Forensic Analysis · Textiles & Apparel Manufacturing · as of Nov 8, 2026
Figs, Inc. (FIGS)
A forensic read on Figs, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
8.3
Distress distance
Clean
Earnings quality
2
Forensic signals
8.4%
ROE
13.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Figs, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+19.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +11% against +17% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 19.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
7.5%
FY2025
Return on invested capital.Return on invested capital is 7.5% in the latest fiscal year, against 8.1% in FY2023, having run between 0.5% and 8.1% across FY2023–FY2025 with no direction held. After-tax operating profit was $22M in FY2023 and $28M in FY2025, with operating income at 6.2% of revenue in FY2023, 0.4% in FY2024 and 6.0% in FY2025. The capital base behind it grew +36% across FY2023–FY2025, from $272M to $371M, while the return fell 0.6 points, so the dollars added over that window earned less than the 8.1% the older base was already earning. $189M of the $371M base at FY2025 is short-term investments (51.0%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$631.1M
Revenue Growth YoY+13.6%
Revenue CAGR (2yr)+7.5%
Net Margin5.4%
Free Cash Flow$53.0M
Return on Equity8.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Figs, Inc.'s actual 10-K/10-Q/8-K filings?