Fulgent Genetics Inc
FLGTBuild a strategy around FLGT
Fulgent Genetics Inc AI Insights
Informational only. Not investment advice.Snapshot
- Trading at 0.88x book value with 1.1B equity and only 7.5M debt - fortress balance sheet priced for distress despite 117.6M cash.[Price to Book Ratio]
- R&D of 51.8M TTM equals industry median exactly, but revenue declining 7.3% 3Y CAGR - spending not translating to growth.[Research and Development TTM]
- Operating margin -22.5% TTM vs industry median +2.0% - burning 71M annually with no clear path to profitability.[Operating Margin TTM]
Watch Triggers
- Total Revenue TTM: Stabilizes or returns to positive growth — Revenue inflection signals post-COVID demand normalization complete
- Operating Margin TTM: Improves toward breakeven (-10% or better) — OpEx cuts without revenue growth is only path to profitability
- Cash and Equivalents: Falls below 80M — Would signal accelerating burn and potential capital raise dilution
Bull Case
Trading below tangible book (965.5M vs 850M market cap) with net cash position - downside protected by liquidation value.
Gross margin 41.2% remains healthy vs industry median 43.7% - core business viable if OpEx rationalized.
Bear Case
Revenue declining -7.3% 3Y CAGR while industry median grows +5.4% - losing market share in competitive diagnostics space.
Negative ROIC -3.8% TTM vs industry median +0.3% - destroying value with no margin improvement catalyst visible.
Bull vs Bear Balance
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Forward Thesis
Cash runway of 5+ years at current burn provides optionality for turnaround or strategic sale.
- 117.6M cash + 434.9M working capital
- Minimal debt (7.5M) eliminates refinancing risk
- Tangible book 965.5M exceeds market cap 850M
Valuation Context
Caveats
Public Strategies Rankings
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FLGT Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$720.76M | — | ||
$610.66M | — | ||
0.00 | — | ||
$315.55M | +13.6% | — | |
$-1.11 | — | ||
-22.5% | +9.4% | — | |
-13.6% | +45.8% | — | |
$-19.85M | — | ||
-0.04 | +10.0% | — | |
Beta 5Y (Monthly) | unknown | — |
FLGT Dividend History
FLGT Stock Splits
FLGT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/10/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/08/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
03/13/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/12/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/22/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/13/18 | 06/30/18 | 10-Q | |
05/14/18 | 03/31/18 | 10-Q | |
03/20/18 | 12/31/17 | 10-K | |
11/13/17 | 09/30/17 | 10-Q | |
08/14/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
03/17/17 | 12/31/16 | 10-K | |
11/14/16 | 09/30/16 | 10-Q | |
09/29/16 | 06/30/16 | 424B4 | |
05/09/17 | 03/31/16 | 10-Q | |
09/29/16 | 12/31/15 | 424B4 | |
11/14/16 | 09/30/15 | 10-Q |