FIGS (FIGS) Stock Forecast & Price Target

FIGS is benefiting from a strengthening brand and demand profile, with management citing rising search traffic and social followers, more searches for FIGS than for scrubs, and record active customers of 3.1 million alongside all-time-high net revenues per active customer of $229. The business is also demonstrating durable operating momentum, as revenue grew 28.8% year over year to $196.6 million in 2Q, gross margin expanded to 75.2% and adjusted EBITDA reached $36.6 million, or 18.6% of sales, while growth broadened across geographies, categories, and customer cohorts. FIGS also has multiple long-runways for expansion through international growth, TEAMS, Community Hubs, and new product innovation, supported by a debt-free balance sheet, roughly $300 million in cash and equivalents at YE25, positive free cash flow in 2025, and roughly 80% of revenue from core evergreen products that help balance growth with margin resilience.

FIGS is a founder-led healthcare apparel company with $631 million of revenue in 2025, but the negative outlook reflects a business that still depends heavily on a narrow core scrubwear category and the U.S. market while its lifestyle expansion remains early and competitive. Despite solid DTC engagement and momentum in TEAMS, international, and community hubs, the company faces tougher 2H compares, possible stock-outs from the Jordan WRO, and tariff pressures that could temper near-term operating performance. Even with gross margins still estimated at over 66% this year and base-case 2026 net revenue growth of 12%, the need to sustain broad-based growth across newer initiatives against established activewear and lifestyle competitors makes the durability of the earnings story less certain.