FIGS, Inc. (FIGS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-87.1%

$2.84

vs $22.06 price

Levered DCF

$8.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

18.24

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	54.1×	384.47×	53.46×	51.77×	-473.54×	96.84×	8,338.89×
P/B	4.24×	2.78×	3.1×	3.61×	18.43×	49.45×	124.44×
P/S	2.94×	1.89×	2.14×	2.2×	10.79×	18.36×	43.71×
EV / EBITDA	32.63×	48.24×	24.48×	23.9×	375.94×	81.04×	28,187.02×
Gross margin	66.5%	67.6%	69.1%	70.1%	71.8%	72.3%	71.8%
Operating margin	6.0%	0.4%	6.2%	7.4%	2.6%	22.0%	-0.3%
Net margin	5.4%	0.5%	4.1%	4.2%	-2.3%	18.9%	0.1%
Current ratio	4.94×	4.25×	6.73×	4.99×	4.7×	3.7×	2.7×
Debt / equity	0.14×	0.14×	0.13×	0.06×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	45.95×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	0.7%	6.0%	6.9%	-3.9%	50.9%	0.3%
Return on invested capital	5.6%	0.1%	4.5%	6.3%	-4.3%	49.0%	-0.8%
Return on assets	5.9%	0.5%	4.8%	5.4%	-3.1%	37.2%	0.2%
Free cash flow yield	2.9%	6.1%	7.2%	-3.7%	1.4%	0.4%	0.0%
Earnings yield	1.8%	0.3%	1.9%	1.9%	-0.2%	1.0%	0.0%
Enterprise value	$1.8B	$1B	$1.1B	$971.6M	$4.3B	$4.8B	$4.8B
Net debt / EBITDA	-0.39×	-1.55×	-2.22×	-3.46×	-16.96×	-0.99×	-225.61×
Cash conversion cycle (days)	193	221	231	384	222	197	50