Direct-to-consumer healthcare apparel leader • Founded 2013 • Santa Monica, CA
Key Finding: FIGS has demonstrated strong recent operational momentum with Q2 2026 revenue growth of 28.8% YoY and raised full-year guidance, supported by a loyal customer base of over 3 million active users, though the stock has experienced significant historical volatility since its 2021 IPO.
FIGS, Inc., together with its subsidiary FIGS Canada, Inc., operates as a direct-to-consumer healthcare apparel and lifestyle company. It designs and sells scrubwear, non-scrubwear (outerwear, underscrubs, footwear, compression socks, lab coats, loungewear), sports apparel, and accessories primarily to healthcare professionals via its website, mobile app, B2B channels, and limited retail stores. Source: Company profile
Interpretation: The founders' focus on "form and function" positioned FIGS as a category-defining brand in a historically fragmented, low-innovation market.
Uncertainty Note: Forward-looking statements in earnings releases (e.g., guidance) are based on current expectations and subject to risks including macroeconomic conditions, tariffs, and consumer spending in healthcare.
| Year | Year-End Close (approx.) | Annual % Change | Notes |
|---|---|---|---|
| 2025 | $11.36 | +83.52% | Strong recovery year |
| 2024 | $6.19 | -10.94% | Challenging year |
| 2023 | $6.95 | +3.27% | Modest gain |
| 2022 | $6.73 | -75.58% | Significant decline post-IPO peak |
| 2021 (partial) | — | — | All-time high $50.10 (June 30, 2021) |
Longer-term Returns (as of early August 2026 data, trailing periods):
Interpretation: The stock has shown high volatility typical of growth-oriented consumer/DTC names post-IPO but delivered strong recent performance amid improving fundamentals.
| Metric | TTM / Latest | 2025 Annual | Notes / YoY Change |
|---|---|---|---|
| Net Revenue | ~$666M – $710M | $631.1M | +13.6% YoY (2025); Q2 2026: $196.6M (+28.8%) |
| Gross Profit | ~$443.7M | — | High gross margins (~67-75% in recent quarters) |
| Net Income | ~$40.6M | $34.25M | Strong improvement; Q2 2026: $28.4M (14.4% margin) |
| EPS (Diluted) | $0.22 | — | Q2 2026 beat: $0.15 vs. est. $0.07 |
| Adjusted EBITDA Margin | — | — | Q2 2026: 18.6%; FY2026 guidance 14.8–15.0% |
| Active Customers | 3.1 million (Q2 2026) | — | Net revenue per active customer ~$229 |
Key Financial Highlights (Recent Quarters - Fact):
View Full Quarterly Results on IR Site → | Yahoo Finance Financials →
Consensus Rating (Fact): Moderate Buy (as of early August 2026). Average rating score approximately 2.55 (on scale where lower = more bullish).
| Breakdown | Count |
|---|---|
| Strong Buy | 1 |
| Buy | 4 |
| Hold | 6 |
| Sell / Underperform | 0 |
Consensus Price Target: Approximately $13.64 – $18.25 (range $4.50 low to $22.00 high). Implied upside varies significantly depending on current levels.
Interpretation: Analysts appear increasingly constructive following strong Q2 results and raised guidance, with several recent PT increases. However, a mix of Hold ratings indicates some caution on valuation or growth sustainability.
Interpretation: FIGS has built significant loyalty in a profession with recurring uniform needs, differentiating through lifestyle branding beyond basic functionality.
FIGS operates in a fragmented medical apparel market with both direct and adjacent competitors:
| Competitor | Positioning / Notes |
|---|---|
| Jaanuu | Premium, fashion-forward scrubs; digital-first competitor |
| Barco Uniforms (Grey's Anatomy) | Established medical apparel brand with professional styling |
| Careismatic Brands (Cherokee, Medelita, etc.) | Larger multi-brand platform with traditional distribution |
| Fabletics Scrubs | Activewear-performance scrubs; membership model |
| Landau, Superior Group | Traditional wholesalers/uniform providers |
| Broader (e.g., Under Armour, Vuori) | Adjacent lifestyle/activewear competitors |
Interpretation: FIGS competes primarily on design, quality, and direct brand experience rather than price alone; traditional players have broader wholesale reach while newer DTC challengers focus on similar modern aesthetics.