FBGL maintains a minimal debt-to-equity ratio of 0.01%, reflecting a strategic avoidance of traditional leverage despite ongoing operational losses.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Total Current Assets | 23.89M | 9.83M | 13.48M | 12.54M | 15.1M | 11.9M |
| Cash & Short-Term Investments | 4.04M | 2.98M | 4.48M | 1.89M | 3.56M | 6.18M |
| Cash Only | 4.04M | 2.98M | 4.48M | 1.89M | 3.56M | 6.18M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 17.65M | 6.75M | 8.88M | 10.44M | 11.38M | 5.18M |
| Days Sales Outstanding | 249.18 | 177.97 | 148.64 | 226.49 | 182.72 | 332.43 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 1.28M | 0 | 0 | 100K | 107.88K | 207.16K |
| Total Non-Current Assets | 3.94M | 5.87M | 4.79M | 4.65M | 4.1M | 4.18M |
| Property, Plant & Equipment | 3.51M | 4.31M | 3.69M | 3.85M | 3.83M | 3.96M |
| Fixed Asset Turnover | 7.37x | 3.21x | 5.91x | 4.37x | 5.94x | 1.44x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 127.42K | 1.25M | 828.46K | 522.99K | 0 | 0 |
| Total Assets | 27.84M | 15.69M | 18.27M | 17.19M | 19.21M | 16.07M |
| Asset Turnover | 0.93x | 0.88x | 1.19x | 0.98x | 1.18x | 0.35x |
| Asset Growth % | 77.38% | -14.1% | 6.28% | -10.5% | 19.49% | - |
| Total Current Liabilities | 14.89M | 11.28M | 12.27M | 10.38M | 12.79M | 11.08M |
| Accounts Payable | 3.74M | 1.53M | 2.53M | 2.13M | 1.72M | 1.37M |
| Days Payables Outstanding | 58.71 | 44.44 | 48.12 | 53.01 | 33.31 | 99.97 |
| Short-Term Debt | 119.01K | 696.96K | 1.45M | 1.15M | 1.72M | 743.57K |
| Deferred Revenue (Current) | 4.04M | 805.16K | 1.48M | 425.33K | 804.1K | 132.6K |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.60x | 0.87x | 1.10x | 1.21x | 1.18x | 1.07x |
| Quick Ratio | 1.60x | 0.87x | 1.10x | 1.21x | 1.18x | 1.07x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 9.85K | 129.2K | 901.45K | 1.72M | 2.59M | 3.45M |
| Long-Term Debt | 9.85K | 129.2K | 890.33K | 1.69M | 2.55M | 3.39M |
| Capital Lease Obligations | 0 | 0 | 11.12K | 27.8K | 44.48K | 61.56K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.9M | 11.41M | 13.17M | 12.1M | 15.38M | 14.53M |
| Total Debt | 128.85K | 1.55M | 2.37M | 2.89M | 4.33M | 4.22M |
| Net Debt | -3.91M | -1.43M | -2.12M | 999.03K | 763.14K | -1.96M |
| Debt / Equity | 0.01x | 0.36x | 0.46x | 0.57x | 1.13x | 2.73x |
| Debt / EBITDA | - | - | 20.23x | 13.06x | 2.30x | - |
| Net Debt / EBITDA | - | - | -18.09x | 4.52x | 0.41x | - |
| Interest Coverage | -139.78x | -11.89x | 0.57x | 3.53x | 26.09x | -6.76x |
| Total Equity | 12.94M | 4.28M | 5.09M | 5.09M | 3.82M | 1.54M |
| Equity Growth % | 202.3% | -15.99% | 0.09% | 33.2% | 147.58% | - |
| Book Value per Share | 0.96 | 0.32 | 0.38 | 0.38 | 0.25 | 0.10 |
| Total Shareholders' Equity | 12.94M | 4.28M | 5.09M | 5.09M | 3.82M | 1.54M |
| Common Stock | 18.24K | 15.2K | 15.2K | 15.2K | 15.2K | 15.2K |
| Retained Earnings | -456K | 1.58M | 2.39M | 2.39M | 2.32M | 543.4K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Limited liquidity and cash-burn
As reported in financial statements, FBGL's balance sheet reflects a firm in a high-growth but cash-burning phase, where the lack of historical data suggests that the current trajectory is heavily dependent on external project-based revenue rather than internal capital accumulation or retained earnings growth.
The company's rapid revenue expansion appears to be outpacing its ability to build a robust capital base, leaving the balance sheet exposed to operational volatility. Investors should monitor whether the firm can transition from this aggressive growth phase to a self-sustaining capital structure before liquidity constraints become a primary concern.
Based on the reported figures, FBGL maintains an exceptionally low debt-to-equity ratio of 0.01%, which suggests that the firm has avoided traditional debt financing, likely as a strategic choice to mitigate interest rate sensitivity during its current period of negative net profitability.
While the lack of debt provides a buffer against rising interest costs, it also implies that the company is funding its operations primarily through equity or existing cash reserves. This reliance on non-debt capital may limit the firm's ability to leverage its balance sheet for large-scale project mobilization or strategic acquisitions.
According to recent financial disclosures, the company holds approximately $4 million in cash, which represents a thin 15% cash-to-revenue ratio that may indicate a limited buffer against the inherent payment delays and working capital requirements typical of the Singaporean construction and engineering sector.
The combination of negative operating margins and a constrained cash position suggests that the firm may face liquidity pressure if project milestones are delayed or if receivables collection cycles extend. This vulnerability warrants close monitoring of the company's ability to maintain sufficient working capital to support its ongoing project pipeline.
Data from recent financial statements suggests that the firm's reliance on the percentage-of-completion method may lead to a significant accumulation of unbilled contract assets, which could potentially obscure the true timing of cash inflows and inflate the perceived quality of the company's current assets.
Investors should be wary that a rapid increase in contract assets relative to revenue may indicate that the company is recognizing income ahead of actual cash collection. This accounting nuance could create a misleading impression of financial health, as the balance sheet may be heavy on non-liquid receivables rather than actual cash reserves.
Quick answers to the most common questions about buying FBGL stock.
As of 2025, FBS Global Limited Ordinary Shares (FBGL) had total assets of $27.8M including $23.9M in current assets.
FBS Global Limited Ordinary Shares (FBGL) carries total debt of $0.1M, offset by $4.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FBS Global Limited Ordinary Shares (FBGL) has total shareholders' equity (book value) of $12.9M ($0.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FBS Global Limited Ordinary Shares (FBGL) reported a current ratio of 1.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.