Healthy revenue growth and constructive price momentum are supported by a defensible competitive position in healthcare apparel, but a forward P/E of 38.7x and a put/call ratio of 2.00 signal meaningful execution risk and limited room for disappointment.
Thesis pillars
- Defensible Healthcare Apparel Moat→Stable
- Expensive Forward Valuation→Stable
- Growth Momentum Aligned→Stable
- +1 more pillar — see the Why tab for full reasoning
FIGS, Inc. (FIGS) Stock Analysis
Consumer Cyclical · Apparel Manufacturing
Hold if already holding. Not a fresh buy at $9.99, but acceptable to hold if already in. Reasons: Concentration risk — Product: core scrubwear styles; Negative momentum.
FIGS sells premium healthcare scrubwear and apparel directly to approximately 2.9 million active customers through its DTC digital platform, mobile app, TEAMS B2B channel, and five Community Hub stores. Core scrubwear styles represented over 60% of net revenues in 2025. The... Read more
Hold if already holding. Not a fresh buy at $9.99, but acceptable to hold if already in. Reasons: Concentration risk — Product: core scrubwear styles; Negative momentum. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.0/10, moderate confidence.
Passes 7/8 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 34d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum. Suitability: speculative.
About FIGS, Inc.
About FIGS, Inc.
FIGS sells premium scrubwear and healthcare apparel to approximately 2.9 million active customers primarily through its direct-to-consumer digital platform — website and mobile app — plus a TEAMS B2B portal for institutional buyers and five Community Hub retail stores. The 17 core scrubwear styles in 10 core colors represented over 60% of net revenues in 2025. The company ships to customers across North America, Central America, South America, Europe, Asia, and the Middle East, with headquarters in Southern California and fulfillment operations in Goodyear, Arizona.
FIGS earns revenue through unit sales at primarily full price, supported by a shallow-buy, data-driven repurchase model that limits markdown exposure and maintained a product return rate near 10% from 2021 through 2025, far below the 30% to 40% return rates typical in online apparel. The TEAMS B2B platform serves hospitals, medical offices, and concierge clinics seeking standardized employee uniforms. The company markets through brand campaigns across email, digital, social media, and an ambassador program, plus paid-search and retargeting performance marketing. FIGS competes against wholesale-focused players Barco Uniforms, Landau Uniforms, and Superior Group of Companies, as well as digitally native peers Jaanuu, Mandala, and Fabletics. Most production utilizes the proprietary FIONx fabric technology sourced through diversified global third-party manufacturers.
Show full overview
The 10-K identifies co-founders Heather Hasson (Executive Chairman) and Trina Spear (CEO) as critical to business direction, with no key-man life insurance maintained on any senior management. If either founder were to depart, the company acknowledges this could make business management more difficult and impair net revenues. FIGS also faces potential competition from larger diversified apparel brands with established wholesale networks and substantially greater resources, any of which could apply pricing pressure that may impact margins if they expand into the premium healthcare apparel market.
See also: Consumer Cyclical · Apparel Manufacturing
From FIGS, Inc.'s most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-07-06Recent Developments — FIGS, Inc.
Latest news
- NEWS Stitch Fix and Figs Shares Are Soaring, What You Need To Know - StockStory — StockStory positive
- NEWS What To Expect From Figs’s (FIGS) Q1 Earnings - StockStory — StockStory neutral
- NEWS KeyBanc raises Figs stock price target on customer growth momentum By Investing.com - Investing.com Australia — Investing.com Australia positive
- NEWS KeyBanc raises Figs stock price target on customer growth momentum By Investing.com - Investing.com South Africa — Investing.com South Africa positive
- NEWS KeyBanc raises Figs stock price target on customer growth momentum - Investing.com — Investing.com positive
Generated 2026-07-06T05:40:27Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductcore scrubwear styles10-K Item 1: 'The 17 core scrubwear styles that we produce year-round represented over 60% of our net revenues in 2025'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $9.99, but acceptable to hold if already in. Reasons: Concentration risk — Product: core scrubwear styles; Negative momentum. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Target $15.33 (+53.5%), stop $9.57 (−4.4%), A.R:R 3.8:1. Score 6.0/10, moderate confidence.
Take-profit target: $15.33 (+53.5% upside). Target $15.33 (+53.5%), stop $9.57 (−4.4%), A.R:R 3.8:1. Stop-loss: $9.57.
Concentration risk — Product: core scrubwear styles; Negative momentum.
FIGS, Inc. trades at a P/E of 45.4 (forward 31.1). TrendMatrix value score: 5.8/10. Verdict: Hold.
15 analysts cover FIGS with a consensus score of 3.9/5. Average price target: $18.
What does FIGS, Inc. do?FIGS sells premium healthcare scrubwear and apparel directly to approximately 2.9 million active customers through its...
FIGS sells premium healthcare scrubwear and apparel directly to approximately 2.9 million active customers through its DTC digital platform, mobile app, TEAMS B2B channel, and five Community Hub stores. Core scrubwear styles represented over 60% of net revenues in 2025. The company sources products from diversified global third-party manufacturers and competes against Barco Uniforms, Jaanuu, and Fabletics.