Fulgent Genetics, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fulgent Genetics, Inc. 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18.3	18.7	21.4	32.5	422	993	619	289	283	323
Cost of revenue	6.72	8.55	10.7	14.1	89.8	216	252	185	176	192
Gross profit	11.6	10.2	10.7	18.4	332	777	367	104	107	131
Research and development	3.56	4.22	5.53	6.54	11.6	24.2	28.9	41.4	48.8	53.9
Selling and marketing	2.47	4.21	4.65	5.9	15	24.4	38.9	41.5	36.2	43.4
General and administrative	4.61	5.23	5.54	6.41	15.2	50.7	111	89	88.1	117
Operating expenses	10.6	13.7	15.7	18.8	41.7	101	188	300	181	222
Operating income	0.92	-3.48	-5.07	-0.43	290	676	179	-196	-73.9	-91.1
Interest expense					0.02	0.12	0.35	0.49	-0.17	0.08
Interest income							5.62	21.6	31.3	30.9
Other non-operating income							5.5	21.4	22	21.1
Pre-tax income	-4.47	-3	-4.64	0.41	292	677	184	-174	-52	-70
Income tax	0.92	-1.02	0.04	0.04	72.5	175	42.1	1.15	-8.14	-8.39
Income from continuing operations	-5.39	-2.51
Net income to minority interests						-1.13	-1.48	-7.41	-1.11	-1.12
Net income	-5.35	-2.51	-5.61	-0.41	214	507	143	-168	-42.7	-60.5
EBITDA	2.09	-1.75	-2.91	1.68	293	687	211	-169	-49	-67
Shares, basic (weighted)	13.7	17.7	18	18.7	22.7	29.4	30.1	29.8	30.2	30.8
Shares, diluted (weighted)	13.7	17.7	18	18.7	24.1	31	31	29.8	30.2	30.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.9	6.49	6.74	12	87.4	165	79.5	97.5	55.1	50.2
Short-term investments		20	24.3	16.3	212				203	286
Receivables	4.36	4.01	5.95	6.56	184	139	52.7	51.1	69	84.8
Other current assets	0.91	2.44	2.56	2.26	40.4	22.5	48.9	32.6	23	22.6
Total current assets	26.1	32.9	39.5	37.1	524	612	628	508	354	550
Property, plant and equipment	6.23	7.27	6.45	5.97	40.2	62.3	81.4	83.5	106	113
Lease right-of-use assets				2.63	0.83	7.14	14.8	10.8	5.4	4.96
Goodwill						50.9	143	22.1	22.1	25.1
Intangible assets						35.9	151	143	135	133
Long-term investments		14.9	6.39	41.9	133	485	327	424	570	369
Other non-current assets	0.02	0.04	0.02	0.25	4.14	10.7	44.1	34.9	33.5	22.9
Total assets	58	57.2	53.9	88.8	700	1,279	1,386	1,235	1,220	1,214
Accounts payable	2.76	2.09	1.31	1.58	26.5	20.5	23.1	15.4	18.4	18.7
Accrued liabilities	0.44	0.91	1.26	1.33	8.45	17.7	25	30.7	24.3	34.1
Deferred revenue			0.17	0.37	26.6	14.6	3.2	2.87	2.23	3.64
Total current liabilities	3.32	3	2.74	3.72	130	105	88.1	73	72.9	85
Long-term debt							3.37	2.96	2.49	1.96
Lease liabilities				2.26	0.57	5.34	8.8	7.15	4.12	3.78
Other non-current liabilities	0	0.01	0.01		0.58	6.81	18.2	15.1	6.97	7.62
Total liabilities	3.56	3.01	2.75	5.98	131	113	116	102	90.8	107
Paid-in capital	110	112	114	146	418	502	487	502	543	575
Retained earnings	-55.2	-57.7	-63	-63.4	151	658	801	633	590	530
Other comprehensive income	-0.1	-0.04	-0.04	0.15	0.44	-0.76	-20.9	1.21	-0.37	7.51
Shareholders' equity	54.5	54.2	51.2	82.8	569	1,159	1,267	1,136	1,133	1,112
Minority interests						7.13	3.19	-2.82	-4.07	-5.27
Total equity	54.5	54.2	51.2	82.8	569	1,166	1,270	1,133	1,129	1,107
Total liabilities and equity	58	57.2	53.9	88.8	700	1,279	1,386	1,235	1,220	1,214
Shares outstanding	17.7	17.8	18.2	21.5	28.2	30.2	29.4	29.7	30.8	31.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.35	-2.51	-5.61	-0.41	214	506	142	-175	-43.8	-61.6
Depreciation and amortization	1.17	1.73	2.16	2.11	2.96	11	32.7	26.1	24.9	24.1
Stock-based compensation	4.65	2.12	2.3	3.21	8.16	15.9	32.6	42.9	44.5	39.6
Deferred income tax	0.25	-0.34	0.04	-0.02	-1.78	-8.19	-8.28	11.5	-3.74	-1.21
Change in receivables	-2.32	0.21	-1.97	-0.84	-178	42.3	68.6	2.39	-16.3	-23.3
Change in payables	1.09	-0.36	0.1	-0.33	22.6	-12.2	-25.3	-6.9	3.07	0.55
Cash from operations	4.41	1.33	-0.68	5.52	141	539	254	27	21.1	-102
Capital expenditures	-3.79	-2.9	-2.32	-1.18	-35.1	-23.8	-18.8	-22.2	-40.3	-22.6
Acquisitions						-61.9	-173	-0.4	0	3.78
Purchases of investments	-39	-11.7	-24.2	-52.1	-324	-710	-418	-492	-472	-80.8
Sales and maturities of investments		11.2	28	24.4	8.1	83.8	140	44.1	104	0
Cash from investing	-42.8	-2.05	0.95	-29	-326	-547	-261	38.9	-58.4	111
Debt issued					15
Debt repaid								-15
Stock issued	36.8	0.03	0.02	28.8	246	89.5	0.03	0	0.05	0
Share buybacks	-12			-0.02	-0.06		-74.3	-25.1	-0.23	-10.9
Cash from financing	45.8	-0.77	0.02	28.8	261	85.4	-77.1	-47.8	-4.85	-14.8
Exchange rate effect		0.08	-0.04	-0.02	0.02	0.03	-0.45	-0.15	-0.06	0.11
Net change in cash		-1.41	0.25	5.23	75.5	77.5	-85.4	18	-42.2	-4.95
Free cash flow	0.62	-1.56	-3	4.34	105	515	235	4.8	-19.3	-124
Interest paid								0.96	0.51	0.05
Income taxes paid	0.55	0.76	0	0.02	20.6	237	56.2	3.26	27.6	96.4

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 $22.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.6%	Gross profit / revenue.
Operating margin	-37.7%	Operating income / revenue.
EBITDA margin	-31.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-28.5%	Pre-tax income / revenue.
Net margin	-26.0%	Net income / revenue.
FCF margin	-32.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-25.8%	Cash from operations / revenue.
Return on equity (ROE)	-8.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.7%	Net income / average total assets.
Return on invested capital (ROIC)	-9.9%	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	17.5%	Research and development expense / revenue.
Stock-based pay / revenue	11.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.2%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-29.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-17.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-582.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-1.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	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.
Share count change per year, 5y	5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.34x	Current assets / current liabilities.
Quick ratio	4.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.58x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	8.6%	Total liabilities / total assets.
Interest coverage	-1,019x	Operating income / interest expense.
Working capital	$383.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$798.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	2.86x	Revenue / average property, plant and equipment.
Inventory turnover	263x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Receivables turnover	4.99x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	47 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.01	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	$11.57	Revenue / diluted weighted shares.
FCF per share	-$3.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$2.99	Cash from operations / diluted weighted shares.
Book value per share	$36.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.02	Tangible book value / shares outstanding.
Cash per share	$9.34	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$610.8M	Share price x shares outstanding.
Enterprise value	$353.8M	Market cap + total debt - cash - short-term investments.
P/S	1.89x	Market cap / revenue.
P/B	0.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.76x	Market cap / tangible book value, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
FCF yield	-17.0%	Free cash flow / market cap.
Earnings yield	-13.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.5%	(Dividends paid + share buybacks) / market cap.

What was Fulgent Genetics, Inc.'s revenue in fiscal 2025?

Fulgent Genetics, Inc. reported revenue of $322.7M for fiscal 2025, 13.8% higher than the year before.

Was Fulgent Genetics, Inc. profitable in fiscal 2025?

No. It reported a net loss of $60.5M.

How much free cash flow did Fulgent Genetics, Inc. generate in fiscal 2025?

Cash from operations of $101.6M minus capital expenditures of $22.6M left free cash flow of -$124.2M.

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.

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