FIGS, Inc. Class A (FIGS)

FIGS' stock has experienced notable movements in the past six months. The company's stock surged nearly 6% after reporting strong Q4 2025 results, leading to a Morgan Stanley price target hike to $15 on April 13, 2026. Following a blowout Q1 2026 earnings beat on May 7, 2026, the stock rose 6% to close at $14.50, but shares tumbled nearly 15% in after-hours trading. Insider RSU tax sales by executives in early May 2026 added a modest overhang. The company's market capitalization has seen a significant decrease from its IPO valuation of $4.4 billion in May 2021 to approximately $1.16 billion as of August 2025. The share price as of May 1, 2026, was $15.40, representing a 240.71% increase from $4.52 on May 2, 2025.

FIGS' products exhibit some demand seasonality, particularly in its direct-to-consumer healthcare apparel business. The company's Q1 2026 earnings report indicated a "typical post-holiday seasonality," with a sharp sequential decline in revenue and earnings per share from the prior quarter (Q4 2025). The company's business model and focus on a seasonless assortment of scrubs may help mitigate extreme seasonality.

FIGS, Inc. is a direct-to-consumer healthcare apparel and lifestyle brand that designs and sells medical scrubs and related products, operating within the Consumer Discretionary sector and the Apparel Manufacturing industry. The company aims to transform the medical apparel industry by offering technically advanced, comfortable, functional, and stylish options for healthcare professionals. FIGS primarily sells its products through its direct-to-consumer digital platform and has a business-to-business (B2B) segment called TEAMS for healthcare institutions.

Headquartered in Santa Monica, California, FIGS operates as a global direct-to-consumer brand, with the United States as its primary market. FIGS ships its products to numerous countries worldwide and has been actively expanding its global reach, with recent efforts focused on Europe, and launches in Japan in Q2 2025 and planned entry into South Korea in the second half of 2025. As of April 2026, FIGS had expanded its presence from 58 countries in FY 2025 to 85 countries. Its warehouse is located in the City of Industry, California.

FIGS has cultivated a strong brand reputation centered on its mission to "celebrate, empower, & serve those who serve others." The company is known for disrupting the traditional medical uniform market by offering modern, functional, and stylish medical apparel. Key initiatives contributing to its reputation include the "Threads for Threads" program, which donates scrubs to healthcare workers in need globally. FIGS also engages in partnerships and campaigns that advocate for and honor healthcare professionals, such as its multi-year partnership with the United States Olympic & Paralympic Committee to outfit the Team USA Medical Team. In the past year, a notable event impacting its reputation positively is the launch of a long-term partnership with Emmy-award-winning actor and healthcare advocate Noah Wyle to advocate for the healthcare workforce and reduce medical debt.

The ownership structure of FIGS is predominantly held by institutional investors, who collectively owned 92.51% of the company's stock as of March 2025. Major institutional shareholders include Bamco Inc., Vanguard Group Inc., BlackRock, Inc., T. Rowe Price Investment Management Inc., and Ameriprise Financial Inc. Company insiders, including co-founders Heather Hasson and Trina Spear, also hold a significant portion of the stock, approximately 39.12% as of March 2025. FIGS employs a dual-class share structure, concentrating voting power with the founders and certain affiliates.