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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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      "text": "FIGS regularly provided its market share estimate throughout the SEC registration process and after coming public. However, we observe that it has not updated its market share estimate in nearly 6 months since filing its Annual Report on March 10, 2022. If we take FIGS' $12.0 billion market opportunity at face value, its current valuation relative to the entire market is 17.5%. However, by using Spruce Point's adjusted market opportunity of $5.1 billion, we estimate FIGS is valued at 41% of the market opportunity. To put these figures in perspective, FIGS was founded in 2013 and only claims it captured 3.5% market share. This supports our view that FIGS is materially overvalued.",
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      "text": "FIGS Hasn't Updated Its Market Share Figure In Nearly Six (6) Months And Its Valuation To Market Opportunity Is Disproportionately Large",
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