What FIGS (FIGS)'s Earnings Beat and Olympic Push Means For Shareholders

• FIGS recently reported third-quarter 2025 results that exceeded market expectations for both earnings per share and revenue, underscoring solid operating execution in its healthcare apparel business.
• Analysts have since highlighted FIGS' international expansion and upcoming Winter Olympics-linked marketing campaigns as potentially meaningful growth drivers for its direct-to-consumer model.
• We’ll now explore how FIGS’ stronger-than-expected quarterly performance could influence its existing investment narrative and future earnings profile.

Find companies with promising cash flow potential yet trading below their fair value.

FIGS Investment Narrative Recap

To own FIGS, you need to believe its premium scrubs brand can keep converting healthcare professionals into loyal, repeat direct customers, while expanding internationally without eroding margins. The latest Q3 2025 beat and raised 2025 revenue outlook help near term by supporting confidence in demand and execution, but do not remove the biggest risk right now: that faster inventory growth and international investment could misjudge demand and pressure profitability if trends soften.

The most relevant recent announcement here is FIGS’ upgraded full year 2025 guidance, lifting expected net revenue growth to about 7% year over year from a prior low single digit range. That guidance sits alongside a stock price that has already moved ahead of some analyst fair value estimates, sharpening the focus on whether execution in new markets and marketing, including the Winter Olympics campaigns, can sustain the level of performance implied by current expectations.

Yet investors should also be aware that, even with stronger results, FIGS remains heavily exposed to the risk that its stepped up inventory and expansion plans could...

Read the full narrative on FIGS (it's free!)

FIGS' narrative projects $656.8 million revenue and $37.0 million earnings by 2028. This requires 4.9% yearly revenue growth and an earnings increase of about $29.8 million from $7.2 million today.

Uncover how FIGS' forecasts yield a $9.52 fair value, a 20% downside to its current price.

Exploring Other Perspectives

Five fair value estimates from the Simply Wall St Community cluster between US$2.36 and US$9.53, underlining how far opinions sit from the current share price. When you set that dispersion against FIGS’ reliance on successful international expansion and inventory discipline, it is a reminder to weigh several independent views before deciding how its recent momentum might translate into future performance.

Explore 5 other fair value estimates on FIGS - why the stock might be worth as much as $9.52!

Build Your Own FIGS Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your FIGS research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free FIGS research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate FIGS' overall financial health at a glance.

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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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