Forensic Analysis · Durable Goods, Textiles & Apparel · as of Aug 9, 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

17.6

Distress distance

Clean

Earnings quality

Forensic signals

58.6

P / E (ttm)

7.8%

ROE

$2.4B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 17.6, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.

6.8%

FY2025

Return on invested capital. Return on invested capital is 6.8% in the latest fiscal year and slipping from 15% — slightly below its ~9% cost of capital — reinvestment is roughly a wash.

Key fundamentals

Latest Revenue$631.1M

Revenue Growth YoY+13.6%

Revenue CAGR (3yr)+7.7%

Net Margin5.4%

Free Cash Flow$53.0M

Return on Equity7.8%

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.