Key Takeaways for FIGS Stock as of August 2026
- Guidance Reset: FIGS stock jumped 27% on Friday, August 7 after Q2 revenue of $196.6M grew 29% YoY and management lifted full-year guidance to ~20% growth from a prior 14% to 16%.
- Underlying Margin: Gross margin hit a record 75.2%, but 780 basis points came from a one-time tariff refund, and the core still expanded on higher pricing and lower return rates.
- Street Flip: Nine analysts now split four buys, one outperform, and four holds, and their $18 mean target sits 25% above the $14 close after climbing from $5 a year ago.
- Model Upside: TIKR values FIGS stock at $19 by December 2030, a 35% total return.
Why FIGS Stock Jumped 27% on a Q2 Beat and a Raised Guide
FIGS (FIGS) stock jumped 27% on Friday, August 7, closing at $14.26, the day after the healthcare apparel maker posted second-quarter revenue of $196.6 million and lifted its full-year outlook. Revenue climbed 28.8% from a year earlier and beat the $185.9 million analysts had modeled. Diluted earnings of $0.15 came in more than double the $0.07 consensus.
The print did two things at once, and the second mattered more than the first. FIGS did not just beat the quarter. It raised the bar for the rest of the year.
Management now guides to full-year revenue growth of about 20%, up from the prior range of 14% to 16%. On the call, CFO Sarah Oughtred tied the raise to demand rather than the beat alone: “We are not only passing through the upside of our Q2 results, we are also layering in increased expectations for the second half of the year.” A company clearing one quarter is common. A company clearing the quarter and telling investors the back half now looks better than it said three months ago is what repriced the stock.
Growth came from everywhere, not one line. Scrubwear, still 82% of the business, grew 27%. Non-scrubwear rose 40%. International revenue climbed 67% to $37.9 million. Active customers reached 3.1 million, up 13%, and average order value hit a record $127. Net revenue per active customer touched $229, past even the COVID-era peak the company spent two years trying to reclaim.
The margin line needs a closer read. Gross margin expanded 820 basis points to a record 75.2%, but most of that was not operational: a one-time refund of tariffs paid under the IEEPA regime added roughly 780 basis points. Strip the refund out and the core still improved, driven by January pricing actions, more full-price selling, and lower return rates. That distinction carries the thesis. The headline margin flatters the quarter; the underlying margin shows the brand selling more at less discount, and that is the part that lasts.
Net income landed at $28.4 million, nearly 4x the $7.1 million a year ago. FIGS also authorized a fresh $100 million buyback and repurchased about $24 million of stock during the quarter.
Two years after the post-pandemic hangover turned FIGS into a broken growth story, the quarter reframed it as a brand reaccelerating with real profit behind it.
FIGS Raised Its Outlook Even With a Supply Shock in Motion
The raise reads as more convincing given what management raised it through. U.S. Customs and Border Protection issued a withhold release order that currently blocks FIGS from importing product from its manufacturing partner in Jordan, a core source of supply. The company is shifting volume to other partners and paying to airfreight certain goods into the second half, and both carry cost. FIGS still lifted its top and bottom line targets anyway. A guide that goes up while a supply channel goes offline says the demand signal runs strong enough to absorb the hit, which is the read the market took on Friday.
The Street Spent a Year Turning Bullish on FIGS Stock
Nine analysts cover FIGS stock, split four buys, one outperform, and four holds. Their mean price target of $18 sits 25% above the $14 close, inside a range that runs from $14 at the low to $22 at the high. No analyst rates the stock a sell.
That positioning caps a full reversal. A year ago the mean target sat at $5 against a $6 stock, one lone analyst rated FIGS a buy, seven held, and two were outright bearish. The targets sat below the price, a rare posture that says the Street expected the stock to fall. Over the next four quarters the mean climbed to $9, then $16, then $18, the buy-and-outperform camp grew from two to five, and the bearish ratings went to zero.
The gap tells the rest. At the end of June, FIGS had slipped to $10 while the mean target held near $18, opening 72% of implied upside. Friday’s move closed most of that in one session, pulling the stock to within 25% of where analysts already placed it. The Street did not chase FIGS after the print. It had been early, and the price finally came to it.
TIKR Values FIGS Stock at $19, Above the Price and the Recent Trough
TIKR’s mid-case model values FIGS stock at $19 by December 2030, implying a 35% total return from the current $14 price, or 7% annualized over roughly four and a half years.
A 7% annual return prices FIGS as a steady compounder rather than the high-velocity name it was in 2021, a fair frame for a brand now guiding to 20% revenue growth with margins in the mid-teens.
The path to $19 runs through exactly what Q2 showed.
The model leans on double-digit revenue growth and a net margin settling in the high single digits, and the quarter delivered reaccelerating sales alongside genuine margin expansion once the tariff refund is set aside. The target sits a dollar above the Street’s own mean and well above June’s $10 low, so both the model and the analysts now place fair value comfortably north of where FIGS trades even after a 27% jump.
The market’s own multiple backs the model up. FIGS trades at roughly 40x next-twelve-month earnings, down from about 119x a year ago and well under its 87x historical average, near the low end of its range. Friday’s 27% jump barely touched it, nudging the multiple from 36 to 40, so the re-rating repriced the growth without stretching the valuation.
Should You Invest in FIGS, Inc.?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up FIGS, Inc. stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track FIGS, Inc. alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
