Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data FGI Industries Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
182
162
117
132
131
Cost of revenue
150
130
85.2
96.4
95.3
Gross profit
32.2
31.5
32.1
35.4
35.3
Research and development
0.65
1.05
1.38
1.7
1.42
Selling and marketing
17.6
17.5
20
25.6
25.1
General and administrative
6.19
7.83
8.42
10.2
11.1
Operating expenses
24.5
26.4
29.8
37.5
37.7
Operating income
7.72
5.09
2.3
-2.1
-2.4
Interest expense
0.41
0.6
0.75
1.25
1.33
Interest income
0.04
0
0.01
Other non-operating income
1.14
-0.55
-0.92
-0.18
-1.94
Pre-tax income
8.87
4.54
1.39
-2.28
-4.34
Income tax
0.96
0.86
0.81
-0.55
2.79
Net income to minority interests
-0.15
-0.53
-0.99
Net income
7.91
3.68
0.73
-1.2
-6.14
EBITDA
8.01
5.31
4.32
-1.62
-1.73
EPS, basic
5.48
1.89
0.39
-0.63
-3.20
EPS, diluted
5.48
1.89
0.34
-0.63
-3.20
Shares, basic (weighted)
1.44
1.93
1.97
1.91
1.92
Shares, diluted (weighted)
1.44
1.93
2.03
1.91
1.92
Balance sheet
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
3.88
10.1
7.8
4.6
1.9
Receivables
26.4
14.3
16.2
20.3
13.8
Inventory
21.3
13.3
9.92
14
15.3
Other current assets
0.18
0.56
0.66
Total current assets
56.2
45.9
46.1
52.9
51.5
Property, plant and equipment
0.39
1.27
1.91
3.63
3.85
Lease right-of-use assets
8.09
9.82
15.2
12.8
11
Intangible assets
0.04
0.1
1.85
1.73
Other non-current assets
2.99
2.13
1.25
1.59
1.16
Total assets
69.2
60.4
65.7
75.5
69.5
Accounts payable
32
14.7
Short-term debt
14.7
9.8
6.96
14.5
11.9
Total current liabilities
54.7
29.8
28
42.5
43.9
Lease liabilities
6.88
7.85
13.7
11.4
10
Total liabilities
61.6
37.6
41.7
53.9
53.9
Paid-in capital
20.5
20.9
21.3
21.6
Retained earnings
3.68
4.41
3.21
-2.93
Other comprehensive income
-1.4
-1.11
-2.24
-1.4
Shareholders' equity
7.55
22.7
24.2
22.3
17.3
Minority interests
-0.15
-0.69
-1.67
Total equity
7.55
22.7
24
21.6
15.6
Total liabilities and equity
69.2
60.4
65.7
75.5
69.5
Shares outstanding
1.44
1.96
1.97
1.91
1.92
Cash flow statement
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
7.91
3.68
0.58
-1.73
-7.13
Depreciation and amortization
0.29
0.22
2.02
0.47
0.67
Stock-based compensation
0
0.38
0.42
0.4
0.33
Deferred income tax
-0.22
0.2
0.1
-1.5
2.45
Change in receivables
-11.1
13.5
-1.13
-4.93
6.27
Change in inventory
-13
7.97
3.37
-4.03
-1.33
Cash from operations
-3.22
0.98
2.21
-7.43
0.67
Capital expenditures
-0.06
-1.06
-0.84
-2.21
-0.89
Cash from investing
-0.05
-1.06
-1.77
-2.88
-1.02
Cash from financing
3.32
7.01
-2.84
7.54
-2.63
Exchange rate effect
-0.18
-0.74
0.1
-0.46
0.32
Net change in cash
-0.13
6.18
-2.29
-3.22
-2.66
Free cash flow
-3.28
-0.08
1.37
-9.63
-0.21
Interest paid
0.41
0.6
0.75
1.23
1.34
Income taxes paid
0.55
1.84
0.55
1.11
0.77
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.66 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
28.3%
Gross profit / revenue.
Operating margin
0.3%
Operating income / revenue.
EBITDA margin
0.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-0.8%
Pre-tax income / revenue.
Net margin
-3.1%
Net income / revenue.
FCF margin
1.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.8%
Cash from operations / revenue.
Return on equity (ROE)
-23.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-5.8%
Net income / average total assets.
Return on invested capital (ROIC)
2.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1.0%
Research and development expense / revenue.
Stock-based pay / revenue
0.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-1.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-0.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
3.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y
-11.8%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-22.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-8.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-7.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-0.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.18x
Current assets / current liabilities.
Quick ratio
0.45x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.10x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.97
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$64.09
Revenue / diluted weighted shares.
FCF per share
$0.89
Free cash flow / diluted weighted shares.
Operating cash flow per share
$1.14
Cash from operations / diluted weighted shares.
Book value per share
$8.84
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.11x
Market cap / revenue.
P/B
0.87x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.96x
Market cap / tangible book value, when positive.
P/FCF
8.25x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
6.45x
Market cap / cash from operations, when positive.
EV/Sales
0.08x
Enterprise value / revenue.
EV/EBIT
24.7x
Enterprise value / operating income, when both are positive.
EV/EBITDA
9.18x
Enterprise value / EBITDA, when both are positive.
EV/FCF
5.79x
Enterprise value / free cash flow, when both are positive.
FCF yield
12.1%
Free cash flow / market cap.
Earnings yield
-26.7%
Net income / market cap (the inverse of P/E).
What was FGI Industries Ltd.'s revenue in fiscal 2025?
FGI Industries Ltd. reported revenue of $130.5M for fiscal 2025, 1% lower than the year before.
Was FGI Industries Ltd. profitable in fiscal 2025?
No. It reported a net loss of $6.1M.
How much free cash flow did FGI Industries Ltd. generate in fiscal 2025?
Cash from operations of $673.2K minus capital expenditures of $885.7K left free cash flow of -$212.5K.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.