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Figs

FIGS on NYSE. Figs sells scrubs and apparel to healthcare workers. Market value $513m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.8%fair

For every $100 of what the whole company costs, it produced $3.84 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 64 of 100. Price score: 51 of 100. Our list needs 70 on quality and 60 on price.

$14.10 a share, 108% above its 1-year low

Over the past year the price has ranged from $6.77 to $17.48.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
-0.0
0.1
0.1
0.1
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $97 million in the past 12 months, $53 million in the year to December 2025.

Revenue
$420m$506m$546m$556m$631m
Operating margin
2.6%7.4%6.2%0.4%6.0%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.00bn0.19bn0.18bn0.18bn0.18bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 10.7% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $197 million last quarter, up 29% on a year ago.
  • Profit: $28 million, up 300% on a year ago.
  • It keeps 10 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
  • Spare cash over the past 12 months: $97 million, up from $40 million.
  • 13% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$140m
December 2024$152m
March 2025$125m
June 2025$153m
September 2025$152m
December 2025$202m
March 2026$160m
June 2026$197m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024$2m
March 2025-$102,000
June 2025$7m
September 2025$9m
December 2025$19m
March 2026$6m
June 2026$28m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 241 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%; 1 of them is pushing for change.

  • Ronald Baron
    at least 37.9%−0.1 pts
    (filed with 5 related holders)
    Since 2 March 2026
  • Baron Capital Group, Inc
    Activist
    19.1%
    Since 7 January 2025
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and restated as follows: The Reporting Persons have been long-term investors in the securities of the Issuer. The Reporting Persons have previously acquired an aggregate amount 30,837,759 shares of Class A Common Stock at an…

    Read the filing
  • Spear Catherine Eva
    Insider or founder
    15.0%+0.4 pts
    Since 9 May 2026
  • Hasson Heather L.
    Insider or founder
    8.4%−0.3 pts
    Since 9 May 2026
  • BlackRock, Inc.
    Passive investor
    5.3%+0.4 pts
    Since 30 June 2026
  • at least 4.2%−4.8 pts
    (filed with 9 related holders)
    Since 31 December 2025
  • Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Thomas J. Tull
    Sold down below 5%
    Since 19 February 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On February 19, 2025, pursuant to the Put-Call Agreement, the Sellers exercised the right to require the Buyer to purchase from the Sellers 8,793,826 shares of Class A Common Stock at a price…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $13m, $3m of it under preset trading plans.

  • Oughtred Sarah
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    4 May 2026
    Shares
    23,597
    Price
    $14.33
    Value
    $338,145
  • Hasson Heather L.
    Executive Chairman, Director
    Sold
    under a preset trading plan
    Date
    4 May 2026
    Shares
    32,385
    Price
    $14.33
    Value
    $464,077
  • Oughtred Sarah
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    2 April 2026
    Shares
    10,872
    Price
    $14.44
    Value
    $156,992
  • Spear Catherine Eva
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    2 April 2026
    Shares
    62,335
    Price
    $14.44
    Value
    $900,117
  • Hasson Heather L.
    Executive Chair, Director
    Sold
    Date
    3 March 2026
    Shares
    556,327
    Price
    $16.85
    Value
    $9m
  • Oughtred Sarah
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    5 February 2026
    Shares
    22,690
    Price
    $10.56
    Value
    $239,606
  • Hasson Heather L.
    Executive Chair, Director
    Sold
    under a preset trading plan
    Date
    5 February 2026
    Shares
    22,874
    Price
    $10.56
    Value
    $241,549
  • Oughtred Sarah
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    7 January 2026
    Shares
    10,515
    Price
    $11.50
    Value
    $120,923
  • Spear Catherine Eva
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    6 January 2026
    Shares
    49,734
    Price
    $11.38
    Value
    $565,973
  • Oughtred Sarah
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    4 November 2025
    Shares
    22,745
    Price
    $7.39
    Value
    $168,086

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.