• In the first quarter of 2026, FIGS, Inc. reported net revenue of US$159.9 million, up from US$124.9 million a year earlier, and moved from a small net loss to net income of US$6.29 million, with basic earnings per share of US$0.04.
• The company’s strong quarter was underpinned by 28% year-over-year net revenue growth, passing three million active customers and prompting management to raise full-year 2026 revenue guidance to 14%–16% growth, even as this implied slower growth than the first quarter.
• We’ll now examine how FIGS’ raised but slower full-year growth guidance shapes the existing investment narrative around its international expansion and margin recovery.

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FIGS Investment Narrative Recap

To own FIGS, you need to believe it can keep growing a loyal base of healthcare professionals while steadily improving margins, despite tariff pressure and rising competition in medical apparel. The key near term catalyst remains execution on its international rollout and retail Community Hubs, while the biggest risk is that revenue growth slows as promotions are pulled back and demand proves less resilient. The latest results and raised guidance do not remove that risk, but they do ease some concerns around margin recovery.

Among recent announcements, the launch of FIGS’ Team Store platform for institutional purchases looks particularly relevant. If FIGS can convert more hospitals and healthcare groups into recurring institutional customers, it could support the current growth story even if individual consumer demand moderates. That potential sits alongside the ongoing international expansion and new product collaborations, which together frame how realistic the raised 2026 revenue guidance might prove over time.

Yet beneath the strong quarter, growing tariff exposure and slower customer growth guidance are signals investors should be aware of as they consider whether...

FIGS’ narrative projects $802.8 million revenue and $67.4 million earnings by 2029.

Uncover how FIGS' forecasts yield a $17.75 fair value, a 53% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were assuming FIGS could reach about US$841.2 million in revenue and US$71.2 million in earnings by 2029, so this strong Q1 and raised guidance might support their view that international expansion and institutional sales could be more powerful than the consensus expects, but it also shows how far opinions can differ and why you should explore several viewpoints before deciding what you believe.

Explore 4 other fair value estimates on FIGS - why the stock might be worth as much as 89% more than the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your FIGS research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free FIGS research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate FIGS' overall financial health at a glance.

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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.