Latest Ratios: P/E Ratio 58.3x · EV/EBITDA 38.8x · ROE 8.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $2.0B | $1.1B | $1.3B | $1.3B | $4.5B | — | — |
| Enterprise Value | $1.8B | $2.0B | $1.1B | $1.2B | $1.1B | $4.3B | — | — |
| P/E Ratio → | 58.32 | 59.79 | 409.93 | 57.92 | 61.18 | — | — | — |
| P/S Ratio | 2.93 | 3.23 | 2.01 | 2.32 | 2.50 | 10.79 | — | — |
| P/B Ratio | 4.55 | 4.66 | 2.96 | 3.36 | 4.10 | 18.43 | — | — |
| P/FCF | 34.92 | 38.47 | 17.38 | 14.99 | — | 71.04 | — | — |
| P/OCF | 30.26 | 33.33 | 13.74 | 12.56 | — | 68.14 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 1.95 | 2.15 | 2.22 | 10.32 | — | — |
| EV / EBITDA | 38.76 | 42.75 | 120.80 | 31.65 | 28.33 | 349.12 | — | — |
| EV / EBIT | 47.94 | 42.73 | 477.80 | 34.39 | 29.78 | 428.95 | — | — |
| EV / FCF | — | 38.05 | 16.87 | 13.84 | — | 67.97 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.5% | 66.5% | 67.6% | 69.1% | 70.1% | 71.8% | 72.3% | 71.8% |
| Operating Margin | 6.0% | 6.0% | 0.4% | 6.2% | 7.4% | 2.6% | 22.0% | -0.3% |
| Net Profit Margin | 5.4% | 5.4% | 0.5% | 4.1% | 4.2% | -2.3% | 18.9% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 8.4% | 8.4% | 0.7% | 6.6% | 7.7% | -5.6% | 72.9% | 0.3% |
| ROA | 6.3% | 6.3% | 0.6% | 5.2% | 6.0% | -4.3% | 50.7% | 0.2% |
| ROIC | 7.5% | 7.5% | 0.5% | 11.4% | 26.0% | 18.4% | 217.2% | — |
| ROCE | 8.4% | 8.4% | 0.5% | 9.2% | 13.1% | 6.3% | 81.0% | -0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.14 | 0.13 | 0.06 | — | — | — |
| Debt / EBITDA | 1.27 | 1.27 | 5.92 | 1.27 | 0.48 | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.09 | -0.26 | -0.46 | -0.80 | -0.60 | -0.99 |
| Net Debt / EBITDA | -0.47 | -0.47 | -3.64 | -2.62 | -3.55 | -15.75 | -0.99 | -225.61 |
| Debt / FCF | — | -0.41 | -0.51 | -1.15 | — | -3.07 | -2.98 | -21.67 |
| Interest Coverage | — | — | — | — | — | 42.25 | — | — |
Net cash position: cash ($82M) exceeds total debt ($60M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.94 | 4.94 | 4.25 | 6.73 | 4.99 | 4.70 | 3.70 | 2.70 |
| Quick Ratio | 3.53 | 3.53 | 2.96 | 4.65 | 2.50 | 3.32 | 2.17 | 2.02 |
| Cash Ratio | 3.32 | 3.32 | 2.72 | 4.31 | 2.24 | 3.13 | 1.79 | 1.84 |
| Asset Turnover | — | 1.09 | 1.09 | 1.15 | 1.28 | 1.35 | 1.97 | 1.77 |
| Inventory Turnover | 1.65 | 1.65 | 1.55 | 1.42 | 0.85 | 1.38 | 1.47 | 2.18 |
| Days Sales Outstanding | — | 3.63 | 5.67 | 5.00 | 4.95 | 2.12 | 8.02 | 5.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.7% | 0.2% | 1.7% | 1.6% | — | — | — |
| FCF Yield | 2.9% | 2.6% | 5.8% | 6.7% | — | 1.4% | — | — |
| Buyback Yield | 0.1% | 0.1% | 4.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 4.1% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $179M | $180M | $182M | $188M | $164M | $161M | $161M |
Margin compression from competition
According to current market data, FIGS trades at a forward P/E of 44.21, a valuation that appears to bake in aggressive growth expectations that may be difficult to sustain given the recent 13.6% revenue expansion observed in the company's latest reported financial filings.
The current EV/EBITDA multiple of 40.60 suggests the market continues to price FIGS as a high-growth brand platform rather than a standard apparel manufacturer. Investors should monitor whether this premium valuation can be justified if the company's operating margins remain in the low single digits, as the current pricing implies a significant acceleration in profitability that has yet to materialize.
Based on reported figures, FIGS' ROIC has struggled to maintain momentum, fluctuating between -1.9% and 4.5% over the last ten quarters, which indicates that the company is currently failing to consistently generate returns that exceed its cost of capital in this competitive retail environment.
The volatility in ROIC suggests that the company's investments in brand building and customer acquisition are not yet yielding the compounding returns typical of a mature, high-moat business. This trend warrants further investigation into whether the current capital allocation strategy is effectively scaling the business or merely subsidizing growth through heavy marketing spend.
As reported in quarterly financial statements, the company's cash conversion cycle remains elevated, reaching 201 days in 2026Q1, primarily driven by a high days-inventory-outstanding metric that suggests potential inefficiencies in managing seasonal product drops and core replenishment inventory levels.
The significant variance in the CCC, which has swung from 161 to 271 days, highlights a lack of operational predictability in inventory management. This inefficiency appears to be a structural drag on cash flow, as the company must tie up substantial capital in stock that may face obsolescence risks if sell-through rates do not meet internal projections.
According to recent SEC filings, FIGS maintains a robust current ratio of 5.39, providing a substantial liquidity buffer that appears to insulate the company from short-term operational volatility and the need for external financing despite the current strained profitability environment.
The company's minimal debt-to-equity ratio of 0.14 suggests a conservative capital structure that prioritizes financial flexibility over leverage-driven growth. While this provides a strong safety net, investors should monitor whether this excess liquidity is being deployed efficiently or if it represents an underutilized asset that could be better allocated to drive long-term shareholder value.
The P/E ratio is frequently misapplied to FIGS, as it obscures the significant impact of stock-based compensation and heavy marketing investments that artificially depress GAAP earnings, making the company appear more expensive or less profitable than its underlying cash-generating potential might otherwise suggest.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the company's true operational performance. Relying on P/E in this context risks misinterpreting the company's current phase of aggressive brand investment as a permanent state of low profitability, ignoring the potential for margin expansion as the customer base matures.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying FIGS stock.
FIGS, Inc.'s current P/E ratio is 58.3x. The historical average is 59.6x. This places it at the 33th percentile of its historical range.
FIGS, Inc.'s current EV/EBITDA is 38.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.2x.
FIGS, Inc.'s return on equity (ROE) is 8.4%. The historical average is 13.0%.
Based on historical data, FIGS, Inc. is trading at a P/E of 58.3x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FIGS, Inc. has 66.5% gross margin and 6.0% operating margin.
FIGS, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.