Security Benefit Life Insurance Co. exited its position in FIGS, Inc., selling 565,560 shares, which represents an estimated $3.19 million change.
What happened
According to a filing published Nov. 12, 2025, Security Benefit Life Insurance completely exited its stake in Figs (FIGS 0.83%) during the third quarter.
The firm sold all 565,560 shares previously held, thereby eliminating a position that accounted for 1.51% of assets under management as of the end of the prior quarter.
What else to know
Security Benefit sold out of Figs and now holds no shares of the company.
Top five holdings after the filing:
- Accelerant Holdings (ARX +5.79%): $81 million (32.3% of AUM)
- Eldridge AAA CLO ETF (CLOX +0.06%): $58 million (23.1% of AUM)
- Eldridge BBB-B CLO ETF (CLOZ +0.19%): $44 million (17.4% of AUM)
- Vivid Seats (SEAT 4.29%): $36 million (14.6% of AUM)
- iShares 20+ Year Treasury Bond ETF (TLT +0.57%): $10 million (3.9% of AUM)
As of Nov. 24, 2025, FIGS shares were priced at $9.59, up 103% over the past year, outperforming the S&P 500 by 87 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $581.03 million |
| Net Income (TTM) | $17.63 million |
| Price (as of market close 2025-11-24) | $9.59 |
| One-Year Price Change | 103% |
Company Snapshot
Figs:
- Offers healthcare apparel and related products, including scrubs, lab coats, outerwear, activewear, and accessories.
- Operates a direct-to-consumer digital platform, generating revenue primarily through online sales of proprietary apparel and lifestyle goods.
- Targets healthcare professionals in the United States as its primary customer base.
FIGS, Inc. is a healthcare apparel company focused on the direct-to-consumer segment, leveraging a digital-first approach to reach medical professionals.
The company differentiates itself through product innovation, brand loyalty, and a vertically integrated business model that enables efficient distribution and customer engagement.
With a scalable platform and a strong presence in the U.S. healthcare market, FIGS aims to maintain its leadership in the premium medical apparel space.
Foolish take
Just two quarters after opening a position in Figs around $4.60 a share, Security Benefit liquidated its stake in the company at around $6, taking a quick profit.
However, since the end of September, Figs' stock has soared to $9 per share, more than doubling in just the last year.
From an idea perspective, there is a lot to like about Figs. Customers love its premium scrubs and apparel for healthcare workers. Furthermore, most of its products are items that need to be continually replaced as they are used, creating a nice repeat base of sales.
That said, the company and its stock haven't really hit their stride (until recently) on the publicly traded markets.
In its last quarter, Figs grew sales by a reasonable 8% -- but this was its highest figure in two years. That is not a lot of growth for a young company like Figs, especially considering its valuation.
Even if we assume the company grows to develop a 15% net income margin over time -- comparable to quasi-peer Lululemon (LULU +0.89%) -- it would still trade at roughly 20 times earnings. This is cheap, but not blatantly so for an apparel company.
Worse yet, Figs' current net income margin is only 6%, so it has plenty of work ahead of it just to reach this theoretical valuation.
Ultimately, I think Figs is a very interesting business and a benefit to those it serves -- but its stock isn't as interesting to me at the moment.
That said, Figs only gets roughly 14% of its sales from international markets, where it has a market share of less than 1%. If it continues to increase revenue by double-digit rates in these markets, it could grow into its valuation.
Glossary
Assets Under Management (AUM): The total market value of investments managed by a fund or institution.
13F Reportable Assets: Securities holdings that institutional investment managers must disclose quarterly to the SEC if above a certain threshold.
Exited Position: When an investor sells all shares of a particular security, fully closing out their investment.
Stake: The ownership interest or amount of shares held in a particular company or asset.
Direct-to-Consumer: A business model where products are sold directly to customers, bypassing traditional retailers or intermediaries.
Vertically Integrated: A company that controls multiple stages of its supply chain, from production to sales.
Premium: Higher-priced products or services positioned as higher quality or value compared to standard offerings.
Proprietary: Products or technologies owned and controlled by a company, not available from competitors.
Outperforming: Achieving better returns or results than a benchmark or peer group.
TTM: The 12 months ending with the most recent quarterly report.
