FIGS, Inc.
FIGS Consumer Cyclical Apparel Manufacturing
FIGS, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $631.1 million, up 13.6% from fiscal 2024. In the quarter to June 2026, revenue grew 28.8%, EPS grew 325.0% and free cash flow grew 427.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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FIGS, Inc. (FIGS) Piotroski F-score
FIGS, Inc.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 4.00 |
| FY2024 | 4 | (1.00) |
| FY2023 | 5 | 1.00 |
| FY2022 | 4 | 0.00 |
| FY2021 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 6.29% | 0.55% | Pass | 1 |
| Positive operating cash flow | 61.17m | 81.16m | Pass | 1 |
| Rising return on assets | 6.29% | 0.55% | Pass | 1 |
| Cash flow above net income | 26.92m | 78.44m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 4.94 | 4.25 | Pass | 1 |
| No new shares issued | 163,462,100 | 169,202,000 | Pass | 1 |
| Rising gross margin | 66.53% | 67.61% | Fail | 0 |
| Rising asset turnover | 1.16 | 1.13 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FIGS FIGS, Inc. | 8 |
| ZGN Ermenegildo Zegna N.V. compare | 7 |
| LEVI Levi Strauss & Co. compare | 7 |
| COLM Columbia Sportswear Company compare | 7 |
| VFC V.F. Corporation compare | 7 |
| PVH PVH Corp. compare | 6 |
| KTB Kontoor Brands, Inc. compare | 5 |
| UA Under Armour, Inc. compare | 2 |
| UAA Under Armour, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover