FIGS Butterfly Strategy
FIGS (FIGS, Inc.), in the Consumer Cyclical sector, (Apparel - Manufacturers industry), listed on NYSE.
FIGS, Inc. operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. It designs and sells healthcare apparel and other non-scrub offerings, such as lab coats, under scrubs, outerwear, activewear, loungewear, compression socks footwear, and masks. It also offers sports bras, performance leggings, tops, super-soft pima cotton tops, vests, and jackets. The company markets and sells its products through its digital platform comprising website and mobile app. FIGS, Inc. was founded in 2013 and is headquartered in Santa Monica, California.
FIGS (FIGS, Inc.) trades in the Consumer Cyclical sector, specifically Apparel - Manufacturers, with a market capitalization of approximately $2.04B, a trailing P/E of 50.01, a beta of 1.12 versus the broader market, a 52-week range of 4.25-17.48, average daily share volume of 4.0M, a public-listing history dating back to 2021, approximately 303 full-time employees. These structural characteristics shape how FIGS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places FIGS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 50.01 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on FIGS?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current FIGS snapshot
As of May 15, 2026, spot at $11.91, ATM IV 59.70%, IV rank 32.21%, expected move 17.12%. The butterfly on FIGS below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this butterfly structure on FIGS specifically: FIGS IV at 59.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 17.12% (roughly $2.04 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGS should anchor to the underlying notional of $11.91 per share and to the trader's directional view on FIGS stock.
FIGS butterfly setup
The FIGS butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FIGS near $11.91, the first option leg uses a $11.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGS chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 FIGS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $11.31 | N/A |
| Sell 2 | Call | $11.91 | N/A |
| Buy 1 | Call | $12.51 | N/A |
FIGS butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
FIGS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on FIGS. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use butterfly on FIGS
Butterflies on FIGS are pinning bets - traders use them when they expect FIGS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
FIGS thesis for this butterfly
The market-implied 1-standard-deviation range for FIGS extends from approximately $9.87 on the downside to $13.95 on the upside. A FIGS long call butterfly is a pinning play: it pays maximum at the middle strike if FIGS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FIGS IV rank near 32.21% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on FIGS should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, FIGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGS-specific events.
FIGS butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. FIGS positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGS alongside the broader basket even when FIGS-specific fundamentals are unchanged. Always rebuild the position from current FIGS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on FIGS?
- A butterfly on FIGS is the butterfly strategy applied to FIGS (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With FIGS stock trading near $11.91, the strikes shown on this page are snapped to the nearest listed FIGS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIGS butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the FIGS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 59.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGS butterfly?
- The breakeven for the FIGS butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FIGS market-implied 1-standard-deviation expected move is approximately 17.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on FIGS?
- Butterflies on FIGS are pinning bets - traders use them when they expect FIGS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current FIGS implied volatility affect this butterfly?
- FIGS ATM IV is at 59.70% with IV rank near 32.21%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.