Why FIGS Stock Is Back on Investor Radar

FIGS (FIGS) has drawn renewed attention after its second quarter 2026 earnings, higher full year revenue guidance, and an expanded share repurchase plan reset expectations around the stock.

The company reported second quarter sales of US$196.62 million and net income of US$28.38 million, along with updated guidance that targets approximately 20% net revenue growth for 2026 versus 2025.

FIGS also detailed recent buyback activity, including completed repurchases under its 2024 authorization and a US$100 million increase to its equity buyback plan, bringing total authorization to US$200 million.

FIGS shares have responded sharply to the earnings and guidance reset, with a 32.26% 7 day share price return and a 43.33% 30 day share price return. The 1 year total shareholder return of 129.51% contrasts with a 5 year total shareholder return that has declined 65.76%, suggesting momentum has recently rebuilt after a weaker longer term period.

If FIGS’s rebound has you thinking about what else is moving in the market, this can be a good moment to look at 19 top founder-led companies

After FIGS’s sharp jump and richer buyback plans, the real fork in the road is timing. Is this renewed strength already in the price, or does the current share level still leave room based on today’s valuation?

Most Popular Narrative: 0% Overvalued

According to the most followed FIGS narrative by julio, the fair value is set at $14.39, which matches the last close of $14.39 and frames the recent rally as fully reflected in the price.

The company, on an absolute basis, is still growing well. Further, it has several growth levers, such as expanding its product range, entering new markets, and leaning into its “TEAMS” offering.

Curious what kind of revenue path, profit margins, and future earnings multiple are baked into that $14.39 figure? The answers sit inside this valuation blueprint.

Result: Fair Value of $14.39 (ABOUT RIGHT)

However, FIGS still faces two key risks that could challenge this “about right” view: slower revenue growth than expected and pressure on premium pricing if demand softens.

Next Steps

Given the mixed sentiment around FIGS, it can help to move quickly, review the full data set, and shape your own conclusion. To see what investors are currently optimistic about, start with the 3 key rewards

Looking for more FIGS-style investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.