Consumer Cyclical · Apparel - Manufacturers
Price
$11.60
Market Cap
$1.9B
Employees
303
Beta
0.99
Avg Volume
3,236,929
CEO
Catherine Eva Spear
Business 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 diverse array of non-scrub items. These offerings span functional pieces like lab coats, under-scrubs, compression socks, footwear, and masks, extending to activewear, loungewear, and outerwear such as performance leggings, sports bras, various tops (including super-soft pima cotton options), vests, and jackets. Customers can access and purchase FIGS' products directly through its integrated digital platform, which encompasses both its official website and mobile application. Founded in 2013, FIGS, Inc. 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)
CALCStock Price / EPS (Diluted)
55.24
Stock Price: $11.60
EPS (Diluted): 0.21
EPS (Diluted): 0.21
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
4.24
Stock Price: $11.60
Total Equity: $437.46M
Shares: 179,486,886
Total Equity: $437.46M
Shares: 179,486,886
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
32.63
Market Cap: $1.94B
Total Debt: $51.83M
Cash: $81.99M
EBITDA: $56.24M
Total Debt: $51.83M
Cash: $81.99M
EBITDA: $56.24M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.8B
Market Cap: $1.94B
Total Debt: $51.83M
Cash: $81.99M
Total Debt: $51.83M
Cash: $81.99M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
66.5%
Gross Profit: $419.84M
Revenue: $631.10M
Revenue: $631.10M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
6.0%
Operating Income: $38.15M
Revenue: $631.10M
Revenue: $631.10M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
5.4%
Net Income: $34.25M
Revenue: $631.10M
Revenue: $631.10M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
7.8%
Net Income: $34.25M
Total Equity: $437.46M
Total Equity: $437.46M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
6.8%
Operating Income: $38.15M
Tax Rate: 27.4%
Equity: $437.46M
Total Debt: $51.83M
Cash: $81.99M
Tax Rate: 27.4%
Equity: $437.46M
Total Debt: $51.83M
Cash: $81.99M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
4.94
Current Assets: $447.29M
Current Liabilities: $90.52M
Current Liabilities: $90.52M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.12
Short-Term Debt: $0.00
Long-Term Debt: $51.83M
Total Debt: $51.83M
Total Equity: $437.46M
Long-Term Debt: $51.83M
Total Debt: $51.83M
Total Equity: $437.46M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$3.52
Revenue: $631.10M
Shares: 179,486,886
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
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: -$8.17M
Shares: 179,486,886
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $11.60
Stock Price: $11.60
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $34.25M
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)
Last updated: Jun 22, 2026 8:13pm (4d ago)| 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 | $40.7M | $43.7M | $21.0M | $56.2M |
| EPS | $-0.06 | $0.13 | $0.13 | $0.02 | $0.21 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 22, 2026 8:13pm (4d ago)| 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)
Last updated: Jun 24, 2026 8:00pm (2d ago)| 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)
Last updated: Jun 26, 2026 11:21pm (9h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$729.2M $711.7M – $735.9M
|
$786.6M $763.6M – $805.6M
|
$826.8M $826.8M – $826.8M
|
$759.0M $741.2M – $770.9M
|
| EBITDA |
$92.9M $90.7M – $93.7M
|
$100.2M $97.3M – $102.6M
|
$105.3M $105.3M – $105.3M
|
$96.7M $94.4M – $98.2M
|
| Net Income |
$46.2M $43.5M – $48.9M
|
$56.5M $51.7M – $61.3M
|
$58.0M $56.6M – $59.5M
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 22, 2026 8:13pm (4d ago)| 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 | +252.8% | +7.6% | -51.9% | +167.4% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FIGS — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30