Figs Inc (FIGS) is overvalued and Ermenegildo Zegna NV (ZGN) is slightly undervalued.
Against our estimates of intrinsic value, ZGN trades at the wider discount: a margin of safety of +10%, against -280% for FIGS.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 10.4% (average of 3 methods) values the shares at $5.12; the price of $19.45 is 280% above that value, and 72% of that value comes from beyond year five.
Leak Score 49/100 on 9 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $14.18; the price of $12.75 is 10% below that value, and 75% of that value comes from beyond year five.
Leak Score 66/100 on 11 of 12 signals
| Metric | FIGS | ZGN |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $19.45 | $12.75 |
| Intrinsic value | $5.12 | $14.18 |
| Margin of safety | -280% | +10% |
| Leak Score | 49/100 (9/12) | 66/100 (11/12) |
| Market cap | $3.2B | $3.4B |
| Revenue growth, 5 years | 19.1% | — |
| Operating margin | 9.6% | 8.5% |
| Net margin | 8.7% | 4.0% |
| Return on equity | 14.8% | 8.2% |
| Debt to equity | 0.13 | 1.11 |
| P/E | 60.2x | 37.2x |
| Forward P/E | 51.9x | 21.1x |
| P/B | 7.3x | 2.9x |
| Dividend yield | — | 1.1% |