FIGS, Inc. (FIGS)

Price$14.42Cached quoteAs of 2026-09-05 05:44 UTC

AI: Fair-priced

Price checkFIGS is not a bargain, but strong growth and improving margins partly justify its elevated valuation.

At the observed quote, 166.7 million shares imply an equity value of about $2.3 billion. Against supplied trailing four-quarter figures, that is roughly 37 times net income, 3.2 times sales, and 23 times free cash flow—cash left after running and investing in the business. The company also held about $51 million of net cash, so enterprise value was about $2.23 billion. Those are growth-company prices, not a bargain, but 20% 2026 revenue guidance and improving margins keep “overvalued” from being decisive.

Big pictureRevenue growth has returned strongly, but profits and cash have been uneven across the company’s history.

Revenue rose from $263 million in 2020 to $631 million in 2025, but growth was cyclical: 2022 and 2023 slowed before 2025 increased 13.6%. Net income moved from $49.8 million in 2020 to a $9.6 million loss in 2021, then $21.2 million, $22.6 million, $2.7 million, and $34.3 million. Operating cash flow was positive in four of six years but negative in 2022. The latest two quarters are much better; 2026 first-half revenue rose 28.5%, yet the history argues against paying a permanent high-growth multiple.

Business strengthCustomer growth, high gross margins, and net cash show a stronger business than recent earnings alone suggest.

The latest quarter showed broad demand: active customers reached 3.1 million, up 13.2%; revenue per active customer rose 10.1% to $229; and average order value increased 8.5% to $127. Scrubwear grew 26.5%, non-scrubwear 40.3%, and international sales 67%. First-half gross margin, the share of sales left after product costs, was 71.8%, while operating expenses fell to 60.7% of sales from 63.8%. June cash plus short-term investments totaled $296.3 million against $57.7 million debt. That cushion supports product investment and buybacks, although second-quarter gross margin included a tariff refund.

What could change the storyThe upside needs sustained customer growth and margins; the downside is tariffs, dilution, and weaker demand.

The bull case is that 3.1 million customers, higher spending, international growth, and non-scrubwear expansion support about 20% 2026 sales growth and the 14.8%-15.0% adjusted EBITDA margin, a profit measure before interest, taxes, depreciation, and selected costs. The bear case is that price increases or new tariffs cut demand and gross margin; substantially all products are made abroad, with Vietnam and Jordan at 12.5% and 10% tariffs in the filing. Capital returns help, but shares rose to 166.7 million from 162.3 million in 2024 while first-half stock compensation was $12.2 million, so buybacks have not fully stopped dilution. The price therefore needs growth to persist after tariff refunds fade.

AI: News

Second-Quarter EarningsStrong second-quarter growth and higher guidance reset expectations, helping shares jump sharply after the release.

On August 6, FIGS reported revenue of $196.6 million, up 28.8% year over year, and diluted earnings of $0.15 versus $0.04. Active customers rose 13.2% to 3.1 million, while international revenue grew 67%. Management lifted 2026 revenue growth guidance to about 20% and adjusted EBITDA margin guidance to 14.8%-15.0%. MT Newswires reported shares rose 28% on August 7 as results beat FactSet estimates; that reaction reflects changed expectations, although price moves cannot prove the market’s exact reason.

Buyback Authorization ExpandedThe board added $100 million to repurchase capacity, signaling confidence but not guaranteeing fewer shares.

On August 6, the board increased total authorized repurchases to $200 million; $19.2 million remained available before the increase, and $80.8 million had been spent on 12.45 million shares by June 30. First-half operating cash flow was $43.7 million and free cash flow was $38.6 million, while repurchases used $32.8 million. The program can be suspended and does not promise a specific volume, so its value depends on execution and whether it offsets stock-based compensation.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$631.1M	$555.6M	$545.6M	$505.8M	$419.6M	$263.1M	$110.5M
Gross profit	$419.8M	$375.6M	$377.0M	$354.5M	$301.2M	$190.2M	$79.3M
Gross margin	66.53%	67.61%	69.09%	70.07%	71.79%	72.30%	71.80%
Operating expenses	$381.7M	$373.4M	$342.9M	$316.8M	$290.2M	$132.3M	$79.7M
Operating income	$38.1M	$2.3M	$34.0M	$37.7M	$11.0M	$57.9M	−$347,000
Operating margin	6.04%	0.41%	6.24%	7.45%	2.62%	22.02%	−0.31%
EBITDA	$47.2M	$9.0M	$37.0M	$39.6M	$12.4M	$58.9M	$153,000
EBITDA margin	7.48%	1.61%	6.78%	7.83%	2.96%	22.38%	0.14%
Net income	$34.3M	$2.7M	$22.6M	$21.2M	−$9.6M	$49.8M	$112,000
Net profit margin	5.43%	0.49%	4.15%	4.19%	−2.28%	18.91%	0.10%
Basic EPSper basic share	$0.21	$0.02	$0.13	$0.13	-$0.06	$0.32	$0.00
Diluted EPSper diluted share	$0.19	$0.02	$0.12	$0.11	-$0.06	$0.30	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

38.07%of listed shares

BAMCO INC /NY/59.96M shares · Jun 30, 2026

View holders

Top 20 reported holders of FIGS
Holder	% owned
BAMCO INC /NY/	38.07%59.96M shares
Tull Thomas	≈5.58%8.79M shares
BlackRock, Inc.	5.42%8.54M shares
Driehaus Capital Management LLC	3.28%5.16M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.97%4.67M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.79%4.39M shares
MARSHALL WACE, LLP	2.75%4.34M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.37%3.74M shares
GOLDMAN SACHS GROUP INC	2.34%3.69M shares
GEODE CAPITAL MANAGEMENT, LLC	2.31%3.64M shares
DIMENSIONAL FUND ADVISORS LP	2.27%3.57M shares
Willhite John Martin	≈2.07%3.26M shares
Divisadero Street Capital Management, LP	2.03%3.19M shares
STATE STREET CORP	1.68%2.64M shares
Spear Catherine Eva	≈1.65%2.59M shares
TWO SIGMA INVESTMENTS, LP	1.54%2.43M shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.34%2.12M shares
JANE STREET GROUP, LLC	1.32%2.07M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.28%2.01M shares
AMERIPRISE FINANCIAL INC	1.22%1.92M shares

Percentages use 157.48M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)24$15.01M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 4, 2026Form 4 · 10b5-1	Oughtred SarahChief Financial Officer	SellClass A Common Stock	23.6K	$14.33	$338.1K	1.13M
May 4, 2026Form 4 · 10b5-1	Hasson Heather L.Executive Chairman	SellClass A Common Stock	32.4K	$14.33	$464.1K	1.43M
Apr 2, 2026Form 4 · 10b5-1	Oughtred SarahChief Financial Officer	SellClass A Common Stock	10.9K	$14.44	$157.0K	1.15M
Apr 2, 2026Form 4 · 10b5-1	Spear Catherine EvaChief Executive Officer	SellClass A Common Stock	62.3K	$14.44	$900.1K	1.79M
Mar 3, 2026Form 4	Hasson Heather L.Executive Chair	SellClass A Common Stock	556.3K	$16.85	$9.37M	1.25M