |
| Devon Duff Gago | Chief Business Development Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.