# FIGS, Inc. (FIGS)

> Source: Nexqual · https://nexqual.com/FIGS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, FIGS, Inc. (FIGS), nexqual.com/FIGS" · informational, not investment advice.

**Price:** USD 20.46 (+2.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 19.98 · day 20.1–20.86 · 52w 7.21–20.86 · market cap $3.40B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $710M, net income $61.9M (8.7% margin), free cash flow $97.2M (SEC filings).
- Valuation: P/E 54.9x (avg 175.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $1.9M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (9 analysts), mean target USD 19.13 (range 15–22).
- Total return with dividends: 1Y +147.1% vs S&P 500 +14.9%; 5Y -44.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.07, revenue estimate $183M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $420M | $506M | $546M | $556M | $631M | $710M |
| Gross profit | $301M | $354M | $377M | $376M | $420M | — |
| Operating income | $11.0M | $37.7M | $34.0M | $2.3M | $38.1M | $68.2M |
| Net income | -$9.6M | $21.2M | $22.6M | $2.7M | $34.3M | $61.9M |
| EPS (diluted) | -$0.06 | $0.11 | $0.12 | $0.02 | $0.19 | — |
| Free cash flow | $63.7M | -$40.7M | $84.6M | $64.1M | $53.0M | $97.2M |
| Gross margin | 71.8% | 70.1% | 69.1% | 67.6% | 66.5% | — |
| Operating margin | 2.6% | 7.4% | 6.2% | 0.4% | 6.0% | 9.6% |
| Net margin | -2.3% | 4.2% | 4.1% | 0.5% | 5.4% | 8.7% |
| Revenue growth | +59.5% | +20.6% | +7.9% | +1.8% | +13.6% | — |
| Cash + short-term investments | $195M | $160M | $247M | $245M | $301M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 54.9x · P/S 4.8x · P/FCF 35.0x · P/B 7.7x · FCF yield 2.86% · Earnings yield 1.82% · Buyback yield (TTM) 0.97%
P/E at fiscal year-ends: Dec 2025 59.5x, Dec 2024 409.9x, Dec 2023 56.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-04 | Oughtred Sarah | Chief Financial Officer | 23,597 | $338K | 2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-04 | Hasson Heather L. | Executive Chairman | 32,385 | $464K | 2.2% | Yes | Routine (sold in Mar & Jun & Nov each year 2023–2025; this trade is outside those months) |
| 2026-04-02 | Oughtred Sarah | Chief Financial Officer | 10,872 | $157K | 0.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-02 | Spear Catherine Eva | Chief Executive Officer | 62,335 | $900K | 2.3% | Yes | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 9 analysts; mean target USD 19.13 (low 15, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Telsey Advisory Group | Target lowered | Market Perform | $17 → $16 |
| 2026-08-07 | Keybanc | Target raised | Overweight | $19 → $20 |
| 2026-08-07 | Barclays | Target raised | Overweight | $17 → $20 |
| 2026-08-07 | BTIG | Target raised | Buy | $20 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +147.1% | -44.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +147.9% | -11.2% |
| Volatility (annualized) | 70.0% | 69.2% |
| Max drawdown | -46.0% (Mar 2026→Jul 2026) | -90.8% (Nov 2021→Apr 2025) |

## Peers (Apparel Manufacturing)
COLM (Columbia Sportswear Company) USD 62.07 +4.30% · ZGN (Ermenegildo Zegna N.V.) USD 13.85 +7.20% · PVH (PVH Corp.) USD 84.26 +0.80% · KTB (Kontoor Brands, Inc.) USD 77.78 +3.61% · UAA (Under Armour, Inc.) USD 4.88 +4.50% · VFC (V.F. Corporation) USD 17.48 +1.92%

## More
Full page: https://nexqual.com/FIGS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Scrubwear | $161.2M | 82.0% | +26.5% |
| Non-Scrubwear | $35.4M | 18.0% | +40.3% |
| Total revenue | $196.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $158.7M | 80.7% | +22.2% |
| Rest of the world | $37.9M | 19.3% | +67.0% |
| Total revenue | $196.6M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.07 | $0.05 | +40.8% | $182.8M | 6 |
| Next quarter (ends 2026-12-31) | $0.12 | $0.11 | +4.8% | $221.8M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.36 | $0.27 | +35.4% | $761.0M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.38 | $0.32 | +19.1% | $832.8M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±19.7%; last 8 reports averaged ±19.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 88.4% | ±19.7% |
| 2026-12-18 | 56 | 80.4% | ±24.9% |
| 2027-01-15 | 84 | 70.0% | ±26.5% |
| 2027-04-16 | 175 | 61.3% | ±33.2% |