Assessing FIGS's Valuation After Strong Q3 Results, Raised Guidance, and New Expansion Plans

FIGS (NYSE:FIGS) drew investor attention after reporting strong third-quarter results, including higher revenue and profitability compared to last year. The company also increased full-year 2025 guidance and announced plans for physical and international expansion.

See our latest analysis for FIGS.

FIGS has clearly caught investors’ attention after upbeat Q3 results and raised guidance. The stock soared with a 20.47% one-month share price return and an impressive 87.8% total shareholder return for the past year. Strong momentum has been fueled by confident analyst upgrades, progress on international growth, and the strategic move to brick-and-mortar retail, all reinforcing optimism about the brand’s long-term growth trajectory.

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Yet with the stock rallying so hard in recent months and analyst attention reaching new highs, the real question is whether FIGS shares remain undervalued or if Wall Street is already pricing in all that future growth potential.

Most Popular Narrative: 19.3% Overvalued

With a fair value of $7.74 per share and a last close of $9.24, the narrative suggests that FIGS is trading notably above expectations, raising questions about whether current optimism is already priced in.

Strategic international expansion, with recent launches in Japan, South Korea, and twelve new Latin American markets, is expected to diversify revenues and accelerate top-line growth beyond the U.S. core over the next several years.

Read the complete narrative.

How much future growth is the market actually pricing in? The narrative’s premium depends on ambitious international expansion and growth forecasts that challenge conventional industry assumptions. See what is fueling such bold projections and what could change the whole outlook.

Result: Fair Value of $7.74 (OVERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, intensifying competition or sustained tariff pressures could challenge FIGS' growth ambitions and put additional strain on future margins and profitability.

Find out about the key risks to this FIGS narrative.

Build Your Own FIGS Narrative

If you see the story differently or want data at your fingertips, you can easily build your own FIGS narrative and dive into the numbers yourself in just a few minutes. Do it your way.

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding FIGS.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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