Revenue growth has trended downward into negative territory, with 2026Q1 revenue falling 8.2% year-over-year while operating margins remained negative at -2.3%.
| Sales/Revenue | 127.82M | 130.53M | 131.82M | 117.24M | 161.72M | 181.94M | 134.83M | 126.28M |
| Revenue Growth % | -4.81% | -0.98% | 12.43% | -27.5% | -11.12% | 34.94% | 6.77% | - |
| Cost of Goods Sold | 93.12M | 95.28M | 96.39M | 85.16M | 130.21M | 149.74M | 106.42M | 100.84M |
| COGS % of Revenue | - | 72.99% | 73.12% | 72.64% | 80.52% | 82.3% | 78.93% | 79.86% |
| Gross Profit | 34.69M | 35.25M | 35.43M | 32.08M | 31.51M | 32.2M | 28.4M | 25.44M |
| Gross Margin % | 27.14% | 27.01% | 26.88% | 27.36% | 19.48% | 17.7% | 21.07% | 20.14% |
| Gross Profit Growth % | - | -0.5% | 10.44% | 1.8% | -2.15% | 13.37% | 11.66% | - |
| Operating Expenses | 36.51M | 37.65M | 37.53M | 29.77M | 26.42M | 24.48M | 22.12M | 22.98M |
| OpEx % of Revenue | - | 28.85% | 28.47% | 25.39% | 16.34% | 13.45% | 16.41% | 18.2% |
| Selling, General & Admin | 34.94M | 36.24M | 35.83M | 28.4M | 25.36M | 23.83M | 21.31M | 22.27M |
| SG&A % of Revenue | - | 27.76% | 27.18% | 24.22% | 15.68% | 13.1% | 15.8% | 17.64% |
| Research & Development | -34.12K | 1.42M | 1.7M | 1.38M | 1.05M | 646.07K | 814.25K | 703.78K |
| R&D % of Revenue | - | 1.09% | 1.29% | 1.17% | 0.65% | 0.36% | 0.6% | 0.56% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.81M | -2.4M | -2.1M | 2.3M | 5.09M | 7.72M | 6.28M | 2.46M |
| Operating Margin % | -1.42% | -1.84% | -1.59% | 1.97% | 3.15% | 4.25% | 4.66% | 1.95% |
| Operating Income Growth % | - | -14.41% | -191.11% | -54.74% | -34.08% | 22.96% | 155.16% | - |
| EBITDA | -366.92K | 504.11K | 1.08M | 4.32M | 5.31M | 8.01M | 6.84M | 2.99M |
| EBITDA Margin % | -0.29% | 0.39% | 0.82% | 3.69% | 3.28% | 4.4% | 5.08% | 2.37% |
| EBITDA Growth % | -251.83% | -53.19% | -75.08% | -18.62% | -33.71% | 17.08% | 129.08% | - |
| D&A (Non-Cash Add-back) | 1.45M | 2.91M | 3.18M | 2.02M | 218.66K | 287.08K | 560.8K | 525.13K |
| EBIT | -2.31M | -2.4M | -1.04M | 2.14M | 5.14M | 9.28M | 5.92M | 2.42M |
| Net Interest Income | -1.38M | -1.33M | -1.24M | -739.19K | -597.64K | -374.04K | -386.62K | -436.75K |
| Interest Income | 5.58K | 5.14K | 9.79K | 10.54K | 3.16K | 37.14K | 32.24K | 11.66K |
| Interest Expense | 1.38M | 1.33M | 1.25M | 749.73K | 600.8K | 411.19K | 418.87K | 448.41K |
| Other Income/Expense | -2.09M | -1.94M | -182.51K | -916.65K | -551.43K | 1.14M | -776.92K | -486.96K |
| Pretax Income | -3.9M | -4.34M | -2.28M | 1.39M | 4.54M | 8.87M | 5.51M | 1.98M |
| Pretax Margin % | -3.05% | -3.32% | -1.73% | 1.18% | 2.81% | 4.87% | 4.08% | 1.56% |
| Income Tax | 3.55M | 2.79M | -547.82K | 808.22K | 860.63K | 961.63K | 774.44K | 404K |
| Effective Tax Rate % | -90.98% | -64.22% | 24.01% | 58.24% | 18.95% | 10.84% | 14.07% | 20.45% |
| Net Income | -6.48M | -6.14M | -1.2M | 733.6K | 3.68M | 7.91M | 4.73M | 1.57M |
| Net Margin % | -5.07% | -4.7% | -0.91% | 0.63% | 2.28% | 4.35% | 3.51% | 1.24% |
| Net Income Growth % | -356.97% | -411.16% | -263.72% | -80.06% | -53.45% | 67.12% | 201.11% | - |
| Net Income (Continuing) | -7.45M | -7.13M | -1.73M | 579.56K | 3.68M | 7.91M | 4.73M | 1.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.85M | -1.67M | -687.23K | -154.04K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.37 | -3.20 | -0.13 | 0.07 | 0.39 | 0.83 | 0.50 | 0.17 |
| EPS Growth % | -2108.39% | -2361.54% | -274.03% | -80.85% | -53.01% | 66% | 194.12% | - |
| EPS (Basic) | - | -3.20 | -0.13 | 0.08 | 0.39 | 0.83 | 0.50 | 0.17 |
| Diluted Shares Outstanding | 1.92M | 1.92M | 9.57M | 9.82M | 9.5M | 9.5M | 9.5M | 9.5M |
| Basic Shares Outstanding | 1.92M | 1.92M | 9.57M | 9.53M | 9.5M | 9.5M | 9.5M | 9.5M |
| Dividend Payout Ratio | - | - | - | - | - | 24.63% | 150.45% | 130.09% |
Liquidity and housing sensitivity
According to the provided financial data, FGI's revenue growth has trended downward, culminating in an 8.2% year-over-year decline in 2026Q1, reflecting the company's high sensitivity to the broader North American housing market and the cyclical nature of repair and remodel demand across its primary retail channels.
The consistent deceleration in top-line performance suggests that FGI is struggling to maintain volume in a high-interest-rate environment that discourages home turnover. Investors should monitor whether the company's shift toward higher-value product lines can eventually offset the volume loss currently observed in its core sanitaryware business.
As reported in the income statement, FGI's gross margins have fluctuated between 24.6% and 30.5% over the last ten quarters, indicating a lack of consistent pricing power and a heavy reliance on volatile international freight costs and third-party manufacturing inputs for its bathroom furniture and sanitaryware.
The inability to sustain gross margins above the 30% threshold suggests that FGI operates in a highly competitive, commoditized environment where it lacks the brand premium to pass through cost increases. The current margin profile appears insufficient to absorb the company's fixed operating expenses, necessitating a strategic pivot toward higher-margin proprietary offerings.
Based on the reported figures, FGI's operating income has turned negative in seven of the last ten quarters, demonstrating that the company's SG&A expenses are not scaling efficiently with revenue and that the current business model lacks the necessary operating leverage to achieve consistent profitability at this scale.
The persistence of negative operating margins suggests that the company's overhead structure is currently over-scaled for its revenue base. Without a significant increase in top-line volume or a drastic reduction in corporate SG&A, the company may continue to face challenges in achieving sustainable bottom-line performance.
Financial statements indicate that FGI's cash and equivalents have dwindled to approximately $1.89 million against a $130 million annual revenue base, which suggests a precarious liquidity position that leaves the company with minimal buffer to navigate prolonged industry downturns or unexpected supply chain disruptions.
Short-sellers would likely focus on the company's inability to generate consistent net income and the potential for future capital raises to support operations. The reliance on the parent company for sourcing infrastructure warrants further investigation, as any change in that relationship could fundamentally alter the company's cost structure and operational viability.
Quick answers to the most common questions about buying FGI stock.
For fiscal year 2025, FGI Industries Ltd. (FGI) reported total revenue of $130.5M. This represents a 3.4% increase compared to $126.3M in 2019.
FGI Industries Ltd. (FGI) reported a net loss of $6.1M for the fiscal year ending 2025.
FGI Industries Ltd. (FGI) reported an operating income of $-2.4M, resulting in an operating profit margin of -1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
FGI Industries Ltd. (FGI) generated $35.3M in gross profit for the year, representing a gross profit margin of 27.0%. This demonstrates the company's core pricing power and production efficiency.