FIGS, Inc. (FIGS) Stock

FIGS, Inc. (FIGS) is a Consumer Discretionary stock trading at $14.68 (as of 2026-08-25), with a market capitalization of $2.86B and a trailing P/E of 57.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

FIGS, Inc. sells healthcare apparel and related lifestyle products direct to consumers in the United States, including scrubs and non-scrub items such as lab coats and other apparel. It markets and sells these products through its website and mobile app.

Understand FIGS, Inc.: how it makes money

FIGS sells scrubs and healthcare-adjacent apparel (lab coats, leggings, socks) directly to medical workers through its website and mobile app. Roughly two-thirds of revenue is US scrubs, with a fast-growing international base and a smaller non-scrub line rounding out the mix.

A 3 million active-customer DTC base on a 75% gross margin means FIGS captures the full retail dollar on every recurring scrubs replacement, with no wholesale middleman or channel discounting diluting the brand's pricing power.

Revenue by segment (latest quarter)
Scrubwear	$0.1B
Non-Scrubwear	$0.0B
Other	$0.0B

Business quality (Solid): Solid DTC consumer brand with 75% gross margin, 18% operating margin, and 29% growth, though the 60x multiple leaves little margin for error.

Valuation: At 60× earnings, FIGS trades 276% above the Apparel average (16×).

Bull case

International engines the next leg: International revenue grew 67% YoY, with existing markets contributing over 50 points, showing the DTC playbook replicates outside the US without diluting the brand.
Hiring wave widens the TAM: US healthcare employment added over 50,000 jobs per month this year, expanding the pool of scrubs buyers faster than FIGS can add distribution points.
Community hubs deepen the moat: Four additional community hubs are planned for later this year, reinforcing the brand-loyalty loop that keeps the 3 million active-customer base engaged between purchase cycles.

Bear case

Tariffs and freight erode costs: Jordan import restrictions force expedited production, and management warned that air freight will offset part of tariff-related margin benefits, pressuring the 75% gross-margin cushion.
Valuation prices in perfection: At 59.7x earnings versus a 16x apparel-industry average (276% above), the stock embeds sustained high-20s growth and margin expansion with no room for an execution miss.
Growth is cooling into Q3: Q3 revenue growth guidance of approximately 20% compares to 10% in Q4, indicating the 29% YoY pace is moderating faster than the 60x multiple comfortably absorbs.

Valuation — source: SEC EDGAR (first-party)
Price	$14.68
Market Cap	$2.86B
P/E Ratio	57.6
EV / EBITDA	42.2
Price / Book	6.48
Price / Sales	4.29
FCF Yield	0.8%
DCF Value (model)	$2.31
DCF Upside vs Price	-84.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$631.10M
Net Margin	5.4%
Revenue Growth (YoY)	13.6%
EPS Growth (YoY)	950.0%
FCF Growth (YoY)	-17.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	13.37 (safe)

Valuation vs Sector & Industry
Stock P/E	57.6
Sector P/E (Consumer Discretionary)	20.8
Industry P/E (Apparel)	15.3
vs Sector	177.0%
vs Industry	277.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BAMCO INC /NY/ ($885.60M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Apparel
CEO	Catherine Eva Spear
Employees	303
Country	US
IPO Date	2021-05-27

Related Companies (Apparel; 8 comparable apparel companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.