FIGS (FIGS) Stock Forecast & Price Target

FIGS is supported by broad-based demand that is outpacing supply, with 3Q revenue up 25.7% year over year to $190.7 million, active customers rising 14.3% to 3.2 million, and adjusted EBITDA reaching $31.5 million at a 16.5% margin. The outlook is further strengthened by multiple growth levers scaling at once, including TEAMS, international markets, and Community Hubs, while non-scrubwear grew 34.6% and international sales jumped 51%, showing demand is expanding beyond the core scrubwear business. Management’s raised FY guidance, expected 23.5% net sales growth and 15.8% adjusted EBITDA margin for FY26, suggests operating leverage can improve as supply constraints ease and the company converts strong brand momentum into more durable profitability.

FIGS is vulnerable to macro headwinds, because inflation, unrest, or a broader downturn could pressure demand and profitability even if healthcare apparel is relatively resilient, while its sourcing and limited manufacturing in China add exposure to rising labor costs and legal, political, and supply chain disruption. The company also faces strategic risk that its differentiated scrubs business could become commoditized as technical fabrics become easier to replicate, and its lifestyle products remain early-stage against entrenched activewear competitors. Although sales growth accelerated to 33% in Q425 and management guided to 10% expansion in Q426, the stock’s valuation has re-expanded toward mid-20s EV/EBITDA, leaving it sensitive to any slowdown in growth or execution missteps.