FGI Industries Ltd.
FGI Consumer Cyclical Furnishings Fixtures & Appliances
FGI Industries Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $130.5 million, down 0.98% from fiscal 2024. In the quarter to June 2026, revenue grew 2.86%, EPS grew 204.7% and free cash flow grew 22.8%, each against the same quarter a year earlier.
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FGI Industries Ltd. (FGI) Piotroski F-score
FGI Industries Ltd.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 2 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 2.00 |
| FY2024 | 2 | (4.00) |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (8.47%) | (1.70%) | Fail | 0 |
| Positive operating cash flow | 673.20k | (7.43m) | Pass | 1 |
| Rising return on assets | (8.47%) | (1.70%) | Fail | 0 |
| Cash flow above net income | 6.81m | (6.22m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.17 | 1.24 | Fail | 0 |
| No new shares issued | 1,918,100 | 1,913,000 | Fail | 0 |
| Rising gross margin | 27.01% | 26.88% | Pass | 1 |
| Rising asset turnover | 1.80 | 1.87 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | 8 |
| CRWS Crown Crafts, Inc. compare | 8 |
| PRPL PURPLE INNOVATION, INC. compare | 5 |
| KEQU Kewaunee Scientific Corporation compare | 5 |
| EFOI Energy Focus, Inc. compare | 5 |
| FGI FGI Industries Ltd. | 4 |
| MWYN Marwynn Holdings, Inc. compare | 3 |
| NCLX Northann Corp. compare | 3 |
| SNBRQ Sleep Number Corporation compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover