Free cash flow has turned sharply negative with a margin of -32.3% in 2026Q2, and the combination of operational cash burn and a $55.6M acquisition is rapidly consuming the company's liquidity.
Fulgent Genetics, Inc. (FLGT) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | -83.7M | -101.64M | 21.06M | 27M | 253.52M | 538.58M | 140.63M | 5.52M | -675K | 1.33M | 4.41M | -969K | -4.4M |
| Operating CF Margin % | - | -31.5% | 7.43% | 9.34% | 40.96% | 54.26% | 33.35% | 16.96% | -3.16% | 7.11% | 24.1% | -10.12% | -344.05% |
| Operating CF Growth % | 40.69% | -582.61% | -22.01% | -89.35% | -52.93% | 282.98% | 2448.99% | 917.33% | -150.71% | -69.78% | 554.59% | 77.96% | - |
| Net Income | -84.38M | -61.63M | -43.82M | -175.24M | 141.92M | 506.24M | 214.31M | -411K | -5.61M | -2.51M | -5.39M | -4.99M | -990K |
| Depreciation & Amortization | 24.19M | 24.12M | 24.93M | 26.14M | 32.66M | 11M | 2.96M | 2.52M | 2.16M | 1.73M | 1.17M | 575K | 196K |
| Stock-Based Compensation | 37.51M | 39.58M | 44.48M | 42.92M | 32.64M | 15.88M | 8.16M | 0 | 2.3M | 2.12M | 4.65M | 8.16M | 0 |
| Deferred Taxes | -2.45M | -1.21M | -5.15M | 7.61M | 831K | -7.84M | -1.4M | -21K | 36K | -336K | 246K | -3.33M | 0 |
| Other Non-Cash Items | 10.72M | 15.14M | 7.86M | 122.73M | 43.46M | 15.97M | 8.05M | 4.34M | 1.67M | 1.04M | 5.58M | 362K | -3.28M |
| Working Capital Changes | -68.2M | -117.63M | -7.24M | 2.84M | 2M | -2.68M | -91.45M | -915K | -1.24M | -714K | -1.86M | -1.75M | -323K |
| Change in Receivables | 6.69M | -23.25M | -16.3M | 2.39M | 68.64M | 42.3M | -178.48M | -839K | -1.97M | 214K | -2.32M | -1.78M | -416K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.18M | -30.49M | -23.45M | -2.35M | -331K |
| Change in Payables | -3M | 550K | 3.07M | -6.9M | -25.34M | -12.21M | 22.62M | -329K | 102K | -363K | 1.09M | 132K | 150K |
| Cash from Investing | 91.98M | 111.37M | -58.35M | 38.9M | -261.31M | -546.55M | -326.44M | -29.05M | 950K | -2.05M | -42.8M | -2.21M | -780K |
| Capital Expenditures | -20.09M | -22.57M | -40.31M | -22.21M | -18.77M | -23.81M | -36.51M | -1.18M | -2.83M | -5.36M | -3.79M | -2.1M | -731K |
| CapEx % of Revenue | 6.2% | 7% | 14.22% | 7.68% | 3.03% | 2.4% | 8.66% | 3.63% | 13.26% | 28.6% | 20.73% | 21.93% | 57.2% |
| Acquisitions | -51.79M | 3.77M | 0 | -399K | -182.68M | -61.87M | -2.59M | 0 | 510K | 2.46M | 10K | 3.57M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11K | 5K | 313K | 775K | 412K | 31K | 8K | 0 | -510K | -2.46M | 10K | -105K | -49K |
| Cash from Financing | -70.04M | -14.79M | -4.85M | -47.78M | -77.14M | 85.41M | 261.25M | 28.77M | 15K | -770K | 45.79M | 3.5M | 4M |
| Debt Issued (Net) | -828K | -870K | -1.77M | -20M | -1.07M | -11K | 15.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -64.68M | -13.92M | -3.12M | -27.79M | -76.11M | 85.32M | 246.13M | 28.77M | 0 | 0 | 51.79M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.59M | 0 | 0 |
| Share Repurchases | -64.69M | -13.92M | -3.12M | -27.79M | -76.11M | -4.16M | -62K | -21K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.53M | 0 | 51K | 3K | 31K | 96K | 104K | 0 | 15K | -770K | -1.41M | 3.5M | 4M |
| Net Change in Cash | -61.58M | -4.95M | -42.19M | 17.97M | -85.39M | 77.47M | 75.46M | 5.23M | 246K | -1.41M | 7.4M | 326K | -1.18M |
| Free Cash Flow | -103.79M | -124.21M | -19.25M | 4.8M | 234.75M | 514.73M | 104.12M | 4.33M | -3.51M | -4.03M | 617K | -3.07M | -5.13M |
| FCF Margin % | -32.04% | -38.49% | -6.79% | 1.66% | 37.93% | 51.86% | 24.69% | 13.33% | -16.42% | -21.49% | 3.38% | -32.05% | -401.25% |
| FCF Growth % | -73.12% | -545.09% | -501.48% | -97.96% | -54.39% | 394.37% | 2301.8% | 223.61% | 12.87% | -752.35% | 120.1% | 40.15% | - |
| FCF per Share | -3.71 | -4.04 | -0.64 | 0.16 | 7.58 | 16.62 | 4.33 | 0.23 | -0.20 | -0.23 | 0.03 | -0.24 | -0.29 |
| FCF Conversion (FCF/Net Income) | 1.23x | 1.68x | -0.49x | -0.16x | 1.77x | 1.06x | 0.66x | -13.42x | 0.12x | -0.53x | -0.82x | 0.12x | 1.03x |
| Interest Paid | 100K | 52K | 512K | 960K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 63.12M | 96.44M | 27.59M | 3.26M | 56.19M | 237.07M | 20.61M | 0 | 1K | 757K | 550K | 0 | 0 |
Quick answers to the most common questions about buying FLGT stock.
Fulgent Genetics, Inc. (FLGT) generated $-101.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fulgent Genetics, Inc. (FLGT) reported negative free cash flow of $124.2M in 2025, indicating capital requirements exceeded cash from operations.
Fulgent Genetics, Inc. (FLGT) spent $22.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fulgent Genetics, Inc. (FLGT) spent $13.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Earnings Quality Deteriorates with Cash Burn
The relationship between net income and operating cash flow has become erratic, with the OCF/NI ratio swinging from 3.34 in 2025Q4 to 0.80 in 2026Q2, suggesting that recent losses are increasingly translating into actual cash outflows.
The volatile OCF/NI ratio indicates that non-cash adjustments like depreciation and stock-based compensation are no longer sufficient to offset the cash impact of operating losses. In 2026Q2, the $18.5M in SBC and $6.0M in D&A were overwhelmed by a $15.6M working capital outflow, resulting in operating cash burn nearly matching the net loss. This pattern suggests the quality of earnings has deteriorated, as losses are now consuming cash rather than being buffered by accruals.
Free Cash Flow Trajectory Turns Sharply Negative
FLGT's free cash flow margin has collapsed from a positive 27.9% in 2024Q4 to a deeply negative 32.3% in 2026Q2, indicating the business is now consuming significant capital relative to its revenue base.
The FCF trajectory shows a clear deterioration, with the company swinging from generating $21.2M in FCF in 2024Q4 to burning $27.6M in 2026Q2. This negative trend is driven by both operating losses and, in some quarters, elevated capital expenditures. The persistent negative FCF, especially in the most recent quarter, implies the company is not generating the cash needed to fund its operations and investments internally.
Working Capital Swings Amplify Cash Volatility
Working capital changes have been a major driver of cash flow volatility, with a $71.7M outflow in 2025Q4 followed by a $16.8M inflow in 2026Q1, suggesting inconsistent collection cycles or inventory management.
The large negative working capital change in 2025Q4 was the primary reason for the $78.1M operating cash burn that quarter, despite a smaller net loss. The subsequent positive swing in 2026Q1 provided temporary relief but did not signal a sustainable improvement. This volatility suggests potential issues with receivables collection or inventory buildup, which are creating unpredictable cash flow patterns that complicate financial planning.
Strategic Acquisition Consumes Liquidity
FLGT deployed $55.6M for an acquisition in 2026Q1, a significant use of cash that, combined with ongoing share repurchases, is depleting the company's cash reserves during a period of operational cash burn.
The $55.6M acquisition in 2026Q1 represents a major capital allocation decision made while the core business was generating minimal free cash flow. This was funded alongside $40.1M in share repurchases in the same quarter, indicating a potential misalignment between strategic investments and the company's cash generation capacity. The continued share repurchases, even as FCF turns negative, warrant scrutiny regarding capital discipline.
Cash Flow Statement Obscures True Burn Rate
The cash flow statement may understate the true economic cost of operations, as $18.5M in stock-based compensation in 2026Q2 is a non-cash expense that still represents a real dilutive cost to shareholders.
While SBC is added back to calculate operating cash flow, it is a real cost borne by existing shareholders through dilution. In 2026Q2, SBC represented over 20% of the net loss, meaning a significant portion of the 'loss' is a non-cash accounting charge. However, this does not eliminate the cash burn; it merely re-characterizes part of it. Investors should monitor the total cash burn inclusive of the dilutive impact of SBC to understand the full economic cost of the company's operations.