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FIGS, Inc.

FIGS NYSE Categories PDF
Consumer Cyclical · Apparel - Manufacturers · United States · Updated May 10, 8:14pm
$11.63
Price
$1.9B
Market Cap
303
Employees
1.12
Beta
Catherine Eva Spear
CEO
Business 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.

Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
55.38
Stock Price: $11.63
EPS (Diluted): 0.21
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
4.24
Stock Price: $11.63
Total Equity: $437.46M
Shares: 179,486,886
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
32.63
Market Cap: $1.94B
Total Debt: $60.00M
Cash: $81.99M
EBITDA: $56.24M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$1.8B
Market Cap: $1.94B
Total Debt: $60.00M
Cash: $81.99M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
66.5%
Gross Profit: $419.84M
Revenue: $631.10M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
6.0%
Operating Income: $38.15M
Revenue: $631.10M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
5.4%
Net Income: $34.25M
Revenue: $631.10M
ROE (Profit from shareholder equity)
CALC
Net Income / Total Equity
7.8%
Net Income: $34.25M
Total Equity: $437.46M
ROIC (Profit from all invested capital)
CALC
NOPAT / Invested Capital
6.7%
Operating Income: $38.15M
Tax Rate: 27.4%
Equity: $437.46M
Total Debt: $60.00M
Cash: $81.99M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
4.94
Current Assets: $447.29M
Current Liabilities: $90.52M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.14
Short-Term Debt: $8.18M
Long-Term Debt: $51.83M
Total Debt: $60.00M
Total Equity: $437.46M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$3.52
Revenue: $631.10M
Shares: 179,486,886
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$2.44
Total Equity: $437.46M
Shares: 179,486,886
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$0.30
Operating CF: $61.17M
CapEx: -$8.17M
Shares: 179,486,886
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $11.63
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $34.25M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FIGS against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $419.6M $505.8M $545.6M $555.6M $631.1M
Cost of Revenue $118.4M $151.4M $168.7M $179.9M $211.3M
Gross Profit $301.2M $354.5M $377.0M $375.6M $419.8M
Operating Expenses $290.2M $316.8M $342.9M $373.4M $381.7M
Operating Income $11.0M $37.7M $34.0M $2.3M $38.1M
Net Income -$9.6M $21.2M $22.6M $2.7M $34.3M
EBITDA $11.5M $39.6M $37.0M $9.0M $56.2M
EPS $-0.06 $0.13 $0.13 $0.02 $0.21
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $195.4M $159.8M $144.2M $85.6M $82.0M
Total Current Assets $293.3M $356.5M $385.7M $382.8M $447.3M
Total Assets $311.8M $395.1M $473.2M $509.8M $580.0M
Current Liabilities $62.4M $71.4M $57.3M $90.1M $90.5M
Long-Term Debt $0 $0 $0 $0 $51.8M
Total Liabilities $66.2M $87.3M $96.4M $132.7M $142.5M
Total Equity $245.6M $307.7M $376.9M $377.1M $437.5M
Retained Earnings $17.9M $39.1M $61.8M $64.5M $98.7M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $66.4M -$35.3M $100.9M $81.2M $61.2M
Capital Expenditure -$2.7M -$5.3M -$16.3M -$17.0M -$8.2M
Free Cash Flow $63.7M -$40.7M $84.6M $64.1M $53.0M
Acquisitions (net) $0 $0 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 -$45.5M -$2.7M
Net Change in Cash $139.3M -$37.7M -$15.6M -$58.5M -$3.7M
Analyst Estimates (Annual)
Metric 2026 2027 2028 2029
Revenue $727.3M
$710.5M – $734.7M
 $786.6M
$759.6M – $823.5M
 $826.8M
$814.8M – $838.8M
 $759.0M
$736.5M – $776.9M
EBITDA $86.2M
$84.3M – $87.1M
 $93.3M
$90.1M – $97.6M
 $98.0M
$96.6M – $99.5M
 $90.0M
$87.3M – $92.1M
Net Income $46.2M
$40.5M – $47.5M
 $59.1M
$51.7M – $63.2M
 $58.1M
$56.1M – $60.1M
 $0
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +20.6% +7.9% +1.8% +13.6%
Gross Profit Growth +17.7% +6.3% -0.4% +11.8%
Operating Income Growth +242.9% -9.6% -93.3% +1,584.2%
Net Income Growth +321.7% +6.8% -88.0% +1,159.2%
EBITDA Growth +243.6% -6.6% -75.8% +527.8%
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27