The company maintains a conservative capital structure with a debt-to-equity ratio of 0.14 as of 2026Q1, providing a stable foundation despite fluctuations in cash levels.
| Total Current Assets | 432.19M | 447.29M | 382.77M | 385.66M | 356.5M | 293.34M | 120.31M | 56.4M |
| Cash & Short-Term Investments | 277.03M | 300.85M | 245.11M | 246.69M | 159.78M | 195.37M | 58.13M | 38.35M |
| Cash Only | 74.3M | 81.98M | 85.64M | 144.17M | 159.78M | 195.37M | 58.13M | 38.35M |
| Short-Term Investments | 202.72M | 218.86M | 159.47M | 102.52M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.24M | 6.27M | 8.63M | 7.47M | 6.87M | 2.44M | 5.78M | 1.76M |
| Days Sales Outstanding | 4.5 | 3.63 | 5.67 | 5 | 4.95 | 2.12 | 8.02 | 5.81 |
| Inventory | 139.38M | 127.97M | 115.76M | 119.04M | 177.98M | 86.07M | 49.73M | 14.3M |
| Days Inventory Outstanding | 223.89 | 221.09 | 234.82 | 257.58 | 429.14 | 265.4 | 249.06 | 167.52 |
| Other Current Assets | 10.54M | 12.2M | 1M | 1.27M | 1.02M | 3.22M | 1.77M | 0 |
| Total Non-Current Assets | 131.25M | 132.71M | 127.02M | 87.55M | 38.56M | 18.41M | 13.54M | 6.2M |
| Property, Plant & Equipment | 89.69M | 91.07M | 85.77M | 67.92M | 26.34M | 7.61M | 6.53M | 5.75M |
| Fixed Asset Turnover | 7.67x | 6.93x | 6.48x | 8.03x | 19.21x | 55.12x | 40.30x | 19.22x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 110.94M | 27.73M | 27.53M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.65M | 1.72M | 2.07M | 1.34M | 1.26M | 560K | 506K | 446K |
| Total Assets | 563.44M | 580M | 509.79M | 473.21M | 395.06M | 311.75M | 133.85M | 62.6M |
| Asset Turnover | 1.21x | 1.09x | 1.09x | 1.15x | 1.28x | 1.35x | 1.97x | 1.77x |
| Asset Growth % | 20.37% | 13.77% | 7.73% | 19.78% | 26.72% | 132.9% | 113.83% | - |
| Total Current Liabilities | 80.2M | 90.52M | 90.14M | 57.29M | 71.39M | 62.39M | 32.52M | 20.86M |
| Accounts Payable | 7.78M | 18.19M | 9.4M | 14.75M | 20.91M | 14.6M | 11.96M | 10.52M |
| Days Payables Outstanding | 20.34 | 31.42 | 19.07 | 31.91 | 50.41 | 45.03 | 59.92 | 123.26 |
| Short-Term Debt | 8.27M | 8.18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 17M | 3.99M | 4.61M | 10.4M | 10.67M | 596K | 1.78M | 988K |
| Other Current Liabilities | 62.46M | 60.17M | 9.77M | 10.3M | 6.87M | 36.76M | 14.45M | 7.5M |
| Current Ratio | 5.39x | 4.94x | 4.25x | 6.73x | 4.99x | 4.70x | 3.70x | 2.70x |
| Quick Ratio | 3.65x | 3.53x | 2.96x | 4.65x | 2.50x | 3.32x | 2.17x | 2.02x |
| Cash Conversion Cycle | 208.06 | 193.3 | 221.41 | 230.66 | 383.69 | 222.49 | 197.16 | 50.06 |
| Total Non-Current Liabilities | 52.6M | 52.01M | 42.51M | 39.07M | 15.93M | 3.79M | 3.66M | 2.92M |
| Long-Term Debt | 52.34M | 51.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 42.15M | 0 | 42.43M | 38.88M | 15.76M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 263K | 182K | 83K | 183K | 176K | 3.79M | 3.66M | 2.92M |
| Total Liabilities | 132.8M | 142.53M | 132.66M | 96.36M | 87.33M | 66.18M | 36.18M | 23.78M |
| Total Debt | 60.6M | 60M | 53.03M | 47.11M | 19.16M | 0 | 0 | 0 |
| Net Debt | -13.7M | -21.98M | -32.62M | -97.06M | -140.61M | -195.37M | -58.13M | -38.35M |
| Debt / Equity | 0.14x | 0.14x | 0.14x | 0.13x | 0.06x | - | - | - |
| Debt / EBITDA | 1.14x | 1.27x | 5.92x | 1.27x | 0.48x | - | - | - |
| Net Debt / EBITDA | -0.26x | -0.47x | -3.64x | -2.62x | -3.55x | -15.75x | -0.99x | -225.61x |
| Interest Coverage | - | - | - | - | - | 42.25x | - | - |
| Total Equity | 430.64M | 437.46M | 377.13M | 376.85M | 307.74M | 245.57M | 97.68M | 38.81M |
| Equity Growth % | 30.01% | 16% | 0.07% | 22.46% | 25.31% | 151.41% | 151.65% | - |
| Book Value per Share | 2.20 | 2.44 | 2.09 | 2.07 | 1.64 | 1.50 | 0.61 | 0.24 |
| Total Shareholders' Equity | 430.64M | 437.46M | 377.13M | 376.85M | 307.74M | 245.57M | 97.68M | 38.81M |
| Common Stock | 16K | 16K | 15K | 16K | 16K | 16K | 15K | 15K |
| Retained Earnings | 105.01M | 98.72M | 64.47M | 61.75M | 39.12M | 17.93M | 27.49M | -22.27M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -103K | 196K | 21K | 5K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory and working capital volatility
According to recent quarterly filings, FIGS has maintained a relatively stable equity base of approximately $430.6 million as of 2026Q1, though the trajectory of retained earnings suggests that the company is still navigating the transition toward consistent, self-sustaining capital accumulation in a competitive retail environment.
The balance sheet shows a consistent equity position, yet the modest growth in retained earnings indicates that profitability remains under pressure from high operating expenses. Investors should monitor whether the company can scale its equity base through organic earnings rather than relying on external capital or equity-based compensation.
Based on the reported figures, FIGS maintains a conservative capital structure with a debt-to-equity ratio of 0.14 as of 2026Q1, which provides the company with significant insulation from interest rate volatility compared to more highly leveraged peers in the consumer discretionary sector.
The minimal debt load suggests that management is prioritizing balance sheet health over aggressive, debt-fueled expansion. This low leverage profile is a strategic advantage, allowing the company to navigate potential downturns in healthcare hiring without the immediate pressure of significant debt service obligations.
As reported in financial statements, the company maintains a robust current ratio of 5.39 as of 2026Q1, indicating a substantial liquidity buffer that should allow FIGS to manage short-term working capital swings and inventory investments without requiring immediate external financing or dilutive capital raises.
The high current ratio reflects a strong ability to cover short-term obligations, which is critical given the inherent volatility in DTC apparel inventory management. While this liquidity is a strength, it also warrants investigation into whether capital is being deployed efficiently or if it is simply sitting idle on the balance sheet.
Analysis of the balance sheet reveals that cash levels have fluctuated significantly, dropping from $155.3 million in 2024Q1 to $74.3 million in 2026Q1, which suggests that the company's cash position is highly sensitive to working capital cycles and the timing of inventory procurement and marketing expenditures.
The volatility in cash balances indicates that headline liquidity metrics may mask underlying operational inefficiencies or seasonal inventory build-ups. Investors should be cautious, as this pattern suggests that the company's cash generation is not yet as predictable as the premium brand positioning might otherwise imply.
Quick answers to the most common questions about buying FIGS stock.
As of 2025, FIGS, Inc. (FIGS) had total assets of $580.0M including $447.3M in current assets.
FIGS, Inc. (FIGS) carries total debt of $60.0M, offset by $300.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FIGS, Inc. (FIGS) has total shareholders' equity (book value) of $437.5M ($2.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FIGS, Inc. (FIGS) reported a current ratio of 4.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.