Revisiting FIGS (FIGS) Valuation After Analyst Upgrade and Strong Second-Quarter Results

FIGS (NYSE:FIGS) saw its shares climb after BTIG launched coverage on the company with a "Buy" rating, citing strong demand in healthcare apparel. This renewed analyst attention has energized investors following upbeat second-quarter results.

See our latest analysis for FIGS.

FIGS has enjoyed a burst of momentum, with its share price up 14% in the past week and nearly 33% over the last three months. This reflects renewed optimism following robust earnings and fresh analyst coverage. For context, the company’s one-year total shareholder return stands at just over 20%, which suggests that while the short-term trend is accelerating, long-term gains have been more modest.

If FIGS' recent momentum has you thinking about other healthcare standouts, consider taking the next step and explore See the full list for free.

With FIGS shares at a 52-week high and receiving a fresh "Buy" rating, investors are left to wonder: Is there still room for upside, or has the market already factored in all future growth?

Most Popular Narrative: 16.6% Overvalued

With FIGS last closing at $7.86, the most widely followed analyst narrative assigns a fair value closer to $6.74, signaling the stock is trading ahead of their estimated worth. This calls for a deeper look at what is fueling the analysts’ perspective on FIGS’s prospects.

Enhanced product innovation, including new fits, fabrications, limited edition/seasonal launches, and deeper lifestyle category offerings, is increasing AOV and customer engagement. This lays the groundwork for higher gross margins and expanded customer lifetime value.

Read the complete narrative.

Which key ingredients are powering this aggressive fair value? It’s not just hype. A combination of future sales expansion, margin recovery, and a profit multiple far above the industry is shaping these numbers. Want to find out what financial leap analysts expect FIGS to make next? Dive in to see the narrative’s secret assumptions revealed.

Result: Fair Value of $6.74 (OVERVALUED)

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

However, the outlook could change quickly if tariffs curtail margins or if slower customer growth pressures top-line expansion.

Find out about the key risks to this FIGS narrative.

Build Your Own FIGS Narrative

Prefer to dig into the numbers yourself or have a different view? You can shape your own custom FIGS story in a matter of minutes: Do it your way

A great starting point for your FIGS research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

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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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