What is FGI Industries' operating income?

FGI Industries' total operating income in 2025 was -$2.40 million, based on the following breakdown: Total Gross Profit: $35.25 million Total Operating Expenses: $37.65 million

FGI Industries (FGIWW) Financials

$0.11 -0.05 (-30.71%)

As of 04:00 PM Eastern

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Annual Income Statements for FGI Industries

This table shows FGI Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.91	3.68	0.73	-1.20	-6.14
Consolidated Net Income / (Loss)	7.91	3.68	0.58	-1.73	-7.13
Net Income / (Loss) Continuing Operations	7.91	3.68	0.58	-1.73	-7.13
Total Pre-Tax Income	8.87	4.54	1.39	-2.28	-4.34
Total Operating Income	7.72	5.09	2.30	-2.10	-2.40
Total Gross Profit	32	32	32	35	35
Total Revenue	182	162	117	132	131
Operating Revenue	182	162	117	132	131
Total Cost of Revenue	150	130	85	96	95
Operating Cost of Revenue	150	130	85	96	95
Total Operating Expenses	24	26	30	38	38
Selling, General & Admin Expense	6.19	7.83	8.42	10	11
Marketing Expense	18	18	20	26	25
Research & Development Expense	0.65	1.05	1.38	1.70	1.42
Total Other Income / (Expense), net	1.14	-0.55	-0.92	-0.18	-1.94
Interest Expense	0.41	0.60	0.75	1.25	1.33
Interest & Investment Income	0.04	0.00	0.01	0.01	0.01
Other Income / (Expense), net	1.52	0.05	-0.18	1.05	-0.61
Income Tax Expense	0.96	0.86	0.81	-0.55	2.79
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	-0.15	-0.53	-0.99
Basic Earnings per Share	$1.13	$0.39	$0.08	($0.63)	($3.20)
Weighted Average Basic Shares Outstanding	7M	9.34M	9.53M	1.91M	1.92M
Diluted Earnings per Share	$1.13	$0.39	$0.07	($0.63)	($3.20)
Weighted Average Diluted Shares Outstanding	7M	9.34M	9.82M	1.91M	1.92M

This table shows FGI Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	0.41	0.54	-0.41	0.16	-0.55	-0.40	-0.63	-1.23	-1.65	-2.63	-0.97
Consolidated Net Income / (Loss)	0.34	0.45	-0.54	-0.02	-0.70	-0.47	-0.82	-1.36	-1.95	-3.00	-1.14
Net Income / (Loss) Continuing Operations	0.34	0.45	-0.54	-0.02	-0.70	-0.47	-0.82	-1.36	-1.95	-3.00	-1.14
Total Pre-Tax Income	0.52	0.86	-0.52	-0.32	-0.43	-1.01	-1.56	-1.58	-0.07	-1.14	-1.12
Total Operating Income	0.48	1.25	-0.32	-0.45	-0.07	-1.26	-1.28	-0.83	0.37	-0.66	-0.69
Total Gross Profit	7.83	9.04	8.41	8.96	9.31	8.74	8.90	8.71	9.50	8.15	8.16
Total Revenue	30	31	31	29	36	36	33	31	36	30	31
Operating Revenue	30	31	31	29	36	36	33	31	36	30	31
Total Cost of Revenue	22	22	22	20	27	27	24	22	26	22	22
Operating Cost of Revenue	22	22	22	20	27	27	24	22	26	22	22
Total Operating Expenses	7.35	7.79	8.73	9.41	9.37	10	10	9.54	9.13	8.80	8.85
Selling, General & Admin Expense	2.35	1.68	2.28	2.62	2.64	2.66	2.70	2.84	2.78	2.78	2.35
Marketing Expense	4.57	5.89	6.13	6.26	6.28	6.95	7.16	6.21	6.06	5.70	6.22
Research & Development Expense	0.42	0.22	0.32	0.53	0.45	0.40	0.32	0.48	0.28	0.33	0.28
Total Other Income / (Expense), net	0.03	-0.38	-0.19	0.13	-0.36	0.25	-0.27	-0.75	-0.44	-0.48	-0.43
Interest Expense	0.02	0.19	0.22	0.31	0.37	0.35	0.30	0.28	0.40	0.34	0.35
Interest & Investment Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Income / (Expense), net	0.05	-0.20	0.03	0.43	0.00	0.60	0.03	-0.47	-0.04	-0.14	-0.07
Income Tax Expense	0.17	0.41	0.02	-0.30	0.27	-0.54	-0.74	-0.21	1.88	1.86	0.02
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.07	-0.09	-0.13	-0.19	-0.15	-0.07	-0.19	-0.13	-0.30	-0.37	-0.17
Basic Earnings per Share	$0.04	$0.06	($0.04)	$0.09	($0.29)	($0.21)	($0.33)	($0.64)	($0.86)	($1.37)	($0.50)
Weighted Average Basic Shares Outstanding	9.50M	9.53M	9.55M	1.91M	1.91M	1.91M	1.92M	1.92M	1.92M	1.92M	1.92M
Diluted Earnings per Share	$0.04	$0.05	($0.04)	$0.08	($0.29)	($0.21)	($0.33)	($0.64)	($0.86)	($1.37)	($0.50)
Weighted Average Diluted Shares Outstanding	9.79M	9.82M	9.55M	1.94M	1.91M	1.91M	1.92M	1.92M	1.92M	1.92M	1.92M
Weighted Average Basic & Diluted Shares Outstanding	9.50M	9.55M	9.55M	9.56M	9.56M	9.59M	9.59M	1.92M	1.92M	0.00	1.93M

This table details how cash moves in and out of FGI Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.13	6.18	-2.29	-3.22	-2.66
Net Cash From Operating Activities	-3.22	0.98	2.21	-7.43	0.67
Net Cash From Continuing Operating Activities	-3.22	0.98	2.21	-7.43	0.67
Net Income / (Loss) Continuing Operations	7.91	3.68	0.58	-1.73	-7.13
Consolidated Net Income / (Loss)	7.91	3.68	0.58	-1.73	-7.13
Depreciation Expense	0.29	0.22	0.20	0.47	0.67
Amortization Expense	-	-	1.82	2.70	2.24
Non-Cash Adjustments To Reconcile Net Income	0.67	-0.19	-0.17	0.14	1.07
Changes in Operating Assets and Liabilities, net	-12	-2.73	-0.21	-9.00	3.82
Net Cash From Investing Activities	-0.05	-1.06	-1.77	-2.88	-1.02
Net Cash From Continuing Investing Activities	-0.05	-1.06	-1.77	-2.88	-1.02
Purchase of Property, Plant & Equipment	-0.06	-1.06	-0.84	-2.21	-0.89
Acquisitions	-	0.00	-0.93	-0.67	-0.13
Net Cash From Financing Activities	3.32	7.01	-2.84	7.54	-2.63
Net Cash From Continuing Financing Activities	3.32	7.01	-2.84	7.54	-2.63
Repayment of Debt	5.26	-4.86	-2.84	-67	-63
Issuance of Debt	-	-	-	74	60
Effect of Exchange Rate Changes	-0.18	-0.74	0.10	-0.46	0.32
Cash Interest Paid	0.41	0.60	0.75	1.23	1.34
Cash Income Taxes Paid	0.55	1.84	0.55	1.11	0.77

This table details how cash moves in and out of FGI Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.52	2.41	-4.46	-2.01	1.74	1.51	-3.33	1.29	-0.64	0.02	0.76
Net Cash From Operating Activities	-1.48	4.20	-7.99	0.86	-0.91	0.62	-1.65	1.85	-1.87	2.34	-0.33
Net Cash From Continuing Operating Activities	-1.48	4.20	-7.99	0.86	-0.91	0.62	-1.65	1.85	-1.87	2.34	-0.33
Net Income / (Loss) Continuing Operations	0.34	0.45	-0.54	-0.02	-0.70	-0.47	-0.82	-1.36	-1.95	-3.00	-1.14
Consolidated Net Income / (Loss)	0.34	0.45	-0.54	-0.02	-0.70	-0.47	-0.82	-1.36	-1.95	-3.00	-1.14
Depreciation Expense	0.06	0.07	0.09	0.11	0.13	0.15	0.15	0.16	0.18	0.17	0.18
Amortization Expense	0.48	0.57	0.50	0.77	0.55	0.88	0.56	0.58	0.52	0.58	0.53
Non-Cash Adjustments To Reconcile Net Income	-0.37	0.20	0.83	-0.18	0.23	-0.74	0.19	0.52	0.44	-0.09	0.32
Changes in Operating Assets and Liabilities, net	-1.99	2.91	-8.86	0.19	-1.13	0.80	-1.73	1.95	-1.07	4.68	-0.21
Net Cash From Investing Activities	-0.15	-0.88	-0.91	-0.95	-0.18	-0.83	-0.45	-0.18	-0.26	-0.12	-0.08
Net Cash From Continuing Investing Activities	-0.15	-0.88	-0.91	-0.95	-0.18	-0.83	-0.45	-0.18	-0.26	-0.12	-0.08
Purchase of Property, Plant & Equipment	-0.04	-0.57	-0.61	-0.58	-0.18	-0.83	-0.35	-0.21	-0.26	-0.07	-0.08
Acquisitions	-0.11	-0.32	-0.30	-0.37	-	-	-0.10	0.03	-	-0.05	0.00
Net Cash From Financing Activities	0.10	-1.00	4.48	-1.75	2.79	2.02	-1.33	-0.61	1.52	-2.21	1.27
Net Cash From Continuing Financing Activities	0.10	-1.00	4.48	-1.75	2.79	2.02	-1.33	-0.61	1.52	-2.21	1.27
Repayment of Debt	0.10	-1.00	4.48	-1.75	2.79	-72	-18	-0.61	1.52	-63	-27
Issuance of Debt	-	-	-	-	-	-	17	-	-	-	28
Effect of Exchange Rate Changes	0.00	0.09	-0.04	-0.18	0.04	-0.29	0.10	0.24	-0.03	0.01	-0.11
Cash Interest Paid	0.02	0.19	0.21	0.31	0.36	0.35	0.30	0.29	0.40	0.35	0.35
Cash Income Taxes Paid	0.15	0.20	0.49	0.26	0.22	0.15	0.00	0.02	0.49	0.25	0.00

This table presents FGI Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	69	60	66	75	70
Total Current Assets	56	46	46	53	52
Cash & Equivalents	3.88	10	7.78	4.56	1.90
Accounts Receivable	29	20	16	20	14
Inventories, net	21	13	9.92	14	15
Prepaid Expenses	1.55	2.59	12	14	21
Plant, Property, & Equipment, net	0.39	1.27	1.91	3.63	3.85
Total Noncurrent Assets	13	13	18	19	14
Intangible Assets	0.04	0.00	0.10	1.85	1.73
Noncurrent Deferred & Refundable Income Taxes	1.48	1.27	1.17	2.67	0.21
Other Noncurrent Operating Assets	11	12	16	14	12
Total Liabilities & Shareholders' Equity	69	60	66	75	70
Total Liabilities	62	38	42	54	54
Total Current Liabilities	55	30	28	43	44
Short-Term Debt	15	9.80	6.96	15	12
Accounts Payable	32	15	15	20	25
Accrued Expenses	5.51	3.58	4.04	5.91	5.61
Other Current Liabilities	1.32	1.54	1.60	1.87	1.70
Total Noncurrent Liabilities	6.88	7.85	14	11	10
Other Noncurrent Operating Liabilities	6.88	7.85	14	11	10
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7.55	23	24	22	16
Total Preferred & Common Equity	7.55	23	24	22	17
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7.55	23	24	22	17
Common Stock	0.00	20	21	21	22
Retained Earnings	0.00	3.68	4.41	3.21	-2.93
Accumulated Other Comprehensive Income / (Loss)	0.00	-1.40	-1.11	-2.24	-1.40
Noncontrolling Interest	-	0.00	-0.15	-0.69	-1.67

This table presents FGI Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	67	69	70	75	68	72	73	68
Total Current Assets	47	49	48	52	47	49	53	51
Cash & Equivalents	5.37	3.32	1.31	3.04	1.23	2.52	1.88	2.66
Accounts Receivable	28	29	31	19	19	16	18	14
Inventories, net	9.63	12	13	14	13	13	12	14
Prepaid Expenses	4.45	4.98	2.12	17	14	18	20	20
Plant, Property, & Equipment, net	1.41	2.43	2.90	2.96	3.84	3.88	3.96	3.75
Total Noncurrent Assets	18	18	19	19	18	19	16	13
Intangible Assets	-	0.10	1.98	1.93	1.88	1.84	1.78	1.68
Noncurrent Deferred & Refundable Income Taxes	1.41	1.22	1.78	2.02	3.42	3.67	2.02	0.21
Other Noncurrent Operating Assets	17	16	16	15	13	13	13	12
Total Liabilities & Shareholders' Equity	67	69	70	75	68	72	73	68
Total Liabilities	44	45	47	52	48	51	55	54
Total Current Liabilities	30	32	34	40	37	41	44	44
Short-Term Debt	7.96	11	9.69	12	13	13	14	13
Accounts Payable	17	15	18	20	17	22	23	24
Accrued Expenses	3.65	3.43	4.25	5.13	5.30	4.71	5.78	5.47
Other Current Liabilities	1.47	1.69	1.73	1.79	1.51	1.65	1.68	1.73
Total Noncurrent Liabilities	14	13	13	12	10	11	10	9.58
Other Noncurrent Operating Liabilities	14	13	13	12	10	11	10	9.58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	23	24	23	23	21	20	18	14
Total Preferred & Common Equity	23	24	24	24	22	21	20	16
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	23	24	24	24	22	21	20	16
Common Stock	21	21	21	21	21	21	22	21
Retained Earnings	3.87	4.00	4.16	3.61	2.58	1.35	-0.30	-3.90
Accumulated Other Comprehensive Income / (Loss)	-1.42	-1.13	-1.56	-1.51	-2.15	-1.55	-1.55	-1.44
Noncontrolling Interest	-0.07	-0.28	-0.47	-0.61	-0.87	-1.01	-1.30	-1.85

This table displays calculated financial ratios and metrics derived from FGI Industries' official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	9,500,000.00	9,500,000.00	9,563,914.00	1,920,140.00
DEI Adjusted Shares Outstanding	0.00	1,900,000.00	1,900,000.00	1,912,783.00	1,920,140.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	1.94	0.39	-0.63	-3.20
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-11.12%	-27.50%	12.43%	-0.98%
EBITDA Growth	0.00%	-43.78%	-22.63%	-48.58%	-105.03%
EBIT Growth	0.00%	-44.40%	-58.60%	-149.14%	-188.33%
NOPAT Growth	0.00%	-40.08%	-76.68%	-252.72%	-14.41%
Net Income Growth	0.00%	-53.45%	-84.25%	-399.24%	-310.86%
EPS Growth	0.00%	-65.49%	-82.05%	-399.24%	-407.94%
Operating Cash Flow Growth	0.00%	130.47%	125.74%	-435.56%	109.07%
Free Cash Flow Firm Growth	0.00%	0.00%	1,120.75%	-4,429.08%	143.49%
Invested Capital Growth	0.00%	22.64%	3.28%	35.77%	-18.82%
Revenue Q/Q Growth	0.00%	-11.20%	-0.71%	3.65%	-3.78%
EBITDA Q/Q Growth	0.00%	44.79%	88.80%	-38.17%	-135.02%
EBIT Q/Q Growth	0.00%	49.21%	5.10%	-256.24%	-4.52%
NOPAT Q/Q Growth	0.00%	-13.79%	-29.06%	-614.25%	20.09%
Net Income Q/Q Growth	0.00%	-8.31%	-30.65%	-114.49%	-54.80%
EPS Q/Q Growth	0.00%	-9.30%	-46.15%	-114.49%	-56.86%
Operating Cash Flow Q/Q Growth	0.00%	109.42%	-58.45%	-93.22%	163.91%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-95.25%	-55.56%	1,165.80%
Invested Capital Q/Q Growth	0.00%	-22.97%	-9.97%	-2.58%	-16.51%
Profitability Metrics	-	-	-	-	-
Gross Margin	17.70%	19.48%	27.36%	26.88%	27.01%
EBITDA Margin	5.24%	3.31%	3.54%	1.62%	-0.08%
Operating Margin	4.25%	3.15%	1.97%	-1.59%	-1.84%
EBIT Margin	5.08%	3.18%	1.81%	-0.79%	-2.31%
Profit (Net Income) Margin	4.35%	2.28%	0.49%	-1.32%	-5.46%
Tax Burden Percent	89.16%	81.05%	41.76%	75.99%	164.22%
Interest Burden Percent	95.95%	88.37%	65.25%	218.35%	143.99%
Effective Tax Rate	10.84%	18.95%	58.24%	0.00%	0.00%
Return on Invested Capital (ROIC)	37.59%	20.23%	4.21%	-5.37%	-5.89%
ROIC Less NNEP Spread (ROIC-NNEP)	47.04%	11.72%	74.43%	-11.17%	-60.57%
Return on Net Nonoperating Assets (RNNOA)	67.13%	4.06%	-1.74%	-2.24%	-32.44%
Return on Equity (ROE)	104.72%	24.29%	2.48%	-7.61%	-38.33%
Cash Return on Invested Capital (CROIC)	0.00%	-0.11%	0.99%	-35.71%	14.89%
Operating Return on Assets (OROA)	13.36%	7.93%	3.37%	-1.48%	-4.16%
Return on Assets (ROA)	11.43%	5.68%	0.92%	-2.46%	-9.83%
Return on Common Equity (ROCE)	104.72%	24.29%	2.49%	-7.75%	-40.77%
Return on Equity Simple (ROE_SIMPLE)	104.72%	16.18%	2.40%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.89	4.13	0.96	-1.47	-1.68
NOPAT Margin	3.79%	2.55%	0.82%	-1.12%	-1.29%
Net Nonoperating Expense Percent (NNEP)	-9.46%	8.51%	-70.21%	5.80%	54.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.11%	-4.07%	-6.12%
Cost of Revenue to Revenue	82.30%	80.52%	72.64%	73.12%	72.99%
SG&A Expenses to Revenue	3.40%	4.84%	7.19%	7.74%	8.51%
R&D to Revenue	0.36%	0.65%	1.17%	1.29%	1.09%
Operating Expenses to Revenue	13.45%	16.34%	25.39%	28.47%	28.85%
Earnings before Interest and Taxes (EBIT)	9.24	5.14	2.13	-1.05	-3.01
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.53	5.36	4.14	2.13	-0.11
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	1.99	0.90	0.64	0.33	0.63
Price to Tangible Book Value (P/TBV)	2.00	0.90	0.65	0.36	0.70
Price to Revenue (P/Rev)	0.08	0.13	0.13	0.06	0.08
Price to Earnings (P/E)	1.90	5.55	21.24	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	52.71%	18.02%	4.71%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.41	0.90	0.63	0.53	0.75
Enterprise Value to Revenue (EV/Rev)	0.14	0.12	0.12	0.13	0.15
Enterprise Value to EBITDA (EV/EBITDA)	2.70	3.76	3.52	7.82	0.00
Enterprise Value to EBIT (EV/EBIT)	2.79	3.92	6.87	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	3.74	4.88	15.18	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	20.56	6.60	0.00	28.58
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	64.72	0.00	4.53
Leverage & Solvency	-	-	-	-	-
Debt to Equity	1.94	0.43	0.29	0.67	0.76
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	1.43	0.35	-0.02	0.20	0.54
Leverage Ratio	9.16	4.28	2.70	3.10	3.90
Compound Leverage Factor	8.79	3.78	1.76	6.76	5.62
Debt to Total Capital	66.00%	30.10%	22.46%	40.21%	43.19%
Short-Term Debt to Total Capital	66.00%	30.10%	22.46%	40.21%	43.19%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	-0.50%	-1.91%	-6.09%
Common Equity to Total Capital	34.00%	69.90%	78.04%	61.70%	62.90%
Debt to EBITDA	1.54	1.83	1.68	6.80	-110.63
Net Debt to EBITDA	1.13	-0.05	-0.20	4.67	-92.93
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	2.13	2.37	7.23	-9.87	-7.06
Net Debt to NOPAT	1.56	-0.07	-0.85	-6.77	-5.93
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.24	3.69	2.54	2.01	1.93
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-0.33%	-1.85%	-6.35%
Liquidity Ratios	-	-	-	-	-
Current Ratio	1.03	1.54	1.64	1.24	1.17
Quick Ratio	0.61	1.01	0.85	0.58	0.36
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-0.02	0.23	-9.77	4.25
Operating Cash Flow to CapEx	-6,200.27%	92.15%	263.31%	-336.59%	76.01%
Free Cash Flow to Firm to Interest Expense	0.00	-0.04	0.30	-7.84	3.19
Operating Cash Flow to Interest Expense	-7.82	1.63	2.95	-5.96	0.51
Operating Cash Flow Less CapEx to Interest Expense	-7.95	-0.14	1.83	-7.73	-0.16
Efficiency Ratios	-	-	-	-	-
Asset Turnover	2.63	2.50	1.86	1.87	1.80
Accounts Receivable Turnover	6.17	6.55	6.49	7.23	7.65
Inventory Turnover	7.04	7.54	7.34	8.07	6.51
Fixed Asset Turnover	469.34	195.12	73.73	47.55	34.86
Accounts Payable Turnover	4.68	5.56	5.66	5.43	4.24
Days Sales Outstanding (DSO)	59.12	55.76	56.25	50.52	47.74
Days Inventory Outstanding (DIO)	51.83	48.43	49.75	45.22	56.03
Days Payable Outstanding (DPO)	78.03	65.64	64.47	67.22	86.16
Cash Conversion Cycle (CCC)	32.93	38.55	41.53	28.51	17.60
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	18	22	23	32	26
Invested Capital Turnover	9.93	7.93	5.13	4.82	4.57
Increase / (Decrease) in Invested Capital	0.00	4.15	0.74	8.30	-5.93
Enterprise Value (EV)	26	20	15	17	19
Market Capitalization	15	20	16	7.41	11
Book Value per Share	$1.08	$2.39	$2.55	$2.33	$9.00
Tangible Book Value per Share	$1.07	$2.39	$2.53	$2.13	$8.10
Total Capital	22	33	31	36	27
Total Debt	15	9.80	6.96	15	12
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00
Net Debt	11	-0.27	-0.82	9.94	9.97
Capital Expenditures (CapEx)	0.05	1.06	0.84	2.21	0.89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	16	17	20	18
Debt-free Net Working Capital (DFNWC)	16	26	25	25	19
Net Working Capital (NWC)	1.45	16	18	10	7.63
Net Nonoperating Expense (NNE)	-1.02	0.45	0.38	0.26	5.44
Net Nonoperating Obligations (NNO)	11	-0.27	-0.82	9.94	9.97
Total Depreciation and Amortization (D&A)	0.29	0.22	2.02	3.18	2.91
Debt-free, Cash-free Net Working Capital to Revenue	6.72%	9.79%	14.72%	15.40%	13.48%
Debt-free Net Working Capital to Revenue	8.85%	16.02%	21.35%	18.86%	14.94%
Net Working Capital to Revenue	0.80%	9.96%	15.41%	7.86%	5.84%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.39	$0.08	($0.65)	($3.20)
Adjusted Weighted Average Basic Shares Outstanding	0.00	9.34M	9.53M	1.91M	1.92M
Adjusted Diluted Earnings per Share	$0.00	$0.39	$0.07	($0.65)	($3.20)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	9.34M	9.82M	1.91M	1.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	9.50M	9.55M	1.92M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	6.89	4.13	1.61	-1.47	-1.68
Normalized NOPAT Margin	3.79%	2.55%	1.38%	-1.12%	-1.29%
Pre Tax Income Margin	4.87%	2.81%	1.18%	-1.73%	-3.32%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	22.48	8.55	2.84	-0.84	-2.26
NOPAT to Interest Expense	16.75	6.87	1.28	-1.18	-1.26
EBIT Less CapEx to Interest Expense	22.35	6.78	1.72	-2.61	-2.93
NOPAT Less CapEx to Interest Expense	16.62	5.10	0.16	-2.95	-1.93
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from FGI Industries' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	9,500,000.00	9,500,000.00	9,547,607.00	9,547,607.00	9,563,914.00	9,563,914.00	9,589,503.00	9,591,555.00	1,918,311.00	1,920,140.00	1,920,140.00
DEI Adjusted Shares Outstanding	1,900,000.00	1,900,000.00	1,909,521.00	1,909,521.00	1,912,783.00	1,912,783.00	1,917,901.00	1,918,311.00	1,918,311.00	1,920,140.00	1,920,140.00
DEI Earnings Per Adjusted Shares Outstanding	0.22	0.28	-0.22	0.09	-0.29	-0.21	-0.33	-0.64	-0.86	-1.37	-0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-22.34%	-2.62%	13.22%	0.62%	20.60%	14.98%	8.00%	5.54%	-0.69%	-14.40%	-8.16%
EBITDA Growth	-40.14%	71.54%	-26.80%	-13.66%	-42.58%	-78.15%	-285.90%	-165.17%	69.61%	-112.44%	89.68%
EBIT Growth	-69.47%	10.93%	-1,207.23%	-103.66%	-112.21%	-163.47%	-326.23%	-6,128.30%	614.39%	-19.58%	38.98%
NOPAT Growth	-76.11%	-31.60%	-10,864.61%	-271.88%	-114.37%	-235.73%	-299.10%	-84.82%	661.67%	47.83%	46.02%
Net Income Growth	-73.00%	-36.22%	-77.29%	-126.46%	-303.28%	-205.28%	-51.63%	-5,727.31%	-178.99%	-531.34%	-40.17%
EPS Growth	-69.23%	-54.55%	-33.33%	-126.46%	-303.28%	-205.28%	-51.63%	-5,727.31%	-196.55%	-552.38%	-51.52%
Operating Cash Flow Growth	-122.16%	-42.56%	-549.26%	19.83%	38.00%	-85.30%	79.33%	114.28%	-103.99%	279.63%	80.28%
Free Cash Flow Firm Growth	113.36%	97.32%	-291.75%	-186.03%	-277.89%	-10,633.08%	75.38%	110.10%	129.70%	159.55%	470.40%
Invested Capital Growth	-11.64%	3.28%	34.21%	33.35%	25.47%	35.77%	3.62%	-4.46%	-5.27%	-18.82%	-24.53%
Revenue Q/Q Growth	2.54%	3.42%	-0.66%	-4.50%	22.91%	-1.40%	-6.69%	-6.67%	15.65%	-15.01%	0.11%
EBITDA Q/Q Growth	7.43%	57.65%	-82.67%	194.21%	-28.55%	-40.02%	-247.43%	-3.14%	285.96%	-104.40%	-22.24%
EBIT Q/Q Growth	-6.72%	97.37%	-128.03%	92.91%	-211.17%	-925.83%	-88.24%	-3.65%	125.70%	-338.49%	3.94%
NOPAT Q/Q Growth	74.82%	103.06%	-134.50%	-40.33%	85.38%	-1,817.89%	-1.46%	35.02%	144.42%	-278.13%	-4.98%
Net Income Q/Q Growth	288.21%	31.29%	-219.27%	95.65%	-2,882.05%	32.01%	-71.78%	-67.30%	-42.77%	-53.86%	61.86%
EPS Q/Q Growth	300.00%	25.00%	-180.00%	95.65%	-2,882.05%	32.01%	-71.78%	-67.30%	-34.38%	-59.30%	63.50%
Operating Cash Flow Q/Q Growth	-305.13%	384.58%	-290.25%	110.79%	-206.13%	167.48%	-367.51%	211.85%	-201.03%	225.59%	-113.90%
Free Cash Flow Firm Q/Q Growth	-61.24%	-102.30%	-9,607.19%	0.68%	19.85%	-38.90%	77.73%	140.74%	135.78%	178.46%	38.49%
Invested Capital Q/Q Growth	8.33%	-9.97%	36.63%	0.07%	1.93%	-2.58%	4.28%	-7.74%	1.07%	-16.51%	-3.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.16%	29.19%	27.36%	30.52%	25.79%	24.56%	26.80%	28.09%	26.50%	26.73%	26.76%
EBITDA Margin	3.57%	5.44%	0.95%	2.92%	1.70%	1.03%	-1.63%	-1.80%	2.90%	-0.15%	-0.18%
Operating Margin	1.61%	4.02%	-1.04%	-1.53%	-0.18%	-3.55%	-3.86%	-2.69%	1.03%	-2.16%	-2.27%
EBIT Margin	1.77%	3.39%	-0.96%	-0.07%	-0.18%	-1.87%	-3.77%	-4.19%	0.93%	-2.61%	-2.51%
Profit (Net Income) Margin	1.15%	1.46%	-1.75%	-0.08%	-1.93%	-1.33%	-2.46%	-4.40%	-5.43%	-9.84%	-3.75%
Tax Burden Percent	66.57%	52.28%	104.32%	7.28%	162.12%	46.82%	52.44%	86.41%	2,845.26%	263.75%	102.21%
Interest Burden Percent	97.12%	82.26%	175.41%	1,543.62%	663.91%	152.36%	124.13%	121.60%	-20.52%	142.79%	146.31%
Effective Tax Rate	33.43%	47.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.60%	10.80%	-3.19%	-4.68%	-0.56%	-11.96%	-11.23%	-8.23%	3.11%	-6.92%	-7.04%
ROIC Less NNEP Spread (ROIC-NNEP)	5.08%	47.50%	-10.02%	1.56%	-11.40%	-3.00%	-10.42%	-16.72%	-17.29%	-32.39%	-12.91%
Return on Net Nonoperating Assets (RNNOA)	1.08%	-1.11%	-1.99%	0.32%	-2.98%	-0.60%	-4.70%	-7.06%	-9.05%	-17.35%	-8.22%
Return on Equity (ROE)	5.68%	9.69%	-5.18%	-4.36%	-3.53%	-12.56%	-15.93%	-15.30%	-5.94%	-24.27%	-15.26%
Cash Return on Invested Capital (CROIC)	17.30%	0.99%	-27.04%	-27.10%	-21.61%	-35.71%	-10.19%	-3.20%	-1.27%	14.89%	23.55%
Operating Return on Assets (OROA)	3.21%	6.30%	-1.81%	-0.13%	-0.32%	-3.49%	-7.39%	-8.04%	1.71%	-4.70%	-4.69%
Return on Assets (ROA)	2.08%	2.71%	-3.32%	-0.14%	-3.47%	-2.49%	-4.81%	-8.45%	-9.98%	-17.71%	-7.01%
Return on Common Equity (ROCE)	5.69%	9.72%	-5.21%	-4.41%	-3.59%	-12.79%	-16.34%	-15.81%	-6.21%	-25.81%	-16.44%
Return on Equity Simple (ROE_SIMPLE)	3.59%	0.00%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.32	0.65	-0.22	-0.32	-0.05	-0.88	-0.90	-0.58	0.26	-0.46	-0.48
NOPAT Margin	1.07%	2.10%	-0.73%	-1.07%	-0.13%	-2.48%	-2.70%	-1.88%	0.72%	-1.51%	-1.59%
Net Nonoperating Expense Percent (NNEP)	-0.48%	-36.71%	6.83%	-6.24%	10.84%	-8.96%	-0.81%	8.49%	20.39%	25.47%	5.88%
Return On Investment Capital (ROIC_SIMPLE)	-	2.10%	-0.64%	-0.95%	-0.13%	-2.45%	-2.63%	-1.77%	0.80%	-1.68%	-1.76%
Cost of Revenue to Revenue	73.84%	70.81%	72.64%	69.48%	74.21%	75.44%	73.20%	71.91%	73.50%	73.27%	73.24%
SG&A Expenses to Revenue	7.86%	5.42%	7.42%	8.93%	7.31%	7.47%	8.13%	9.18%	7.77%	9.11%	7.72%
R&D to Revenue	1.42%	0.72%	1.04%	1.81%	1.25%	1.11%	0.95%	1.56%	0.79%	1.09%	0.93%
Operating Expenses to Revenue	24.55%	25.16%	28.40%	32.05%	25.97%	28.11%	30.65%	30.77%	25.47%	28.90%	29.02%
Earnings before Interest and Taxes (EBIT)	0.53	1.05	-0.29	-0.02	-0.06	-0.67	-1.25	-1.30	0.33	-0.80	-0.76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.07	1.68	0.29	0.86	0.61	0.37	-0.54	-0.56	1.04	-0.05	-0.06
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.59	0.64	0.60	0.45	0.31	0.33	0.34	0.29	0.58	0.63	0.44
Price to Tangible Book Value (P/TBV)	0.59	0.65	0.60	0.49	0.34	0.36	0.37	0.32	0.64	0.70	0.49
Price to Revenue (P/Rev)	0.12	0.13	0.12	0.09	0.06	0.06	0.06	0.05	0.08	0.08	0.06
Price to Earnings (P/E)	15.28	21.24	22.77	15.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.55%	4.71%	4.39%	6.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.63	0.63	0.70	0.59	0.50	0.53	0.56	0.50	0.73	0.75	0.64
Enterprise Value to Revenue (EV/Rev)	0.14	0.12	0.18	0.15	0.13	0.13	0.14	0.11	0.16	0.15	0.12
Enterprise Value to EBITDA (EV/EBITDA)	7.43	3.52	5.47	4.77	4.69	7.82	14.24	0.00	73.01	0.00	41.67
Enterprise Value to EBIT (EV/EBIT)	8.06	6.87	11.89	14.71	24.17	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.02	15.18	36.80	45.19	56.57	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.06	6.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.58	7.90
Enterprise Value to Free Cash Flow (EV/FCFF)	3.43	64.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.53	2.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.29	0.49	0.42	0.55	0.67	0.63	0.62	0.76	0.76	0.92
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.21	-0.02	0.20	0.20	0.26	0.20	0.45	0.42	0.52	0.54	0.64
Leverage Ratio	2.88	2.70	2.76	2.91	3.07	3.10	3.08	3.25	3.57	3.90	3.88
Compound Leverage Factor	2.79	2.22	4.84	44.91	20.40	4.72	3.82	3.95	-0.73	5.57	5.67
Debt to Total Capital	25.56%	22.46%	32.67%	29.34%	35.28%	40.21%	38.64%	38.25%	43.29%	43.19%	47.87%
Short-Term Debt to Total Capital	25.56%	22.46%	32.67%	29.34%	35.28%	40.21%	38.64%	38.25%	43.29%	43.19%	47.87%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.21%	-0.50%	-0.80%	-1.41%	-1.74%	-1.91%	-2.56%	-3.07%	-4.01%	-6.09%	-6.73%
Common Equity to Total Capital	74.65%	78.04%	68.13%	72.08%	66.46%	61.70%	63.92%	64.82%	60.72%	62.90%	58.86%
Debt to EBITDA	3.63	1.68	2.83	2.48	3.62	6.80	10.15	-104.18	45.94	-110.63	34.67
Net Debt to EBITDA	1.18	-0.20	2.01	2.15	2.74	4.67	9.21	-83.28	39.82	-92.93	27.65
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	5.87	7.23	19.08	23.54	43.69	-9.87	-6.15	-5.21	-6.69	-7.06	-10.36
Net Debt to NOPAT	1.91	-0.85	13.55	20.36	33.03	-6.77	-5.58	-4.17	-5.80	-5.93	-8.26
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.37	2.48	2.31	2.18	2.06	2.02	2.21	2.08	2.13	2.03	1.96
Noncontrolling Interest Sharing Ratio	-0.15%	-0.33%	-0.61%	-1.01%	-1.48%	-1.85%	-2.59%	-3.38%	-4.64%	-6.35%	-7.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	1.64	1.53	1.40	1.32	1.24	1.25	1.21	1.19	1.17	1.15
Quick Ratio	1.11	0.85	1.01	0.96	0.56	0.58	0.54	0.45	0.45	0.36	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.72	-0.09	-8.31	-8.25	-6.61	-9.18	-2.05	0.83	1.96	5.47	7.58
Operating Cash Flow to CapEx	-3,781.12%	742.78%	-1,311.89%	148.48%	-494.99%	74.25%	-472.08%	896.43%	-710.48%	3,493.75%	-408.54%
Free Cash Flow to Firm to Interest Expense	226.92	-0.45	-37.38	-27.04	-18.05	-26.02	-6.75	2.95	4.88	15.95	21.34
Operating Cash Flow to Interest Expense	-90.08	22.10	-35.96	2.83	-2.50	1.75	-5.46	6.55	-4.63	6.84	-0.92
Operating Cash Flow Less CapEx to Interest Expense	-92.47	19.13	-38.70	0.92	-3.00	-0.61	-6.61	5.82	-5.29	6.64	-1.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.81	1.86	1.90	1.80	1.80	1.87	1.96	1.92	1.84	1.80	1.87
Accounts Receivable Turnover	4.58	6.49	5.24	4.46	5.46	7.23	5.64	5.79	7.30	7.65	7.85
Inventory Turnover	6.83	7.34	8.17	7.67	7.81	8.07	8.16	7.87	7.64	6.51	6.97
Fixed Asset Turnover	78.68	73.73	64.62	55.97	58.26	47.55	42.85	40.10	39.22	34.86	33.69
Accounts Payable Turnover	5.66	5.66	7.30	5.35	4.97	5.43	6.06	5.02	4.65	4.24	4.54
Days Sales Outstanding (DSO)	79.61	56.25	69.68	81.77	66.89	50.52	64.77	63.08	49.97	47.74	46.51
Days Inventory Outstanding (DIO)	53.43	49.75	44.67	47.61	46.73	45.22	44.72	46.40	47.76	56.03	52.38
Days Payable Outstanding (DPO)	64.45	64.47	49.99	68.26	73.37	67.22	60.19	72.78	78.50	86.16	80.39
Cash Conversion Cycle (CCC)	68.59	41.53	64.35	61.12	40.25	28.51	49.29	36.70	19.24	17.60	18.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26	23	32	32	32	32	33	30	31	26	25
Invested Capital Turnover	4.30	5.13	4.37	4.36	4.38	4.82	4.16	4.38	4.31	4.57	4.43
Increase / (Decrease) in Invested Capital	-3.40	0.74	8.08	7.94	6.57	8.30	1.15	-1.42	-1.71	-5.93	-8.06
Enterprise Value (EV)	16	15	22	19	16	17	18	15	22	19	16
Market Capitalization	14	16	14	11	7.34	7.41	7.40	6.21	11	11	7.16
Book Value per Share	$2.45	$2.55	$2.50	$2.49	$2.46	$2.33	$2.28	$2.22	$10.29	$9.00	$8.42
Tangible Book Value per Share	$2.45	$2.53	$2.49	$2.29	$2.26	$2.13	$2.08	$2.03	$9.36	$8.10	$7.54
Total Capital	31	31	35	33	35	36	34	33	33	27	27
Total Debt	7.96	6.96	11	9.69	12	15	13	13	14	12	13
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	2.59	-0.82	8.12	8.39	9.44	9.94	12	10	12	9.97	10
Capital Expenditures (CapEx)	0.04	0.57	0.61	0.58	0.18	0.83	0.35	0.21	0.26	0.07	0.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20	17	25	22	22	20	21	19	21	18	17
Debt-free Net Working Capital (DFNWC)	25	25	28	23	25	25	22	21	23	19	20
Net Working Capital (NWC)	17	18	17	13	13	10	9.32	8.50	8.46	7.63	6.68
Net Nonoperating Expense (NNE)	-0.02	0.20	0.31	-0.29	0.65	-0.41	-0.08	0.78	2.21	2.54	0.66
Net Nonoperating Obligations (NNO)	2.59	-0.82	8.12	8.39	9.44	9.94	12	10	12	9.97	10
Total Depreciation and Amortization (D&A)	0.54	0.64	0.59	0.88	0.68	1.03	0.71	0.74	0.71	0.75	0.71
Debt-free, Cash-free Net Working Capital to Revenue	16.78%	14.72%	20.59%	18.08%	17.41%	15.40%	15.83%	13.64%	15.23%	13.48%	13.43%
Debt-free Net Working Capital to Revenue	21.33%	21.35%	23.33%	19.16%	19.80%	18.86%	16.75%	15.50%	16.61%	14.94%	15.51%
Net Working Capital to Revenue	14.58%	15.41%	13.87%	11.15%	9.98%	7.86%	6.94%	6.26%	6.24%	5.84%	5.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	$0.06	($0.04)	$0.10	($0.30)	($1.05)	($0.35)	($0.64)	($0.86)	($1.37)	($0.50)
Adjusted Weighted Average Basic Shares Outstanding	9.50M	9.53M	9.55M	1.91M	1.91M	382.61K	1.92M	1.92M	1.92M	1.92M	1.92M
Adjusted Diluted Earnings per Share	$0.04	$0.05	($0.04)	$0.10	($0.30)	($1.05)	($0.35)	($0.64)	($0.86)	($1.37)	($0.50)
Adjusted Weighted Average Diluted Shares Outstanding	9.79M	9.82M	9.55M	1.94M	1.91M	382.61K	1.92M	1.92M	1.92M	1.92M	1.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($1.05)	$0.00	$0.00	$0.00	($1.37)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.50M	9.55M	9.55M	1.91M	1.91M	1.92M	1.92M	1.92M	1.92M	0.00	1.93M
Normalized Net Operating Profit after Tax (NOPAT)	0.32	0.65	-0.22	-0.32	-0.05	-0.88	-0.90	-0.58	0.26	-0.46	-0.48
Normalized NOPAT Margin	1.07%	2.10%	-0.73%	-1.07%	-0.13%	-2.48%	-2.70%	-1.88%	0.72%	-1.51%	-1.59%
Pre Tax Income Margin	1.72%	2.79%	-1.68%	-1.10%	-1.19%	-2.85%	-4.68%	-5.09%	-0.19%	-3.73%	-3.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	32.43	5.52	-1.32	-0.07	-0.18	-1.89	-4.14	-4.60	0.83	-2.32	-2.15
NOPAT to Interest Expense	19.57	3.43	-1.01	-1.03	-0.13	-2.50	-2.96	-2.06	0.64	-1.34	-1.36
EBIT Less CapEx to Interest Expense	30.05	2.54	-4.06	-1.97	-0.68	-4.24	-5.29	-5.33	0.18	-2.52	-2.38
NOPAT Less CapEx to Interest Expense	17.19	0.45	-3.75	-2.94	-0.63	-4.86	-4.12	-2.80	-0.01	-1.54	-1.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

FGI Industries’ latest results show some improvement in operating losses but continued pressure on profitability and cash generation. In Q1 2026, revenue was $30.5 million, essentially flat with Q4 2025 but down approximately 8% from Q1 2025. The company remained unprofitable, reporting a $1.1 million consolidated net loss and a $0.50 diluted loss per share.

Operating loss improved sequentially and year over year. Q1 2026 operating loss narrowed to $691,000 from $1.3 million in Q1 2025 and $659,000 in Q4 2025, reflecting lower operating expenses than a year earlier.
Operating expenses declined meaningfully. Total operating expenses fell to $8.9 million in Q1 2026 from $10.2 million in Q1 2025, driven primarily by lower marketing, selling and administrative, and research expenses.
Gross margin remained relatively stable. Gross profit was $8.2 million on $30.5 million of revenue, producing a margin of approximately 26.8%, broadly consistent with Q1 2025 and Q4 2025.
Net loss improved substantially from the prior quarter. The consolidated loss declined from $3.0 million in Q4 2025 to $1.1 million in Q1 2026, while the loss attributable to common shareholders improved from $2.6 million to $969,000.
Cash increased from the comparable prior-year quarter. Cash and equivalents were $2.7 million at March 31, 2026, versus $1.2 million at March 31, 2025 and $1.9 million at September 30, 2025.
Debt refinancing supported the quarter’s cash balance. FGI issued $28.0 million of debt and repaid $26.7 million, resulting in $1.3 million of net financing cash inflow. This may have improved near-term liquidity, although it does not represent internally generated cash.
Accounts receivable improved while inventories increased. Accounts receivable declined to $13.6 million from $18.9 million a year earlier, but inventory rose to $14.2 million from $12.6 million, shifting some working-capital exposure from receivables toward inventory.
Revenue has weakened from 2024 and 2025 levels. Quarterly revenue reached $36.1 million in Q3 2024 and $35.8 million in Q3 2025, but fell to approximately $30.5 million by Q1 2026. The lower sales base makes it more difficult for FGI to absorb fixed operating costs.
Operating cash flow turned negative again. Q1 2026 operating cash flow was negative $326,000, compared with positive operating cash flow of $2.3 million in Q4 2025 and $1.8 million in Q2 2025. The company continues to rely on financing activity to supplement cash generation.
Balance-sheet leverage and liquidity remain concerns. Total liabilities were $53.8 million compared with $14.3 million of equity. Current liabilities of $44.3 million also exceeded cash, accounts receivable, and inventory combined, while prepaid expenses represented an unusually large $20.4 million of current assets.

Overall, FGI’s cost reductions and sequential earnings improvement are encouraging, but they have not yet produced consistent profitability or positive operating cash flow. Investors should monitor whether revenue recovers, whether marketing and other operating costs remain controlled, and whether debt refinancing can reduce liquidity risk without increasing interest costs.

08/15/26 12:22 AM ETAI Generated. May Contain Errors.

FGI Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FGI Industries' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

FGI Industries' net income appears to be on a downward trend, with a most recent value of -$7.13 million in 2025, falling from $7.91 million in 2021. The previous period was -$1.73 million in 2024.

FGI Industries' total operating income in 2025 was -$2.40 million, based on the following breakdown:

Total Gross Profit: $35.25 million
Total Operating Expenses: $37.65 million

Over the last 4 years, FGI Industries' total revenue changed from $181.94 million in 2021 to $130.53 million in 2025, a change of -28.3%.

FGI Industries' total liabilities were at $53.93 million at the end of 2025, a 0.1% increase from 2024, and a 12.5% decrease since 2021.

In the past 4 years, FGI Industries' cash and equivalents has ranged from $1.90 million in 2025 to $10.07 million in 2022, and is currently $1.90 million as of their latest financial filing in 2025.

Over the last 4 years, FGI Industries' book value per share changed from 1.08 in 2021 to 9.00 in 2025, a change of 734.6%.

Related Companies

Financial statements for NASDAQ:FGIWW last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FGI Industries (FGIWW) Financials

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FGI Industries (FGIWW) Financials

Annual Income Statements for FGI Industries

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Quarterly Cash Flow Statements for FGI Industries

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Financials Breakdown Chart

Key Financial Trends

FGI Industries Financials - Frequently Asked Questions

When does FGI Industries' fiscal year end?

How has FGI Industries' net income changed over the last 4 years?

What is FGI Industries' operating income?

How has FGI Industries' revenue changed over the last 4 years?

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How has FGI Industries' book value per share changed over the last 4 years?

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