NYSE · FIGS

FIGS, Inc.

Consumer Cyclical · Apparel - Manufacturers

$13.060.00% ($0.00)at close

As of 4:00 PM ET

52-week

$6.50$17.48

Market cap

$2.18B

P/E

41.16

EPS (TTM)

$0.32

Next earnings

Nov 5, 2026

What the market price implies · Reverse DCF

To support a price of $13.06, this model requires revenue to grow by 22.92%/yr over the next 10 years, compounded annually.

Historical revenue grew by 10.74%/yr over the past 4 years. The required annual growth rate is 12.18 percentage points higher.

Selected forecast · Base scenario

10.08%/yr · actual 10-year annualized revenue growth

Year 1 growth: 15.81%

Market-implied · Base operating assumptions + edited margins

22.92%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$13.06

Estimated value / share

$6.40

Base scenario

This estimate is 50.96% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 15.81% · Ending margin 9.6% · Discount rate 10.9%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 5:28 AM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 3 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 1866.0%.

Do you have 5+ years of positive FCFF history? Only 3 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 75.54%Revenue (TTM): 24.67%FCF (TTM): 143.8%P/FCF: 60th pct

What changed

The stock rose 75.54% over the last year. Revenue grew 24.67% over the trailing twelve months. Operating margin moved from 1.75% to 9.6%. Free cash flow grew 143.8% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (60th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 9.6% — continued expansion would be needed to justify the premium. Revenue growth of 24.67% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

FIGS, Inc. functions as a direct-to-consumer enterprise specializing in healthcare apparel and lifestyle merchandise across the United States.

CEOCatherine Eva Spear

SectorConsumer Cyclical

IndustryApparel - Manufacturers

Employees359

IPO dateMay 27, 2021

https://www.wearfigs.com

Market multiples

Forward P/E—

EV/EBITDA32.63

Enterprise value$1.83B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth28.81%

Gross margin (FY2025)66.53%▼1.1ppvs FY2024

Operating margin (FY2025)6.04%▲5.6ppvs FY2024

ROE14.76%▲6.4ppvs FY2025

Analyst consensus

RatingBuy

Target price$18.00▲37.83%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $0.07 · Revenue est $182.9M

View

NYSE · FIGS

FIGS, Inc.

Consumer Cyclical · Apparel - Manufacturers

$13.060.00% ($0.00)at close

As of 4:00 PM ET

52-week

$6.50$17.48

Market cap

$2.18B

P/E

41.16

EPS (TTM)

$0.32

Next earnings

Nov 5, 2026

What the market price implies · Reverse DCF

To support a price of $13.06, this model requires revenue to grow by 22.92%/yr over the next 10 years, compounded annually.

Historical revenue grew by 10.74%/yr over the past 4 years. The required annual growth rate is 12.18 percentage points higher.

Selected forecast · Base scenario

10.08%/yr · actual 10-year annualized revenue growth

Year 1 growth: 15.81%

Market-implied · Base operating assumptions + edited margins

22.92%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$13.06

Estimated value / share

$6.40

Base scenario

This estimate is 50.96% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 15.81% · Ending margin 9.6% · Discount rate 10.9%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 5:28 AM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 3 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 1866.0%.

Do you have 5+ years of positive FCFF history? Only 3 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 75.54%Revenue (TTM): 24.67%FCF (TTM): 143.8%P/FCF: 60th pct

What changed

The stock rose 75.54% over the last year. Revenue grew 24.67% over the trailing twelve months. Operating margin moved from 1.75% to 9.6%. Free cash flow grew 143.8% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (60th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

FIGS, Inc. functions as a direct-to-consumer enterprise specializing in healthcare apparel and lifestyle merchandise across the United States.

CEOCatherine Eva Spear

SectorConsumer Cyclical

IndustryApparel - Manufacturers

Employees359

IPO dateMay 27, 2021

https://www.wearfigs.com

Market multiples

Forward P/E—

EV/EBITDA32.63

Enterprise value$1.83B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth28.81%

Gross margin (FY2025)66.53%▼1.1ppvs FY2024

Operating margin (FY2025)6.04%▲5.6ppvs FY2024

ROE14.76%▲6.4ppvs FY2025

Analyst consensus

RatingBuy

Target price$18.00▲37.83%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $0.07 · Revenue est $182.9M

View