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Assessing FIGS (FIGS) Valuation As Recent Momentum Cools And Fair Value Signals An 18.1% Premium

Simply Wall St·02/04/2026 11:35:17
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How FIGS Stock Has Been Trading

FIGS (FIGS) has traded around $10.83 recently, with a 1 day return of about a 2.4% decline and a 7 day return of roughly a 5.3% decline. Over the past month, the stock is down about 4.9%.

Looking over the past 3 months, FIGS shows a total return of about 42.9%, while the 1 year total return is about 96.2%. On a 3 year basis, the total return sits near 14.6%.

Year to date, FIGS is roughly in line with its 1 month move, with a return around a 4.9% decline. These mixed shorter term and longer term moves give you different entry and exit reference points depending on your time horizon.

See our latest analysis for FIGS.

FIGS has recently given back some ground, with short term share price returns in negative territory while a strong 1 year total shareholder return near 96% points to earlier momentum that has cooled in recent weeks.

If FIGS has you reassessing the healthcare apparel space, this can be a good moment to scan other ideas across healthcare stocks that fit your approach.

FIGS is trading around $10.83, close to analyst targets and with recent returns cooling after a strong 1 year run. The key question for investors is whether the stock is now quietly undervalued, or if markets are already fully reflecting its next phase of growth.

Most Popular Narrative: 18.1% Overvalued

Compared with FIGS' last close at $10.83, the most followed narrative puts fair value closer to $9.17, implying the market is pricing in a premium and strong expectations.

Fair Value Estimate edged down modestly from approximately $9.53 to about $9.17 per share, reflecting slightly softer long term growth and margin assumptions.

Future P/E increased notably from about 38.8x to approximately 45.6x, indicating a richer anticipated earnings multiple despite more cautious fundamental assumptions.

Read the complete narrative.

If you are curious why a lower growth and margin outlook still supports a richer earnings multiple in this narrative, and what that implies for FIGS' earnings path and valuation reset over time, the full story unpacks those moving parts in detail.

Result: Fair Value of $9.17 (OVERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, higher tariff exposure and reduced promotional activity could pressure margins and slow customer growth, which would challenge the assumptions behind this richer earnings multiple story.

Find out about the key risks to this FIGS narrative.

Build Your Own FIGS Narrative

If this narrative does not quite match how you see FIGS, or you would rather test the data yourself, you can build your own view in just a few minutes with Do it your way.

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding FIGS.

Looking for more investment ideas?

If FIGS has sharpened your thinking, do not stop here; broaden your watchlist now so you are not looking back at missed opportunities later.

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.