The company's financial position has deteriorated significantly, with the debt-to-equity ratio climbing from 0.93 in 2023Q4 to 1.71 in 2026Q1.
| Total Current Assets | 50.94M | 51.54M | 52.9M | 46.11M | 45.89M | 56.16M | 33.73M | 28.4M |
| Cash & Short-Term Investments | 2.66M | 1.9M | 4.56M | 7.78M | 10.07M | 3.88M | 4.02M | 2.42M |
| Cash Only | 2.66M | 1.9M | 4.56M | 7.78M | 10.07M | 3.88M | 4.02M | 2.42M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 13.64M | 13.85M | 20.29M | 16.2M | 14.3M | 26.35M | 17.34M | 15.69M |
| Days Sales Outstanding | 43.78 | 38.72 | 56.19 | 50.42 | 32.27 | 52.86 | 46.94 | 45.34 |
| Inventory | 14.23M | 15.29M | 13.96M | 9.92M | 13.29M | 21.26M | 8.31M | 9.29M |
| Days Inventory Outstanding | 53.44 | 58.59 | 52.85 | 42.53 | 37.26 | 51.83 | 28.5 | 33.64 |
| Other Current Assets | 18.1M | 20.5M | 12.28M | 664.41K | 561.82K | 179.84K | 154.16K | 196.31K |
| Total Non-Current Assets | 18.38M | 17.99M | 22.56M | 19.63M | 14.48M | 12.99M | 11.42M | 11.11M |
| Property, Plant & Equipment | 14.32M | 14.89M | 16.46M | 17.11M | 11.09M | 8.48M | 9.86M | 9.58M |
| Fixed Asset Turnover | 8.47x | 8.77x | 8.01x | 6.85x | 14.59x | 21.47x | 13.68x | 13.18x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.68M | 1.73M | 1.85M | 102.23K | 42.68K | 42.68K | 128.05K | 213.42K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.01M | 1.16M | 1.59M | 1.25M | 2.09M | 2.99M | 171K | 379.34K |
| Total Assets | 69.32M | 69.54M | 75.46M | 65.74M | 60.37M | 69.15M | 45.15M | 39.52M |
| Asset Turnover | 1.80x | 1.88x | 1.75x | 1.78x | 2.68x | 2.63x | 2.99x | 3.20x |
| Asset Growth % | -6.17% | -7.85% | 14.78% | 8.91% | -12.7% | 53.17% | 14.25% | - |
| Total Current Liabilities | 44.26M | 43.91M | 42.54M | 28.04M | 29.78M | 54.72M | 35.42M | 28.81M |
| Accounts Payable | 23.91M | 24.74M | 20.24M | 15.26M | 14.82M | 30.79M | 19.51M | 16.7M |
| Days Payables Outstanding | 91.13 | 94.77 | 76.66 | 65.4 | 41.55 | 75.05 | 66.91 | 60.43 |
| Short-Term Debt | 14.87M | 13.57M | 14.5M | 6.96M | 9.8M | 14.66M | 11.07M | 8.21M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.47M | 5.61M | 0 | 0 | 0 | 1.22M | 0 | 0 |
| Current Ratio | 1.15x | 1.17x | 1.24x | 1.64x | 1.54x | 1.03x | 0.95x | 0.99x |
| Quick Ratio | 0.83x | 0.83x | 0.92x | 1.29x | 1.09x | 0.64x | 0.72x | 0.66x |
| Cash Conversion Cycle | 6.1 | 2.54 | 32.39 | 27.55 | 27.97 | 29.65 | 8.52 | 18.54 |
| Total Non-Current Liabilities | 10.74M | 10.01M | 11.35M | 13.67M | 7.85M | 6.88M | 8.2M | 7.09M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 40.76M | 10.01M | 11.35M | 13.67M | 7.85M | 6.88M | 8.2M | 7.09M |
| Deferred Tax Liabilities | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 55M | 53.93M | 53.9M | 41.72M | 37.62M | 61.6M | 43.62M | 35.9M |
| Total Debt | 24.45M | 23.58M | 27.72M | 22.23M | 19.19M | 22.86M | 20.52M | 17.06M |
| Net Debt | 21.79M | 21.68M | 23.17M | 14.45M | 9.12M | 18.97M | 16.5M | 14.64M |
| Debt / Equity | 1.71x | 1.51x | 1.29x | 0.93x | 0.84x | 3.03x | 13.39x | 4.71x |
| Debt / EBITDA | -66.63x | 46.78x | 25.74x | 5.14x | 3.61x | 2.85x | 3.00x | 5.71x |
| Net Debt / EBITDA | -59.39x | 43.01x | 21.51x | 3.34x | 1.72x | 2.37x | 2.41x | 4.90x |
| Interest Coverage | -1.67x | -1.81x | -0.83x | 2.85x | 8.56x | 22.57x | 14.14x | 5.40x |
| Total Equity | 14.31M | 15.61M | 21.57M | 24.03M | 22.74M | 7.55M | 1.53M | 3.62M |
| Equity Growth % | -91.81% | -27.62% | -10.24% | 5.64% | 201.26% | 392.9% | -57.69% | - |
| Book Value per Share | 7.45 | 8.14 | 2.25 | 2.45 | 2.39 | 0.79 | 0.16 | 0.38 |
| Total Shareholders' Equity | 16.16M | 17.28M | 22.25M | 24.18M | 22.74M | 7.55M | 1.53M | 3.62M |
| Common Stock | 964 | 960 | 956 | 955 | 950 | 700 | 700 | 3.62M |
| Retained Earnings | -3.9M | -2.93M | 3.21M | 4.41M | 3.68M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.44M | -1.4M | -2.24M | -1.11M | -1.4M | 7.55M | 1.53M | 3.62M |
| Minority Interest | -1.85M | -1.67M | -687.23K | -154.04K | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
According to the provided quarterly data, FGI's equity base has eroded from $24.2 million in 2023Q4 to $16.2 million by 2026Q1, signaling a consistent weakening of the balance sheet as the company struggles to maintain profitability amidst a challenging and cyclical housing market environment.
The steady decline in retained earnings, which shifted from positive territory to a deficit of $3.9 million, suggests that the company is consuming its capital base to fund ongoing operations. This trajectory warrants close monitoring, as the persistent erosion of equity may eventually limit the company's ability to secure necessary financing or manage working capital requirements.
As reported in financial statements, FGI's debt-to-equity ratio has climbed significantly from 0.93 in 2023Q4 to 1.71 in 2026Q1, indicating that the company is increasingly relying on debt financing to sustain its operations while its core business model faces significant headwinds in the current market.
The increase in leverage appears to be a necessity-driven response to operational cash burn rather than a strategic move to fund growth. Investors should be concerned that rising debt levels in a period of negative operating margins may create a precarious debt-service profile if interest rates remain elevated or if revenue continues to decline.
Based on FGI's reported figures, the current ratio has compressed from 1.64 in 2023Q4 to 1.15 in 2026Q1, reflecting a tightening liquidity position that leaves the company with a very narrow margin of safety to absorb potential shocks or unexpected fluctuations in its working capital needs.
With cash reserves hovering near $2.7 million against substantial liabilities, the company appears to have limited flexibility to navigate a prolonged downturn in the repair and remodel sector. This liquidity profile suggests that any further deterioration in operating cash flow could necessitate external capital raises or further reliance on parent-company support.
Analysis of the balance sheet reveals that while FGI maintains an asset-light model, the recent increase in goodwill to $1.7 million, coupled with stagnant net PPE, suggests that the company's asset quality may be overstated if future growth initiatives fail to materialize as expected.
The reliance on intangible assets in a period of negative profitability may indicate a risk of future impairment charges, which would further pressure the already thin equity base. Investors should investigate whether these assets are truly representative of future economic value or if they are merely accounting artifacts of past acquisitions that are not currently contributing to operational success.
Quick answers to the most common questions about buying FGI stock.
As of 2025, FGI Industries Ltd. (FGI) had total assets of $69.5M including $51.5M in current assets.
FGI Industries Ltd. (FGI) carries total debt of $23.6M, offset by $1.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FGI Industries Ltd. (FGI) has total shareholders' equity (book value) of $17.3M ($8.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FGI Industries Ltd. (FGI) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.