Is the business good?
How good a business is FIGS?
FIGS, Inc. earns 22% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
22%
Return on invested capital · cost of capital 9.0% · 13 points above what the capital costs: growth creates value
- Operating margin
- 6.4%
Operating margin · Apparel Manufacturing median 6.9% · 12 months to Q1 2026
- Cash conversion
- 0.97×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +21%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 22% |
| FY2021 | 2.6% |
| FY2022 | 7.4% |
| FY2023 | 6.2% |
| FY2024 | 0.41% |
| FY2025 | 6.0% |
Details›
- Gross margin12 months to Q1 2026
- 67%
- Operating margin12 months to Q1 2026
- 6.4%
- Net margin12 months to Q1 2026
- 6.1%
- Free cash flow margin
- 5.9%
- Revenue, trailing twelve months
- $666M
- Free cash flow, trailing twelve months
- $39M
- Net income, trailing twelve months
- $41M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 22%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Apparel Manufacturing
Ranks #4 of 11 by Smart Score