The firm achieved an 86.75% year-over-year revenue increase, yet remains constrained by a thin 10.16% gross margin and a -7.47% operating margin.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 25.86M | 13.85M | 21.81M | 16.82M | 22.74M | 5.69M |
| Revenue Growth % | 86.75% | -36.51% | 29.64% | -26% | 299.9% | - |
| Cost of Goods Sold | 23.23M | 12.6M | 19.17M | 14.64M | 18.89M | 5.01M |
| COGS % of Revenue | 89.84% | 90.97% | 87.87% | 87.03% | 83.09% | 88.19% |
| Gross Profit | 2.63M | 1.25M | 2.64M | 2.18M | 3.84M | 671.38K |
| Gross Margin % | 10.16% | 9.03% | 12.13% | 12.97% | 16.91% | 11.81% |
| Gross Profit Growth % | 110.16% | -52.74% | 21.25% | -43.26% | 472.66% | - |
| Operating Expenses | 4.56M | 2.22M | 2.69M | 2.11M | 2.11M | 1.75M |
| OpEx % of Revenue | 17.63% | 16.01% | 12.33% | 12.52% | 9.3% | 30.87% |
| Selling, General & Admin | 3.72M | 1.89M | 2.13M | 1.94M | 1.36M | 1.23M |
| SG&A % of Revenue | 14.38% | 13.67% | 9.76% | 11.55% | 5.99% | 21.64% |
| Research & Development | 674.5K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 2.61% | - | - | - | - | - |
| Other Operating Expenses | 165.64K | 324.42K | 560.99K | 163.98K | 751.74K | 524.76K |
| Operating Income | -1.93M | -967.33K | -44.75K | 74.5K | 1.73M | -1.08M |
| Operating Margin % | -7.47% | -6.99% | -0.21% | 0.44% | 7.61% | -19.06% |
| Operating Income Growth % | -99.62% | -2061.62% | -160.07% | -95.7% | 259.71% | - |
| EBITDA | -1.05M | -76.98K | 116.96K | 221.21K | 1.88M | -960.68K |
| EBITDA Margin % | -4.04% | -0.56% | 0.54% | 1.31% | 8.28% | -16.9% |
| EBITDA Growth % | -1257.88% | -165.82% | -47.13% | -88.25% | 295.97% | - |
| D&A (Non-Cash Add-back) | 885.64K | 890.34K | 161.71K | 146.71K | 152.03K | 122.93K |
| EBIT | -2.02M | -784.08K | 43.79K | 294.19K | 2.23M | -596.05K |
| Net Interest Income | -14.46K | -70.19K | -85.2K | -90.4K | -93.94K | -95.79K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.46K | 65.92K | 77.1K | 83.28K | 85.37K | 88.19K |
| Other Income/Expense | -105.2K | 117.32K | 11.44K | 136.42K | 411.33K | 399.37K |
| Pretax Income | -2.04M | -850K | -33.31K | 210.92K | 2.14M | -684.24K |
| Pretax Margin % | -7.87% | -6.14% | -0.15% | 1.25% | 9.42% | -12.04% |
| Income Tax | 0 | -35.64K | -38K | 142.29K | 364.13K | -116.32K |
| Effective Tax Rate % | 0% | 4.19% | 114.06% | 67.46% | 17% | 17% |
| Net Income | -2.04M | -814.37K | 4.68K | 68.63K | 1.78M | -567.92K |
| Net Margin % | -7.87% | -5.88% | 0.02% | 0.41% | 7.82% | -9.99% |
| Net Income Growth % | -150.03% | -17482.41% | -93.17% | -96.14% | 413.04% | - |
| Net Income (Continuing) | -2.04M | -814.37K | 4.68K | 68.63K | 1.78M | -567.92K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.00 | -0.06 | 0.00 | 0.01 | 0.14 | -0.04 |
| EPS Growth % | 100% | - | - | -96.36% | 469.39% | - |
| EPS (Basic) | 0.00 | -0.06 | 0.00 | 0.01 | 0.14 | -0.04 |
| Diluted Shares Outstanding | 0 | 13.5M | 13.5M | 13.5M | 15M | 15M |
| Basic Shares Outstanding | 0 | 13.5M | 13.5M | 13.5M | 15M | 15M |
| Dividend Payout Ratio | - | - | - | - | 73.12% | - |
Persistent negative operating margins
According to recent financial disclosures, FBGL achieved a significant 86.75% year-over-year revenue surge to $25.86 million, suggesting a rapid increase in project acquisition scale within the Singaporean construction market that warrants further investigation into the sustainability of such high-velocity contract wins in a competitive environment.
The substantial top-line growth indicates that the firm is successfully capturing market share, likely through its multi-disciplinary service offerings. However, investors should monitor whether this expansion is driven by aggressive bidding strategies that may prioritize volume over long-term project profitability.
As reported in company filings, the firm maintains a thin 10.16% gross margin, which suggests that FBGL faces intense pricing pressure and high variable costs that currently prevent the realization of meaningful economies of scale despite the recent, substantial increase in total revenue volume.
The narrow gross margin profile implies that the company's integrated waste-to-resource model has not yet provided a significant competitive cost advantage. This suggests that the firm remains highly vulnerable to fluctuations in raw material prices and labor costs within the Singaporean construction sector.
Based on the reported figures, FBGL is currently operating at a -7.47% operating margin, indicating that the company's existing revenue scale is insufficient to absorb fixed administrative and public company compliance costs, which warrants caution regarding the firm's ability to achieve near-term operational profitability.
The negative operating margin highlights a disconnect between top-line growth and bottom-line efficiency. Without a shift toward higher-margin consultancy services or improved project throughput, the company may continue to struggle with covering its fixed cost base.
Data from recent financial statements reveals a cash-to-revenue ratio of approximately 15%, which, when combined with persistent negative net margins of -7.87%, suggests that the company may have limited financial runway to sustain operations if project payments are delayed or if new contract wins slow down.
Short-sellers might focus on the potential for significant 'catch-up' adjustments in revenue recognition, which is a common risk in the percentage-of-completion accounting method. The lack of proven bottom-line profitability as a public entity remains a primary concern for long-term capital preservation.
Quick answers to the most common questions about buying FBGL stock.
For fiscal year 2025, FBS Global Limited Ordinary Shares (FBGL) reported total revenue of $25.9M. This represents a 354.9% increase compared to $5.7M in 2020.
FBS Global Limited Ordinary Shares (FBGL) reported a net loss of $2.0M for the fiscal year ending 2025.
FBS Global Limited Ordinary Shares (FBGL) reported an operating income of $-1.9M, resulting in an operating profit margin of -7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
FBS Global Limited Ordinary Shares (FBGL) generated $2.6M in gross profit for the year, representing a gross profit margin of 10.2%. This demonstrates the company's core pricing power and production efficiency.