FIGS, Inc.
- Open
- 10.22
- Day high
- 10.63
- Day low
- 10.01
- Prev close
- 10.32
- Volume
- 4.2M
- Mkt cap
- $1.7B
- P/E (TTM)
- 42.1
- EPS (TTM)
- $0.24
- P/B
- 4.0
- P/S
- 2.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$802K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
FIGS, Inc. (FIGS) is a Consumer Cyclical company listed on NYSE. The stock is up 74% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
FIGS, Inc. (FIGS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FIGS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.01 | $0.03 | +200.0% | $160M | +4.4% |
| Nov 6, 2025 | $0.02 | $0.05 | +150.0% | $152M | -8.1% |
| Aug 7, 2025 | $0.02 | $0.04 | +100.0% | $153M | +6.1% |
| May 8, 2025 | $-0.01 | $-0.00 | +93.7% | $125M | +4.6% |
| Feb 27, 2025 | $0.01 | $0.01 | +0.0% | $152M | +27.2% |
| Nov 7, 2024 | $-0.01 | $-0.01 | -25.0% | $140M | +0.5% |
| Aug 8, 2024 | $0.00 | $0.01 | +203.0% | $144M | +0.8% |
| May 9, 2024 | $0.00 | $0.01 | +338.6% | $119M | -16.1% |
| Feb 28, 2024 | $0.02 | $0.05 | +153.8% | $145M | +23.3% |
| Nov 2, 2023 | $0.02 | $0.03 | +30.4% | $142M | -4.5% |
| Aug 3, 2023 | $0.01 | $0.02 | +140.1% | $138M | +5.0% |
| May 4, 2023 | $0.00 | $0.01 | +223.6% | $120M | -9.8% |
FIGS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Hasson Heather L.director, 10 percent owner, officer: Executive Chairman | Tax | 6,813 | $10.05 |
| Jul 6, 2026 | Oughtred Sarahofficer: Chief Financial Officer | Tax | 22,197 | $10.05 |
| Jul 6, 2026 | Spear Catherine Evadirector, 10 percent owner, officer: Chief Executive Officer | Tax | 61,556 | $10.05 |
| Jun 3, 2026 | WHELAN MELANIE ANYAdirector | Grant | 15,456 | — |
| Jun 3, 2026 | Antrum Sheiladirector | Grant | 15,456 | — |
| Jun 3, 2026 | Willhite John Martindirector | Grant | 15,456 | — |
| Jun 3, 2026 | Lin Kenneth Jian-Hongdirector | Grant | 15,456 | — |
| Jun 3, 2026 | WILKE JEFFREY Adirector | Grant | 15,456 | — |
| Jun 3, 2026 | Jao Hsiao Yuehdirector | Grant | 15,456 | — |
| Jun 3, 2026 | Marte Mario Jesusdirector | Grant | 15,456 | — |
| May 14, 2026 | WHELAN MELANIE ANYAdirector | Grant | 22,863 | $11.51 |
| May 6, 2026 | Oughtred Sarahofficer: Chief Financial Officer | Sell | 23,597 | $14.33 |
| May 6, 2026 | Hasson Heather L.director, 10 percent owner, officer: Executive Chairman | Sell | 32,385 | $14.33 |
| Apr 6, 2026 | Oughtred Sarahofficer: Chief Financial Officer | Sell | 10,872 | $14.44 |
| Apr 6, 2026 | Spear Catherine Evadirector, 10 percent owner, officer: Chief Executive Officer | Sell | 62,335 | $14.44 |
Source: FIGS SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full FIGS insider & 13F page →FIGS, Inc. company profile
Overview
FIGS, Inc. (NYSE:FIGS) is a direct-to-consumer healthcare apparel company founded in 2013 and headquartered in Santa Monica, California. The company went public in May 2021 and has established itself as a leading brand in the healthcare apparel market, primarily serving healthcare professionals with premium scrubs and related lifestyle products. FIGS operates primarily through its digital platform, comprising its website and mobile app, while also expanding into international markets and exploring retail opportunities through its Community Hubs concept.
Business
FIGS operates in the healthcare apparel industry, designing and manufacturing specialized clothing for healthcare professionals. The healthcare apparel market traditionally consisted of basic, utilitarian scrubs that prioritized function over form. FIGS disrupted this market by creating premium, fashion-forward scrubs that combine technical performance with modern aesthetics. The company's core business consists of two main segments: 1. **Scrubwear (approximately 80% of revenue)**: This includes the company's signature scrubs - medical uniforms worn by healthcare professionals including doctors, nurses, and other medical staff. FIGS scrubs are made with proprietary fabrics that offer features like antimicrobial properties, moisture-wicking, and four-way stretch. The scrubs are designed to be more fitted and stylish than traditional medical uniforms while maintaining the durability and functionality required in healthcare environments. 2. **Non-scrubwear (approximately 20% of revenue)**: This segment includes lab coats, under scrubs, outerwear, activewear, loungewear, compression socks, footwear, and masks. The company has expanded this category to include lifestyle products like sports bras, performance leggings, tops, and jackets that healthcare professionals can wear outside of work. This segment has shown stronger growth, with the company positioning these products as premium lifestyle wear that extends the FIGS brand beyond the workplace. The company also operates several smaller business channels including international sales (16% of net revenues), a B2B segment called TEAMS that sells to healthcare institutions, and a nascent retail presence through Community Hubs stores.
Revenue model
FIGS generates revenue primarily through direct product sales to consumers via its e-commerce platform. The company follows a direct-to-consumer model, selling premium-priced healthcare apparel with gross margins around 69%. Healthcare professionals are the primary paying customers, purchasing scrubs for work and lifestyle products for personal use. The business model benefits from several factors that can increase margins: the company's premium positioning allows for higher pricing compared to traditional scrub manufacturers; direct-to-consumer sales eliminate retailer markups; and the sticky nature of healthcare professionals' brand preferences creates customer loyalty. The company has also been reducing promotional activities to protect margins, moving away from frequent discounting toward more strategic promotional campaigns. Several factors can pressure margins: increased competition from both traditional uniform companies and new direct-to-consumer entrants; tariff impacts on imported goods, as FIGS faces 10% baseline tariffs on its products; supply chain cost inflation affecting raw materials and manufacturing; and the company's significant investment in marketing, fulfillment infrastructure, and international expansion. The company's high customer acquisition costs through digital marketing channels also impact profitability, though management has been working to optimize marketing spend efficiency. The business model includes multiple revenue streams: the core scrubwear business provides steady recurring revenue as healthcare professionals regularly replace work uniforms; the growing non-scrubwear segment offers higher margins and expands the addressable market; international expansion provides growth opportunities in untapped markets; and the TEAMS B2B channel offers potential for larger institutional sales with different margin profiles.
Competitive moat
FIGS has established a moderate competitive moat primarily through brand recognition and customer loyalty within the healthcare professional community. The company benefits from strong word-of-mouth marketing among healthcare workers, who often influence each other's purchasing decisions in close-knit professional environments. This network effect creates a self-reinforcing cycle where satisfied customers become brand ambassadors. The company's moat is strengthened by its focus on product innovation, including proprietary fabric technologies and fit improvements that differentiate its products from traditional scrub manufacturers. FIGS has also built a direct relationship with customers through its e-commerce platform, allowing for better data collection and personalized marketing. However, the moat faces several challenges. The healthcare apparel market has relatively low barriers to entry, and numerous competitors have emerged offering similar premium positioning and direct-to-consumer models. Traditional uniform companies like Cherokee and Barco have significant distribution advantages through healthcare institutions, while newer entrants like Jaanuu and WonderWink compete directly in the premium segment. The company's products, while differentiated, are not protected by patents that would prevent replication of key features. The international expansion and TEAMS B2B initiatives represent attempts to strengthen the moat by diversifying revenue sources and creating switching costs through institutional relationships. However, these segments are still developing and face their own competitive pressures. Overall, while FIGS has built a recognizable brand in a specific niche, the competitive advantages are not insurmountable, and the company must continue innovating and investing in brand building to maintain its position.
Risks & safety
FIGS maintains a strong financial position with substantial margin of safety: • **Liquidity**: Strong cash position of $90 million with no debt, providing significant financial flexibility • **Current ratio**: 3.96x indicating strong ability to meet short-term obligations • **Cash flow**: Positive free cash flow of $7.9 million in Q1 2025, with full-year 2024 free cash flow of $64.1 million • **Debt levels**: Minimal debt with debt-to-equity ratio of 0.13, indicating low financial risk • **Valuation**: Trading at high multiples with EV/EBITDA of 98.9x, suggesting potential overvaluation risk • **Profitability**: Near break-even with small net loss of $102,000 in Q1 2025, but positive EBITDA of $1.8 million • **Working capital**: Substantial working capital buffer with current assets significantly exceeding current liabilities • **Revenue trends**: Modest growth with Q1 2025 revenue up 5% year-over-year, though full-year 2025 guidance suggests potential decline
Recent development
Over the past few years, FIGS has undertaken several strategic initiatives to diversify its business and drive growth. The company has significantly expanded its international presence, now operating in 33 countries with particular focus on Asian markets including planned entry into Japan and South Korea. International sales have shown strong growth, increasing 45% in 2024 and representing 16% of net revenues. The company has invested heavily in its B2B segment called TEAMS, which targets institutional healthcare customers. This business grew 66% in Q4 2023 and represents a strategic shift toward capturing larger corporate accounts and healthcare systems. FIGS has developed an outbound sales strategy and technology platform to support this channel. Product innovation has been a key focus, with the launch of new fabric technologies like FORMx and expansion into new categories including outerwear, underscrubs, and specialized lines like "Extremes" for specific medical fields. The company has also standardized fit blocks across all new products to address historical fit issues that impacted customer satisfaction. FIGS has begun exploring retail through its Community Hubs concept, opening stores in Los Angeles and Philadelphia. This represents a departure from the purely digital direct-to-consumer model toward an omnichannel approach. The company has also made strategic investments, including a $25 million minority stake in OOG, an AI-powered healthcare education platform. Management has implemented a strategic shift away from frequent promotional activities toward more selective, brand-aligned campaigns. This move aims to protect margins and strengthen brand positioning, though it may impact short-term customer acquisition and retention.
FIGS company profile · for informational purposes only — not investment advice.
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