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FIGS

FIGS, Inc.

FIGS

FIGS, Inc. • NYSE
$9.79 ▲ 0.62% (+0.06)
Market Cap $1.60 B
52w High $10.24
52w Low $3.56
Dividend Yield 0%
P/E 89
Volume 1.43M
Outstanding Shares 163.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $151.661M ▼ $96.433M ▲ $8.746M ▲ 5.767% ▲ $0.05 ▲ $14.285M ▲
Q2-2025 $152.64M ▲ $92.331M ▲ $7.099M ▲ 4.651% ▲ $0.044 ▲ $14.184M ▲
Q1-2025 $124.901M ▼ $84.67M ▼ $-102K ▼ -0.082% ▼ $-0.001 ▼ $1.788M ▼
Q4-2024 $151.832M ▲ $93.296M ▼ $1.885M ▲ 1.242% ▲ $0.011 ▲ $10.746M ▲
Q3-2024 $140.209M $102.657M $-1.7M -1.212% $-0.01 $-5.744M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.526M ▲ $544.738M ▲ $131.409M ▲ $413.329M ▲
Q2-2025 $238.84M ▼ $517.124M ▼ $120.593M ▼ $396.531M ▲
Q1-2025 $251.211M ▲ $522.314M ▲ $140.778M ▲ $381.536M ▲
Q4-2024 $245.114M ▼ $509.787M ▼ $132.655M ▼ $377.132M ▼
Q3-2024 $281.71M $542.488M $138.978M $403.51M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.746M ▲ $3.437M ▲ $-8.965M ▲ $1.133M ▲ $-4.395M ▲ $531K ▲
Q2-2025 $7.099M ▲ $-12.43M ▼ $-26.914M ▼ $185K ▲ $-39.159M ▼ $-13.519M ▼
Q1-2025 $-102K ▼ $9.235M ▼ $-2.184M ▲ $-2.688M ▲ $4.363M ▲ $7.925M ▼
Q4-2024 $1.885M ▲ $30.416M ▲ $-31.117M ▼ $-37.757M ▼ $-38.458M ▼ $27.053M ▲
Q3-2024 $-1.7M $22.588M $-23.023M $-7.273M $-7.708M $18.419M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
NonscrubwearLifestyle
NonscrubwearLifestyle
 $0 ▲$30.00M ▲$30.00M ▲$20.00M ▼
Scrubwear
Scrubwear
 $230.00M ▲$100.00M ▼$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement FIGS has grown its sales steadily over the past several years, roughly doubling since 2020, but growth has recently slowed to a more modest pace. The company enjoys strong gross margins, meaning it keeps a healthy share of each dollar of revenue after product costs. However, operating profit and net income are relatively small compared with revenue, and most recent results are closer to breakeven than to strong profitability. This suggests the business is still balancing growth investments, marketing, and overhead against its attractive product margins, and has not yet fully translated its brand strength into consistently robust earnings.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively healthy. Total assets and shareholders’ equity have climbed over time, reflecting a business that has been building its scale and reinvesting in itself. Cash levels, while lower than at the post-IPO peak, remain meaningful and provide a cushion. Debt is modest, especially compared with the size of the equity base, which reduces financial risk and gives the company flexibility to manage through industry or demand swings.

Cash Flow

Cash Flow FIGS has generally been able to turn its accounting profits into real cash, with operating cash flow positive in most recent years after a one-year setback. Free cash flow has been consistently positive lately, helped by relatively low spending on equipment and physical assets. This means the core business is generating cash that can be used for marketing, product development, and potential growth initiatives rather than being tied up in heavy capital projects. Overall, the cash flow profile is a clear strength compared with many young consumer brands.

Competitive Edge

Competitive Edge FIGS occupies a premium niche in medical apparel, turning basic scrubs into a lifestyle and performance product for healthcare professionals. Its direct-to-consumer model gives it control over branding, pricing, and the customer relationship, as well as access to rich data on buying behavior. The brand is highly visible and community-driven, with strong loyalty among many healthcare workers who value comfort, fit, and style. Proprietary fabrics and first-mover status in “premium scrubs” create real differentiation, but competition from both traditional budget brands and newer premium entrants remains an ongoing pressure on growth and pricing power.

Innovation and R&D

Innovation and R&D Innovation at FIGS is focused more on fabrics, design, and data than on traditional lab-style R&D. Proprietary materials such as FIONx and FORMx, and newer platforms like Float, are designed to improve stretch, comfort, durability, and protection—key features for demanding clinical settings. The company broadens its offering beyond core scrubs into outerwear, underscrubs, footwear, and higher-end collections, while also exploring a B2B platform to outfit entire healthcare teams. Data from its direct-to-consumer channel supports rapid product feedback loops, personalization, and targeted marketing, and sustainability initiatives add another layer of differentiation for customers who care about environmental impact.

Summary

FIGS has built a distinctive, premium brand in an overlooked part of the apparel market by combining performance fabrics, direct-to-consumer distribution, and strong community marketing. Financially, it shows solid revenue growth, high product-level margins, positive free cash flow, and a conservative balance sheet with limited debt, but overall profitability remains modest and somewhat uneven. The company’s moat rests on brand strength, proprietary materials, and customer loyalty, yet it still faces competitive, execution, and fashion-related risks as it expands internationally and into B2B. How effectively FIGS converts its brand and innovation into durable, scalable profits—without overextending on costs—will be a key factor shaping its long-term trajectory.

NEWS

November 6, 2025 · 4:05 PM UTC

FIGS Releases Third Quarter 2025 Financial Results

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October 16, 2025 · 4:05 PM UTC

FIGS Announces Date of Third Quarter 2025 Earnings Release, Conference Call and Webcast

Read more