olivLaw · US equity research
FIGS, Inc. FIGS
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
FIGS is a direct-to-consumer healthcare apparel and lifestyle brand built around scrubs, community and digital sales to healthcare professionals. Net revenues grew 28.8% in the second quarter of 2026, and full-year 2026 guidance points to growth of about 20%.
At the close of 04 Nov 2026, FIGS, Inc. (FIGS) stock was 21.94 USD (+5.38% on the day), with market capitalisation 0 USD, P/E 67.0 on diluted EPS of 0.33 USD over the last 12 months, beta 0.99, 52-week range 7.52–21.94 USD. Latest reported quarter (Q2 2026): revenue of 196.6 m USD (+28.8% YoY), net income of 28.4 m USD (+299.8% YoY), diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 16.04 – 23.22
- in the upper half of the band · %B 0.82 · band width 36.6%
- SMA 50 / 200
- 16.16 / 13.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.70 / 1.69
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +61.0% | −1.1% | +62.1 pp | — |
| 3 months | +100.9% | −0.5% | +101.4 pp | — |
| 6 months | +51.3% | +4.4% | +46.9 pp | — |
| Year to date | +93.1% | +12.3% | +80.8 pp | — |
| 1 year | +197.3% | +13.5% | +183.7 pp | +6.7% |
| 3 years | +222.2% | +76.4% | +145.8 pp | +2.9% |
| 5 years | −48.8% | +63.7% | −112.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 140.2 m | 151.8 m | 124.9 m | 152.6 m | 151.7 m | 201.9 m | 159.9 m | 196.6 m |
| Cost of revenue | 46.2 m | 49.6 m | 40.4 m | 50.4 m | 45.6 m | 74.8 m | 51.6 m | 48.8 m |
| Gross profit | 94.0 m | 102.2 m | 84.5 m | 102.2 m | 106.1 m | 127.1 m | 108.3 m | 147.9 m |
| Operating income | -8.6 m | 8.9 m | -211.0 k | 9.9 m | 9.6 m | 18.8 m | 4.5 m | 35.3 m |
| Depreciation & amortisation | 2.9 m ≈ | 1.8 m | 2.0 m | 2.2 m ≈ | 2.3 m ≈ | 2.6 m | 3.4 m | 2.4 m ≈ |
| Pre-tax income | -5.7 m | 12.4 m | 1.9 m | 12.0 m | 12.0 m | 21.4 m | 6.4 m | 36.9 m |
| Income tax | -4.0 m | 10.5 m | 2.0 m | 4.9 m | 3.2 m | 2.8 m | 157.0 k | 8.5 m |
| Net income | -1.7 m | 1.9 m | -102.0 k | 7.1 m | 8.7 m | 18.5 m | 6.3 m | 28.4 m |
| Diluted EPS | -0.01 | 0.01 ≈ | 0.00 | 0.04 | 0.05 | 0.10 ≈ | 0.03 | 0.15 |
| Operating cash flow | 22.6 m ≈ | 30.4 m | 9.2 m | -12.4 m ≈ | 3.4 m ≈ | 60.9 m | -3.2 m | 46.9 m ≈ |
| Capex | 4.2 m ≈ | 3.4 m | 1.3 m | 1.1 m ≈ | 2.9 m ≈ | 2.9 m | 2.4 m | 2.6 m ≈ |
| Share repurchases | 7.3 m ≈ | 38.2 m | 2.7 m | 0 ≈ | 0 ≈ | 0 | 8.8 m | 24.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 17-quarter history (min 31.2, median 66.5, max 434.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 110.5 m | 263.1 m | 419.6 m | 505.8 m | 545.6 m | 555.6 m | 631.1 m |
| Revenue YoY | unavailable | +138.1% | +59.5% | +20.6% | +7.9% | +1.8% | +13.6% |
| Net income | 112.0 k | 49.8 m | -9.6 m | 21.2 m | 22.6 m | 2.7 m | 34.3 m |
| Net income YoY | unavailable | +44,326.8% | −119.2% | unavailable | +6.8% | −88.0% | +1,159.2% |
| Diluted EPS | 0.00 | 0.30 | -0.06 | 0.11 | 0.12 | 0.02 | 0.19 |
| Diluted EPS YoY | unavailable | unavailable | −120.0% | unavailable | +9.1% | −83.3% | +850.0% |
| net % | 0.1% | 18.9% | -2.3% | 4.2% | 4.1% | 0.5% | 5.4% |
| Free cash flow | 1.8 m | 19.5 m | 63.7 m | -40.7 m | 84.6 m | 64.1 m | 53.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 437.5 m USD
- Total assets
- 580.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.94x
- ROE
- 8.4%
- ROA
- 6.3%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 263.1 m | 419.6 m | 505.8 m | 545.6 m | 555.6 m | 631.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 72.9 m | 118.4 m | 151.4 m | 168.7 m | 179.9 m | 211.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 190.2 m | 301.2 m | 354.5 m | 377.0 m | 375.6 m | 419.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 57.9 m | 11.0 m | 37.7 m | 34.0 m | 2.3 m | 38.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 946.0 k | 1.4 m | 1.9 m | 2.9 m | 6.7 m | 9.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 58.9 m ≈ | 12.4 m ≈ | 39.6 m ≈ | 37.0 m ≈ | 9.0 m ≈ | 47.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | 58.1 m | 9.9 m | 38.7 m | 40.8 m | 14.3 m | 47.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 8.3 m | 19.4 m | 17.5 m | 18.2 m | 11.6 m | 13.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 49.8 m | -9.6 m | 21.2 m | 22.6 m | 2.7 m | 34.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.30 | -0.06 | 0.11 | 0.12 | 0.02 | 0.19 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 163.3 m | 159.2 m | 187.5 m | 182.4 m | 180.1 m | 179.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 58.1 m | 195.4 m | 159.8 m | 144.2 m | 85.6 m | 82.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 5.8 m | 1.7 m | 6.3 m | 6.5 m | 6.6 m | 5.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 49.7 m | 86.1 m | 178.0 m | 119.0 m | 115.8 m | 128.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 120.3 m | 293.3 m | 356.5 m | 385.7 m | 382.8 m | 447.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 6.5 m | 7.6 m | 11.0 m | 24.9 m | 35.3 m | 33.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 133.9 m | 311.8 m | 395.1 m | 473.2 m | 509.8 m | 580.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 12.0 m | 14.6 m | 20.9 m | 14.7 m | 9.4 m | 18.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 32.5 m | 62.4 m | 71.4 m | 57.3 m | 90.1 m | 90.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 36.2 m | 66.2 m | 87.3 m | 96.4 m | 132.7 m | 142.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 97.7 m † | 245.6 m † | 307.7 m † | 376.9 m † | 377.1 m † | 437.5 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 21.7 m | 66.4 m | -35.3 m | 100.9 m | 81.2 m | 61.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 2.3 m | 2.7 m | 5.3 m | 16.3 m | 17.0 m | 8.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 19.5 m ≈ | 63.7 m ≈ | -40.7 m ≈ | 84.6 m ≈ | 64.1 m ≈ | 53.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -2.3 m | -2.7 m | -5.8 m | -117.2 m | -94.9 m | -64.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 294.0 k | 75.6 m | 3.5 m | 670.0 k | -44.8 m | -969.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 45.5 m | 2.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.52 – 5.43 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E3.52 – 5.43 (Mid 5.01)9 companies used · median multiple 15.3x · quartiles 10.8x – 16.6xBRIA, COLM, CRI, GIII, GIL, JRSH, LEVI, LULU, SGC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.7% | 81 (vs peers) | 14% |
| FCF conversion · Quality | 157.0% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 7.7% | 64 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 20.0% | 100 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 67.0x | 0 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth82/100 · 2/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIGS, Inc. (FIGS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 631.1 m USD in 2025; YoY growth 13.6%; net margin 8.7%; ROE 14.8%.
The estimated value range is 3.52–5.43 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.01 USD, the price of 21.94 USD leaves a potential of -77.1% (value / price − 1) and a margin of safety of -337.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.7%
- FCF conversion: 157.0%
- EPS CAGR 3Y: 20.0%
- Current ratio: 5.0x
What contradicts it
- P/E (TTM): 67.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +197% / +222% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
1- and 3-year price returns: for FIGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FIGS is a direct-to-consumer healthcare apparel and lifestyle brand built around scrubs, community and digital sales to healthcare professionals. Net revenues grew 28.8% in the second quarter of 2026 2, and full-year 2026 guidance points to growth of about 20% 3.
SWOT
Strengths
- The brand has a loyal community and a digital ecosystem built on proprietary customer data, which supports product innovation and marketing 1.
- The shallow-buy inventory model and replenishment-driven demand give a flexible cost structure, and return rates are far lower than general online apparel 1.
- Recent revenue and margin growth shows an ability to combine expansion with profitability 23.
Weaknesses
- The company has not always been profitable, and operating expenses rise with marketing and expansion 1.
- Reliance on manufacturing in a few countries makes costs sensitive to tariff policy 1.
- Recent margins include non-recurring tariff refund benefits, which makes direct comparison with earlier periods harder 23.
Opportunities
- Further international expansion and more Community Hubs could open new markets and product categories 13.
- Growth in revenue per active customer and a wider product range could increase share of the customer's wardrobe 12.
- Recovery of IEEPA tariffs and a more predictable tariff regime could support margins over the medium term 2.
Threats
Risks
- Tariff policyhigh
Tariffs and legislative changes can raise product costs and slow margins, and uncertainty over refunds and new duties remains high 12.
- Dependence on digital marketingmedium
Changes to search engine and social media algorithms can reduce traffic and raise the cost of acquiring customers 1.
- Sustainability of growthmedium
Past growth does not guarantee future results, and a slowdown in demand could reduce revenues 1.
- Brand reputationmedium
Negative incidents involving products, suppliers or ambassadors could affect customer trust and brand value 1.
- Inventory managementlow
Inefficient purchasing or excess stock could weigh on margins, as happened in earlier periods 1.
Investment thesis
What would need to be true (bull case)
- If revenue and community growth continue alongside improving margins, the company could demonstrate a profitable growth model in its category.
- Non-discretionary demand for scrubs and a young, growing customer base could support long-term expansion 1.
- The enlarged repurchase program signals management confidence in cash generation, which could support shareholder value 3.
What would break the thesis
- If tariffs stay high or expand, margins could come under pressure again, and recent refund benefits may not recur.
- Rapid second-quarter revenue growth could partly reflect temporary factors, and the company's history shows profitability has not been consistent 12.
- If inflation or pressure on the healthcare workforce intensifies, customer purchasing could slow.
What to watch
- Evolution of tariffs and IEEPA refundsQ3 2026
- Delivery against full-year revenue and margin guidance2026
- Active customer count and revenue per active customerQ3 2026
- Pace of Community Hub openings and international expansionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FIGS sells technical medical apparel, from scrubs and pants to footwear, lab coats and loungewear, mainly through its direct-to-consumer digital platform, which includes the website, mobile app and the B2B channel called TEAMS 1. The company also operates five physical stores, called Community Hubs 1. The brand relies on a loyal base of active customers, product innovation and a shallow-buy inventory model that the company describes as less exposed to obsolete stock 1.
The business model is powered by directly collected customer data, used for design, marketing, inventory and demand forecasting 1. The company says its return rate is far lower than the broader online apparel market, and it is led by its co-founders 1.
Margins improved markedly in the first half of 2026, partly due to IEEPA tariff refunds recognized in the second quarter, which were excluded from adjusted EBITDA 23. The company also raised its share repurchase authorization by 100 million dollars 3.
Segments
Market context
The company describes healthcare apparel as a large, fragmented and largely non-discretionary market, supported by growth in the healthcare sector and its workforce 1. About 24 million healthcare and social assistance workers in the United States were cited 1.
The market is also shaped by trade policy: tariffs, adjusted several times since April 2025, raised product costs, and the regime after the February 2026 Supreme Court ruling remains uncertain 12.
Trends
- Digital shift and direct salestailwind
Consumers increasingly prefer online shopping and engagement with brands through social media, and FIGS built its model around this trend 1.
- Growth in healthcare employmenttailwind
Demand for healthcare professionals is projected to grow, especially in healthcare and social assistance, supporting the customer base 1.
- Tariff policymixed
Tariffs raised costs and weighed on gross margin; after the February 2026 ruling the tariff regime changed in steps, and the company reported tariff refunds 12.
- Macroeconomic pressureheadwind
Inflation and high interest rates could reduce consumer spending, although the company argues its replenishment-driven products are more resilient 1.
Competitive position
The market includes traditional healthcare apparel makers and distributors, with fragmented networks of medical supply stores and third-party licenses, according to the company 1. FIGS argues these incumbents have outdated business models and structurally weaker margins 1.
Competition could intensify as the market becomes more attractive, which could raise marketing costs and customer acquisition costs 1.
- Traditional healthcare uniform makers
Companies selling through medical supply stores and third-party licenses, described by FIGS as incumbents.
- Medical equipment distributors
Fragmented medical supply store networks that sell uniforms, cited by the company as part of the traditional model.
- General online apparel brands
General online apparel retailers with higher return rates, used by the company as a benchmark.
- Performance footwear partners
A footwear partnership for models designed for healthcare professionals, mentioned in the product description.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report26 Feb 2026
- Current report26 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Dec 2025Material agreement · Creation of a direct financial obligation
- Quarterly report06 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FIGS, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FIGS, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FIGS, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.