FIGS, Inc.
FIGSdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
FIGS, Inc. earns about 10% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 13% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $1.22 and $21.77 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $419.6M1 | $505.8M2 | $545.6M3 | $555.6M3 | $631.1M3 |
| Net income | −$9.56M4 | $21.2M5 | $22.6M6 | $2.72M6 | $34.3M6 |
| Operating cash flow | $66.4M7 | −$35.3M8 | $100.9M9 | $81.2M9 | $61.2M9 |
| Capital expenditure | $2.71M10 | $5.35M11 | $16.3M12 | $17M12 | $8.17M12 |
| Free cash flow (derived) | $63.7M7 | −$40.7M8 | $84.6M9 | $64.1M9 | $53M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $195.4M13 | $159.8M14 | $144.2M15 | $85.6M16 | $82M16 |
| Diluted shares | 159.2M | 187.5M | 182.4M | 180.1M | 179.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $24.37 of net worth that earned you $1.91 and generated $2.95 of cash last year.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 13% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.22 and $21.77 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$64.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$64.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$21.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.56 |
| Base | 20.0% | $12.11 |
| Bull | 20.0% | $12.11 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007659 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008688 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-012333 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007659 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008688 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-012333 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007659 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008688 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-012333 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007659 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008688 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-012333 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-005575 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-007659 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-008688 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-012333 (CashAndCashEquivalentsAtCarryingValue)