FIGS Collar 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 collar on FIGS?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on FIGS specifically: IV regime affects collar pricing on both sides; mid-range FIGS IV at 59.70% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The FIGS collar 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 $12.51 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 100 shares | Stock | $11.91 | long |
| Sell 1 | Call | $12.51 | N/A |
| Buy 1 | Put | $11.31 | N/A |
FIGS collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
FIGS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on FIGS
Collars on FIGS hedge an existing long FIGS stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
FIGS thesis for this collar
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 collar hedges an existing long FIGS position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current FIGS IV rank near 32.21% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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 collar on FIGS?
- A collar on FIGS is the collar strategy applied to FIGS (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the FIGS collar 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 collar?
- The breakeven for the FIGS collar 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 collar on FIGS?
- Collars on FIGS hedge an existing long FIGS stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current FIGS implied volatility affect this collar?
- 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.