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what it is
FIGS sells premium scrubs and related apparel straight to healthcare workers through its website and app.
how it gets paid
Last year Figs made $631M in revenue. scrubs was the main engine at $410M, or 65% of sales.
why it's growing
Revenue grew 13.6% last year. 68.2% gross margin matters most because it says customers still pay up for the brand; the problem is below that line.
what just happened
Revenue hit $429M, up 183% vs. prior year, with EPS up 80% to $0.09.
At a glance
B balance sheet — gets the job done, barely
1.0x trailing p/e — the market's not buying it — or you found a deal
0.7% return on capital — nothing to write home about
$0.02 fy2024 eps est
$556M fy2024 rev est
xvary composite: 55/100 — below average
What they do
FIGS sells premium scrubs and related apparel straight to healthcare workers through its website and app.
FIGS sells directly to you instead of through hospital middlemen, which keeps the brand relationship in-house. The company ships to 32 countries and reported $631 million in trailing revenue, so this is already bigger than a niche scrub label. In plain English, brand moat means your uniform becomes part of your work identity, and that keeps repeat buying alive.
How they make money
$631M
annual revenue · their business grew +13.6% last year
scrubs
$410M
lab coats and underscrubs
$88M
outerwear, activewear, and loungewear
$76M
footwear and compression socks
$38M
other accessories and masks
$19M
The products that matter
premium medical apparel
Scrubs
$631M business · Q4 revenue $202M
this is effectively the whole business, and the most recent quarter reached $202M after a 33% jump compared to last year.
68.2% gross margin
Key numbers
$45M
long-term debt
Debt is just 2% of capital, so balance-sheet stress is not the main issue here.
1.6%
operating margin
Operating margin means profit after running the business, before interest and taxes, so what: FIGS sells a lot but keeps very little.
68.2%
gross margin
Gross margin means what is left after product costs, so what: the brand still prices well even if overhead is eating the gain.
$631M
ttm revenue
This is not a tiny startup anymore. Your question is not demand existence. It is whether demand converts into durable profit.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $45M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FIGS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $429M, up 183% vs. prior year, with EPS up 80% to $0.09.
The quarter showed a sharp rebound versus the prior year, while gross margin stayed strong at 68.2%. The quiet part is that annual operating margin in the base data was still only 1.6%, so one strong quarter does not settle the case.
$429M
revenue
$0.09
eps
68.2%
gross margin
the number that mattered
68.2% gross margin matters most because it says customers still pay up for the brand; the problem is below that line, where operating costs eat too much.
source: company earnings report, 2026
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What could go wrong
the #1 risk is FIGS proving Q4 was a spike, not a durable growth reset.
high
2026 growth execution
management is pointing to roughly $700M in 2026 revenue versus a current $631M annual base. that is not impossible. it is also not automatic.
if revenue growth slips well short of that path, the premium-brand narrative weakens fast.
high
tariff pressure on gross margin
management expects tariffs to pressure margins by 400 basis points. when your bull case starts with a 68.2% gross margin, that matters.
a four-point hit would take the edge off the number investors care about most.
med
class action litigation
McCune Wright Arevalo LLP filed a class action challenging statements around demand, inventory, and shipping costs. legal overhangs rarely help a re-rating story.
even without a final financial impact yet, the case can keep scrutiny high and sentiment fragile.
med
price versus consensus
the average analyst target is $10.01 while the stock trades at $12.20 after a 57% rally. that's the market saying the quarter mattered more than the models do — for now.
if the next report is merely fine, that gap can close the wrong way.
between the $10.01 average target, the jump from $631M toward roughly $700M in revenue, and a potential 400-basis-point tariff hit, this is a stock where execution has to stay unusually clean.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
expected on or around may 14, 2026. this is where you find out whether the Q4 surge was a one-quarter event or a real trend.
margin
gross margin after tariffs
68.2% is the premium-brand proof. if tariff pressure knocks that down by the expected 400 basis points, the whole debate changes.
growth
path from $631M to roughly $700M
that is the implied growth task for 2026. you want to see steady progress, not one big quarter doing all the narrative work.
legal
class action developments
updates around the demand, inventory, and shipping-cost lawsuit matter because they test management credibility right when the market is relearning the story.
Analyst rankings
street target
$10.01
in human-speak, analysts think the stock price ran ahead of their models after the Q4 beat.
earnings surprise
$0.10 vs $0.02
the quarter forced a reset. older estimates tell you where the street was. the next estimate revisions tell you whether conviction followed.
coverage quality
limited here
this snapshot has target context, but not a full ranking stack. use consensus as a clue, not a verdict.
source: institutional data
Institutional activity
institutional ownership data for FIGS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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