Wall Street's Affection for FIGS: What Do Price Targets Indicate About a Potential Decline?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 04 2026
0mins
Should l Buy FIGS?
Source: Marketbeat
Stock Performance: Following a significant recovery, FIGS, Inc. has seen its stock surge nearly 260% over the past year, currently trading above $17, despite a consensus 12-month price target of $12.25, indicating skepticism about its valuation.
Earnings Momentum: The company reported strong earnings growth, with Q3 2025 results exceeding expectations, leading to a stock rally of over 30% and prompting analysts to upgrade their ratings, reflecting confidence in FIGS' future prospects.
Market Challenges: Despite positive earnings, analysts express caution regarding the stock's valuation, noting that it trades at a high price-to-earnings ratio, suggesting that much of the expected growth may already be priced in.
Future Outlook: FIGS anticipates continued revenue growth of 10% to 12% for fiscal 2026, driven by strong demand in the healthcare sector, while also planning to expand into new international markets and maintain its stock buyback program.
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Analyst Views on FIGS
Wall Street analysts forecast FIGS stock price to fall
5 Analyst Rating
2 Buy
2 Hold
1 Sell
Hold
Current: 15.370
Low
7.50
Averages
10.70
High
15.00
Current: 15.370
Low
7.50
Averages
10.70
High
15.00
About FIGS
FIGS, Inc. operates as a direct-to-consumer healthcare apparel and lifestyle brand. The Company sells products designed to serve the particular needs of healthcare professionals primarily through its direct-to-consumer (DTC) digital platform, consisting of its Website, mobile app and B2B business (TEAMS). Its offerings include scrubwear and non-scrubwear, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel. Its non-scrubwear products are designed as an integrated system that complements its scrubwear and are comprised of base layer and outer layer products. Its underscrubs include sports bras, performance leggings, performance tops and super-soft pima cotton tops. Its under underscrubs include several styles of underwear. Its outer layer products include footwear, lab coats, and a variety of vests, jackets, and fleeces. The Company also offers necessities, such as scrub caps, lanyards, badge reels, tote bags, baseball caps, and beanies.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Sales Growth: Despite a robust 28% sales growth in Q1, with scrubwear up 27% and non-scrubwear up 31%, investor disappointment over future guidance led to a significant stock price drop.
- Cost Management: Figs managed to keep operating costs up only 23%, slower than sales growth, while gross margin slightly improved to 65.09%, showcasing effective cost control, although overall profitability remains a concern.
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- Upwork Restructuring Plan: Upwork's announcement of a 24% workforce reduction to maintain profitability led to a 23% drop in its stock price, despite slightly lower-than-expected first-quarter earnings and revenue, showcasing the company's strategic response to evolving market conditions.
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- Significant Revenue Growth: FIGS reported Q1 net revenues of $159.9 million, reflecting a 28% year-over-year increase that exceeded market expectations, indicating strong momentum in customer growth and market expansion, with full-year revenue growth outlook raised to 14%-16%.
- Customer Base Expansion: The company surpassed 3 million active customers for the first time, demonstrating significant progress in attracting new customers and improving retention, further solidifying its leadership position in the medical apparel market.
- International Market Expansion: FIGS saw a 50% year-over-year increase in international net revenue, now operating in 85 international markets after successfully opening 15 new markets in Europe and an additional 12 in Asia Pacific, showcasing the effectiveness of its globalization strategy and strong market demand.
- Profitability Improvement: The adjusted EBITDA margin for Q1 increased to 8.7%, up from 7.3% last year, while the company plans to continue enhancing operating margins in the coming quarters, reflecting strong profitability and sustainable growth potential.
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