Is FIGS, Inc. overvalued or undervalued?

As of 13 August 2025, the valuation grade for FIGS, Inc. has moved from very expensive to fair. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 699, an EV to EBITDA of 62.16, and a Price to Book Value of 2.17. In comparison, peers such as Columbia Sportswear Co. have a P/E of 13.72 and an EV to EBITDA of 8.04, while Kontoor Brands, Inc. shows a much more attractive P/E of 17.91 and an EV to EBITDA of 14.31.
In terms of recent performance, FIGS, Inc. has outperformed the S&P 500 with a year-to-date return of 20.19% compared to the index's 12.22%. However, over the three-year period, FIGS has significantly lagged with a return of -24.08% against the S&P 500's 70.41%. Overall, while FIGS, Inc. is currently fairly valued, its high P/E ratio suggests that caution may be warranted in the long term.