FIGS (FIGS) Stock Forecast & Price Target

FIGS is well positioned for durable growth because its core scrubwear franchise still drives 82% of sales, while non-scrubwear is scaling quickly, international revenue surged 67%, and record performance across TEAMS and Community Hubs shows multiple expansion vectors are working. Its customer base is becoming more valuable and engaged, with active customers reaching 3.1 million and net revenue per active customer hitting an all-time high of $229, supporting gains from higher frequency, better retention, and broad-based demand across new, returning, and reactivated shoppers. Financially, the company delivered net sales of $197 million, gross margin of 75.2%, and adjusted EBITDA margin of 18.6%, while maintaining a debt-free balance sheet and strong cash generation, which gives it flexibility to invest, scale, and absorb tariff pressures.

FIGS is facing a negative fundamental setup because its business remains exposed to macro headwinds, including inflation, tariffs, supply chain and logistics issues, and the risk that a weakening economy could pressure healthcare apparel demand and profitability. Although scrubs have some recession resistance, the company has not been through a sustained recessionary period, and its core moat may prove less durable if commoditization increases or if competitors replicate its proprietary fabric and style advantages. Its lifestyle products are still early in development, while expansion into that category also pits it against established activewear and lifestyle brands, limiting confidence in durable growth.