FIGS vs LEVI: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: LEVI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FIGS and LEVI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FIGS and LEVI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

FIGS, Inc. is a healthcare apparel company that designs and sells premium medical scrubs and related products directly to healthcare professionals, mostly through its own website and app. The core product is scrubwear (tops and pants engineered for comfort, fit, and durability), supplemented by lab coats, underscrubs, outerwear, activewear, footwear, and accessories. FIGS built its business as a digitally native, direct-to-consumer brand: it markets to individual clinicians, cultivates repeat purchases and community, and captures the full retail margin by skipping traditional uniform-shop middlemen. That model let it take meaningful share of the branded scrub market and lead the premium, direct-to-consumer segment in the United States, while expanding internationally.

Full FIGS guide

Levi Strauss & Co. designs and sells jeans, casualwear and related apparel under the Levi's, Dockers, Beyond Yoga and Denizen brands across roughly 110 countries. It sells through three channels: its own retail stores and e-commerce (direct-to-consumer), traditional wholesale partners, and licensing. The company has been deliberately shifting its mix toward direct-to-consumer, which carries higher gross margins, and toward women's and non-denim categories, with women's apparel now around 35% of the business and Beyond Yoga expanding its premium activewear reach.

Full LEVI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FIGS drivers: Reaccelerating core scrubwear and repeat demand; Institutional B2B (TEAMS) channel.
• LEVI drivers: Direct-to-consumer margin mix shift; Brand strength and denim leadership.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is that FIGS sells discretionary apparel in a competitive category. For LEVI, apparel is cyclical and discretionary, so a weaker consumer or slower back-to-school and holiday seasons can pressure sales quickly.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FIGS if you believe its drivers more; LEVI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FIGS and LEVI guides.

FIGS. These figures are approximate and tied to the asOf date; verify live numbers before acting. FIGS is a small-cap consumer growth stock, so its valuation hinges on whether the recent reacceleration and the institutional channel prove durable rather than on any single quarter. Treat revenue-growth and margin trends as the key signals, and confirm the latest quarterly results and full-year guidance directly.

LEVI. Figures are approximate as of early July 2026 and move with the market. Levi's reported Q1 FY2026 net revenues of about $1.7 billion, up 14% reported, and guided full-year FY2026 reported revenue growth of roughly 5% to 6% with adjusted EBIT margin expanding toward 11.8% to 12%. Q2 FY2026 results are due July 8, 2026, so figures here predate that report.

Headline figures (approximate, Jul 2026): FIGS shows revenue trend Reaccelerating: FY2025 net revenues ~$631M (up ~13.6%), with Q4 2025 up ~33% and Q1 2026 up ~28% to ~$160M year over year, profitability Profitable and improving: FY2025 net income ~$34M with net margin ~5.4%; Q4 2025 net margin expanded to ~9%. Gross margins are high for apparel given the direct-to-consumer, own-brand model, growth guidance Company guided full-year 2026 net revenue growth of roughly 10% to 12% versus 2025, balance sheet / leverage Generally described as a cash-generative, low-debt balance sheet typical of an asset-light apparel brand; verify current cash and any debt live; LEVI shows market cap ~$9.4B, share price ~$25, revenue (ttm) ~$6.3B, net income (ttm) ~$580M.

FIGS and LEVI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FIGS and LEVI exposure against your real portfolio. It is not an investment adviser.