FIGS // FIGS Inc.

DES <GO> NYSE CIK 0001846576 ↗

Consumer Discretionary • Apparel

$21.56 ▲ +0.90 (+4.36%)

MKT CAP: $3.58B • VOL: 4.78M

52W L $7 52W H $22

ALTMAN Z

17.36 SAFE

PIOTROSKI

9 / 9

FIGS // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // C+ (RQD 66) -> C (RQD 65) AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF -17.4% vs NI +200% • ROIC-WACC -2% • Z 17.36

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did FIGS's Whale & Options Flow & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever FIGS is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON FIGS)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.82σ

FIGS Accounting Gap: Net Income (+220%) Outpaced OCF (-24.6%) With +9.3% Working-Capital Build

CASH CONVERSION GAP

+244.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+9.3% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on FIGS Inc. (FIGS) exposes a +244.6% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-24.6%). Non-cash current assets and receivables expanded +9.3% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

FIGS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +42.45%⚡ TESTING RESISTANCE

2026-10-30O $21.44H $21.70L $20.77C $21.31VOL 2.73M

RES: $22.16SUP: $13.37SMA50: $15.77SMA200: $13.44

FIGS // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

FIGS Inc. (FIGS) exhibits 66.5% gross margins and 7.3% return on invested capital within Consumer Discretionary (Apparel), balanced against a 79.0x enterprise multiple and 6.9% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 66.5% gross profitability converts into 6.0% operating margin and 7.3% ROIC, outpacing sector cost of capital.

ROIC: 7.3% // GM: 66.5%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +13.6% paired with 1.48% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +13.6% // FCF YLD: 1.48%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 17.36 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 17.36 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 104.4x trailing P/E (87.7x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 104.4x // EV/EBITDA: 79.0x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.9% implied move with a 0.59 put/call ratio around $21.00 max pain.

IMPL MOVE: ±6.9% // P/C: 0.59

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Apparel require continuous execution to defend 5.4% net margins.

NET MARGIN: 5.4% // D/E: 0.14x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 87.7x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.99).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 104.4x

FORWARD P/E 87.7x

EV / EBITDA 79.0x

FCF YIELD 1.48%

GROSS MARGIN 66.5%

OPERATING MARGIN 6.0%

NET MARGIN 5.4%

ROIC % 7.3%

REV GROWTH YOY +13.6%

DILUTED EPS TTM $0.21

DEBT / EQUITY 0.14x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 76.4

5Y EQUITY BETA 0.99

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // FIGSPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $19.73

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for FIGS & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

FIGS VS AMZN

MARGINS ROIC VALUATION

FIGS VS TSLA

MARGINS ROIC VALUATION

FIGS VS V

MARGINS ROIC VALUATION

FIGS VS MA

MARGINS ROIC VALUATION