FLGT Healthcare

Fulgent Genetics, Inc.

$19.37+0.41%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Diagnostics & Research
Country: United States
Market cap: 533.0M USD
Enterprise value: 290.0M USD
Full-time employees: 1,315

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.93 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.93 vs peers 0.63)

Ranks #889 of 1,157 healthcare companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $36M over the 3 fiscal years to 2025 with -$139M of free cash flow.
Fulgent Genetics returned $36M in buybacks and dividends over three fiscal years while its free cash flow totalled -$139M. The money came from its cash pile or from borrowing.
Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.
Fulgent Genetics paid employees $40M in stock in 2025, 12% of its $323M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 7.0% of revenue, up from 3.0% in 2022.
Fulgent Genetics is spending 7.0% of revenue on facilities and equipment, up from 3.0% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Fulgent Genetics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

36/ 100

Oct 5 36 → Nov 4 36

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 3.1%

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-15.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-34.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-19.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield187.9%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

32/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth1.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.49Sector median: 0.0584 · MAD: 0.0840

Revenue growth6.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.08Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

25/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 4.7 points to -37.7%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-37.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.68Sector median: 0.0706 · MAD: 0.1217

Return on assets-7.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.75Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-9.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.45Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin35.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-8.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.93

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.91Sector median: 0.6250 · MAD: 0.3380

Current ratio6.34×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.71Sector median: 2.5860 · MAD: 1.3850

Debt / equity<0.01×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.07Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fulgent Genetics

Is Fulgent Genetics getting weaker?: Its latest SEC filing (Jul 30, 2026) was mixed: some things better, some worse: operating margin fell 4.7 points to -37.7%; share count down 3.1%. Its overall score is unchanged at 36/100 since Oct 28, 2026.
How is Fulgent Genetics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -15.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -15.8% vs peers 1.5% (weaker than 100% of peers).
Is Fulgent Genetics growing?: More slowly than most of its peers. Growth scores 32/100 against 1,393 healthcare peers. 3-year revenue growth 1.8% vs a peer median of 5.8% (weaker than 65% of peers).3-year revenue growth 1.8% vs peers 5.8% (weaker than 65% of peers).
How profitable is Fulgent Genetics?: Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Operating margin -37.7% vs a peer median of 7.1% (weaker than 82% of peers).Operating margin -37.7% vs peers 7.1% (weaker than 82% of peers).
How risky is Fulgent Genetics?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity <0.01× vs peers 0.22× (stronger than 95% of peers). Beta 0.93 vs a peer median of 0.63 (weaker than 68% of peers).Beta 0.93 vs peers 0.63 (weaker than 68% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Operating margin fell 4.7 points to -37.7%
Share count down 3.1%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	320.3M USD	323.9M USD	+1.1%
Net income (12 months)	−73.8M USD	−84.4M USD	+14.3%
Operating margin	-33.1%	-37.7%	−4.7 pts
Free cash flow (12 months)	−113.2M USD	−103.8M USD	−8.3%
Debt	2.0M USD	2.0M USD	0.0%
Cash	23.4M USD	26.3M USD	+12.4%
Shares outstanding	28.4M	27.5M	−3.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Diagnostics & Research · 26 companies

Valuations in Diagnostics & Research are within their usual range since Nov 2018.

53% of months since Nov 2018 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +109% vs the whole market, against a usual +111%.

Nov 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	78.3%	59.3%	36.1%	37.8%	40.6%	▲ 2.7 pts
Operating margin	68.1%	28.8%	-67.6%	-26.1%	-28.2%	▼ 2.2 pts
Net margin	51.1%	23.2%	-58.0%	-15.1%	-18.8%	▼ 3.7 pts
Return on assets (ROA)	39.7%	10.3%	-13.6%	-3.5%	-5.0%	▼ 1.5 pts
Return on equity (ROE)	43.8%	11.3%	-14.8%	-3.8%	-5.4%	▼ 1.7 pts
Free cash flow margin	51.9%	37.9%	1.7%	-6.8%	-38.5%	▼ 32 pts
Current ratio	5.81×	7.13×	6.96×	4.85×	6.48×	▲ 34%
Debt to equity	0.01×	0.01×	0.00×	0.00×	0.00×	▼ 15%
Interest coverage	5777.38×	515.97×	-400.67×	-434.81×	-1214.61×	▼ 179%

FLGT price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 0.93 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.93 vs peers 0.63)

Ranks #889 of 1,157 healthcare companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $36M over the 3 fiscal years to 2025 with -$139M of free cash flow.

Fulgent Genetics returned $36M in buybacks and dividends over three fiscal years while its free cash flow totalled -$139M. The money came from its cash pile or from borrowing.

Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

Fulgent Genetics paid employees $40M in stock in 2025, 12% of its $323M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 7.0% of revenue, up from 3.0% in 2022.

Fulgent Genetics is spending 7.0% of revenue on facilities and equipment, up from 3.0% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Fulgent Genetics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Fulgent Genetics

Is Fulgent Genetics getting weaker?

Its latest SEC filing (Jul 30, 2026) was mixed: some things better, some worse: operating margin fell 4.7 points to -37.7%; share count down 3.1%. Its overall score is unchanged at 36/100 since Oct 28, 2026.

How is Fulgent Genetics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -15.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -15.8% vs peers 1.5% (weaker than 100% of peers).

Is Fulgent Genetics growing?

More slowly than most of its peers. Growth scores 32/100 against 1,393 healthcare peers. 3-year revenue growth 1.8% vs a peer median of 5.8% (weaker than 65% of peers).3-year revenue growth 1.8% vs peers 5.8% (weaker than 65% of peers).

How profitable is Fulgent Genetics?

Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Operating margin -37.7% vs a peer median of 7.1% (weaker than 82% of peers).Operating margin -37.7% vs peers 7.1% (weaker than 82% of peers).

How risky is Fulgent Genetics?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity <0.01× vs peers 0.22× (stronger than 95% of peers). Beta 0.93 vs a peer median of 0.63 (weaker than 68% of peers).Beta 0.93 vs peers 0.63 (weaker than 68% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

320.3M USD

323.9M USD

+1.1%

Net income (12 months)

−73.8M USD

−84.4M USD

+14.3%

Operating margin

-33.1%

-37.7%

−4.7 pts

Free cash flow (12 months)

−113.2M USD

−103.8M USD

−8.3%

Debt

2.0M USD

2.0M USD

0.0%

Cash

23.4M USD

26.3M USD

+12.4%

Shares outstanding

28.4M

27.5M

−3.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

78.3%

59.3%

36.1%

37.8%

40.6%

▲ 2.7 pts

Operating margin

68.1%

28.8%

-67.6%

-26.1%

-28.2%

▼ 2.2 pts

Net margin

51.1%

23.2%

-58.0%

-15.1%

-18.8%

▼ 3.7 pts

Return on assets (ROA)

39.7%

10.3%

-13.6%

-3.5%

-5.0%

▼ 1.5 pts

Return on equity (ROE)

43.8%

11.3%

-14.8%

-3.8%

-5.4%

▼ 1.7 pts

Free cash flow margin

51.9%

37.9%

1.7%

-6.8%

-38.5%

▼ 32 pts

Current ratio

5.81×

7.13×

6.96×

4.85×

6.48×

▲ 34%

Debt to equity

0.01×

0.00×

▼ 15%

Interest coverage

5777.38×

515.97×

-400.67×

-434.81×

-1214.61×

▼ 179%