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The Screen · Consumer Cyclical · Apparel Manufacturing
FIGS, Inc.
FIGS · the NYSE · USD · Market cap $3.3B · 330 employees
FIGS, Inc., together with its subsidiary, FIGS Canada, Inc., operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 5.32, read 2026-10-28
Ethical passes the values gate
Price20.48 USD
Fair value14.21
Ethical score70.0/100
Our investment reviews on this name
2026-10-25Read Accumulation19.98+2.5% to today ✓Markup gives way to Accumulation first Accumulation read since October
2026-10-18Read Markup19.54+4.8% to today ✓Accumulation gives way to Markup after a 45% rise in 7 days
2026-10-11Read Accumulation13.52+51.5% to today ✓Distribution gives way to Accumulation with volume flow in agreement
2026-10-02Read Distribution13.13+56.0% to today Markup gives way to Distribution after a 14% slide in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
FIGS, Inc. holds its Accumulation at $20.48. Consolidating, no directional conviction, held for 33 days.
As held on the ledger · 2026-10-27
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 33 days
Price at the screen
$20.48
Valuation
60.55 trailing · 52.23 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.07
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
10.35%
Below 33%
Interest-bearing debt is just 10.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
4.78%
Below 33%
Cash held in interest-bearing accounts and securities is 4.8% of assets, under the one-third limit.
Pass
Receivables
15.06%
Below 49%
Money owed to the company is 15.1% of assets, under the 49% limit.
Pass
Revenue purity
1.39%
Below 5%
Only 1.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
FIGS, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 10%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when FIGS's ethical verdict changes
Today FIGS passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. The price runs 30.6% above the base estimate.
Third-party analyst targets: 8 covering, consensus Buy. The average target sits −2% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Scrubs seller shows growth but no edge
Every time a nurse buys a new set of scrubs online, the order lands with FIGS and its direct-to-consumer model. The business is expanding revenue at 28 percent, yet it trades at 32 times forward earnings with a 6 percent profit margin and 10 percent return on equity. Those figures leave little room for error, and the opportunity rating stays at none.
The ethical screen clears, which rules out any bar on labour or supply-chain grounds. Still, the unknown moat and the fact that eight analysts cannot agree on a single rating point to a company that has not yet proved durable pricing power or lasting loyalty.
Consumer cyclical demand for apparel can swing quickly with hospital budgets and fashion shifts. At this multiple the market already prices in strong growth; any slowdown would compress the shares sharply. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FIGS trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Accumulation$20.48+2.5%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 53% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading overbought. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
2026-10-18Markup · changed$19.54+44.5%Entry 8
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 44.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
2026-08-29Markup · changed$15.22+47.6%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 47.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
2026-07-28Distribution$10.31-13.8%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
2026-07-18Distribution$11.96+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 121%. Our forward projection puts the odds of a 10% gain over the next month near 39%. The street (8 analysts) rates it none, with a mean price target of $18.
2026-07-03Distribution$11.96+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$11.96Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
