FIGS
FIGS's revenue rose 13.6% to $631 million in fiscal 2025. Its operating margin was 6.0%, up from 0.4% a year earlier. Free cash flow was $53 million, down 17.4%. It paid out $3 million in dividends and buybacks, 5% of free cash flow. The diluted share count fell 0.3%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What FIGS does
FIGS sells scrubs and other apparel to healthcare professionals. It designs its products in-house, uses outside suppliers and manufacturers to make them, and sells mostly through its own website and mobile app. It also runs a business-to-business arm called TEAMS and a few physical stores it calls Community Hubs.
Its range includes scrubwear and non-scrubwear items such as outerwear, underscrubs, footwear, compression socks, lab coats and loungewear. Core scrubwear styles brought in over 60% of net revenues in 2025. It says it tests new products with small first orders and decides what to reorder from sales data.
FIGS says it had about 2.9 million active customers at the end of 2025. It also runs an Ambassador Program, in which healthcare workers from around the world help it connect with its community. Nearly all of its suppliers and manufacturers are outside the United States.
Its biggest risks, as it describes them
- Its growth may not last, and it has not always been profitable.
- Damage to its brand, or marketing that fails to attract and keep customers.
- Competition from other healthcare apparel sellers.
- Relying on a limited number of suppliers, nearly all outside the United States, and on shipping.
- Trade policy that affects its ability to source and ship products at a profit.
Income statement
From fiscal 2020 to 2025, earnings per share fell 8.7% a year and net income 7.2% a year, as new shares raised the share count by 10% and diluted each share's earnings.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 195 | 160 | 247 | 245 | 301 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | 4.7x | 5.0x | 6.7x | 4.2x | 4.9x |
| Quick ratio | 3.3x | 2.5x | 4.7x | 3.0x | 3.5x |
Cash flow
Projections
Project FIGS's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of FIGS reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | 23.4% | 13.4% | 22.0% |
| Altman Z'' | 9.57 | 7.19 | 8.25 |
| Accruals ratio | −18.0% | −16.0% | −4.9% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Pass | Fail | Pass |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Fail | Fail | Fail |
| Revenue rose relative to assets | Fail | Fail | Pass |
| F-score | — | — | — |
Compare
Put FIGS side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| FIGS | FY25 | 13.6% | 6.0% | 8.4% | — | — | — | |
| Movado | FY26 | 2.7% | 4.4% | 8.0% | — | — | — | Compare |
| Warby Parker | FY25 | 13.0% | −0.6% | 5.0% | −3.4% | −6.4x | 4 | Compare |
| Fossil | FY25 | −12.3% | −1.9% | −6.0% | −8.7% | — | 4 | Compare |
| Oxford Industries | FY25 | −2.6% | −2.1% | 0.8% | −3.9% | 3.1x | 3 | Compare |
7 years of figures
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 110 | 263 | 420 | 506 | 546 | 556 | 631 |
| Revenue growth | — | 138.1% | 59.5% | 20.6% | 7.9% | 1.8% | 13.6% |
| Gross profit | 79 | 190 | 301 | 354 | 377 | 376 | 420 |
| Research and development | — | — | — | — | — | — | — |
| Operating income | −0 | 58 | 11 | 38 | 34 | 2 | 38 |
| Net income | 0 | 50 | −10 | 21 | 23 | 3 | 34 |
| Diluted EPS (US$) | 0.00 | 0.30 | −0.06 | 0.11 | 0.12 | 0.02 | 0.19 |
| Diluted shares (millions) | 154 | 163 | 159 | 188 | 182 | 180 | 180 |
| Cash flow | |||||||
| Cash from operations | 6 | 22 | 66 | −35 | 101 | 81 | 61 |
| Capital expenditure | 5 | 2 | 3 | 5 | 16 | 17 | 8 |
| Free cash flow | 2 | 19 | 64 | −41 | 85 | 64 | 53 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 46 | 3 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 0 | 9 | 81 | 38 | 46 | 43 | 27 |
| Balance sheet at fiscal year end | |||||||
| Cash and short-term investments | 38 | 58 | 195 | 160 | 247 | 245 | 301 |
| Debt incl. finance leases | — | — | — | — | — | — | — |
| Total assets | — | 134 | 312 | 395 | 473 | 510 | 580 |
| Total liabilities | — | 36 | 66 | 87 | 96 | 133 | 142 |
| Shareholders' equity | 39 | 98 | 246 | 308 | 377 | 377 | 438 |
| Margins and ratios | |||||||
| Gross margin | 71.8% | 72.3% | 71.8% | 70.1% | 69.1% | 67.6% | 66.5% |
| Operating margin | −0.3% | 22.0% | 2.6% | 7.5% | 6.2% | 0.4% | 6.0% |
| Net margin | 0.1% | 18.9% | −2.3% | 4.2% | 4.2% | 0.5% | 5.4% |
| Free cash flow margin | 1.6% | 7.4% | 15.2% | −8.0% | 15.5% | 11.6% | 8.4% |
| Rule of 40 (growth + FCF margin) | — | 145.5% | 74.7% | 12.5% | 23.4% | 13.4% | 22.0% |
| Return on capital | — | — | — | — | — | — | — |
| Return on equity | — | — | −5.6% | 7.7% | 6.6% | 0.7% | 8.4% |
| Return on assets | — | — | −4.3% | 6.0% | 5.2% | 0.6% | 6.3% |
| Net debt to EBITDA | — | — | — | — | — | — | — |