FIGS, Inc. (FIGS) stock analysis
Close on Nov 11, 2026Market cap $3.89BP/E 61.6Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid16 of 30 checks passed
FIGS passes 16 of the 30 checks behind our score; 5 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 5/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 44.9%, above the 10% that usually covers the cost of capital.
No debt
FIGS has no borrowings on its latest balance sheet.
EPS growing 10%+ a year
Diluted EPS grew 20.0% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 311% over the last twelve months, against a 5-year average of -7.2% a year.
What to watch
Margin of safety under 20%
The price is 77.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $23.40 is above our fair value estimate of $13.18.
Return on equity under 15%
Return on equity was 16.8% over the last twelve months and averaged 3.6% over five years; we look for 15% on both.
Earnings shrank over 5 years
Net income shrank 7.2% a year on average over the last five fiscal years.
Valuation1/6
P/E below its 5-year median
FIGS's P/E of 61.6 is below its own 5-year median of 73.8.
P/E above the industry
FIGS's P/E of 61.6 is above the Apparel and Other Finished Products Made from Fabrics and Similar Materials median of 21.3.
EV/EBITDA above its 5-year median
FIGS's EV/EBITDA of 38.9 is above its 5-year median of 38.3.
P/B above the industry
FIGS's price-to-book of 8.61 is above the Apparel and Other Finished Products Made from Fabrics and Similar Materials median of 1.49.
Trading above fair value
The share price of $23.40 is above our fair value estimate of $13.18.
Margin of safety under 20%
The price is 77.5% above fair value, so there is no margin of safety.
Growth5/6
Revenue growing under 10% a year
Revenue grew 7.7% a year over the last three fiscal years, short of the 10% we look for.
EPS growing 10%+ a year
Diluted EPS grew 20.0% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 311% over the last twelve months, against a 5-year average of -7.2% a year.
Growing faster than the industry
Revenue grew 28.9% over the last twelve months; the Apparel and Other Finished Products Made from Fabrics and Similar Materials median is 2.3%.
Guidance raised
FIGS raised its Full Year 2026 Net Revenues growth vs. 2025 outlook on Aug 6, 2026.
Gross margin improving
Gross margin was 68.8% over the last twelve months, against 68.0% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 16.8% over the last twelve months and averaged 3.6% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 44.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
FIGS's return on equity of 16.8% is above the Apparel and Other Finished Products Made from Fabrics and Similar Materials median of 8.3%.
Earnings shrank over 5 years
Net income shrank 7.2% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 9.7% over the last twelve months, against a 5-year average of 2.4%.
Net margin above the industry
FIGS's net margin of 9.7% is above the Apparel and Other Finished Products Made from Fabrics and Similar Materials median of 2.8%.
Financial health6/6
No debt
FIGS has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 4.39 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 16.73; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
FIGS has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$13.18
The share price is 78% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 45.0× | 73.8× | 21.3× | $17.10 | 40% |
| EV/EBITDA | 22.7× | 38.3× | 9.7× | $14.47 | 35% |
| P/B | 2.5× | 3.7× | 1.5× | $6.78 | 10% |
| Earnings power | 11.3% cost of equity | – | – | $4.01 | 15% |
| Fair value | $13.18 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 73.8
- Apparel and Other Finished Products Made from Fabrics and Similar Materials median 21.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $86.10M
- Value traded per 1% price move
- $16.96M
Downside
Medium risk
- Typical loss in a bad month
- 24.2%
- Volatility (annualized)
- 71%
- Sharpe ratio, 1 year
- 2.27
- Beta to the S&P 500 (5Y)
- 1.28
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | +7.7% | +19.1% | – | |
| Gross profit | +11.8% | +5.8% | +17.2% | – | |
| Operating income | +1584.2% | +0.4% | -8.0% | – | |
| Net income | +1159.2% | +17.4% | -7.2% | – | |
| EPS, diluted | +850.0% | +20.0% | -8.7% | – | |
| Free cash flow | -17.4% | – | +22.2% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 72.9% | 8.4% | |
| Return on assets | – | – | 6.3% | |
| Current ratio | – | 3.70 | 4.94 | |
| Inventory turnover | – | – | 1.7× | |
| Capex to revenue | – | 0.9% | 1.3% | |
| Diluted shares | – | 163M | 179M |
Where the cash went
Fiscal 2021 to 2025, five years combined
FIGS generated $345.01M from operations and spent $97.74M on capital expenditure, dividends and share buybacks. 51% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.4% | 1.16× | 1.34× | 8.4% |
| FY2024 | 0.5% | 1.13× | 1.30× | 0.7% |
| FY2023 | 4.1% | 1.26× | 1.27× | 6.6% |
| FY2022 | 4.2% | 1.43× | 1.28× | 7.7% |
| FY2021 | -2.3% | 1.88× | 1.30× | -5.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$34.25M
- Cash generatingOperating cash flow above zero$61.17M
- Return on assets improvedROA up on the prior year0.6% → 6.7%
- Earnings backed by cashOperating cash flow above net income$61.17M vs $34.25M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.25 → 4.94
- No dilutionShare count did not rise180M → 179M
- Gross margin improvedGross margin up on the prior year67.61% → 66.53%
- More efficientAsset turnover rose1.17 → 1.24
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