FIGS, INC.

Recommendation history

• Q4 2024BuyBuy: Everest delivered a standout Q1, with $301.1 million of operating income ($5.88 diluted EPS, up 25%), an 80.7% reported combined ratio, 13% premium growth, and a 25% annualized ROE. The underlying thesis is strong underwriting improvement and aggressive capital return—$239 million of Q1 repurchases plus a planned $320 million debt redemption—but Florida catastrophe pricing is not yet proven beyond a subset of renewals, alternative capital could pressure rates, and investment income is declining.
• Q2 2024HoldTarget delivered a strong Q4, with $152 million of revenue and approximately $91 million of adjusted EBITDA, while ending with $182 million of cash, over $305 million of liquidity and 0.6x net leverage. The bull case is substantial government-contract visibility and potential variable revenue, but the key 5-year humanitarian-campus economics and scope remain unfinalized; with much of the upside dependent on policy and contract execution, the stock is a hold rather than a clean buy.
• Q1 2023BuyBuy: Starbucks delivered solid Q2 execution, with revenue up 5% reported (9% excluding Streamline and FX), non-GAAP EPS of $0.60 up 13%, U.S. comps up 4% and China comps up 3%. FY2019 non-GAAP EPS guidance was raised to $2.75-$2.79, but the quality of the beat is mixed: margin benefited from cost savings and a seasonal accounting tailwind, while China traffic remained negative and competition is intensifying.
• Q1 2022HoldVirtus delivered a strong Q4—adjusted EPS rose 26% year over year to $4.32, revenue reached $128.4 million, adjusted operating margin expanded to 39%, and net debt fell to 0.3x EBITDA. However, the $0.3 billion of net inflows and January momentum are not yet enough to establish durable organic growth, while institutional flows remain lumpy and bank-loan funds continue to see outflows; the call supports a hold rather than a fresh buy.
• Q4 2021HoldHold: FY2020 guidance calls for revenue of $833–$863 million (+1%–4%), but adjusted EBITDA falls to $103–$107 million from $118 million and adjusted EPS to $1.08–$1.15 from $1.53. The bull case is 5%–8% growth in current/new products plus $20–$22 million from Osprey, but this is heavily offset by a quantified $40 million China ASF headwind, roughly $28–$33 million of higher SG&A, and uncertain execution on new products.