FIGS, Inc. — Earnings Quality Grade C
FIGS · Consumer Cyclical
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 3 days, change -1 days YoY
AR growth -19.3% vs revenue growth 13.6%
Revenue grew 13.6% but CFFO declined -24.6%
Expense Quality
Inventory 10.5% vs COGS 17.4%. Normal
CapEx growth -52.0% vs revenue 13.6%. Normal
SG&A/Gross Profit = 90.9%, exceeds 70%
Gross margin 66.5%, change -1.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.79. Profits backed by cash
FCF $0.1B, FCF/NI = 1.55
Accruals ratio = -4.6%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 1.3x. Healthy
Other assets -17.2% vs revenue 13.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.85 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25