FIGS, Inc. (FIGS): History, Ownership, Mission, How It Works & Makes Money

When you look at the healthcare apparel market, do you really see a growth story with a $1.49 Billion market capitalization, or just scrubs? FIGS, Inc. has defintely proven it's the former, not just by selling stylish, functional uniforms, but by building a brand that serves 2.8 million active customers as of September 2025, a 4.0% jump year-over-year. The company's focus on the healthcare professional community powered a Q3 2025 net revenue of $151.7 million, an 8.2% increase, which is why they raised their full-year 2025 net revenue growth outlook to approximately 7.0%. You need to understand how a direct-to-consumer model can generate $8.7 million in quarterly net income and fundamentally change an industry, so let's break down the history, ownership, and the mechanics of their profitability.

FIGS, Inc. (FIGS) History

You're looking for the foundational story of FIGS, Inc., and honestly, it's a masterclass in how to de-commoditize a product. Most people think of scrubs as a boring, necessary uniform, but co-founders Heather Hasson and Trina Spear saw a massive, overlooked market. They didn't just make better medical apparel; they built a lifestyle brand around the healthcare professional-a powerful, direct-to-consumer (DTC) strategy that changed the game.

The company's trajectory, especially its financial performance into 2025, shows this strategy is defintely working. For the first quarter of 2025, the company reported net revenues of $124.9 million, a solid 4.7% increase year-over-year, which is a testament to their brand loyalty and product focus.

FIGS, Inc.'s Founding Timeline

Year established

2013

Original location

Los Angeles, California (The company's headquarters are now in Santa Monica, California.)

Founding team members

• Heather Hasson (Co-Founder and Executive Chair)
• Trina Spear (Co-Founder and CEO)

Initial capital/funding

The founders initially bootstrapped the company using their personal savings. Their first external capital was a 2013 seed round that raised $2 million, which was crucial to ensure they didn't run out of product after early demand.

FIGS, Inc.'s Evolution Milestones

FIGS, Inc.'s Transformative Moments

The real shift for FIGS wasn't just in fabric technology; it was in treating healthcare professionals as athletes deserving of high-quality, branded gear. That was the core transformative decision-to create a digitally-native, direct-to-consumer (DTC) brand in a space dominated by unbranded, low-quality distributors. This model allowed them to control the entire customer experience and maintain a strong gross margin, which hit 69.9% in Q3 2025.

Here's the quick math: By Q3 2025, the company reported 2.8 million active customers, which is a 4% growth year-over-year. That's a powerful, highly engaged customer base that keeps coming back.

Other key moments that shaped the company's current form include:

• The 'A-Scrubs' Movement: Positioning scrubs as performance wear, much like Lululemon did for yoga gear, creating a strong emotional connection and community.
• Strategic Liquidity Management (2025): Securing a $100 million credit facility extension and holding $46.5 million in cash reserves, which shows a strong focus on financial resilience and funding future innovation.
• Focus on Core Profitability: In 2025, the company strategically focused on core scrubwear, which saw a 4.9% increase in net revenues to $99.6 million in Q1 2025, while also expanding non-scrubwear offerings.

The company's ability to turn a commodity into a brand is why investors are paying attention. If you want to dive deeper into the market dynamics, you should be Exploring FIGS, Inc. (FIGS) Investor Profile: Who's Buying and Why?

FIGS, Inc. (FIGS) Ownership Structure

FIGS, Inc. operates with a dual-class stock structure, which means the co-founders, as insiders, hold shares with significantly more voting power than the publicly traded Class A shares.

This structure gives the founders and other insiders substantial control over major corporate decisions, even if their percentage of total equity ownership might seem lower than institutional investors.

FIGS, Inc.'s Current Status

FIGS, Inc. is a Public company, trading on the New York Stock Exchange (NYSE) under the ticker symbol FIGS.

As of November 2025, the company's market capitalization stands at approximately $1.49 Billion USD, reflecting its position as a dominant direct-to-consumer (DTC) healthcare apparel brand.

The company's governance is heavily influenced by its founders, who maintain a strong grip on voting rights through their Class B shares, a common setup for founder-led companies post-Initial Public Offering (IPO).

FIGS, Inc.'s Ownership Breakdown

The ownership of FIGS, Inc. is a mix of institutional funds, company insiders, and public investors. This breakdown is crucial because it shows who holds the most sway in strategic direction and shareholder votes.

Here's the quick math on the approximate breakdown of the company's stock ownership as of the most recent filings in 2025:

While institutional investors own the largest single block of equity, the insider stake of nearly 30% is defintely significant, especially when coupled with the high-vote Class B shares. You can see how this structure impacts the company's core strategy by reviewing its Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

FIGS, Inc.'s Leadership

The company's strategic direction is steered by its co-founders and a seasoned management team, blending entrepreneurial vision with deep financial and retail expertise.

• Trina Spear (CEO & Co-Founder): Spearheads the overall business strategy and operations, having previously worked at Blackstone Group Inc. in the firm's hedge fund group.
• Heather Hasson (Executive Chair & Co-Founder): Serves as the Executive Chair of the Board, focusing on brand vision and product innovation, and previously served as Co-Chief Executive Officer until August 2022.
• Sarah Oughtred (CFO): Joined in August 2024, leading all finance aspects, including Financial Planning & Analysis (FP&A) and accounting, after spending nearly 17 years in finance leadership roles at lululemon athletica inc.

This leadership structure ensures the original, mission-driven culture remains at the core, but with a recent emphasis on financial discipline, evidenced by the appointment of a new CFO with extensive experience in a major apparel company.

FIGS, Inc. (FIGS) Mission and Values

FIGS, Inc. stands for more than just selling scrubs; its core identity is built on a direct commitment to the healthcare community, aiming to elevate the lives of professionals both on and off the job. This mission-driven approach is a key reason the company saw Q3 2025 net revenues hit $151.7 million, a strong 8.2% year-over-year increase, showing that purpose and profit can align.

FIGS, Inc.'s Core Purpose

You're not just buying apparel; you're buying into a brand that actively advocates for its customer base, which it calls 'Awesome Humans.' This focus is defintely a strategic differentiator in a historically stagnant industry. The company's mission and values are the foundation for its product innovation, like the use of Technical Comfort™ fabrics, and its community engagement programs.

Official mission statement

The mission statement is clear, concise, and entirely customer-centric. It goes beyond the transaction to define the company's relationship with its community.

• To celebrate, empower and serve current and future generations of healthcare professionals.

This commitment translates into real-world action, such as their Threads for Threads program, which donates scrubs to healthcare professionals in need globally. In 2024, they donated a record 325,000 FIGS, plus $510,000 to non-profit organizations, which is a concrete example of their service component.

Vision statement

The vision statement maps out a long-term aspiration for market dominance and industry-wide change, which is important for investors to see beyond near-term earnings. It's not just about being the biggest, but about driving positive change.

• Become the leading global brand for healthcare apparel.
• Create a world where healthcare professionals feel valued and empowered.
• Drive positive change in the healthcare industry through innovation and community engagement.

The company's full-year 2025 net revenue growth outlook of approximately 7% confirms they are executing on the 'leading global brand' part of this vision, even while navigating tariff headwinds. You can read more about how these principles guide their strategy here: Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

FIGS, Inc. Core Values

The company's cultural DNA is guided by a few core values that inform product design, marketing, and community advocacy. These values are the guardrails for their rapid growth.

• Innovation: Continuously improving products and services, like their FIONx Technology fabric.
• Community: Building strong relationships with healthcare professionals and supporting their needs.
• Impact: Making a positive difference in the healthcare industry and beyond, including through policy advocacy.
• Authenticity: Remaining true to the mission in all interactions.

Honesty, this focus on the customer is paying off; as of September 30, 2025, FIGS had nearly 2.8 million active customers, a 4.0% increase year-over-year.

FIGS, Inc. slogan/tagline

Their primary tagline is a direct nod to their customer-centric mission, turning a functional purchase into a badge of honor.

• Awesome Humans Wear FIGS.

This simple phrase encapsulates the brand's entire ethos: celebrate the person first. It's a powerful emotional connection that drives brand loyalty and helps maintain a healthy Q3 2025 Adjusted EBITDA Margin of 12.4%.

FIGS, Inc. (FIGS) How It Works

FIGS, Inc. operates as a digitally-native, Direct-to-Consumer (DTC) brand that designs and sells premium, technical healthcare apparel and lifestyle products. The company bypasses traditional retail channels to maintain high margins and a direct relationship with its core customer: the healthcare professional.

FIGS, Inc.'s Product/Service Portfolio

The company's strategy focuses on two main product categories, with the core scrubwear business driving the majority of revenue. For the second quarter of 2025, scrubwear accounted for approximately 83% of total net revenues.

FIGS, Inc.'s Operational Framework

The operational framework is built on a high-margin, data-rich Direct-to-Consumer (DTC) model, which lets them control the brand experience and product feedback loop completely. This model is defintely the core of their business.

• Digital-First Sales Channel: All sales flow through the company's website and app, eliminating wholesale markups and enabling a higher gross margin, which was 67.0% in Q2 2025.
• Community-Driven Marketing: Instead of traditional advertising, the company focuses on building a 'community' around healthcare professionals, fostering deep brand loyalty and driving word-of-mouth growth among its 2.8 million active customers as of September 30, 2025.
• Global Logistics and Fulfillment: Operations are supported by a larger distribution center established in 2024, designed to scale the business toward a long-term goal of $1 billion in revenue.
• Strategic Expansion: The company is actively expanding its footprint beyond the U.S. market, which is critical since over 80% of global healthcare professionals are outside the U.S. International net revenues grew by 19.8% year-over-year in Q2 2025. They also plan to open three new physical 'Community Hubs' in the second half of 2025 to allow customers to try on products.

For more on the principles guiding these operations, you can read the Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

FIGS, Inc.'s Strategic Advantages

FIGS, Inc.'s market success stems from transforming a commoditized product-scrubs-into a premium, fashion-forward brand, allowing them to command a higher Average Order Value (AOV) of around $117 as of Q2 2025.

• Proprietary Fabric Technology: Exclusive, performance-enhancing technical fabrics that offer comfort, durability, and functionality, protected by intellectual property.
• Powerful Brand Equity: A strong, emotive lifestyle brand identity that has created significant customer loyalty and a sense of belonging for healthcare workers.
• Data-Driven Product Iteration: The DTC model provides direct customer feedback and purchasing data, enabling rapid product development and iteration, which is a key competitive advantage.
• Premium Pricing Power: The strong brand and product quality allow the company to maintain a premium price point and a robust Adjusted EBITDA margin, which reached 12.4% in Q3 2025.

FIGS, Inc. (FIGS) How It Makes Money

FIGS, Inc. primarily makes money by selling premium, technically advanced healthcare apparel and lifestyle products directly to healthcare professionals (HCPs) through its digital-first, direct-to-consumer (DTC) e-commerce platform. The core of the business is selling high-margin scrubwear, supplemented by non-scrubwear items like outerwear and accessories, all while maintaining a strong brand connection with the healthcare community.

FIGS, Inc.'s Revenue Breakdown

The company's revenue engine is overwhelmingly focused on its core product line, as seen in the third quarter of 2025 results. Scrubwear accounts for the vast majority of sales, but the non-scrubwear segment is showing strong growth as the brand expands its reach into a full HCP lifestyle offering.

Business Economics

The financial health of FIGS, Inc. is fundamentally tied to its DTC (direct-to-consumer) model, which bypasses traditional retail markups and allows for premium pricing and direct customer relationship management. This model is the core reason the company can sustain a high gross margin, even while dealing with external pressures like tariffs.

• High Average Order Value (AOV): In Q3 2025, AOV increased by 5.6% year-over-year to $114. This increase shows pricing power and customer willingness to purchase multiple, higher-priced items in a single transaction, likely driven by a favorable product mix and a higher rate of full-priced sales.
• Gross Margin Expansion: The gross margin hit 69.9% in Q3 2025, an increase of 280 basis points year-over-year. That's a huge jump. This was achieved through a lower mix of promotional sales, better return rates, and reduced freight expenses, which demonstrates disciplined cost management and a stronger brand that doesn't need heavy discounting.
• Customer Loyalty: The active customer base grew 4.0% year-over-year to 2.8 million as of September 30, 2025. This consistent growth in the core customer base, combined with the rising AOV, indicates a healthy, sticky business model.
• International Growth: International net revenues grew 11.7% to $24.3 million in Q3 2025, outpacing the U.S. growth of 7.5%. This geographic expansion is a clear, near-term growth lever.

Honestly, the ability to expand gross margin while still growing the customer base is the most bullish signal here. It tells you the brand equity is strong enough to resist the need for deep discounts.

FIGS, Inc.'s Financial Performance

The company's financial performance in 2025 shows a clear trend of accelerating top-line growth and significant profitability improvement, exceeding initial expectations. For a deeper dive into the institutional interest in the company, you should check out Exploring FIGS, Inc. (FIGS) Investor Profile: Who's Buying and Why?

• Q3 2025 Net Revenues: Total net revenues reached $151.7 million, an 8.2% increase year-over-year, marking the strongest quarterly growth rate in two years.
• Profitability Reversal: Net income for Q3 2025 was $8.7 million, a sharp turnaround from a net loss in the same period last year. The corresponding net income margin was 5.8%.
• Adjusted EBITDA: Adjusted EBITDA for Q3 2025 was $18.9 million, resulting in an Adjusted EBITDA margin of 12.4%. This is a massive improvement from the 3.4% margin in Q3 2024.
• Full Year 2025 Outlook: Management has raised its full-year 2025 outlook, now projecting net revenue growth of approximately 7.0% and an Adjusted EBITDA margin of approximately 10.3%. This defintely signals confidence in sustained operational efficiency.

Here's the quick math on the full-year outlook: if the company hits the 7.0% revenue growth target, its full-year net revenues would be around $594.4 million (based on the prior year's $555.56 million), which would be a new record and a solid foundation for 2026.

FIGS, Inc. (FIGS) Market Position & Future Outlook

FIGS has solidified its position as the premium disruptor in the healthcare apparel market, successfully translating brand loyalty into impressive financial momentum, with the company raising its full-year 2025 net revenue growth outlook to approximately 7.0%. This growth, coupled with an expected adjusted EBITDA margin of approximately 10.3%, signals a confident, profitable trajectory despite macro headwinds like tariffs.

Competitive Landscape

You need to understand that while FIGS dominates the premium direct-to-consumer (DTC) space, the broader medical apparel market remains highly fragmented and competitive. The niche for high-end scrubs is essentially a two-horse race, but other major players are leveraging their own unique advantages to capture market share from the traditional, low-cost suppliers.

Here's the quick math: as of Q1 2025, FIGS and Superior Group of Companies are neck-and-neck in the core healthcare apparel niche, holding roughly half the market each. Superior Group of Companies' advantage is its deeply entrenched business-to-business (B2B) model and a history dating back to 1920, which is hard to beat for institutional contracts.

Opportunities & Challenges

The company's strategy is clear: expand geographically and diversify the product line. But still, they have to navigate some significant, near-term cost pressures that could erode margins if not managed defintely.

The international market is a massive opportunity, given that over 80% of global healthcare professionals are outside the U.S. International net revenues already grew by 16.4% in Q1 2025, showing strong demand outside the core U.S. market. You can dive deeper into this in Breaking Down FIGS, Inc. (FIGS) Financial Health: Key Insights for Investors.

Industry Position

FIGS occupies a premium, high-margin position within the estimated $79 billion medical uniform market. Its standing is defined by a successful disruption of a previously stagnant industry, leveraging a strong DTC model to maintain a Q3 2025 gross margin of 69.9%.

• Maintain a premium price point by reducing promotional activity to build long-term brand equity.
• Shift from purely online to an omnichannel strategy by opening physical 'Community Hubs' to enhance brand experience.
• Focus on customer lifetime value (CLV) with an active customer base of 2.8 million as of September 30, 2025.

The core challenge is translating its brand strength into sustainable growth as the domestic market matures, which means the success of the international and non-scrubwear expansion is absolutely critical to its long-term valuation.