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Fulgent Genetics, Inc.

FLGT Healthcare Diagnostics & Research

Fulgent Genetics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $322.7 million, up 13.8% from fiscal 2024.

Revenue
+7.54%
EPS
−128.6%
Free cash flow
+2,058.7%

Quarter to September 2026, against a year earlier

18.66 1.02 −5.18%
Market cap
$513.4M
P/E
0.0×
Fwd P/E
−5.8×
Dividend yield
—
F-score
4/9
Altman Z
5.63
Beneish M
−2.35
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.29
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — 2 2 — 2 2 — —
Insider Ownership 36.34%

Capital & Financial Ratios $m

Size
Market Cap 513.43
Revenue ttm 330.28
Net income ttm (91.98)
Free cash flow ttm 14.43
Net debt Q (257.03)
Valuation
P/E 0.00
Forward P/E (5.80) (negative: loss-making)
Price / sales 1.56
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.52
Financial health
Current ratio Q 5.34 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (3,221.00)
Growth
Revenue growth Q +7.54% (above 0%: growing)
Operating income growth Q −46.89% (below 0%: shrinking)
EPS, this year −640.48% (below 0%: weak)
EPS, next year A +39.21% (at or above 15%: strong)
Revenue, next year A +2.80%
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.9×; over the ten years it ranged from 0.4× in 2022 to 14.3× in 2020.
P/S against its own 10 years 7.05%
10-year low 10-year high
P/B against its own 10 years 8.15%
10-year low 10-year high
EV/Sales against its own 10 years 8.55%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 424 258 336 —
Receivables 51 69 85 62
Inventory — — — —
Other 33 23 23 26
508 354 550 384
2023 2024 2025 Q'26
Payables 15 18 19 17
ST’ Debt — — — —
Other 26 30 32 32
73 73 85 72

Compound Annual Growth %

10y 5y 3y
Sales 42.15% (5.21%) (19.52%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 71.10% 14.22% (4.48%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.46 Actual −0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.24 0.14 Beat by 0.38
Q4 FY25 0.03 0.16 Beat by 0.13
Q1 FY26 −0.19 −0.36 Miss by 0.17
Q2 FY26 −0.46 −0.58 Miss by 0.12
Q3 FY26 −0.65 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.80) (1.05) (0.48) — —
’25 (0.37) (0.62) (0.21) (0.76) (1.97)
’24 (0.45) (0.29) (0.48) (0.19) (1.41)
’23 (0.52) (0.38) (0.44) (4.30) (5.63)
’22 4.93 0.37 0.06 (0.80) 4.63
’21 6.52 2.59 3.93 3.34 16.38
’20 (0.09) 0.14 1.98 6.16 8.91
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 71 85 90 — —
’25 73 82 84 83 323
’24 64 71 72 76 283
’23 66 68 85 71 289
’22 320 125 106 68 619
’21 359 154 228 252 993
’20 8 17 102 295 422
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7 (24) 109 — —
’25 (4) (30) 11 (78) (102)
’24 7 4 (16) 25 21
’23 (8) 10 10 15 27
’22 188 11 21 33 254
’21 233 76 152 77 539
’20 1 (4) 9 134 141
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2 (28) 109 — —
’25 (9) (37) 5 (83) (124)
’24 3 (9) (35) 21 (19)
’23 (10) (2) 5 12 6
’22 183 8 16 29 235
’21 222 73 149 71 515
’20 1 (5) (1) 110 106
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 18 19 21 33 422 993 619 289 283 323 330 +37.6% 332 383 420 +9.2%
Gross margin, % 63.22 54.35 49.90 56.63 78.70 78.29 59.28 36.12 37.82 40.56 33.82 (22.7) pt
EBT (4) (3) (5) 0 292 677 184 (174) (52) (70) (99) +35.8%
EBT margin, % (24.45) (16.02) (21.71) 1.26 69.17 68.24 29.73 (60.19) (18.33) (21.70) (29.97) +2.7 pt
Net income (5) (3) (6) 0 214 506 142 (175) (44) (62) (92) +31.2%
Per share, $
Per share, $ Revenue 1.33 1.06 1.19 1.74 18.58 33.75 20.57 9.71 9.38 10.48 11.94 +25.8%
Earnings (1.00) (0.15) (0.31) (0.02) 9.44 17.25 4.76 (5.63) (1.41) (1.97) (3.09) +7.8%
Cash flow 0.32 0.08 (0.04) 0.29 6.20 18.31 8.42 0.91 0.70 (3.30) 0.52 n/m
Capex (0.28) (0.30) (0.16) (0.06) (1.55) (0.81) (0.61) (0.72) (1.32) (0.73) 0.00 +11.5%
Free cash flow 0.05 (0.23) (0.20) 0.23 4.65 17.51 7.81 0.19 (0.63) (4.04) 0.52 n/m
Book value 3.97 3.05 2.85 4.42 25.09 39.65 42.19 38.05 37.35 35.96 35.60 +27.7%
Shares, m 14 18 18 19 23 29 30 30 30 31 29 +9.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 5.97 5.81 6.48 0.00 0.00 0.00 0.00 1.8
P/S 8.36 4.01 2.67 7.42 2.80 2.98 1.49 3.02 1.97 2.51 1.56 3.7
P/B 2.81 1.39 1.11 2.92 2.08 2.54 0.73 0.77 0.49 0.73 0.52 1.6
EV/Sales 7.22 2.59 1.22 6.63 2.13 2.55 0.67 1.62 1.13 1.53 0.85 2.7
EV/FCF 210.52 (12.06) (7.40) 49.77 8.52 4.91 1.78 84.22 (16.96) (3.97) (49.56) 31.9
Cash, $m
Cash, $m Operating cash flow 4 1 (1) 6 141 539 254 27 21 (102) 14 n/m
Capex (4) (5) (3) (1) (35) (24) (18) (21) (40) (23) (20) +22.0%
Free cash flow 1 (4) (4) 4 106 515 235 6 (19) (124) 14 n/m
Balance, $m
Balance, $m Working capital 23 30 37 33 394 507 540 435 281 466 312 +39.8%
Net debt (21) (26) (31) (28) (284) (435) (511) (424) (258) (336) (257) +36.2%
Shareholders’ equity 54 54 51 83 569 1,166 1,270 1,133 1,129 1,107 985 +39.7%
Returns, %
Returns, % ROA (42.79) (4.36) (10.09) (0.58) 54.31 51.27 10.76 (12.80) (3.48) (4.97) (7.93) +37.8 pt
ROIC 1.71 (7.86) (15.75) (0.49) 63.62 57.83 14.71 (17.23) (5.30) (7.39) (8.22) (9.1) pt
ROE (45.84) (4.62) (10.65) (0.61) 65.72 58.48 11.77 (13.97) (3.78) (5.41) (8.64) +40.4 pt
People
People Employees 70 98 123 139 429 645 1,012 1,184 1,313 1,315 — +38.5%
Revenue/emp, $m 0.26 0.19 0.17 0.23 0.98 1.54 0.61 0.24 0.22 0.25 — (0.7%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Fulgent Genetics, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WGS GeneDx Holdings Corp. $1.9B — (loss-making) — (loss-making) +11.44% (above 0%: growing) n/m −585.59% (below 0%: shrinking) 68.37% (15.25%) Compare
PSNL Personalis, Inc. $1.7B — (loss-making) — (loss-making) +76.59% (above 0%: growing) n/m −15.54% (below 0%: shrinking) 25.67% (138.76%) Compare
OPK OPKO Health, Inc. $1.3B — (loss-making) — (loss-making) −56.87% (below 0%: shrinking) n/m −3.40% (below 0%: shrinking) 64.30% (48.02%) Compare
FRNM Freenome, Inc $1.1B — (loss-making) — — n/m +12.06% (above 0%: growing) — 0.00% Compare
CSTL Castle Biosciences, Inc. $1.0B — (loss-making) — (loss-making) +23.90% (above 0%: growing) n/m +56.82% (above 0%: growing) 76.75% (2.65%) Compare
MYGN Myriad Genetics, Inc. $601.6M — (loss-making) — (loss-making) −10.51% (below 0%: shrinking) n/m +43.90% (above 0%: growing) 66.60% (20.40%) Compare
FLGT Fulgent Genetics, Inc. $513.4M — (loss-making) — (loss-making) +7.54% (above 0%: growing) n/m +2,058.74% (above 0%: growing) 35.33% (24.94%)
BDSX Biodesix, Inc. $209.3M — (loss-making) — (loss-making) +10.44% (above 0%: growing) n/m +12.78% (above 0%: growing) 0.00% (25.42%) Compare
XGN Exagen Inc. $184.1M — (loss-making) — (loss-making) +15.92% (above 0%: growing) n/m +211.34% (above 0%: growing) 61.27% (8.64%) Compare
Median of peers $1.1B — — +11.44% — +12.42% 64.30% (17.82%)

All 49 Diagnostics & Research stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.21m 9.49m 50.00
2024 6.13m 4.06m 35.00
2023 5.31m 5.04m 55.00
2022 5.23m 3.45m 57.00
2021 5.66m 5.66m 193.00

Ownership

Directors and executive officers, together 36.18%
Ming Hsieh 30.74%
Barclays PLC 8.11%
BlackRock, Inc. 6.31%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/FLGT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com