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Apparel & textiles · Consumer Cyclical · Fiscal year ends Dec 31
FIGS reported revenue of $631M in the fiscal year ended Dec 2025, up 13.6% from the year before. Operating income was $38M, an operating margin of 6.0%, and net income was $34M. Operating cash flow of $61M less capital expenditure of $8M left free cash flow of $53M.
Ranks among the 15 apparel & textiles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 420 | 506 | 546 | 556 | 631 |
| Cost of revenue | 118 | 151 | 169 | 180 | 211 |
| Gross profit | 301 | 354 | 377 | 376 | 420 |
| Selling, general & admin | 232 | 239 | 266 | 285 | 289 |
| Operating income | 11.0 | 37.7 | 34.0 | 2.3 | 38.1 |
| Net interest incomeBanks | −0.2 | 1.7 | 6.8 | – | – |
| Pre-tax income | 9.9 | 38.7 | 40.8 | 14.3 | 47.2 |
| Income tax | 19.4 | 17.5 | 18.2 | 11.6 | 13.0 |
| Net income | −9.6 | 21.2 | 22.6 | 2.7 | 34.3 |
| Diluted EPS | −0.06 | 0.11 | 0.12 | 0.02 | 0.19 |
| Diluted shares | 159 | 188 | 182 | 180 | 179 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 195 | 160 | 144 | 85.6 | 82.0 |
| Receivables | 1.7 | 6.3 | 6.5 | 6.6 | 5.4 |
| Inventory | 86.1 | 178 | 119 | 116 | 128 |
| Current assets | 293 | 357 | 386 | 383 | 447 |
| Net PP&E | 7.6 | 11.0 | 24.9 | 35.3 | 33.9 |
| Total assets | 312 | 395 | 473 | 510 | 580 |
| Payables | 14.6 | 20.9 | 14.7 | 9.4 | 18.2 |
| Deferred revenue | 0.6 | 2.8 | 2.2 | 4.6 | 4.0 |
| Current liabilities | 62.4 | 71.4 | 57.3 | 90.1 | 90.5 |
| Total liabilities | 66.2 | 87.3 | 96.4 | 133 | 143 |
| Shareholders' equity | 246 | 308 | 377 | 377 | 437 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 66.4 | −35.3 | 101 | 81.2 | 61.2 |
| Capital expenditure | 2.7 | 5.3 | 16.3 | 17.0 | 8.2 |
| Free cash flow | 63.7 | −40.7 | 84.6 | 64.1 | 53.0 |
| Depreciation & amortisation | 1.4 | 1.9 | 2.9 | 6.7 | 9.0 |
| Stock-based compensation | 81.1 | 37.5 | 45.8 | 42.7 | 26.9 |
| Share buybacks | – | 0.0 | 0.0 | 45.5 | 2.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.6% | 7.9% | 1.8% | 13.6% |
| Operating income growth (YoY) | – | 242.9% | −9.6% | −93.3% | 1584.2% |
| EPS growth (YoY) | – | – | 9.1% | −83.3% | 850.0% |
| Gross margin | 71.8% | 70.1% | 69.1% | 67.6% | 66.5% |
| Operating margin | 2.6% | 7.4% | 6.2% | 0.4% | 6.0% |
| Net margin | −2.3% | 4.2% | 4.1% | 0.5% | 5.4% |
| Return on equityBlank when equity is negative | −3.9% | 6.9% | 6.0% | 0.7% | 7.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.4% | 11.6% | 8.2% | 0.5% | 7.8% |
| Free cash flow margin | 15.2% | −8.0% | 15.5% | 11.5% | 8.4% |
| Cash conversion (CFO ÷ net income) | −6.95x | −1.67x | 4.46x | 29.8x | 1.79x |
| Receivable days | 1 | 5 | 4 | 4 | 3 |
| Inventory days | 265 | 429 | 258 | 235 | 221 |
| Payable days | 45 | 50 | 32 | 19 | 31 |
| Current ratio | 4.70x | 4.99x | 6.73x | 4.25x | 4.94x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.