Here are 1-3 brief analogies for FIGS:

• Warby Parker for healthcare apparel.
• Lululemon for healthcare professionals.

• Healthcare Apparel (Scrubs): FIGS' primary offering, including scrubs, lab coats, and underscrubs, specifically designed for healthcare professionals.
• Performance & Lifestyle Apparel: A range of clothing such as outerwear, activewear, loungewear, sports bras, leggings, tops, vests, and jackets for comfort and function.
• Footwear: Shoes designed to complement healthcare and lifestyle needs.
• Compression Socks: Specialized socks offering support and comfort, particularly beneficial for healthcare professionals.
• Masks: Protective face coverings.

FIGS, Inc. primarily sells its products directly to individuals.

The company serves the following categories of customers:

1. Healthcare Professionals: This is the core customer base, including doctors, nurses, surgeons, and other medical personnel who purchase FIGS' scrubs, lab coats, under scrubs, and other specialized healthcare apparel for their work.
2. Students in Healthcare Fields: Individuals pursuing degrees and training in medicine, nursing, and other allied health professions who require scrubs and professional attire for their studies and clinical rotations.
3. General Consumers seeking Premium Activewear and Loungewear: Beyond work attire, FIGS also targets individuals looking for high-quality, comfortable, and performance-oriented activewear, loungewear, and lifestyle apparel, such as sports bras, leggings, tops, and outerwear. This category may include healthcare professionals for their off-duty wear, as well as a broader audience attracted to the brand's style and comfort.

Trina Spear, Chief Executive Officer & Co-Founder

Trina Spear co-founded FIGS in 2013 and serves as its Chief Executive Officer and a member of the Board. Prior to co-founding FIGS, she was an associate at The Blackstone Group Inc. in the firm's hedge fund group. She began her career at Citigroup Global Markets Inc., spending four years in its investment banking and private equity divisions. Spear earned her MBA from Harvard Business School.

Sarah Oughtred, Chief Financial Officer

Sarah Oughtred has served as FIGS' Chief Financial Officer since August 2024. In this role, she leads all aspects of finance, including Financial Planning & Analysis (FP&A) and accounting, as well as data analytics. Before joining FIGS, Oughtred spent nearly 17 years at lululemon athletica inc., holding various finance leadership positions, including Senior Vice President, Financial Planning & Analysis since 2021. She also spent three years at PricewaterhouseCoopers in the audit and assurance practice.

Heather Hasson, Executive Chair & Co-Founder

Heather Hasson co-founded FIGS and serves as Executive Chair of the Board, focusing on strategy and innovation. She previously held the role of Co-Chief Executive Officer until August 2022. Hasson is recognized as a multi-disciplined entrepreneur with expertise in brand building, product innovation, and scaling consumer businesses. She and Trina Spear started FIGS in 2013, initially using personal savings and selling scrubs out of hospital parking lots.

Todd Maron, Chief Legal Officer

Todd Maron serves as the Chief Legal Officer at FIGS. Before joining FIGS, he held the position of Chief Legal Officer at Wheels. His prior experience also includes serving as General Counsel and Deputy General Counsel at Tesla. Maron's legal background includes working as an attorney at Jaffe and Clemens and as an associate at Irell & Manella, focusing on commercial litigation, intellectual property, and securities law.

Here are the key risks to FIGS' business:

1. Intense Competition: FIGS operates in a highly competitive healthcare apparel market. The company faces significant competition from established legacy uniform suppliers, emerging fast-fashion brands, and other premium niche brands. While FIGS has successfully built a strong brand and customer loyalty in the direct-to-consumer (DTC) premium segment, its overall market share in the broader medical apparel market is still relatively small. Competitors are also increasingly investing in online presence and product differentiation, which could impact FIGS' ability to maintain or grow its market share and revenue.
2. Profitability Concerns and High Valuation Risk: Despite its strong brand and loyal customer base, FIGS has acknowledged challenges in achieving consistent profitability. The company's stock has been noted for its high valuation, with a high price-to-earnings (P/E) ratio, which suggests that much of its expected growth may already be priced into the stock. This elevated valuation makes FIGS particularly sensitive to any disappointments in financial performance, such as weaker-than-expected active customer growth or pressured earnings, potentially leading to significant stock price volatility and downside risk for investors.
3. Supply Chain Dependencies and Global Trade Uncertainties: FIGS relies on a limited number of third-party suppliers for the manufacturing of its materials and products. This dependency introduces supply chain risks, as disruptions with these key suppliers could adversely affect the company's production and ability to meet demand. Furthermore, FIGS is exposed to global trade and tariff uncertainties, which can lead to increased import costs and pressure on its margins.

• Increased competition from established athletic and apparel brands entering the premium healthcare apparel market, leveraging their existing design capabilities, supply chains, and marketing power.
• Rising customer acquisition costs and increasing saturation within the direct-to-consumer (DTC) e-commerce model, which is FIGS' sole sales channel.

FIGS, Inc. operates within the healthcare apparel and lifestyle market, primarily focusing on medical scrubs and other professional and athleisure wear for healthcare professionals.

The addressable markets for FIGS' main products and services are as follows:

• Global Medical Apparel Market: The global medical clothing market size was valued at approximately USD 122.04 billion in 2025 and is predicted to increase to about USD 242.78 billion by 2035.
• U.S. Medical Apparel Market: The U.S. medical clothing market was valued at USD 42.26 billion in 2022. This market is projected to reach USD 46.57 billion by 2026.
• Global Medical Scrubs Market: The global medical scrubs market size is estimated at USD 54.27 billion in 2025 and is forecasted to reach USD 73.1 billion by 2030. Other estimates for the global medical scrubs market for 2024-2025 range from USD 49 billion to USD 90 billion, with projections of USD 88 billion to USD 124 billion by 2032.
• U.S. Medical Scrubs Market: The U.S. medical scrub market is projected at USD 9.78 billion in 2025, representing approximately 18.0% of the global scrubs market share. This market is expected to grow to USD 13.4 billion by 2030.
• Global Athleisure Market: For FIGS' non-scrub offerings such as activewear, loungewear, sports bras, and performance leggings, the global athleisure market size was valued at USD 368.61 billion in 2025 and is projected to grow to USD 844.77 billion by 2034.
• U.S. Athleisure Market: The U.S. athleisure market is projected to reach USD 128.78 billion by 2026.

Here are 3-5 expected drivers of future revenue growth for FIGS over the next 2-3 years:

1. International Expansion: FIGS is actively pursuing a "go deep and go broad" strategy for market development, focusing on expanding its global footprint. The company has reported significant revenue growth in overseas markets and plans to increase its geographic reach from 58 countries to over 80 countries in fiscal year 2026, including new market entries in regions like China, Japan, South Korea, and Latin America. This international push is supported by localized digital marketing and regional distribution centers.
2. Product Innovation and Diversification: FIGS is committed to expanding and elevating its product offerings beyond traditional scrubs. This includes enhancing its core product line through proprietary fabric technology (such as the FORMx technical fabric franchise), introducing new silhouettes, broadening underscrub assortments, and launching new collections like the Shift Bag. Additionally, the company is pursuing strategic partnerships, such as a deeper collaboration with New Balance on specialty footwear tailored for healthcare professionals.
3. Growth in Active Customers and Average Order Value (AOV): FIGS anticipates continued revenue growth through the sustained momentum of its active customer base and an increase in average order value. The company has reported a rise in active customers and AOV, driven by strong demand for its core products and effective marketing campaigns. Management expects active customer acquisition and engagement to be a significant factor in its 2026 growth.
4. Expansion of Institutional Sales through the TEAMS Platform: The TEAMS platform, which is FIGS's business-to-business (B2B) offering, is transitioning from a pilot program to a core revenue driver. This platform enables hospitals and private practices to standardize uniforms and branding through a streamlined portal, leading to increased average order values and higher repeat purchase rates from institutional buyers.

Share Repurchases

• FIGS authorized a share repurchase program for up to $50 million of its Class A common stock, repurchasing approximately $45.4 million of shares.
• The board subsequently increased the authorization by $50 million, bringing the total share repurchase program to $100 million as of February 27, 2025.
• In 2024, annual share buybacks totaled $45.454 million, and in 2025, they were $2.688 million.

Share Issuance

• FIGS's shares outstanding have seen minor increases over the last few years, with 159.09 million in 2022, 161.12 million in 2023, 161.53 million in 2024, 163.81 million in 2025, and 164.50 million as of March 3, 2026.
• Insider transactions involve the sale of Class A common stock, frequently to cover taxes and fees associated with the vesting and settlement of Restricted Stock Units (RSUs).

Capital Expenditures

• Capital expenditures were -$8.17 million over the last 12 months.
• In the most recent quarter (Q4 2025), capital expenditures amounted to $2.9 million.
• The company completed a fulfillment enhancement project, transitioning all operations to a new facility in Goodyear, Arizona, aimed at optimizing customer service and supporting long-term scalability.