FIGS, the scrubs company, is quietly sinking—its stock has barely budged since 2026, lagging behind the market while active customer growth stalls at just 6% annually. Earnings per share are declining by 5% yearly, and with a meager 8% free cash flow margin, the business struggles to reinvest or reward shareholders. With investor optimism already baked into its valuation, FIGS may be better left on the sidelines as hotter sectors like semiconductors beckon.
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