FIGS, Inc., together with its subsidiary, FIGS Canada, Inc., operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. The company designs and sells scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel. It also offers sports bras, performance leggings and tops, super-soft pima cotton tops, vests, …
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Competitive advantage assessment
Key strengths
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.76), demonstrating pricing resilience across cycles.
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.76), with robust interest coverage.
Key risks
Revenue Volatility Signals Weak StickinessRevenue volatility is high (stability score 0.36), suggesting weak customer stickiness.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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FIGS, Inc. ranks #6 of 26
scored companies in Apparel Manufacturing by moat score — the top 23%.
The widest moat in the group is Ralph Lauren Corporation (RL)
at 83/100.
Moat scores for companies ranked near FIGS in Apparel Manufacturing
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 44
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 56
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 66
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 82
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 72
· 15% of the moat score
Scale matters only when it converts into economics.
FIGS, Inc. (FIGS) scores 67 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #6 of 26 scored companies in Apparel Manufacturing, the top 23%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 25 companies in Apparel Manufacturing. Its strongest defense is Resilience (82/100) and its weakest is Cost Advantage (44/100).
How does FIGS, Inc. compare with other Apparel Manufacturing companies?
FIGS, Inc. ranks #6 of 26 scored companies in Apparel Manufacturing by moat score. The widest moat in Apparel Manufacturing is Ralph Lauren Corporation (RL) at 83/100. The companies ranked closest are Ermenegildo Zegna N.V. (ZGN) at 68 just above it and Columbia Sportswear Company (COLM) at 66 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 25 companies in Apparel Manufacturing. The defenses are then weighted to produce the overall score out of 100.
Why is FIGS, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for FIGS, Inc.?
The Corporate Default template measures 6 defenses, and FIGS scores: Pricing Power (76), Cost Advantage (44), Customer Stickiness (56), Capital Efficiency (66), Resilience (82), Scale & Market Position (72). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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