Stocks FIGS Financial statements
Financial statementsFIGS, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data FIGS, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 110 | 263 | 420 | 506 | 546 | 556 | 631 |
| Cost of revenue | 31.2 | 72.9 | 118 | 151 | 169 | 180 | 211 |
| Gross profit | 79.3 | 190 | 301 | 354 | 377 | 376 | 420 |
| General and administrative | 21.7 | 41.5 | 150 | 121 | 141 | 143 | 143 |
| Operating expenses | 79.7 | 132 | 290 | 317 | 343 | 373 | 382 |
| Operating income | -0.35 | 57.9 | 11 | 37.7 | 34 | 2.27 | 38.1 |
| Other non-operating income | 0.14 | -1.12 | 1.06 | 6.76 | 12.1 | 9.06 | |
| Pre-tax income | 0.11 | 58.1 | 9.86 | 38.7 | 40.8 | 14.3 | 47.2 |
| Income tax | 0 | 8.32 | 19.4 | 17.5 | 18.2 | 11.6 | 13 |
| Net income | 0.11 | 49.8 | -9.56 | 21.2 | 22.6 | 2.72 | 34.3 |
| EBITDA | 0.15 | 58.9 | 12.4 | 39.6 | 37 | 8.96 | 47.2 |
| EPS, basic | 0.00 | 0.32 | -0.06 | 0.13 | 0.13 | 0.02 | 0.21 |
| EPS, diluted | 0.00 | 0.30 | -0.06 | 0.11 | 0.12 | 0.02 | 0.19 |
| Shares, basic (weighted) | 153 | 153 | 159 | 165 | 168 | 169 | 163 |
| Shares, diluted (weighted) | 154 | 163 | 159 | 188 | 182 | 180 | 179 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 38.4 | 58.1 | 195 | 160 | 144 | 85.6 | 82 |
| Short-term investments | 0 | 103 | 159 | 219 | |||
| Receivables | 5.78 | 1.65 | 6.29 | 6.55 | 6.64 | 5.35 | |
| Inventory | 49.7 | 86.1 | 178 | 119 | 116 | 128 | |
| Other current assets | 6.67 | 7.4 | 11.9 | 12.5 | 13.3 | 12.2 | |
| Total current assets | 120 | 293 | 357 | 386 | 383 | 447 | |
| Property, plant and equipment | 6.53 | 7.61 | 11 | 24.9 | 35.3 | 33.9 | |
| Lease right-of-use assets | 0 | 15.3 | 43.1 | 50.5 | 57.1 | ||
| Other non-current assets | 0.51 | 0.56 | 1.26 | 1.34 | 2.07 | 1.72 | |
| Total assets | 134 | 312 | 395 | 473 | 510 | 580 | |
| Accounts payable | 12 | 14.6 | 20.9 | 14.7 | 9.4 | 18.2 | |
| Accrued liabilities | 6.68 | 24.7 | 26.2 | 7.91 | 42.3 | 20.5 | |
| Deferred revenue | 1.78 | 0.6 | 2.79 | 2.16 | 4.61 | 3.99 | |
| Total current liabilities | 32.5 | 62.4 | 71.4 | 57.3 | 90.1 | 90.5 | |
| Lease liabilities | 0 | 15.8 | 38.9 | 42.4 | 51.8 | ||
| Other non-current liabilities | 0 | 0.24 | 0.18 | 0.18 | 0.08 | 0.18 | |
| Total liabilities | 36.2 | 66.2 | 87.3 | 96.4 | 133 | 143 | |
| Paid-in capital | 70.2 | 228 | 269 | 315 | 313 | 339 | |
| Retained earnings | 27.5 | 17.9 | 39.1 | 61.8 | 64.5 | 98.7 | |
| Other comprehensive income | 0 | 0.01 | 0.02 | 0.2 | |||
| Shareholders' equity | 38.8 | 97.7 | 246 | 308 | 377 | 377 | 437 |
| Total equity | 38.8 | 97.7 | 246 | 308 | 377 | 377 | 437 |
| Total liabilities and equity | 134 | 312 | 395 | 473 | 510 | 580 | |
| Shares outstanding | 154 | 0 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 0.11 | 49.8 | -9.56 | 21.2 | 22.6 | 2.72 | 34.3 |
| Depreciation and amortization | 0.5 | 0.95 | 1.42 | 1.92 | 2.94 | 6.69 | 9.04 |
| Stock-based compensation | 0.18 | 8.71 | 81.1 | 37.5 | 45.8 | 42.7 | 26.9 |
| Deferred income tax | 0 | -6.51 | -3.73 | -0.73 | -7.32 | 6.65 | -0.54 |
| Change in receivables | -1.27 | -4.02 | 3.34 | -4.43 | -0.6 | -1.22 | 2.35 |
| Change in inventory | -0.76 | -35.4 | -36.3 | -91.9 | 58.9 | 3.28 | -12.2 |
| Change in payables | 2.72 | 1.21 | 2.86 | 6.32 | -6.19 | -5.33 | 8.76 |
| Cash from operations | 6.53 | 21.7 | 66.4 | -35.3 | 101 | 81.2 | 61.2 |
| Capital expenditures | -4.76 | -2.26 | -2.71 | -5.35 | -16.3 | -17 | -8.17 |
| Purchases of investments | 0 | 0 | -150 | -247 | -257 | ||
| Sales and maturities of investments | 0 | 0 | 49.3 | 197 | 201 | ||
| Cash from investing | -4.76 | -2.26 | -2.71 | -5.85 | -117 | -94.9 | -64 |
| Stock issued | 0 | 0.39 | 0.91 | 0 | 0 | 0.25 | 0 |
| Share buybacks | 0 | 0 | -45.5 | -2.69 | |||
| Cash from financing | 14 | 0.29 | 75.6 | 3.52 | 0.67 | -44.8 | -0.97 |
| Net change in cash | 15.8 | 19.8 | 139 | -37.7 | -15.6 | -58.5 | -3.66 |
| Free cash flow | 1.77 | 19.5 | 63.7 | -40.7 | 84.6 | 64.1 | 53 |
| Interest paid | 0 | 0 | 0 | ||||
| Income taxes paid | 0 | 18.2 | 15 | 11.9 | 21.1 | 13.1 | 8.42 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 68.9% | Gross profit / revenue. |
| Operating margin | 9.6% | Operating income / revenue. |
| EBITDA margin | 11.1% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 10.8% | Pre-tax income / revenue. |
| Net margin | 8.7% | Net income / revenue. |
| FCF margin | 13.7% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 15.2% | Cash from operations / revenue. |
| Effective tax rate | 19.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 14.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 10.6% | Net income / average total assets. |
| Return on invested capital (ROIC) | 16.5% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 3.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.5% | Capital expenditures / revenue. |
| D&A / revenue | 1.5% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 13.6% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 7.7% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 19.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 11.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 5.8% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 17.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 1,584.0% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 0.4% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | -8.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 426.6% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 6.0% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -4.3% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 1,159.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 17.4% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -7.2% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 850.0% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 20.0% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -8.7% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -24.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 5y | 23.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -17.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 22.2% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 16.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 12.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 35.0% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 13.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 13.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 34.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -1.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 1.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 4.96x | Current assets / current liabilities. |
| Quick ratio | 3.32x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 3.24x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 24.1% | Total liabilities / total assets. |
| Working capital | $361.5M | Current assets - current liabilities. |
| Tangible book value | $442.4M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.22x | Revenue / average total assets. |
| Fixed asset turnover | 21.3x | Revenue / average property, plant and equipment. |
| Inventory turnover | 1.85x | Cost of revenue / average inventory. |
| Days inventory | 198 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 105x | Revenue / average receivables. |
| Days sales outstanding | 3 days | 365 x average receivables / revenue. |
| Days payables | 15 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 186 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 157.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 10.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.32 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $3.64 | Revenue / diluted weighted shares. |
| FCF per share | $0.50 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.55 | Cash from operations / diluted weighted shares. |
| Book value per share | $2.27 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $2.27 | Tangible book value / shares outstanding. |
| Cash per share | $1.52 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 33.8% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.23B | Share price x shares outstanding. |
| Enterprise value | $1.93B | Market cap + total debt - cash - short-term investments. |
| P/E | 36.0x | Market cap / net income. Only when net income is positive. |
| P/S | 3.14x | Market cap / revenue. |
| P/B | 5.04x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 5.04x | Market cap / tangible book value, when positive. |
| P/FCF | 22.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 20.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.72x | Enterprise value / revenue. |
| EV/EBIT | 28.4x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 24.5x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 19.9x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.4% | Free cash flow / market cap. |
| Earnings yield | 2.8% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 1.5% | (Dividends paid + share buybacks) / market cap. |
| PEG | 1.80x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was FIGS, Inc.'s revenue in fiscal 2025?
FIGS, Inc. reported revenue of $631.1M for fiscal 2025, 13.6% higher than the year before.
Was FIGS, Inc. profitable in fiscal 2025?
Yes. Net income was $34.3M, a net margin of 5.4%.
How much free cash flow did FIGS, Inc. generate in fiscal 2025?
Cash from operations of $61.2M minus capital expenditures of $8.2M left free cash flow of $53.0M.