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NOTE logoFiscalNote Holdings, Inc.(NOTE)Earnings, Financials & Key Ratios

NOTE•NYSE
$0.20
$3M mkt cap·Price updated May 7, 2026
SectorTechnologyIndustryIT ServicesSub-IndustryVertical Software and Industry Platforms
AboutFiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow tools, and expert research. The company delivers that intelligence through its suite of public policy and issues management products, as well as powerful tools to manage workflows, advocacy campaigns, and constituent relationships. It serves a customer base that includes businesses comprising the Fortune 100 companies, government agencies, law firms, professional services organizations, trade groups, and non-profits. The company is headquartered in Washington, District of Columbia.Show more
  • Revenue$95M-20.7%
  • EBITDA-$19M-58.6%
  • Net Income-$65M-785.6%
  • EPS (Diluted)-4.65-660.2%
  • Gross Margin69.32%+9.6%
  • EBITDA Margin-20.07%-100.0%
  • Operating Margin-38.91%-46.5%
  • Net Margin-68.39%-964.2%
  • ROE-0.21%-101.6%
  • ROIC-0.09%+99.0%
  • Debt/Equity0.00-99.8%
  • Interest Coverage-2.25-257.9%
Technical→

NOTE Key Insights

FiscalNote Holdings, Inc. (NOTE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 1 (bottom 1%)
  • ✗Shares diluted 22.6% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

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

NOTE Price & Volume

FiscalNote Holdings, Inc. (NOTE) stock price & volume — 10-year historical chart

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NOTE Growth Metrics

FiscalNote Holdings, Inc. (NOTE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years7.93%
3 Years-5.7%
TTM-23.99%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-130.76%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-65.08%

Return on Capital

10 Years-16.27%
5 Years-17.19%
3 Years-13.32%
Last Year-0.04%

NOTE Peer Comparison

FiscalNote Holdings, Inc. (NOTE) competitors in Vertical Software and Industry Platforms — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CSGP logoCSGPCoStar Group, Inc.Direct Competitor14.83B34.982107.2318.67%0.74%0.3%0.14
SPGI logoSPGIS&P Global Inc.Direct Competitor126.89B428.6829.247.94%12.92%0.39
VRSK logoVRSKVerisk Analytics, Inc.Direct Competitor22.89B174.6926.926.63%29.34%437.95%16.26
GOVX logoGOVXGeoVax Labs, Inc.Direct Competitor1.69M1.76-0.08-37.06%-8.62%-0%0.22
BLZE logoBLZEBackblaze, Inc.Direct Competitor450.11M7.50-16.3014.27%-14.97%-27.17%0.98
TRI logoTRIThomson Reuters CorporationProduct Competitor40.72B93.3727.464.81%19.91%12.67%0.18
RELX logoRELXRELX PlcProduct Competitor61.76B34.1524.382.98%20.26%173.97%1.87
ICE logoICEIntercontinental Exchange, Inc.Product Competitor88.45B156.1527.067.46%11.57%0.70

Compare NOTE vs Peers

FiscalNote Holdings, Inc. (NOTE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CSGP

Most directly comparable listed peer for NOTE.

Scale Benchmark

vs GOOGL

Larger-name benchmark to compare NOTE against a more recognizable public peer.

Peer Set

Compare Top 5

vs CSGP, SPGI, VRSK, GOVX

NOTE Income Statement

FiscalNote Holdings, Inc. (NOTE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue65.87M65.16M82.91M113.77M132.65M120.27M95.41M87.92M
Revenue Growth %--1.08%27.25%37.21%16.6%-9.33%-20.67%-23.99%
Cost of Goods Sold13.19M26.92M36.44M47.89M58.12M44.17M29.27M26.44M
COGS % of Revenue20.03%41.32%43.95%42.1%43.82%36.72%30.68%-
Gross Profit
52.68M▲ 0%
38.23M▼ 27.4%
46.48M▲ 21.6%
65.87M▲ 41.7%
74.53M▲ 13.1%
76.1M▲ 2.1%
66.14M▼ 13.1%
61.48M▲ 0%
Gross Margin %79.97%58.68%56.05%57.9%56.18%63.28%69.32%69.93%
Gross Profit Growth %--27.42%21.56%41.73%13.14%2.11%-13.09%-
Operating Expenses81.8M67.2M102.06M154.06M172.26M108.04M103.26M127.35M
OpEx % of Revenue124.19%103.13%123.09%135.42%129.87%89.83%108.24%-
Selling, General & Admin59.69M42.3M63.98M120.48M111.27M85.29M78.76M69.93M
SG&A % of Revenue90.61%64.92%77.17%105.9%83.89%70.92%82.55%-
Research & Development14.81M15.12M24.02M20.74M18.19M12.83M9.57M8.51M
R&D % of Revenue22.48%23.21%28.97%18.23%13.71%10.67%10.03%-
Other Operating Expenses7.3M9.78M14.06M12.85M42.81M9.92M14.93M2M
Operating Income
-29.13M▲ 0%
-28.97M▲ 0.5%
-55.58M▼ 91.9%
-88.19M▼ 58.7%
-97.74M▼ 10.8%
-31.94M▲ 67.3%
-37.13M▼ 16.2%
-65.87M▲ 0%
Operating Margin %-44.22%-44.46%-67.04%-77.52%-73.68%-26.56%-38.91%-74.92%
Operating Income Growth %-0.55%-91.89%-58.66%-10.83%67.32%-16.23%-
EBITDA-17.61M-17.46M-39.2M-67.41M-69.02M-12.07M-19.15M-54.01M
EBITDA Margin %-26.73%-26.79%-47.28%-59.25%-52.04%-10.04%-20.07%-61.43%
EBITDA Growth %-0.86%-124.56%-71.95%-2.4%82.51%-58.65%-294.58%
D&A (Non-Cash Add-back)11.52M11.51M16.38M20.78M28.72M19.87M17.97M11.86M
EBIT-29.15M-20.8M-52.51M-125.77M-85.3M33.64M-37.13M-37.96M
Net Interest Income-22.94M-31.83M-64.8M-95.74M-29.94M-23.59M-16.49M-11.36M
Interest Income00000000
Interest Expense22.94M31.83M64.8M95.74M29.94M23.59M16.49M14.72M
Other Income/Expense-22.97M-23.74M-61.73M-133.32M-17.5M41.99M-29.37M-40.15M
Pretax Income
-52.09M▲ 0%
-52.71M▼ 1.2%
-117.31M▼ 122.6%
-221.51M▼ 88.8%
-115.24M▲ 48.0%
10.05M▲ 108.7%
-66.5M▼ 761.5%
-106.02M▲ 0%
Pretax Margin %-79.08%-80.89%-141.49%-194.71%-86.88%8.36%-69.7%-120.59%
Income Tax-18.82M-1.44M-7.89M-3.25M223K536K-1.25M-1.41M
Effective Tax Rate %36.14%2.72%6.72%1.47%-0.19%5.33%1.88%1.33%
Net Income
-33.27M▲ 0%
-51.27M▼ 54.1%
-109.42M▼ 113.4%
-218.26M▼ 99.5%
-115.46M▲ 47.1%
9.52M▲ 108.2%
-65.25M▼ 785.6%
-104.61M▲ 0%
Net Margin %-50.51%-78.69%-131.97%-191.85%-87.05%7.91%-68.39%-118.98%
Net Income Growth %--54.12%-113.41%-99.47%47.1%108.24%-785.58%-130.76%
Net Income (Continuing)-33.34M-51.27M-109.42M-218.26M-115.46M9.52M-65.25M-104.61M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)
-3.12▲ 0%
-4.99▼ 59.9%
-237.57▼ 4660.9%
-44.17▲ 81.4%
-10.54▲ 76.1%
0.83▲ 107.9%
-4.65▼ 660.2%
-5.73▲ 0%
EPS Growth %--59.94%-4660.92%81.41%76.14%107.87%-660.24%-65.08%
EPS (Basic)-3.12-4.99-237.57-44.17-10.540.83-4.65-
Diluted Shares Outstanding10.77M1.82M1.29M5.54M10.95M11.44M14.03M18.25M
Basic Shares Outstanding10.77M1.82M1.29M5.54M10.95M11.44M14.03M18.25M
Dividend Payout Ratio--------

NOTE Balance Sheet

FiscalNote Holdings, Inc. (NOTE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets19.82M56.27M54.3M86M49.8M57.19M45.55B43.09M
Cash & Short-Term Investments6.28M44.23M32.17M60.39M23.59M34.61M34.61M25.84M
Cash Only6.28M44.23M32.17M60.39M16.45M28.81M28.81M23.84M
Short-Term Investments00007.13M5.8M2B2M
Accounts Receivable9.93M6.39M11.17M14.91M18.11M13.46M14.26M9.33M
Days Sales Outstanding55.0335.7949.1947.8349.8440.8754.5444.27
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets792K2.92M9.15M6.39M5.51M6.56M19.22B7.92M
Total Non-Current Assets223.3M223.84M324.19M347.15M320.76M269.01M209.59B170.35M
Property, Plant & Equipment8.72M8.14M7.51M28.33M23.92M20.67M17.82B17.14M
Fixed Asset Turnover7.55x8.00x11.04x4.02x5.54x5.82x0.01x0.02x
Goodwill120.57M120.67M188.77M194.36M187.7M159.06M122.98B87.36M
Intangible Assets93.92M93.22M125.21M120.04M104.24M85.98M8.21B7.88M
Long-Term Investments87K0000000
Other Non-Current Assets01.8M2.71M4.42M4.89M3.3M60.57B-148.74B
Total Assets
243.12M▲ 0%
280.11M▲ 15.2%
378.49M▲ 35.1%
433.16M▲ 14.4%
370.56M▼ 14.5%
326.2M▼ 12.0%
255.14B▲ 78115.9%
213.44M▲ 0%
Asset Turnover0.27x0.23x0.22x0.26x0.36x0.37x0.00x0.34x
Asset Growth %-15.21%35.12%14.44%-14.45%-11.97%78115.92%-86.25%
Total Current Liabilities46.5M35.15M69.47M62.11M65.65M51.25M50.43B155.6M
Accounts Payable4.07M2.91M15.8M13.74M12.91M8.46M7.26M0
Days Payables Outstanding112.7139.46158.24104.7181.0769.9390.577.02
Short-Term Debt15.37M3.25M13.57M68K105K36K12.13B114.95M
Deferred Revenue (Current)19.2M18.89M33.14M38.82M43.53M35.25M29.78B29.85B
Other Current Liabilities3.15M4.3M6.97M2.77M6.04M4.12M8.51B6.26M
Current Ratio0.43x1.60x0.78x1.38x0.76x1.12x0.90x0.90x
Quick Ratio0.43x1.60x0.78x1.38x0.76x1.12x0.90x0.90x
Cash Conversion Cycle--------32.75
Total Non-Current Liabilities178.98M237.22M341.86M226.35M261.45M177.11M142.76B33.05M
Long-Term Debt155.43M211.97M317.61M161.98M222.31M147.04M19.31B18.47M
Capital Lease Obligations002.09M29.11M26.16M22.49M060.4M
Deferred Tax Liabilities6.76M6.96M3.48M714K2.18M1.93M476M1.35M
Other Non-Current Liabilities16M17.63M18.14M33.63M9.93M5.43M122.97B28.25M
Total Liabilities225.48M272.37M411.33M288.47M327.1M228.37M193.19B188.64M
Total Debt170.79M215.22M333.27M197.87M251.64M172.95M172.95M133.43M
Net Debt164.51M170.99M301.1M137.48M235.19M144.14M144.14M109.59M
Debt / Equity9.68x27.83x-1.37x5.79x1.77x0.00x0.00x
Debt / EBITDA--------2.47x
Net Debt / EBITDA--------2.03x
Interest Coverage-1.27x-0.65x-0.81x-1.31x-2.85x1.43x-2.25x-2.58x
Total Equity
17.64M▲ 0%
7.73M▼ 56.2%
-32.83M▼ 524.6%
144.69M▲ 540.7%
43.46M▼ 70.0%
97.83M▲ 125.1%
61.95B▲ 63224.5%
24.8M▲ 0%
Equity Growth %--56.16%-524.6%540.67%-69.96%125.11%63224.51%-144.08%
Book Value per Share1.644.24-25.4126.103.978.554417.041.36
Total Shareholders' Equity17.64M7.73M-32.83M144.69M43.46M97.83M61.95B24.8M
Common Stock00013K12K15K2M2K
Retained Earnings-189.18M-236.97M-481.41M-700.74M-816.42M-806.9M-872.15B-915.76M
Treasury Stock00000000
Accumulated OCI-154K-63K-631K-785K-622K4.79M190M111K
Minority Interest00000000

NOTE Cash Flow Statement

FiscalNote Holdings, Inc. (NOTE) cash flow — operating, investing & free cash flow history

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations-16.9M-17.17M-37.05M-72.63M-35.49M-5.3M-11.44B-11.44B
Operating CF Margin %-25.66%-26.35%-44.68%-63.84%-26.76%-4.41%-11993.88%-
Operating CF Growth %--1.56%-115.8%-96.04%51.13%85.07%-215887.17%-177.72%
Net Income-33.34M-51.27M-109.42M-218.26M-115.46M9.52M-65.25B-104.61M
Depreciation & Amortization11.52M11.51M16.38M11.69M28.72M19.87M17.97B17.97B
Stock-Based Compensation537K1M1.01M38.05M27.06M17.95M14.79B14.78B
Deferred Taxes-19.62M-2.29M-6.63M-3.08M72K-162K-189M-187.95M
Other Non-Cash Items16.93M20.72M62.46M116.08M34.3M-48.6M21.24B32.72B
Working Capital Changes7.06M3.16M-848K-17.1M-10.18M-3.87M-4.63M-10.68M
Change in Receivables-1.07M1.5M-3.13M-3.94M-287K1.84M-1.27M816.58K
Change in Inventory2.83M0000000
Change in Payables1.09M-1.67M0-2.11M-6.43M-1.11M-175K-979.59K
Cash from Investing-3.15M-5.49M-49.2M-10.24M-20.32M89.17M39.71B-35.66K
Capital Expenditures-2.99M-5.49M-5.57M-11.37M-7.94M-8.88M-7.2B-7.2B
CapEx % of Revenue4.54%8.43%6.72%9.99%5.98%7.39%7549.76%-
Acquisitions-154K0-43.63M1.13M-5.01M98.05M46.91M223.74K
Investments--------
Other Investing00000046.87B7.2B
Cash from Financing23.59M60.68M74.31M111.53M12.08M-71.43M-32.83B-6.01M
Debt Issued (Net)23.87M60.44M61.16M-23.09M11.39M-64.51M-33.11M-101.81M
Equity Issued (Net)0012.63M-88K684K474K276K2.31K
Dividends Paid00000000
Share Repurchases000-88K0000
Other Financing-286K247K516K134.71M0-7.4M-32.8B95.8M
Net Change in Cash
3.52M▲ 0%
37.95M▲ 977.5%
-12.01M▼ 131.7%
28.21M▲ 334.9%
-43.92M▼ 255.7%
12.15M▲ 127.7%
-4.5B▼ 37141.3%
-17.9M▲ 0%
Free Cash Flow
-19.89M▲ 0%
-22.66M▼ 13.9%
-42.62M▼ 88.1%
-83.99M▼ 97.1%
-43.43M▲ 48.3%
-14.18M▲ 67.3%
-18.65B▼ 131376.5%
-18.67M▲ 0%
FCF Margin %-30.2%-34.77%-51.4%-73.83%-32.74%-11.79%-19543.64%-21.23%
FCF Growth %--13.89%-88.09%-97.09%48.29%67.35%-131376.52%-34.03%
FCF per Share-1.85-12.43-32.98-15.15-3.97-1.24-1329.44-1329.44
FCF Conversion (FCF/Net Income)0.51x0.33x0.34x0.33x0.31x-0.56x175.38x0.18x
Interest Paid8.57M9.04M4.65M35.16M20.68M14.73M06.86M
Taxes Paid350K54K233K55K55K274K01M

NOTE Key Ratios

FiscalNote Holdings, Inc. (NOTE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)-404.15%--390.25%-122.73%13.47%-0.21%-160.9%
Return on Invested Capital (ROIC)-12.04%-18.65%-24.03%-26.14%-9.2%-0.09%-0.09%
Gross Margin58.68%56.05%57.9%56.18%63.28%69.32%69.93%
Net Margin-78.69%-131.97%-191.85%-87.05%7.91%-68.39%-118.98%
Debt / Equity27.83x-1.37x5.79x1.77x0.00x0.00x
Interest Coverage-0.65x-0.81x-1.31x-2.85x1.43x-2.25x-2.58x
FCF Conversion0.33x0.34x0.33x0.31x-0.56x175.38x0.18x
Revenue Growth-1.08%27.25%37.21%16.6%-9.33%-20.67%-23.99%

NOTE SEC Filings & Documents

FiscalNote Holdings, Inc. (NOTE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Mar 26, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 24, 2026·SEC

FY 2025

Apr 1, 2025·SEC

10-Q Quarterly Reports

3
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 15, 2025·SEC

FY 2025

May 13, 2025·SEC

NOTE Frequently Asked Questions

FiscalNote Holdings, Inc. (NOTE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

FiscalNote Holdings, Inc. (NOTE) reported $87.9M in revenue for fiscal year 2025. This represents a 33% increase from $65.9M in 2019.

FiscalNote Holdings, Inc. (NOTE) saw revenue decline by 20.7% over the past year.

FiscalNote Holdings, Inc. (NOTE) reported a net loss of $104.6M for fiscal year 2025.

Dividend & Returns

FiscalNote Holdings, Inc. (NOTE) has a return on equity (ROE) of -0.2%. Negative ROE indicates the company is unprofitable.

FiscalNote Holdings, Inc. (NOTE) had negative free cash flow of $18.7M in fiscal year 2025, likely due to heavy capital investments.

Explore More NOTE

FiscalNote Holdings, Inc. (NOTE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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