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FGI Industries Ltd. (FGI) 10-Year Financial Performance & Capital Metrics

FGI • • Industrial / General
Consumer CyclicalHome FurnishingsKitchen & Bath ProductsBath Fixtures & Sanitaryware
AboutFGI Industries ltd. supplies kitchen and bath products in the United States, Canada, and Europe. The company sells sanitaryware products, such as toilets, sinks, pedestals, and toilet seats; wood and wood-substitute furniture for bathrooms, including vanities, mirrors, laundry, medicine cabinets, and other storage systems; shower systems; and customer kitchen cabinetry and other accessory items under the Foremost, avenue, contrac, Jetcoat, rosenberg, and Covered Bridge Cabinetry brand names. It sells its products through mass retail centers, wholesale and commercial distributors, online retailers, independent dealers, and distributors. The company was incorporated in 2021 and is headquartered in East Hanover, New Jersey. FGI Industries Ltd. is a subsidiary of Foremost Groups Ltd.Show more
  • Revenue $132M +12.4%
  • EBITDA $1M -75.1%
  • Net Income -$1M -263.7%
  • EPS (Diluted) -0.13 -274.0%
  • Gross Margin 26.88% -1.8%
  • EBITDA Margin 0.82% -77.8%
  • Operating Margin -1.59% -181.0%
  • Net Margin -0.91% -245.6%
  • ROE -5.27% -268.0%
  • ROIC -3.78% -177.0%
  • Debt/Equity 1.29 +38.9%
  • Interest Coverage -1.68 -154.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 89 (top 11%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 2.6% through buybacks
  • ✓Efficient asset utilization: 1.7x turnover

✗Weaknesses

  • ✗Weak Piotroski F-Score: 1/9
  • ✗Negative free cash flow
  • ✗Thin 5Y average net margin of 2.0%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y0.86%
3Y-10.19%
TTM6.66%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-1406.66%

EPS CAGR

10Y-
5Y-
3Y-
TTM-5420.55%

ROCE

10Y Avg28.64%
5Y Avg29.77%
3Y Avg7.81%
Latest-5.95%

Peer Comparison

Bath Fixtures & Sanitaryware
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
FGIFGI Industries Ltd.12.12M6.31-48.5412.43%-2.89%-21.23%1.29

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+126.28M134.83M181.94M161.72M117.24M131.82M
Revenue Growth %-0.07%0.35%-0.11%-0.28%0.12%
Cost of Goods Sold+100.84M106.42M149.74M130.21M85.16M96.39M
COGS % of Revenue0.8%0.79%0.82%0.81%0.73%0.73%
Gross Profit+25.44M28.4M32.2M31.51M32.08M35.43M
Gross Margin %0.2%0.21%0.18%0.19%0.27%0.27%
Gross Profit Growth %-0.12%0.13%-0.02%0.02%0.1%
Operating Expenses+22.98M22.12M24.48M26.42M29.77M37.53M
OpEx % of Revenue0.18%0.16%0.13%0.16%0.25%0.28%
Selling, General & Admin22.27M21.31M23.83M25.36M28.4M35.83M
SG&A % of Revenue0.18%0.16%0.13%0.16%0.24%0.27%
Research & Development703.78K814.25K646.07K1.05M1.38M1.7M
R&D % of Revenue0.01%0.01%0%0.01%0.01%0.01%
Other Operating Expenses000000
Operating Income+2.46M6.28M7.72M5.09M2.3M-2.1M
Operating Margin %0.02%0.05%0.04%0.03%0.02%-0.02%
Operating Income Growth %-1.55%0.23%-0.34%-0.55%-1.91%
EBITDA+2.99M6.84M8.01M5.31M4.32M1.08M
EBITDA Margin %0.02%0.05%0.04%0.03%0.04%0.01%
EBITDA Growth %-1.29%0.17%-0.34%-0.19%-0.75%
D&A (Non-Cash Add-back)525.13K560.8K287.08K218.66K2.02M3.18M
EBIT2.42M5.92M9.28M5.14M2.14M-1.04M
Net Interest Income+-436.75K-386.62K-374.04K-597.64K-739.19K-1.24M
Interest Income11.66K32.24K37.14K3.16K10.54K9.79K
Interest Expense448.41K418.87K411.19K600.8K749.73K1.25M
Other Income/Expense-486.96K-776.92K1.14M-551.43K-916.65K-182.51K
Pretax Income+1.98M5.51M8.87M4.54M1.39M-2.28M
Pretax Margin %0.02%0.04%0.05%0.03%0.01%-0.02%
Income Tax+404K774.44K961.63K860.63K808.22K-547.82K
Effective Tax Rate %0.8%0.86%0.89%0.81%0.53%0.53%
Net Income+1.57M4.73M7.91M3.68M733.6K-1.2M
Net Margin %0.01%0.04%0.04%0.02%0.01%-0.01%
Net Income Growth %-2.01%0.67%-0.53%-0.8%-2.64%
Net Income (Continuing)1.57M4.73M7.91M3.68M579.56K-1.73M
Discontinued Operations000000
Minority Interest0000-154.04K-687.23K
EPS (Diluted)+0.170.500.830.390.07-0.13
EPS Growth %-1.94%0.66%-0.53%-0.81%-2.74%
EPS (Basic)0.170.500.830.390.08-0.13
Diluted Shares Outstanding9.5M9.5M9.5M9.5M9.82M9.57M
Basic Shares Outstanding9.5M9.5M9.5M9.5M9.53M9.57M
Dividend Payout Ratio1.3%1.5%0.25%---

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+28.4M33.73M56.16M45.89M46.11M52.9M
Cash & Short-Term Investments2.42M4.02M3.88M10.07M7.78M4.56M
Cash Only2.42M4.02M3.88M10.07M7.78M4.56M
Short-Term Investments000000
Accounts Receivable15.69M17.34M26.35M14.3M16.2M20.29M
Days Sales Outstanding45.3446.9452.8632.2750.4256.19
Inventory9.29M8.31M21.26M13.29M9.92M13.96M
Days Inventory Outstanding33.6428.551.8337.2642.5352.85
Other Current Assets196.31K154.16K179.84K561.82K664.41K12.28M
Total Non-Current Assets+11.11M11.42M12.99M14.48M19.63M22.56M
Property, Plant & Equipment9.58M9.86M8.48M11.09M17.11M16.46M
Fixed Asset Turnover13.18x13.68x21.47x14.59x6.85x8.01x
Goodwill000000
Intangible Assets213.42K128.05K42.68K42.68K102.23K1.85M
Long-Term Investments000000
Other Non-Current Assets379.34K171K2.99M2.09M1.25M1.59M
Total Assets+39.52M45.15M69.15M60.37M65.74M75.46M
Asset Turnover3.20x2.99x2.63x2.68x1.78x1.75x
Asset Growth %-0.14%0.53%-0.13%0.09%0.15%
Total Current Liabilities+28.81M35.42M54.72M29.78M28.04M42.54M
Accounts Payable16.7M19.51M30.79M14.82M15.26M20.24M
Days Payables Outstanding60.4366.9175.0541.5565.476.66
Short-Term Debt8.21M11.07M14.66M9.8M6.96M14.5M
Deferred Revenue (Current)000000
Other Current Liabilities001.22M000
Current Ratio0.99x0.95x1.03x1.54x1.64x1.24x
Quick Ratio0.66x0.72x0.64x1.09x1.29x0.92x
Cash Conversion Cycle18.548.5229.6527.9727.5532.39
Total Non-Current Liabilities+7.09M8.2M6.88M7.85M13.67M11.35M
Long-Term Debt000000
Capital Lease Obligations7.09M8.2M6.88M7.85M13.67M11.35M
Deferred Tax Liabilities000000
Other Non-Current Liabilities000000
Total Liabilities35.9M43.62M61.6M37.62M41.72M53.9M
Total Debt+17.06M20.52M22.86M19.19M22.23M27.72M
Net Debt14.64M16.5M18.97M9.12M14.45M23.17M
Debt / Equity4.71x13.39x3.03x0.84x0.93x1.29x
Debt / EBITDA5.71x3.00x2.85x3.61x5.14x25.74x
Net Debt / EBITDA4.90x2.41x2.37x1.72x3.34x21.51x
Interest Coverage5.49x15.00x18.79x8.48x3.07x-1.68x
Total Equity+3.62M1.53M7.55M22.74M24.03M21.57M
Equity Growth %--0.58%3.93%2.01%0.06%-0.1%
Book Value per Share0.380.160.792.392.452.25
Total Shareholders' Equity3.62M1.53M7.55M22.74M24.18M22.25M
Common Stock3.62M700700950955956
Retained Earnings0003.68M4.41M3.21M
Treasury Stock000000
Accumulated OCI3.62M1.53M7.55M-1.4M-1.11M-2.24M
Minority Interest0000-154.04K-687.23K

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+1.29M5.8M-3.22M980.26K1.39M-7.43M
Operating CF Margin %0.01%0.04%-0.02%0.01%0.01%-0.06%
Operating CF Growth %-3.48%-1.55%1.3%0.42%-6.34%
Net Income1.57M4.73M7.91M3.68M733.6K-1.73M
Depreciation & Amortization525.13K352.47K287.08K218.66K2.02M3.18M
Stock-Based Compensation000383.57K417.98K401.22K
Deferred Taxes-183.62K-322.35K-215.19K213.05K96.71K-1.5M
Other Non-Cash Items-212.01K1.24M1.08M-1.43M-741.64K-264.31K
Working Capital Changes-407.36K-202.11K-12.28M-2.09M-1.13M-7.51M
Change in Receivables2.06M-2.03M-11.12M13.49M-1.13M-4.93M
Change in Inventory381.76K985.03K-12.96M7.97M3.37M-4.03M
Change in Payables-3.06M2.81M12.5M-17.19M436.5K4.98M
Cash from Investing+-233.86K-76.53K-51.89K-1.06M-942.61K-2.88M
Capital Expenditures-233.86K-76.53K-57.84K-1.06M-840.39K-2.21M
CapEx % of Revenue0%0%0%0.01%0.01%0.02%
Acquisitions------
Investments------
Other Investing0000-102.23K-669.76K
Cash from Financing+-1.98M-4.25M3.32M7.01M-2.84M7.54M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-2.04M-7.12M-1.95M000
Share Repurchases------
Other Financing000-498K00
Net Change in Cash------
Free Cash Flow+1.06M5.72M-3.28M-83.96K447.08K-9.63M
FCF Margin %0.01%0.04%-0.02%-0%0%-0.07%
FCF Growth %-4.4%-1.57%0.97%6.33%-22.54%
FCF per Share0.110.60-0.34-0.010.05-1.01
FCF Conversion (FCF/Net Income)0.82x1.23x-0.41x0.27x1.89x6.18x
Interest Paid00406.86K600.04K749.65K1.23M
Taxes Paid00545.1K1.84M552.16K1.11M

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)43.4%183.65%174.11%24.29%3.14%-5.27%
Return on Invested Capital (ROIC)10.11%25.97%26.01%13.08%4.91%-3.78%
Gross Margin20.14%21.07%17.7%19.48%27.36%26.88%
Net Margin1.24%3.51%4.35%2.28%0.63%-0.91%
Debt / Equity4.71x13.39x3.03x0.84x0.93x1.29x
Interest Coverage5.49x15.00x18.79x8.48x3.07x-1.68x
FCF Conversion0.82x1.23x-0.41x0.27x1.89x6.18x
Revenue Growth-6.77%34.94%-11.12%-27.5%12.43%

Revenue by Segment

202220232024
Sanitaryware104.81M75.55M81.11M
Sanitaryware Growth--27.91%7.36%
Bath Furniture29.52M14.77M14.74M
Bath Furniture Growth--49.96%-0.21%
Others-6.92M10.45M
Others Growth--50.90%
Kitchen and Bath, Other5.81M--
Kitchen and Bath, Other Growth---

Revenue by Geography

202220232024
UNITED STATES103.26M-82.38M
UNITED STATES Growth---
CANADA41.03M-35.15M
CANADA Growth---
Europe16.84M11.48M13.3M
Europe Growth--31.86%15.90%
United States-74.57M-
United States Growth---
Canada-31.09M-
Canada Growth---
World-99.21K-
World Growth---

Frequently Asked Questions

Growth & Financials

FGI Industries Ltd. (FGI) reported $135.7M in revenue for fiscal year 2024. This represents a 7% increase from $126.3M in 2019.

FGI Industries Ltd. (FGI) grew revenue by 12.4% over the past year. This is steady growth.

FGI Industries Ltd. (FGI) reported a net loss of $3.9M for fiscal year 2024.

Dividend & Returns

FGI Industries Ltd. (FGI) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

FGI Industries Ltd. (FGI) had negative free cash flow of $2.7M in fiscal year 2024, likely due to heavy capital investments.

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