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↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 26, 2026
FIGS, Inc. (FIGS) Stock Analysis
Consumer Cyclical · Apparel Manufacturing
Sell if holding. Analyst target reached at $20.66 — A.R:R is negative (-1.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: core scrubwear styles.
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
Sell if holding. Analyst target reached at $20.66 — A.R:R is negative (-1.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: core scrubwear styles. Chart setup: No clear chart pattern; technical signals are mixed. Score 6.2/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 7d<=7d. Suitability: aggressive.
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.
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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 2026-10-29Recent Developments — FIGS, Inc.
Latest news
- NEWS Stitch Fix and Figs Shares Are Soaring, What You Need To Know - StockStory — StockStory positive
- NEWS Figs (FIGS): Buy, Sell, or Hold Post Q2 Earnings? - StockStory — StockStory neutral
- NEWS What To Expect From Figs’s (FIGS) Q1 Earnings - StockStory — StockStory neutral
- NEWS FIGS Q2 Earnings Preview: Is Another Beat in the Cards? - Yahoo Finance — Yahoo Finance positive
- NEWS FIGS Q2 Earnings Preview: Is Another Beat in the Cards? - Zacks Investment Research — Zacks Investment Research positive
Generated 2026-10-29T11:53:51Z.
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. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $20.66 — A.R:R is negative (-1.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Product: core scrubwear styles. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $19.21. Score 6.2/10, moderate confidence.
Analyst target $16.64 reached (−19.5% from $20.66); no take-profit level is published. Prior stop was $19.21. Stop-loss: $19.21.
Concentration risk — Product: core scrubwear styles; Analyst target reached - limited upside remaining; Near 52-week high (1.1% away).
FIGS, Inc. trades at a P/E of 62.6 (forward 54.0). TrendMatrix value score: 3.0/10. Verdict: Sell.
15 analysts cover FIGS with a consensus score of 3.9/5. Average price target: $19.
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.