Figs, Inc. (FIGS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Durable Goods, Textiles & Apparel · as of Sep 24, 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
2
Forensic signals
35.0
P / E (ttm)
7.8%
ROE
$2.0B
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, going concern, valuation). 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 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.
6.8%
FY2025
Return on invested capital.Return on invested capital is 6.8% in the latest fiscal year, against 8% in FY2023, having run between 0.4% and 8.1% across FY2023–FY2025 with no direction held. The capital base behind it grew +50% across FY2023–FY2025, from $272M to $407M, while the return fell 1.4 points, so the dollars added over that window earned less than the 8% the older base was already earning.
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 Equity7.8%
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?