They are either bleached white or completely disintegrated.
This NASA website repeats some expert speculation on the topic.
For forty-odd years, the flags have been exposed to the full fury of the Moon’s environment – alternating 14 days of searing sunlight and 100° C heat with 14 days of numbing-cold -150° C darkness. But even more damaging is the intense ultraviolet (UV) radiation from the pure unfiltered sunlight on the cloth (modal) from which the Apollo flags were made. Even on Earth, the colors of a cloth flag flown in bright sunlight for many years will eventually fade and need to be replaced. So it is likely that these symbols of American achievement have been rendered blank, bleached white by the UV radiation of unfiltered sunlight on the lunar surface. Some of them may even have begun to physically disintegrate under the intense flux.
Of the three experts quoted, this one is actually the most optimistic. All three agree that the flags would be bleached white. Two of them believe that the flags then turned to ash. The meme shows a flag that is bleached white, but otherwise intact; this is almost certainly not the case. No one has actually been back to look at the flags, and our best orbital pictures don't show the flags in any detail, so we can't know for sure.
The Lunar Reconnaissance Orbiter has been orbiting the moon since 2009 taking "high resolution" images. If you look closely at some of these imagesIf you look closely at some of these images, it is possible to see the shadows cast by some of the flags. This means that those flags are still standing, but doesn't give a lot of information about their condition.
