Latest Ratios: P/E Ratio -7.2x · EV/EBITDA N/A · ROE -5.4%. (2014–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $674M | $809M | $558M | $861M | $922M | $3.1B | $1.3B | $241M | $57M | $78M | $205M |
| Enterprise Value | $632M | $766M | $512M | $779M | $882M | $3.0B | $1.2B | $232M | $50M | $71M | $197M |
| P/E Ratio → | -7.22 | — | — | — | 6.43 | 6.19 | 5.85 | — | — | — | — |
| P/S Ratio | 2.04 | 2.51 | 1.97 | 2.98 | 1.49 | 3.14 | 2.97 | 7.42 | 2.67 | 4.15 | 11.19 |
| P/B Ratio | 0.66 | 0.73 | 0.49 | 0.76 | 0.73 | 2.67 | 2.20 | 2.92 | 1.09 | 1.44 | 3.75 |
| P/FCF | — | — | — | 179.54 | 3.93 | 6.05 | 12.04 | 55.67 | — | — | 331.46 |
| P/OCF | — | — | 26.52 | 31.89 | 3.64 | 5.79 | 8.91 | 43.75 | — | 58.37 | 46.43 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 1.81 | 2.69 | 1.42 | 2.99 | 2.80 | 7.13 | 2.35 | 3.80 | 10.76 |
| EV / EBITDA | — | — | — | — | 4.17 | 4.33 | 4.03 | 138.21 | — | — | 94.12 |
| EV / EBIT | — | — | — | — | 4.76 | 4.36 | 4.07 | — | — | — | 214.18 |
| EV / FCF | — | — | — | 162.39 | 3.76 | 5.77 | 11.35 | 53.53 | — | — | 318.66 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 37.8% | 36.1% | 59.3% | 78.3% | 78.7% | 56.6% | 49.9% | 54.3% | 63.2% |
| Operating Margin | -28.2% | -28.2% | -26.1% | -67.6% | 28.8% | 68.1% | 68.8% | -1.3% | -23.7% | -18.6% | 5.0% |
| Net Profit Margin | -18.8% | -18.8% | -15.1% | -58.0% | 23.2% | 51.1% | 50.8% | -1.3% | -26.3% | -13.4% | -29.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.4% | -5.4% | -3.8% | -14.0% | 11.8% | 58.5% | 65.7% | -0.6% | -10.5% | -4.6% | -17.9% |
| ROA | -5.0% | -5.0% | -3.5% | -12.8% | 10.8% | 51.3% | 54.3% | -0.6% | -10.0% | -4.4% | -16.7% |
| ROIC | -6.4% | -6.4% | -5.2% | -12.9% | 11.9% | 66.7% | 76.2% | -0.5% | -8.2% | -5.5% | 2.7% |
| ROCE | -8.0% | -8.0% | -6.4% | -15.9% | 14.4% | 77.5% | 88.5% | -0.6% | -9.5% | -6.4% | 3.1% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 | 0.03 | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.18 | 0.03 | 0.05 | 1.59 | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.04 | -0.07 | -0.03 | -0.12 | -0.13 | -0.11 | -0.13 | -0.12 | -0.14 |
| Net Debt / EBITDA | — | — | — | — | -0.19 | -0.21 | -0.24 | -5.53 | — | — | -3.78 |
| Debt / FCF | — | — | — | -17.14 | -0.17 | -0.28 | -0.69 | -2.14 | — | — | -12.80 |
| Interest Coverage | -932.67 | -932.67 | -304.62 | -355.73 | 182.66 | — | — | — | — | — | 0.17 |
Net cash position: cash ($50M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.48 | 6.48 | 4.85 | 6.96 | 7.13 | 5.81 | 4.02 | 9.96 | 15.80 | 15.51 | 14.27 |
| Quick Ratio | 6.35 | 6.35 | 4.74 | 6.88 | 7.08 | 5.70 | 3.90 | 9.89 | 15.69 | 15.43 | 14.18 |
| Cash Ratio | 3.96 | 3.96 | 3.54 | 5.81 | 5.97 | 4.28 | 2.30 | 7.59 | 13.63 | 14.14 | 13.05 |
| Asset Turnover | — | 0.27 | 0.23 | 0.23 | 0.45 | 0.78 | 0.60 | 0.37 | 0.39 | 0.33 | 0.31 |
| Inventory Turnover | 18.09 | 18.09 | 21.02 | 31.71 | 58.89 | 17.66 | 5.45 | 50.93 | 34.05 | 37.02 | 20.87 |
| Days Sales Outstanding | — | 103.63 | 99.18 | 72.50 | 44.29 | 52.69 | 176.62 | 80.78 | 106.61 | 79.33 | 87.16 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 15.5% | 16.2% | 17.1% | — | — | — | — |
| FCF Yield | — | — | — | 0.6% | 25.5% | 16.5% | 8.3% | 1.8% | — | — | 0.3% |
| Buyback Yield | 2.1% | 1.7% | 0.6% | 3.2% | 8.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 1.7% | 0.6% | 3.2% | 8.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $31M | $30M | $30M | $31M | $31M | $24M | $19M | $18M | $18M | $18M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying FLGT stock.
Fulgent Genetics, Inc.'s current P/E ratio is -7.2x. The historical average is 6.2x.
Fulgent Genetics, Inc.'s return on equity (ROE) is -5.4%. The historical average is -34.9%.
Based on historical data, Fulgent Genetics, Inc. is trading at a P/E of -7.2x. Compare with industry peers and growth rates for a complete picture.
Fulgent Genetics, Inc. has 40.6% gross margin and -28.2% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn and margin erosion
Metrics are mathematically derived from official filings.
Gross Margin Collapse Signals Structural Cost Pressure
FLGT's gross margin has contracted by over 1,200 basis points in the last year, falling to 30.1% in 2026Q2, which suggests the company is facing significant cost inflation or pricing pressure that is not being offset by scale.
The deterioration from 42.2% in 2025Q3 to 30.1% in 2026Q2 indicates a fundamental shift in the cost structure of the testing business, likely driven by rising direct costs outpacing any revenue growth. This compression, combined with a persistent operating margin deficit exceeding -39%, implies the current business model is generating negative operating leverage and is far from achieving profitability.
Negative Returns Indicate Capital Destruction
FLGT's ROIC has been consistently negative for ten quarters, reaching -2.5% in 2026Q2, which indicates the company is destroying value on the capital invested in its operations rather than generating a return.
The persistent negative ROIC, mirroring the negative ROE and ROA, confirms that the company's operating losses are severe enough to erode the equity base. This trend suggests that the capital deployed for operations and the recent acquisition is not generating productive returns, raising concerns about long-term capital allocation efficiency.
High Ratios Mask a Collapsing Cash Position
Despite a current ratio of 6.34 in 2026Q2, FLGT's cash reserves have plummeted to just $26.3M, indicating that the strong headline liquidity is heavily dependent on the conversion of receivables and inventory.
The stark contrast between the robust current ratio and the depleted cash balance suggests the company's liquidity is increasingly tied up in working capital. This creates vulnerability, as any slowdown in collections or inventory turnover could quickly strain the company's ability to meet near-term obligations without accessing other funding sources.
Lengthening Cash Cycle Amplifies Working Capital Strain
FLGT's cash conversion cycle has expanded to 68 days in 2026Q2 from 52 days in 2024Q2, primarily driven by a significant increase in days sales outstanding to 78 days, which ties up cash and exacerbates the burn rate.
The lengthening CCC, particularly the 26-day increase in DSO, suggests deteriorating collection efficiency or a shift in customer payment terms, which is consuming cash at a time when operational losses are already high. This inefficiency in converting sales to cash is a critical factor amplifying the company's negative free cash flow.
The P/B Ratio's Misleading Floor
The P/B ratio of 0.54 may be the most misapplied metric for FLGT, as it suggests a valuation floor based on tangible assets while the company is actively destroying capital and its equity base is shrinking from operational losses.
Investors might interpret a P/B below 1.0 as a value signal, but for a company with negative ROIC and declining retained earnings, book value is a depreciating metric. The ratio obscures the ongoing erosion of shareholder equity and the fact that the company's market value reflects expectations of continued capital destruction rather than a stable asset base.