Latest Ratios: P/E Ratio -10.7x · EV/EBITDA N/A · ROE -5.4%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $597M | $809M | $558M | $861M | $922M | $3.1B | $1.3B | $241M | $57M | $78M | $205M |
| Enterprise Value | $554M | $766M | $512M | $779M | $882M | $3.0B | $1.2B | $232M | $50M | $71M | $197M |
| P/E Ratio → | -10.67 | — | — | — | 6.43 | 6.19 | 5.85 | — | — | — | — |
| P/S Ratio | 1.85 | 2.51 | 1.97 | 2.98 | 1.49 | 3.14 | 2.97 | 7.42 | 2.67 | 4.15 | 11.19 |
| P/B Ratio | 0.58 | 0.73 | 0.49 | 0.76 | 0.73 | 2.67 | 2.20 | 2.92 | 1.09 | 1.44 | 3.75 |
| P/FCF | — | — | — | 179.54 | 3.93 | 6.05 | 12.04 | 55.67 | — | — | 331.46 |
| P/OCF | — | — | 26.52 | 31.89 | 3.64 | 5.79 | 8.91 | 43.75 | — | 58.37 | 46.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 1.81 | 2.69 | 1.42 | 2.99 | 2.80 | 7.13 | 2.35 | 3.80 | 10.76 |
| EV / EBITDA | — | — | — | — | 4.17 | 4.33 | 4.03 | 138.21 | — | — | 94.12 |
| EV / EBIT | — | — | — | — | 4.76 | 4.36 | 4.07 | — | — | — | 214.18 |
| EV / FCF | — | — | — | 162.39 | 3.76 | 5.77 | 11.35 | 53.53 | — | — | 318.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 37.8% | 36.1% | 59.3% | 78.3% | 78.7% | 56.6% | 49.9% | 54.3% | 63.2% |
| Operating Margin | -28.2% | -28.2% | -26.1% | -67.6% | 28.8% | 68.1% | 68.8% | -1.3% | -23.7% | -18.6% | 5.0% |
| Net Profit Margin | -18.8% | -18.8% | -15.1% | -58.0% | 23.2% | 51.1% | 50.8% | -1.3% | -26.3% | -13.4% | -29.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.4% | -5.4% | -3.8% | -14.0% | 11.8% | 58.5% | 65.7% | -0.6% | -10.5% | -4.6% | -17.9% |
| ROA | -5.0% | -5.0% | -3.5% | -12.8% | 10.8% | 51.3% | 54.3% | -0.6% | -10.0% | -4.4% | -16.7% |
| ROIC | -6.4% | -6.4% | -5.2% | -12.9% | 11.9% | 66.7% | 76.2% | -0.5% | -8.2% | -5.5% | 2.7% |
| ROCE | -8.0% | -8.0% | -6.4% | -15.9% | 14.4% | 77.5% | 88.5% | -0.6% | -9.5% | -6.4% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 | 0.03 | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.18 | 0.03 | 0.05 | 1.59 | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.04 | -0.07 | -0.03 | -0.12 | -0.13 | -0.11 | -0.13 | -0.12 | -0.14 |
| Net Debt / EBITDA | — | — | — | — | -0.19 | -0.21 | -0.24 | -5.53 | — | — | -3.78 |
| Debt / FCF | — | — | — | -17.14 | -0.17 | -0.28 | -0.69 | -2.14 | — | — | -12.80 |
| Interest Coverage | -932.67 | -932.67 | -304.62 | -355.73 | 182.66 | — | — | — | — | — | 0.17 |
Net cash position: cash ($50M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.48 | 6.48 | 4.85 | 6.96 | 7.13 | 5.81 | 4.02 | 9.96 | 15.80 | 15.51 | 14.27 |
| Quick Ratio | 6.35 | 6.35 | 4.74 | 6.88 | 7.08 | 5.70 | 3.90 | 9.89 | 15.69 | 15.43 | 14.18 |
| Cash Ratio | 3.96 | 3.96 | 3.54 | 5.81 | 5.97 | 4.28 | 2.30 | 7.59 | 13.63 | 14.14 | 13.05 |
| Asset Turnover | — | 0.27 | 0.23 | 0.23 | 0.45 | 0.78 | 0.60 | 0.37 | 0.39 | 0.33 | 0.31 |
| Inventory Turnover | 18.09 | 18.09 | 21.02 | 31.71 | 58.89 | 17.66 | 5.45 | 50.93 | 34.05 | 37.02 | 20.87 |
| Days Sales Outstanding | — | 103.63 | 99.18 | 72.50 | 44.29 | 52.69 | 176.62 | 80.78 | 106.61 | 79.33 | 87.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 15.5% | 16.2% | 17.1% | — | — | — | — |
| FCF Yield | — | — | — | 0.6% | 25.5% | 16.5% | 8.3% | 1.8% | — | — | 0.3% |
| Buyback Yield | 2.3% | 1.7% | 0.6% | 3.2% | 8.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 1.7% | 0.6% | 3.2% | 8.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $31M | $30M | $30M | $31M | $31M | $24M | $19M | $18M | $18M | $18M |
Operating margin contraction risk
Based on reported figures, Fulgent's P/S ratio of 1.76 and negative P/E of -10.13 suggest that the market is struggling to assign a stable valuation floor, as investors weigh the company's transition away from pandemic-era revenue against its current inability to generate consistent bottom-line earnings.
The absence of a forward P/E ratio implies that consensus estimates remain highly uncertain regarding the timing of a return to profitability. Investors should monitor whether the current P/S multiple reflects a distressed asset valuation or if the market is failing to price in the potential long-term value of the company's proprietary bioinformatics platform.
According to recent quarterly data, Fulgent's ROIC has consistently trended in negative territory, reaching -2.5% in 2026Q1, which indicates that the company is currently failing to generate adequate returns on its invested capital as it pivots toward specialized oncology and reproductive health service offerings.
The persistent decay in ROIC suggests that the capital deployed into laboratory infrastructure and recent acquisitions has yet to yield the expected operational efficiencies. This trend warrants further investigation into whether the current negative returns are a structural byproduct of the business model transition or a temporary consequence of integration costs.
As reported in financial statements, Fulgent's cash conversion cycle has lengthened to 80 days in 2026Q1, driven by a rising DSO of 106 days, which suggests that the company is facing increasing difficulty in collecting payments from insurance payors for its specialized genetic testing services.
The steady increase in DSO compared to historical levels implies that reimbursement cycles for novel genetic panels are becoming more protracted and unpredictable. This inefficiency in working capital management places additional strain on liquidity, as the company must fund its operations for longer periods before realizing cash inflows.
Based on the provided balance sheet data, Fulgent's current ratio of 5.31 remains high, yet the rapid decline in absolute cash reserves from $117.6 million to $23.4 million over recent quarters indicates that the company's liquidity position is becoming increasingly vulnerable to continued operational cash burn.
While the high current ratio suggests a strong short-term solvency position, the rapid consumption of cash reserves highlights a disconnect between accounting liquidity and actual cash-generating capability. Investors should monitor whether the current burn rate necessitates future capital raises or if management can stabilize cash outflows through improved operational discipline.
The P/E ratio is the most commonly misapplied metric for Fulgent, as it obscures the company's underlying cash-generating potential by focusing on accounting net losses that are heavily impacted by non-recurring integration costs and the ongoing transition from legacy COVID-19 testing to specialized NGS services.
Instead of relying on P/E, analysts should prioritize EV/EBITDA or adjusted free cash flow metrics to better evaluate the core laboratory business's performance. Using P/E in this context risks misinterpreting the company's valuation by failing to account for the significant non-cash charges and the strategic nature of current R&D investments.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLGT stock.
Fulgent Genetics, Inc.'s current P/E ratio is -10.7x. The historical average is 6.2x.
Fulgent Genetics, Inc.'s return on equity (ROE) is -5.4%. The historical average is -34.9%.
Based on historical data, Fulgent Genetics, Inc. is trading at a P/E of -10.7x. Compare with industry peers and growth rates for a complete picture.
Fulgent Genetics, Inc. has 40.6% gross margin and -28.2% operating margin.