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. In the quarter to June 2026, revenue grew 4.38%, EPS fell 69.4% and free cash flow grew 25.4%, each against the same quarter a year earlier.
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Fulgent Genetics, Inc. (FLGT) Beneish M-score
Fulgent Genetics, Inc.'s Beneish M-score for fiscal 2025 is −2.35; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.35 | (0.36) |
| FY2024 | −1.99 | 0.56 |
| FY2023 | −2.55 | 1.15 |
| FY2022 | −3.70 | (2.37) |
| FY2021 | −1.34 | (9.96) |
| FY2020 | 8.62 | 10.15 |
| FY2019 | −1.54 | 1.13 |
| FY2018 | −2.66 | 0.31 |
| FY2017 | −2.97 | (2.68) |
| FY2016 | −0.29 | 0.20 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 0.99 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.73 | — | 0.29 | |
| Sales growth index | 1.14 | — | 1.02 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 1.13 | — | −0.19 | |
| Total accruals to total assets | 0.03 | — | 0.15 | |
| Leverage index | 1.17 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.35 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MYGN Myriad Genetics, Inc. compare | −5.4× |
| CSTL Castle Biosciences, Inc. compare | −3.5× |
| BDSX Biodesix, Inc. compare | −3.1× |
| OPK OPKO Health, Inc. compare | −2.8× |
| XGN Exagen Inc. compare | −2.8× |
| NEO NeoGenomics, Inc. compare | −2.7× |
| WGS GeneDx Holdings Corp. compare | −2.4× |
| FLGT Fulgent Genetics, Inc. | −2.3× |
| PSNL Personalis, Inc. compare | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI