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FIGS Stock Outlook Hinges on Scrubs Growth and Global Expansion
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Key Takeaways
FIGS' outlook depends on turning recent demand strength into sustained market share gains.
FIGS topped 3 million active customers as first-quarter net revenues rose 28% to $159.9 million.
FIGS' international net revenues climbed 49.9%, reaching 18% of total net revenues.
FIGS, Inc. (FIGS - Free Report) is trying to turn a premium healthcare apparel brand into a broader growth platform. The stock’s outlook now depends on whether recent demand strength can translate into sustained share gains.
The company’s latest results point to momentum across customers, categories and geographies. The harder question is whether that growth can offset tariff, freight and brand-investment pressure.
FIGS Builds on a Replenishment-Driven Model
FIGS serves healthcare professionals primarily through a direct-to-consumer model, with sales generated mainly through its website and mobile app. That digital-first structure gives the company direct access to customers and supports faster reads on demand, merchandising and product planning.
Scrubwear remains the foundation of the business, but FIGS also sells outerwear, underscrubs, lab coats, footwear, compression socks, loungewear and other apparel. The essential-use nature of healthcare apparel matters because uniforms are replenishment-driven, while adjacent categories can deepen customer spend over time.
lululemon athletica inc. (LULU - Free Report) offers a useful comparison for investors tracking premium apparel brands built around product performance and customer community. On Holding AG (ONON - Free Report) , a premium global sportswear brand, also shows how product innovation and brand identity can help a company compete in specialized apparel and footwear categories.
FIGS delivered first-quarter 2026 net revenues of $159.9 million, up 28% year over year. The company surpassed 3 million active customers for the first time, with active customers rising 12.2%.
The growth was not limited to customer acquisition. Average order value rose 4.2% to $124, while net revenues per active customer increased 5.8% to $220. That mix suggests FIGS benefited from both new customers and stronger repeat dynamics, rather than relying only on short-lived promotional activity.
FIGS Expands Beyond Core Scrubwear
Scrubwear grew 27.2% in the quarter and represented 79% of net revenues, reinforcing the importance of the core uniform business. That category remains central to FIGS’ identity and supports the company’s position in a market tied to daily professional use.
Non-scrubwear grew 31.3% and accounted for 21% of net revenues. Product platforms such as FORMx and FIBREx, along with new maternity styles and layered apparel categories, broaden the company’s addressable opportunity while keeping healthcare professionals at the center of the model.
FIGS Global Push Opens a New Runway
International net revenues rose 49.9% to $28.3 million in the first quarter and reached 18% of total net revenues. The company’s expansion is becoming more meaningful as demand outside the United States contributes a larger portion of growth.
FIGS expanded to 85 international markets from 32 at the end of 2024, supported by new markets in Europe and Asia-Pacific. Community Hubs and TEAMS add two more channels, with stores helping deepen in-person engagement and TEAMS extending the brand into healthcare institutions.
Image Source: Zacks Investment Research
FIGS Signals Show Momentum but Not a Clear Bargain
The bottom line is that FIGS has credible growth signals, led by scrubwear strength, broader product adoption and international expansion. Still, the story is not without offsets, as tariffs, freight costs and elevated marketing spending can limit margin recovery.
That combination supports interest from investors focused on near-term momentum, but it is less convincing for those seeking clear valuation support or stronger across-the-board style characteristics. For now, FIGS looks more like a momentum watch than an obvious bargain.
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Image: Bigstock
FIGS Stock Outlook Hinges on Scrubs Growth and Global Expansion
Key Takeaways
FIGS, Inc. (FIGS - Free Report) is trying to turn a premium healthcare apparel brand into a broader growth platform. The stock’s outlook now depends on whether recent demand strength can translate into sustained share gains.
The company’s latest results point to momentum across customers, categories and geographies. The harder question is whether that growth can offset tariff, freight and brand-investment pressure.
FIGS Builds on a Replenishment-Driven Model
FIGS serves healthcare professionals primarily through a direct-to-consumer model, with sales generated mainly through its website and mobile app. That digital-first structure gives the company direct access to customers and supports faster reads on demand, merchandising and product planning.
Scrubwear remains the foundation of the business, but FIGS also sells outerwear, underscrubs, lab coats, footwear, compression socks, loungewear and other apparel. The essential-use nature of healthcare apparel matters because uniforms are replenishment-driven, while adjacent categories can deepen customer spend over time.
lululemon athletica inc. (LULU - Free Report) offers a useful comparison for investors tracking premium apparel brands built around product performance and customer community. On Holding AG (ONON - Free Report) , a premium global sportswear brand, also shows how product innovation and brand identity can help a company compete in specialized apparel and footwear categories.
FIGS, Inc. Price, Consensus and EPS Surprise
FIGS, Inc. price-consensus-eps-surprise-chart | FIGS, Inc. Quote
FIGS Demand Strength Looks Broad-Based
FIGS delivered first-quarter 2026 net revenues of $159.9 million, up 28% year over year. The company surpassed 3 million active customers for the first time, with active customers rising 12.2%.
The growth was not limited to customer acquisition. Average order value rose 4.2% to $124, while net revenues per active customer increased 5.8% to $220. That mix suggests FIGS benefited from both new customers and stronger repeat dynamics, rather than relying only on short-lived promotional activity.
FIGS Expands Beyond Core Scrubwear
Scrubwear grew 27.2% in the quarter and represented 79% of net revenues, reinforcing the importance of the core uniform business. That category remains central to FIGS’ identity and supports the company’s position in a market tied to daily professional use.
Non-scrubwear grew 31.3% and accounted for 21% of net revenues. Product platforms such as FORMx and FIBREx, along with new maternity styles and layered apparel categories, broaden the company’s addressable opportunity while keeping healthcare professionals at the center of the model.
FIGS Global Push Opens a New Runway
International net revenues rose 49.9% to $28.3 million in the first quarter and reached 18% of total net revenues. The company’s expansion is becoming more meaningful as demand outside the United States contributes a larger portion of growth.
FIGS expanded to 85 international markets from 32 at the end of 2024, supported by new markets in Europe and Asia-Pacific. Community Hubs and TEAMS add two more channels, with stores helping deepen in-person engagement and TEAMS extending the brand into healthcare institutions.
Image Source: Zacks Investment Research
FIGS Signals Show Momentum but Not a Clear Bargain
The bottom line is that FIGS has credible growth signals, led by scrubwear strength, broader product adoption and international expansion. Still, the story is not without offsets, as tariffs, freight costs and elevated marketing spending can limit margin recovery.
FIGS currently carries a Zacks Rank #3 (Hold). Its Style Scores are mixed: Value Score of D, Growth Score of C, Momentum Score of A and VGM Score of D. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
That combination supports interest from investors focused on near-term momentum, but it is less convincing for those seeking clear valuation support or stronger across-the-board style characteristics. For now, FIGS looks more like a momentum watch than an obvious bargain.