Liquidity remains a primary concern as the company holds only $4 million in cash, representing a 15% cash-to-revenue ratio that may be insufficient for long-term project cycles.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -4.11M | -122.07K | 3.63M | -435.24K | -1.47M | 1.42M |
| Operating CF Margin % | -15.9% | -0.88% | 16.66% | -2.59% | -6.48% | 25.06% |
| Operating CF Growth % | -3269.32% | -103.36% | 934.91% | 70.47% | -203.46% | - |
| Net Income | -2.04M | -814.37K | 4.68K | 68.63K | 1.78M | -567.92K |
| Depreciation & Amortization | 885.64K | 890.34K | 161.71K | 146.71K | 152.03K | 122.93K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -36.27K | 4.57K | 1.08K | -53.94K | -116.32K |
| Other Non-Cash Items | 0 | 154.08K | 399.28K | 17.27K | 599.71K | 401.84K |
| Working Capital Changes | -2.96M | -315.86K | 3.06M | -668.92K | -3.95M | 1.58M |
| Change in Receivables | -6.82M | 1.76M | 1.4M | 820.4K | -7M | 3.35M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.78M | -1.22M | 399.84K | 802K | 352.27K | -1.3M |
| Cash from Investing | -4.16M | 137.66K | -246.05K | -102.24K | -25.3K | -87.41K |
| Capital Expenditures | -79.04K | -75.14K | -3.26K | -102.24K | -25.3K | -87.41K |
| CapEx % of Revenue | 0.31% | 0.54% | 0.01% | 0.61% | 0.11% | 1.54% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -4.08M | 212.79K | -242.79K | 0 | 0 | 0 |
| Cash from Financing | 10.61M | -1.51M | -895.26K | -1.14M | -1.22M | 2.37M |
| Debt Issued (Net) | -1.21M | -1.09M | -589.79K | -1.82M | 79.91K | 2.37M |
| Equity Issued (Net) | 10.7M | 0 | 0 | 1.2M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -1.3M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.13M | -424.99K | -305.47K | -522.99K | 0 | 0 |
| Net Change in Cash | 2.34M | -1.5M | 2.49M | -1.68M | -2.72M | 3.71M |
| Free Cash Flow | -4.19M | -197.21K | 3.63M | -537.48K | -1.5M | 1.34M |
| FCF Margin % | -16.21% | -1.42% | 16.65% | -3.19% | -6.59% | 23.52% |
| FCF Growth % | -2025.66% | -105.43% | 775.49% | 64.15% | -212.11% | - |
| FCF per Share | -0.31 | -0.01 | 0.27 | -0.04 | -0.10 | 0.09 |
| FCF Conversion (FCF/Net Income) | 2.02x | 0.15x | 775.64x | -6.34x | -0.83x | -2.51x |
| Interest Paid | 14.46K | 65.92K | 75.25K | 81.33K | 85.37K | 88.19K |
| Taxes Paid | 126.29K | 187.66K | 26.51K | 361.79K | 22.42K | 96.78K |
Negative operating cash flow
As reported in financial statements, the absence of positive net income combined with the lack of available cash flow data suggests a significant disconnect between accounting profitability and actual liquidity generation, warranting further investigation into the firm's ability to convert project-based revenue into tangible cash inflows.
The company's negative net margin of -7.87% implies that the firm is currently consuming capital rather than generating it through operations. Investors should monitor whether the reported revenue growth is being recognized on an accrual basis that significantly outpaces the actual collection of cash from construction clients.
Based on the provided figures, the firm's inability to achieve positive operating margins suggests that free cash flow is likely negative, indicating that the company is currently in a cash-burning phase as it attempts to scale its project-based operations within the competitive Singaporean construction market.
The lack of positive free cash flow is particularly concerning given the company's reliance on project-based revenue which often requires significant upfront working capital. Without a clear path to positive cash flow, the firm may face liquidity constraints if it cannot improve its operational efficiency or secure more favorable payment terms.
According to recent SEC filings, the company's cash-to-revenue ratio of approximately 15% suggests a limited liquidity buffer, which may be further strained by the inherent delays in construction project billing cycles and the potential for significant capital tied up in unbilled contract assets.
The reliance on percentage-of-completion accounting often masks the reality of cash collection, as revenue is recognized before cash is received. Analysts should scrutinize the balance sheet for rising contract assets, which may indicate that the company is effectively financing its clients' projects at the expense of its own cash reserves.
Data from recent financial statements reveals that the company's aggressive revenue growth may be masking underlying cash flow volatility, as the firm's reliance on project-based milestones often obscures the true timing of cash receipts versus the recognition of accounting revenue in the income statement.
The firm's multi-disciplinary structure, including waste recycling and consultancy, may involve complex cost capitalization that complicates the interpretation of operating cash flow. Investors should be wary of whether mobilization costs for new projects are being expensed or capitalized, as this significantly impacts the reported cash flow profile.
Quick answers to the most common questions about buying FBGL stock.
FBS Global Limited Ordinary Shares (FBGL) generated $-4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FBS Global Limited Ordinary Shares (FBGL) reported negative free cash flow of $4.2M in 2025, indicating capital requirements exceeded cash from operations.
FBS Global Limited Ordinary Shares (FBGL) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.