Fulgent Genetics Financials
This page shows Fulgent Genetics (FLGT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Legacy profits are funding a cost base that still exceeds today's gross profit, making cash burn the core operating issue.
In FY2025, gross profit of$130.9M sat below SG&A plus R&D of$170.6M . That leaves the company with more than a margin problem: overhead now outruns gross profit, and the result showed up as negative cash conversion when operating cash flow fell to-$101.6M even after revenue ticked up from FY2024. Better gross margin was not enough because the spending base moved faster than the revenue base.
The balance sheet remains unusually liquid and lightly levered, with total liabilities of just
What changed by FY2025 is the loss of cash support, not only the presence of losses. FY2023 and FY2024 still produced positive operating cash flow despite negative net income, so the latest year implies working-capital timing or collections no longer cushioned an expense structure that remained too heavy for the current revenue level.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Fulgent Genetics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fulgent Genetics has an operating margin of -28.2%, meaning the company retains $-28 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -26.1% the prior year.
Fulgent Genetics's revenue grew 13.8% year-over-year to $322.7M, a solid pace of expansion. This earns a growth score of 43/100.
Fulgent Genetics carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.48, Fulgent Genetics holds $6.48 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Fulgent Genetics generated -$101.6M in operating cash flow, capex of $22.6M consumed most of it, leaving -$124.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Fulgent Genetics generates a -5.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -3.8% the prior year.
Fulgent Genetics passes 3 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Fulgent Genetics generates $1.68 in operating cash flow (-$101.6M OCF vs -$60.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Fulgent Genetics earns $-1214.6 in operating income for every $1 of interest expense (-$91.1M vs $75K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Fulgent Genetics generated $322.7M in revenue in fiscal year 2025. This represents an increase of 13.8% from the prior year.
Fulgent Genetics's EBITDA was -$67.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 36.7% from the prior year.
Fulgent Genetics reported -$60.5M in net income in fiscal year 2025. This represents a decrease of 41.7% from the prior year.
Fulgent Genetics earned $-1.97 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 39.7% from the prior year.
Cash & Balance Sheet
Fulgent Genetics generated -$124.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 545.1% from the prior year.
Fulgent Genetics held $50.2M in cash against $0 in long-term debt as of fiscal year 2025.
Fulgent Genetics had 31M shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.
Margins & Returns
Fulgent Genetics's gross margin was 40.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.
Fulgent Genetics's operating margin was -28.2% in fiscal year 2025, reflecting core business profitability. This is down 2.2 percentage points from the prior year.
Fulgent Genetics's net profit margin was -18.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.7 percentage points from the prior year.
Fulgent Genetics's ROE was -5.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the prior year.
Capital Allocation
Fulgent Genetics invested $53.9M in research and development in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Fulgent Genetics spent $10.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 4737.3% from the prior year.
Fulgent Genetics invested $22.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.0% from the prior year.
FLGT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.3M-0.9% | $84.1M+2.8% | $81.8M+11.4% | $73.5M-3.6% | $76.2M+6.2% | $71.7M+1.0% | $71.0M+10.1% | $64.5M |
| Cost of Revenue | $50.8M+4.5% | $48.6M+2.5% | $47.4M+5.0% | $45.1M+1.7% | $44.4M-1.3% | $45.0M+1.0% | $44.5M+5.1% | $42.4M |
| Gross Profit | $32.6M-8.3% | $35.5M+3.1% | $34.4M+21.5% | $28.3M-11.0% | $31.8M+19.0% | $26.8M+1.1% | $26.5M+19.8% | $22.1M |
| R&D Expenses | $14.2M+2.2% | $13.9M+2.8% | $13.5M+8.8% | $12.4M+2.3% | $12.1M+2.8% | $11.8M-12.6% | $13.5M+17.9% | $11.4M |
| SG&A Expenses | $41.6M+78.5% | $23.3M-11.6% | $26.4M+4.4% | $25.3M+3.9% | $24.3M+16.2% | $20.9M-1.8% | $21.3M-0.8% | $21.5M |
| Operating Income | -$36.2M-136.1% | -$15.3M+22.1% | -$19.7M+0.4% | -$19.8M-22.7% | -$16.1M+5.5% | -$17.1M+9.7% | -$18.9M+13.3% | -$21.8M |
| Interest Expense | $16K-42.9% | $28K+64.7% | $17K+21.4% | $14K-65.0% | $40K+185.7% | $14K-44.0% | $25K+110.0% | -$249K |
| Income Tax | -$5.6M-723.4% | -$683K+69.8% | -$2.3M-1385.8% | $176K+109.5% | -$1.8M+51.9% | -$3.8M-80.7% | -$2.1M-549.5% | -$327K |
| Net Income | -$23.4M-254.4% | -$6.6M+65.1% | -$19.0M-64.4% | -$11.5M-95.8% | -$5.9M+59.8% | -$14.6M-68.2% | -$8.7M+35.3% | -$13.5M |
| EPS (Diluted) | N/A | $-0.21+66.1% | $-0.62-67.6% | $-0.37 | N/A | $-0.48-65.5% | $-0.29+35.6% | $-0.45 |
FLGT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-0.1% | $1.2B+1.2% | $1.2B-0.5% | $1.2B-1.2% | $1.2B-1.1% | $1.2B+0.1% | $1.2B+0.2% | $1.2B |
| Current Assets | $550.5M+8.5% | $507.4M+18.3% | $428.7M+2.9% | $416.8M+17.9% | $353.6M+8.3% | $326.5M-18.2% | $399.1M+3.3% | $386.5M |
| Cash & Equivalents | $50.2M-57.3% | $117.6M+33.9% | $87.9M+30.6% | $67.3M+22.0% | $55.1M-5.0% | $58.0M-10.9% | $65.1M+19.1% | $54.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $84.8M+19.1% | $71.2M-7.8% | $77.2M+8.0% | $71.5M+3.6% | $69.0M+20.4% | $57.3M+1.3% | $56.6M+8.7% | $52.1M |
| Goodwill | $25.1M0.0% | $25.1M+13.7% | $22.1M0.0% | $22.1M0.0% | $22.1M0.0% | $22.1M0.0% | $22.1M0.0% | $22.1M |
| Total Liabilities | $106.8M+13.9% | $93.8M+6.4% | $88.2M+6.3% | $83.0M-8.6% | $90.8M-8.2% | $98.9M-4.4% | $103.4M+0.1% | $103.2M |
| Current Liabilities | $85.0M+17.3% | $72.4M+1.5% | $71.3M+8.2% | $65.9M-9.6% | $72.9M-1.5% | $74.0M-2.3% | $75.8M-0.3% | $75.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B-1.2% | $1.1B+0.8% | $1.1B-0.9% | $1.1B-0.5% | $1.1B-0.5% | $1.1B+0.5% | $1.1B+0.2% | $1.1B |
| Retained Earnings | $530.0M-4.2% | $553.4M-1.2% | $560.0M-3.3% | $578.9M-2.0% | $590.5M-1.0% | $596.4M-2.4% | $611.0M-1.4% | $619.7M |
FLGT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$78.1M-803.5% | $11.1M+136.8% | -$30.2M-580.9% | -$4.4M-117.7% | $25.0M+261.3% | -$15.5M-461.9% | $4.3M-41.0% | $7.3M |
| Capital Expenditures | $5.0M-17.7% | $6.0M-11.4% | $6.8M+44.7% | $4.7M+24.9% | $3.8M-80.7% | $19.5M+50.9% | $12.9M+219.1% | $4.1M |
| Free Cash Flow | -$83.1M-1743.7% | $5.1M+113.7% | -$37.0M-304.4% | -$9.1M-143.1% | $21.2M+160.6% | -$35.0M-304.7% | -$8.7M-369.8% | $3.2M |
| Investing Cash Flow | $11.2M-41.6% | $19.1M-64.3% | $53.4M+92.6% | $27.7M+201.0% | -$27.5M-405.6% | $9.0M+23.0% | $7.3M+115.5% | -$47.2M |
| Financing Cash Flow | -$534K-20.0% | -$445K+83.1% | -$2.6M+76.4% | -$11.2M-3316.5% | -$327K+42.3% | -$567K+50.5% | -$1.1M+59.2% | -$2.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0-100.0% | $2.2M-74.6% | $8.7M | $0 | $0 | $0-100.0% | $225K |
FLGT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1%-3.1pp | 42.2%+0.1pp | 42.1%+3.5pp | 38.6%-3.2pp | 41.8%+4.5pp | 37.3%+0.0pp | 37.3%+3.0pp | 34.3% |
| Operating Margin | -43.5%-25.2pp | -18.3%+5.8pp | -24.1%+2.9pp | -27.0%-5.8pp | -21.2%+2.6pp | -23.8%+2.8pp | -26.6%+7.2pp | -33.8% |
| Net Margin | -28.1%-20.2pp | -7.9%+15.3pp | -23.2%-7.5pp | -15.7%-8.0pp | -7.7%+12.7pp | -20.4%-8.2pp | -12.3%+8.6pp | -20.9% |
| Return on Equity | -2.1%-1.5pp | -0.6%+1.1pp | -1.7%-0.7pp | -1.0%-0.5pp | -0.5%+0.8pp | -1.3%-0.5pp | -0.8%+0.4pp | -1.2% |
| Return on Assets | -1.9%-1.4pp | -0.5%+1.0pp | -1.6%-0.6pp | -1.0%-0.5pp | -0.5%+0.7pp | -1.2%-0.5pp | -0.7%+0.4pp | -1.1% |
| Current Ratio | 6.48-0.5 | 7.01+1.0 | 6.01-0.3 | 6.32+1.5 | 4.85+0.4 | 4.41-0.9 | 5.27+0.2 | 5.09 |
| Debt-to-Equity | 0.10+0.0 | 0.080.0 | 0.080.0 | 0.070.0 | 0.080.0 | 0.090.0 | 0.090.0 | 0.09 |
| FCF Margin | -99.7%-105.8pp | 6.0%+51.2pp | -45.2%-32.8pp | -12.4%-40.3pp | 27.9%+76.7pp | -48.9%-36.7pp | -12.2%-17.2pp | 5.0% |
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Frequently Asked Questions
What is Fulgent Genetics's annual revenue?
Fulgent Genetics (FLGT) reported $322.7M in total revenue for fiscal year 2025. This represents a 13.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fulgent Genetics's revenue growing?
Fulgent Genetics (FLGT) revenue grew by 13.8% year-over-year, from $283.5M to $322.7M in fiscal year 2025.
Is Fulgent Genetics profitable?
No, Fulgent Genetics (FLGT) reported a net income of -$60.5M in fiscal year 2025, with a net profit margin of -18.8%.
What is Fulgent Genetics's EBITDA?
Fulgent Genetics (FLGT) had EBITDA of -$67.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Fulgent Genetics's gross margin?
Fulgent Genetics (FLGT) had a gross margin of 40.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fulgent Genetics's operating margin?
Fulgent Genetics (FLGT) had an operating margin of -28.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fulgent Genetics's net profit margin?
Fulgent Genetics (FLGT) had a net profit margin of -18.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fulgent Genetics's return on equity (ROE)?
Fulgent Genetics (FLGT) has a return on equity of -5.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fulgent Genetics's free cash flow?
Fulgent Genetics (FLGT) generated -$124.2M in free cash flow during fiscal year 2025. This represents a -545.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fulgent Genetics's operating cash flow?
Fulgent Genetics (FLGT) generated -$101.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fulgent Genetics's total assets?
Fulgent Genetics (FLGT) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fulgent Genetics's capital expenditures?
Fulgent Genetics (FLGT) invested $22.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fulgent Genetics spend on research and development?
Fulgent Genetics (FLGT) invested $53.9M in research and development during fiscal year 2025.
What is Fulgent Genetics's current ratio?
Fulgent Genetics (FLGT) had a current ratio of 6.48 as of fiscal year 2025, which is generally considered healthy.
What is Fulgent Genetics's debt-to-equity ratio?
Fulgent Genetics (FLGT) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fulgent Genetics's return on assets (ROA)?
Fulgent Genetics (FLGT) had a return on assets of -5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fulgent Genetics's cash runway?
Based on fiscal year 2025 data, Fulgent Genetics (FLGT) had $50.2M in cash against an annual operating cash burn of $101.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Fulgent Genetics's Piotroski F-Score?
Fulgent Genetics (FLGT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fulgent Genetics's earnings high quality?
Fulgent Genetics (FLGT) has an earnings quality ratio of 1.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Fulgent Genetics cover its interest payments?
Fulgent Genetics (FLGT) has an interest coverage ratio of -1214.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Fulgent Genetics?
Fulgent Genetics (FLGT) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.