FIGS

DTC healthcare-apparel brand (premium scrubs + TEAMS B2B). Q1 2026 print revenue $159.9M (+28% YoY) beat consensus, EBITDA margin 8.7% beat by 25%, but FY26 guide of 10-12% growth (~$700M) implies sharp H2 deceleration from Q1's low-20s; stock -15% post-print. International (58→80 countries) and TEAMS institutional channel are the live growth wedges.

• •2026-05-07 — Q1 2026 print: revenue $159.9M (+28% YoY) beat consensus; GAAP EPS $0.03 vs $0.017 est; adj EBITDA $13.88M vs $11.08M est (8.7% margin, +25% beat); op margin 2.8% vs -0.2% YoY
• •2026-05-07 — FY2026 guide 10-12% revenue growth (~$700M midpoint); implies sharp deceleration from low-20s Q1 to mid-singles H2; stock -15% post-print on guide despite earnings beat
• •2026-02 — Q4 2025 print: revenue $201.9M (+33% YoY), record quarter; FY2025 revenue $631.1M (+14% YoY from $555.6M FY24)
• •2025-Q4 — International revenue +55% YoY in Q4; international = 15% of total revenue (+31% YoY full-year)
• •2025+ — International expansion plan: 58 → 80 countries in FY26 (Japan, South Korea targeted)
• •2025+ — TEAMS B2B channel targets US institutional healthcare (~15% of US scrubs market); enhanced TEAMS Store platform rolling out 2026
• •2025 — Community Hubs (physical retail) expanded to 5 locations (NYC, Houston, Chicago + 2 prior)
• •Snapshot 2026-05-07: regular-session close $15.37, post-market $12.88 (-16% AH), mcap ~$2.57B; fwd PE 48.98x, trailing PE 80.89x, P/S 4.07x; gross margin 66.5%, op margin 9.3%, net margin 5.4%; short interest 13.3% of float
• •Setup tension: Q1 beat real but FY26 guide bakes in sharp H2 deceleration; international + TEAMS B2B are live growth wedges offset by US consumer weakness; valuation rich (49x fwd PE) for apparel decelerating into mid-singles