Latest Ratios: P/E Ratio -1.3x · EV/EBITDA 59.4x · ROE -39.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $8M | $11M | $37M | $81M | $102M | — | — | — |
| Enterprise Value | $30M | $33M | $60M | $95M | $111M | — | — | — |
| P/E Ratio → | -1.34 | — | — | 109.77 | 27.56 | — | — | — |
| P/S Ratio | 0.06 | 0.09 | 0.28 | 0.69 | 0.63 | — | — | — |
| P/B Ratio | 0.53 | 0.73 | 1.72 | 3.35 | 4.49 | — | — | — |
| P/FCF | — | — | — | 180.13 | — | — | — | — |
| P/OCF | 12.31 | 17.04 | — | 57.95 | 104.18 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.25 | 0.46 | 0.81 | 0.69 | — | — | — |
| EV / EBITDA | 59.45 | 65.77 | 55.98 | 21.98 | 20.95 | — | — | — |
| EV / EBIT | — | — | — | 44.44 | 21.64 | — | — | — |
| EV / FCF | — | — | — | 212.46 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.0% | 27.0% | 26.9% | 27.4% | 19.5% | 17.7% | 21.1% | 20.1% |
| Operating Margin | -1.8% | -1.8% | -1.6% | 2.0% | 3.1% | 4.2% | 4.7% | 1.9% |
| Net Profit Margin | -4.7% | -4.7% | -0.9% | 0.6% | 2.3% | 4.3% | 3.5% | 1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -39.3% | -33.0% | -5.3% | 3.1% | 24.3% | 174.1% | 183.6% | 43.4% |
| ROA | -8.8% | -8.5% | -1.7% | 1.2% | 5.7% | 13.8% | 11.2% | 4.0% |
| ROIC | -4.8% | -4.4% | -3.8% | 4.9% | 13.1% | 26.0% | 26.0% | 10.1% |
| ROCE | -9.4% | -8.2% | -5.9% | 6.7% | 22.6% | 63.9% | 61.5% | 23.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.51 | 1.51 | 1.29 | 0.93 | 0.84 | 3.03 | 13.39 | 4.71 |
| Debt / EBITDA | 46.78 | 46.78 | 25.74 | 5.14 | 3.61 | 2.85 | 3.00 | 5.71 |
| Net Debt / Equity | — | 1.39 | 1.07 | 0.60 | 0.40 | 2.51 | 10.77 | 4.04 |
| Net Debt / EBITDA | 43.01 | 43.01 | 21.51 | 3.34 | 1.72 | 2.37 | 2.41 | 4.90 |
| Debt / FCF | — | — | — | 32.33 | — | — | 2.88 | 13.82 |
| Interest Coverage | -1.81 | -1.81 | -0.83 | 2.85 | 8.56 | 22.57 | 14.14 | 5.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.24 | 1.64 | 1.54 | 1.03 | 0.95 | 0.99 |
| Quick Ratio | 0.83 | 0.83 | 0.92 | 1.29 | 1.09 | 0.64 | 0.72 | 0.66 |
| Cash Ratio | 0.04 | 0.04 | 0.11 | 0.28 | 0.34 | 0.07 | 0.11 | 0.08 |
| Asset Turnover | — | 1.88 | 1.75 | 1.78 | 2.68 | 2.63 | 2.99 | 3.20 |
| Inventory Turnover | 6.23 | 6.23 | 6.91 | 8.58 | 9.80 | 7.04 | 12.81 | 10.85 |
| Days Sales Outstanding | — | 38.72 | 56.19 | 50.42 | 32.27 | 52.86 | 46.94 | 45.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 24.6% | 150.5% | 130.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.9% | 3.6% | — | — | — |
| FCF Yield | — | — | — | 0.6% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $2M | $10M | $10M | $10M | $10M | $10M | $10M |
Liquidity and solvency pressure
Based on current market data, FGI trades at a P/S multiple of 0.06, which suggests that investors are heavily discounting the company's future revenue potential and questioning the viability of its current asset-light business model in the face of persistent negative operating margins and cyclical housing headwinds.
The negative P/E ratio and the lack of a forward P/E indicate that the market is currently unable to price the company based on earnings, treating it instead as a distressed asset. The EV/EBITDA of 59.03 appears significantly elevated compared to peers, likely reflecting the compression of EBITDA rather than a premium valuation, which warrants caution for investors seeking a margin of safety.
As reported in financial statements, FGI's ROIC has trended into negative territory, falling to -1.4% in 2026Q1, which highlights a consistent inability to generate returns on invested capital that exceed the company's cost of capital, suggesting a fundamental erosion of shareholder value over the observed period.
The decline in ROE and ROIC over the last ten quarters reflects the company's struggle to achieve scale-driven efficiencies. This trend suggests that the current capital allocation strategy is failing to convert investments into profitable growth, leaving the company in a value-destructive cycle that requires a significant pivot in operational execution.
According to recent quarterly filings, FGI's cash conversion cycle has shown extreme volatility, reaching as high as 48 days in 2025Q1, which indicates that the company's reliance on third-party sourcing and retail channel distribution creates significant friction in managing its liquidity and inventory turnover effectively.
The fluctuation in DSO and DIO suggests that FGI lacks the leverage to dictate favorable payment terms with its retail partners or suppliers. This inefficiency in working capital management appears to be a primary contributor to the company's cash flow instability, as capital remains tied up in inventory and receivables for extended periods.
Based on reported figures, FGI's debt-to-equity ratio has risen to 1.71 as of 2026Q1, signaling that the company is increasingly reliant on external financing to bridge its operational funding gaps, which significantly elevates the risk profile for equity holders in a high-interest rate environment.
The negative interest coverage ratio suggests that the company is currently unable to service its debt obligations from core operating income, raising concerns about potential refinancing risks. Investors should monitor the company's ability to manage these leverage levels, as any further deterioration could necessitate dilutive capital raises or restrictive debt covenants.
The market's reliance on the P/S ratio as a primary valuation metric for FGI obscures the company's underlying cash burn and negative operating margins, potentially misleading investors into viewing the stock as a 'cheap' entry point without accounting for the structural risks inherent in its business model.
While P/S is often used for high-growth, early-stage companies, it is inappropriate here because it ignores the company's inability to convert revenue into sustainable profit. A more appropriate metric would be a cash-burn-adjusted valuation or a focus on free cash flow yield, which would better reflect the company's actual financial health and the urgency of its liquidity requirements.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying FGI stock.
FGI Industries Ltd.'s current P/E ratio is -1.3x. The historical average is 68.7x.
FGI Industries Ltd.'s current EV/EBITDA is 59.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.2x.
FGI Industries Ltd.'s return on equity (ROE) is -39.3%. The historical average is 55.8%.
Based on historical data, FGI Industries Ltd. is trading at a P/E of -1.3x. Compare with industry peers and growth rates for a complete picture.
FGI Industries Ltd. has 27.0% gross margin and -1.8% operating margin.
FGI Industries Ltd.'s Debt/EBITDA ratio is 46.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.