FIGS Inc. FIGS

Name: FIGS Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $15.81

Crucible Score

49.4

C-

Quality × Value Composite

KQI — Quality

62.9

C+

Fundamental Quality Index

KVI — Value

32.8

D-

Valuation Attractiveness Index

Crucible Verdict — FIGS

FIGS Inc. presents a stark quality-value disconnect, with strong competitive moats and financial health undermined by poor diversification and a concerning pattern of insider selling despite consistent earnings beats. FIGS trades near fair value at current levels, but the company's narrow focus creates meaningful downside risk if its core scrubs market faces headwinds.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

70.7

Growth Profile

61.1

Moat Durability⚠

80.5

Management Effectiveness⚠

52.0

Diversification & Resilience⚠

24.0

Market Position

44.0

Weakest dimension: Diversification & Resilience (24.0)

◆ KVI Value Dimensions

DCF Margin of Safety

47.0

FCF Yield & Cash Returns

29.6

Relative Valuation

21.0

Growth-Adjusted Value

17.6

Historical Valuation

44.2

Macro Context

23.4

◆ DCF Valuation Scenarios

Bear Case

$8.42

Base Case

$16.53

Bull Case

$28.74

Price at Analysis

$15.81

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$8.42	4.0%	6.0%	11.2%
🟢 Base	$16.53	7.0%	9.0%	10.5%
🟢 Bull	$28.74	10.0%	12.0%	9.8%

Key Assumptions: FIGS has shown volatile profitability with operating margins ranging from 0.4% to 7.4% and revenue growth decelerating from rapid early growth to low-single-digit rates recently. WACC is calculated using CAPM with a 5.5% ERP given consumer cyclical risk, yielding ~11% base cost of equity with modest debt adjustments. Terminal margins reflect the challenge of sustaining premium pricing in competitive healthcare apparel, with the base case assuming gradual margin recovery toward 9% as the company matures and scales internationally.

◆ Financial Snapshot

Profitability

Gross Margin66.5%

Operating Margin6.0%

Net Margin5.4%

ROIC4.5%

ROE9.8%

Balance Sheet

Balance SheetCR: 4.94

Cash ConversionFCF/EPS: 1.52x

Capital IntensityCapex/Rev: 1.3%

Altman Z-Score12.72 (Safe)

Piotroski F-Score7/9 (Good)

Growth

Revenue CAGR10.7% CAGR

Earnings CAGR-8.9% CAGR

Growth ConsistencyCV: 1.18

Segment Breadth2/2 growing (100%)

Quarterly TrendRev↑, Margin↑, Cash↓, WC↓, Exp↓

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOHeather Hasson · 14 years

CEO Ownership57.9%

Insider ActivitySelling

Capital AllocationROIC 4.5% vs WACC 11.2%

Earnings Beat Rate79% (17/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.