What is Fulgent Genetics' operating income?

Fulgent Genetics' total operating income in 2025 was -$91.10 million, based on the following breakdown: Total Gross Profit: $130.88 million Total Operating Expenses: $221.97 million

Fulgent Genetics (FLGT) Financials

$21.74 +0.92 (+4.42%)

Closing price 10/9/2026 04:00 PM Eastern

Extended Trading

$21.73 -0.01 (-0.05%)

As of 10/9/2026 07:55 PM Eastern

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Annual Income Statements for Fulgent Genetics

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.31	-5.35	-2.51	-5.61	-0.41	214	507	143	-168	-43	-61
Consolidated Net Income / (Loss)	-8.31	-5.35	-2.51	-5.61	-0.41	214	506	142	-175	-44	-62
Net Income / (Loss) Continuing Operations	-4.99	-5.39	-2.51	-5.61	-0.41	214	503	142	-175	-44	-62
Total Pre-Tax Income	-4.99	-4.47	-3.00	-4.64	0.41	292	677	184	-174	-52	-70
Total Operating Income	-5.01	0.92	-3.48	-5.07	-0.43	290	676	179	-196	-74	-91
Total Gross Profit	4.51	12	10	11	18	332	777	367	104	107	131
Total Revenue	9.58	18	19	21	33	422	993	619	289	283	323
Operating Revenue	9.58	18	19	21	33	422	993	619	289	283	323
Total Cost of Revenue	5.07	6.72	8.55	11	14	90	216	252	185	176	192
Operating Cost of Revenue	5.07	6.72	8.55	11	14	90	216	252	185	176	192
Total Operating Expenses	9.52	11	14	16	19	42	101	188	300	181	222
Selling, General & Admin Expense	2.42	4.61	5.23	5.54	6.41	15	51	111	89	88	117
Marketing Expense	2.67	2.47	4.21	4.65	5.90	15	24	39	41	36	43
Research & Development Expense	4.43	3.56	4.22	5.53	6.54	12	24	29	41	49	54
Amortization Expense	-	-	-	-	0.00	0.00	1.71	6.50	7.85	7.97	8.03
Impairment Charge	-	-	-	-	-	-	0.00	0.00	120	0.00	0.00
Restructuring Charge	-	-	-	-	-	0.00	0.00	2.98	0.00	0.00	0.00
Total Other Income / (Expense), net	0.03	-5.39	0.48	0.43	0.84	1.53	1.35	5.50	21	22	21
Interest Expense	-0.03	5.39	-0.48	-	-	-	-	-	0.49	-0.17	0.08
Interest & Investment Income	-	-	-	0.43	0.84	1.53	1.35	5.62	22	31	31
Other Income / (Expense), net	-	-	-	-	-	-	-	0.89	0.32	-9.51	-9.77
Income Tax Expense	0.00	0.92	-1.02	0.04	0.04	73	175	42	1.15	-8.14	-8.39
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-1.13	-1.48	-7.41	-1.11	-1.12
Weighted Average Basic Shares Outstanding	11.84M	13.71M	17.74M	17.98M	18.71M	22.69M	29.41M	30.10M	29.78M	30.24M	30.78M
Weighted Average Diluted Shares Outstanding	11.84M	13.71M	17.74M	17.98M	18.71M	24.06M	30.98M	30.96M	29.78M	30.24M	30.78M
Weighted Average Basic & Diluted Shares Outstanding	11.84M	13.71M	17.74M	17.98M	21.56M	28.87M	30.25M	29.52M	29.78M	30.83M	31.23M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-128	-13	-8.71	-15	-5.89	-12	-19	-6.61	-23	-25	-30
Consolidated Net Income / (Loss)	-134	-14	-9.09	-15	-6.19	-12	-19	-6.83	-24	-25	-30
Net Income / (Loss) Continuing Operations	-134	-14	-9.09	-15	-6.19	-12	-19	-6.83	-24	-25	-30
Total Pre-Tax Income	-145	-14	-11	-19	-8.04	-12	-22	-7.51	-29	-26	-30
Total Operating Income	-151	-22	-19	-17	-16	-20	-20	-15	-36	-35	-36
Total Gross Profit	25	22	26	27	32	28	34	36	33	21	26
Total Revenue	71	64	71	72	76	73	82	84	83	71	85
Operating Revenue	71	64	71	72	76	73	82	84	83	71	85
Total Cost of Revenue	45	42	45	45	44	45	47	49	51	50	60
Operating Cost of Revenue	45	42	45	45	44	45	47	49	51	50	60
Total Operating Expenses	176	44	45	44	48	48	54	51	69	56	62
Selling, General & Admin Expense	32	21	21	21	24	25	26	23	42	28	27
Marketing Expense	11	8.99	8.60	9.12	9.54	8.47	12	12	11	12	15
Research & Development Expense	12	11	13	12	12	12	13	14	14	14	15
Amortization Expense	1.96	1.99	1.99	1.99	1.99	1.99	1.99	2.03	2.03	2.03	2.60
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	2.17
Total Other Income / (Expense), net	5.93	7.63	7.69	-1.45	8.10	8.07	-1.81	7.84	6.96	8.64	6.38
Interest Expense	-	-0.25	-	-	-	0.01	0.02	-	-	0.02	0.06
Interest & Investment Income	6.27	7.39	7.71	8.09	7.90	8.02	8.09	7.87	6.94	8.65	6.40
Other Income / (Expense), net	-	-0.01	0.01	-9.53	-	0.07	-9.88	-0.01	0.04	0.01	0.04
Income Tax Expense	-11	-0.33	-2.12	-3.84	-1.85	0.18	-2.26	-0.68	-5.62	-0.70	0.03
Net Income / (Loss) Attributable to Noncontrolling Interest	-6.19	-0.38	-0.38	-0.05	-0.30	-0.37	-0.30	-0.22	-0.23	-0.45	-0.19
Weighted Average Basic Shares Outstanding	29.78M	29.77M	30.10M	30.42M	30.24M	30.83M	30.54M	30.75M	30.78M	30.88M	28.01M
Weighted Average Diluted Shares Outstanding	29.78M	29.77M	30.10M	30.42M	30.24M	30.83M	30.54M	30.75M	30.78M	30.88M	28.01M
Weighted Average Basic & Diluted Shares Outstanding	29.78M	29.92M	30.30M	30.59M	30.83M	30.44M	30.61M	30.91M	31.23M	28.40M	27.52M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.33	7.40	-1.41	0.29	5.23	75	77	-85	18	-42	-4.95
Net Cash From Operating Activities	-0.97	4.41	1.33	-0.68	5.52	141	539	254	27	21	-102
Net Cash From Continuing Operating Activities	2.03	4.44	1.33	-0.68	5.52	141	539	254	27	21	-102
Net Income / (Loss) Continuing Operations	-4.99	-5.39	-2.51	-5.61	-0.41	214	506	142	-175	-44	-62
Consolidated Net Income / (Loss)	-8.31	-5.35	-2.51	-5.61	-0.41	214	506	142	-175	-44	-62
Depreciation Expense	0.58	1.17	1.73	2.16	2.11	2.96	11	33	26	25	24
Amortization Expense	-	0.06	0.37	0.30	0.11	0.86	7.60	4.77	-3.91	-5.55	-5.10
Non-Cash Adjustments To Reconcile Net Income	8.18	10	2.79	3.68	4.24	15	23	60	177	61	62
Changes in Operating Assets and Liabilities, net	-1.75	-1.61	-1.05	-1.21	-0.53	-93	-9.74	14	2.82	-15	-121
Net Cash From Investing Activities	-2.21	-43	-2.05	0.95	-29	-326	-547	-261	39	-58	111
Net Cash From Continuing Investing Activities	-2.03	-43	-2.05	0.95	-29	-326	-547	-261	39	-58	111
Purchase of Property, Plant & Equipment	-2.10	-3.79	-2.90	-2.32	-1.18	-35	-24	-19	-22	-40	-23
Acquisitions	-	-	-2.46	-0.51	-0.14	-3.97	-62	-183	-0.40	0.00	3.78
Purchase of Investments	-	-39	-12	-24	-52	-324	-710	-418	-492	-472	-81
Sale of Property, Plant & Equipment	0.07	0.01	-	-	0.00	0.01	0.06	0.41	0.78	0.31	0.01
Sale and/or Maturity of Investments	-	-	15	28	24	37	270	373	553	454	211
Other Investing Activities, net	-	-	-	-	0.00	0.00	-20	-15	0.00	0.00	0.00
Net Cash From Financing Activities	3.50	46	-0.77	0.02	29	261	85	-77	-48	-4.85	-15
Net Cash From Continuing Financing Activities	3.50	46	-0.77	0.02	29	261	85	-77	-48	-4.85	-15
Repayment of Debt	-	-	-	-	0.00	0.00	-0.00	-0.37	-4.27	-1.23	-0.47
Repurchase of Common Equity	-	-12	-0.80	-	-	0.00	0.00	-74	-25	-0.23	-11
Other Financing Activities, net	3.50	-1.25	0.03	0.02	0.02	0.04	-4.08	-2.44	-18	-3.39	-3.43
Effect of Exchange Rate Changes	-	-	0.08	-	-0.02	0.02	0.03	-0.45	-0.15	-0.06	0.11
Cash Interest Paid	-	-	-	-	-	-	0.00	0.00	0.96	0.51	0.05
Cash Income Taxes Paid	-	0.55	0.76	0.00	0.02	21	237	56	3.26	28	96

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	13	-43	10	-6.93	-2.90	12	21	30	-67	-27	2.91
Net Cash From Operating Activities	15	7.27	4.29	-16	25	-4.43	-30	11	-78	7.10	-24
Net Cash From Continuing Operating Activities	15	7.27	4.29	-16	25	-4.43	-30	11	-78	7.10	-24
Net Income / (Loss) Continuing Operations	-134	-14	-9.09	-15	-6.19	-12	-19	-6.83	-24	-25	-30
Consolidated Net Income / (Loss)	-134	-14	-9.09	-15	-6.19	-12	-19	-6.83	-24	-25	-30
Depreciation Expense	6.53	6.66	6.15	5.92	6.19	5.92	6.05	6.04	6.11	6.00	7.68
Amortization Expense	-1.53	-1.18	-1.49	-1.34	-1.55	-1.66	-1.41	-1.10	-0.94	-0.89	-0.74
Non-Cash Adjustments To Reconcile Net Income	145	11	17	19	15	13	23	12	13	14	13
Changes in Operating Assets and Liabilities, net	-0.76	4.35	-8.16	-25	12	-10	-39	0.58	-73	13	-14
Net Cash From Investing Activities	24	-47	7.30	8.99	-27	28	53	19	11	11	51
Net Cash From Continuing Investing Activities	24	-47	7.30	8.99	-27	28	53	19	11	11	51
Purchase of Property, Plant & Equipment	-3.11	-4.06	-13	-20	-3.78	-4.72	-6.83	-6.05	-4.98	-5.20	-3.86
Sale and/or Maturity of Investments	176	152	83	144	75	32	60	40	78	82	55
Net Cash From Financing Activities	-26	-2.81	-1.15	-0.57	-0.33	-11	-2.64	-0.45	-0.53	-45	-24
Net Cash From Continuing Financing Activities	-26	-2.81	-1.15	-0.57	-0.33	-11	-2.64	-0.45	-0.53	-45	-24
Repurchase of Common Equity	-23	-0.23	-	-	-	-8.68	-2.21	-	-	-40	-24
Other Financing Activities, net	-16	-1.82	-0.68	-0.57	-0.33	-2.02	-0.43	-0.45	-0.53	-4.28	-0.42
Effect of Exchange Rate Changes	0.15	-0.07	-0.01	0.16	-0.13	0.01	0.00	0.02	0.08	0.00	0.09
Cash Interest Paid	0.02	0.44	0.01	0.01	0.05	0.06	-0.02	0.00	0.00	0.04	0.05
Cash Income Taxes Paid	0.56	1.31	0.60	25	0.95	-1.63	33	0.13	64	-0.55	0.58

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5.83	58	57	54	89	700	1,279	1,386	1,235	1,220	1,214
Total Current Assets	2.93	26	33	40	37	524	612	628	508	354	550
Cash & Equivalents	0.49	7.90	6.49	6.74	12	87	165	80	97	55	50
Short-Term Investments	-	13	20	24	16	212	286	447	327	203	286
Accounts Receivable	2.12	4.36	4.01	5.95	6.56	184	139	53	51	69	85
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	3.42	107
Other Current Assets	0.31	0.91	2.44	2.56	2.26	40	23	49	33	23	23
Plant, Property, & Equipment, net	2.47	6.23	7.27	6.45	5.97	40	62	81	83	106	113
Total Noncurrent Assets	0.43	26	17	7.92	46	137	604	677	644	761	550
Long-Term Investments	-	26	17	7.90	43	133	507	339	444	570	369
Goodwill	-	-	-	-	-	0.00	51	143	22	22	25
Intangible Assets	-	-	-	-	-	0.00	36	151	143	135	133
Other Noncurrent Operating Assets	-	0.02	0.04	0.02	2.88	4.14	11	44	35	33	23
Total Liabilities & Shareholders' Equity	5.83	58	57	54	89	700	1,279	1,386	1,235	1,220	1,214
Total Liabilities	0.69	3.56	3.01	2.75	5.98	131	113	116	102	91	107
Total Current Liabilities	0.69	3.32	3.00	2.74	3.72	130	105	88	73	73	85
Short-Term Debt	-	-	-	-	0.42	15	31	21	1.18	0.41	0.48
Accounts Payable	0.31	2.76	2.09	1.31	1.58	26	20	23	15	18	19
Accrued Expenses	0.20	0.44	0.91	1.26	1.33	8.45	18	25	31	24	34
Customer Deposits	-	-	-	-	-	0.19	20	11	23	28	28
Other Current Liabilities	-	-	-	-	-	0.08	0.68	5.30	0.16	0.00	3.64
Total Noncurrent Liabilities	0.00	0.25	0.01	0.01	2.26	0.96	7.53	28	29	18	22
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.24	-	-	0.00	0.38	0.73	9.84	14	11	14
Other Noncurrent Operating Liabilities	-	0.00	0.01	0.01	2.26	0.58	6.81	18	15	6.97	7.62
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.15	54	54	51	83	569	1,166	1,270	1,133	1,129	1,107
Total Preferred & Common Equity	5.15	54	54	51	83	569	1,159	1,267	1,136	1,133	1,112
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.15	54	54	51	83	569	1,159	1,267	1,136	1,133	1,112
Common Stock	58	110	112	114	146	418	502	487	502	543	575
Retained Earnings	-53	-55	-58	-63	-63	151	658	801	633	590	530
Accumulated Other Comprehensive Income / (Loss)	-	-0.10	-0.04	-0.04	0.15	0.44	-0.76	-21	1.21	-0.37	7.51
Noncontrolling Interest	-	-	-	-	-	0.00	7.13	3.19	-2.82	-4.07	-5.27

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,377	1,355	1,358	1,230	1,232	1,234	1,206	1,200	1,215	1,156	1,089
Total Current Assets	581	528	550	387	399	327	417	429	507	479	455
Cash & Equivalents	66	58	84	55	65	58	67	88	118	23	26
Short-Term Investments	438	400	384	251	247	155	253	205	258	253	231
Accounts Receivable	44	35	49	52	57	57	71	77	71	69	65
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	109	111
Other Current Assets	33	35	33	29	31	56	25	59	60	24	22
Plant, Property, & Equipment, net	79	88	85	87	93	107	107	110	112	116	113
Total Noncurrent Assets	717	739	723	757	740	800	682	661	595	561	521
Long-Term Investments	380	401	399	561	547	602	494	484	412	328	294
Goodwill	143	142	142	22	22	22	22	22	25	54	54
Intangible Assets	149	146	144	141	139	137	133	131	135	154	149
Other Noncurrent Operating Assets	45	49	38	33	32	39	33	23	23	25	24
Total Liabilities & Shareholders' Equity	1,377	1,355	1,358	1,230	1,232	1,234	1,206	1,200	1,215	1,156	1,089
Total Liabilities	108	91	97	103	103	99	83	88	94	112	93
Total Current Liabilities	82	65	61	76	76	74	66	71	72	90	72
Short-Term Debt	5.61	4.56	2.89	0.41	0.41	0.41	0.48	0.48	0.48	0.48	0.48
Accounts Payable	22	21	16	20	20	20	18	19	18	21	16
Accrued Expenses	21	22	21	26	26	24	17	22	23	35	24
Customer Deposits	12	14	19	27	26	27	28	28	29	31	29
Other Current Liabilities	19	0.36	0.28	0.00	0.00	0.00	2.82	2.67	-	-	3.40
Total Noncurrent Liabilities	26	26	35	27	28	25	17	17	21	22	21
Noncurrent Deferred & Payable Income Tax Liabilities	9.84	9.84	19	13	13	13	11	11	14	13	13
Other Noncurrent Operating Liabilities	16	17	16	14	14	12	6.12	5.91	7.56	9.37	8.97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,269	1,263	1,262	1,127	1,129	1,135	1,123	1,112	1,121	1,044	996
Total Preferred & Common Equity	1,264	1,260	1,259	1,130	1,133	1,138	1,127	1,117	1,126	1,050	1,002
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,264	1,260	1,259	1,130	1,133	1,138	1,127	1,117	1,126	1,050	1,002
Common Stock	496	506	514	511	522	533	544	551	566	540	524
Retained Earnings	786	774	761	620	611	596	579	560	553	505	476
Accumulated Other Comprehensive Income / (Loss)	-17	-21	-17	-1.10	-0.88	9.18	4.34	6.00	6.82	4.54	1.92
Noncontrolling Interest	4.47	3.56	3.14	-3.30	-3.70	-3.55	-4.41	-4.94	-5.13	-5.66	-5.63

This table displays calculated financial ratios and metrics derived from Fulgent Genetics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	17,676,256.00	17,822,988.00	18,069,174.00	18,710,357.00	24,273,564.00	29,831,451.00	-	-	-	30,912,392.00
DEI Adjusted Shares Outstanding	0.00	17,676,256.00	17,822,988.00	18,069,174.00	18,710,357.00	24,273,564.00	29,831,451.00	-	-	-	30,912,392.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.30	-0.14	-0.31	-0.02	8.83	17.01	-	-	-	-1.96
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	649.30%	90.85%	2.48%	13.99%	52.35%	1,196.46%	135.37%	-37.64%	-53.28%	-1.99%	13.83%
EBITDA Growth	-458.82%	148.48%	-164.34%	-88.58%	168.39%	16,369.30%	136.26%	-68.78%	-179.77%	62.97%	-27.79%
EBIT Growth	-406.26%	118.32%	-479.30%	-45.61%	91.56%	67,893.93%	132.96%	-73.46%	-208.80%	57.26%	-20.90%
NOPAT Growth	-406.26%	118.32%	-479.30%	-45.61%	89.21%	57,020.13%	130.04%	-72.55%	-199.41%	62.20%	-23.24%
Net Income Growth	-94.12%	35.69%	53.06%	-123.39%	92.67%	52,243.55%	136.22%	-71.97%	-223.47%	74.99%	-40.65%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	77.96%	554.59%	-69.78%	-150.71%	917.33%	2,448.99%	282.98%	-52.93%	-89.35%	-22.01%	-582.61%
Free Cash Flow Firm Growth	0.00%	62.22%	-77.56%	7.60%	94.44%	28,620.88%	434.16%	-111.56%	146.06%	-492.19%	-90.06%
Invested Capital Growth	0.00%	82.63%	35.69%	12.38%	-0.91%	1,159.70%	57.11%	77.44%	-37.38%	13.07%	33.45%
Revenue Q/Q Growth	0.00%	0.00%	-7.75%	6.97%	9.10%	212.10%	-4.18%	-22.91%	0.98%	2.06%	2.26%
EBITDA Q/Q Growth	0.00%	0.00%	-190.99%	29.27%	55.35%	341.28%	-9.29%	-45.60%	-223.97%	66.14%	-31.38%
EBIT Q/Q Growth	0.00%	0.00%	-2,161.04%	17.03%	59.16%	354.51%	-9.99%	-50.97%	-141.12%	60.06%	-24.85%
NOPAT Q/Q Growth	0.00%	0.00%	-2,134.44%	17.03%	47.79%	334.53%	-11.28%	-48.61%	-141.51%	64.62%	-28.32%
Net Income Q/Q Growth	0.00%	0.00%	-3,338.36%	-8.29%	81.04%	349.22%	-11.01%	-47.37%	-169.68%	74.52%	-39.53%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	68.39%	-65.21%	74.94%	-13.94%	2,147.89%	-9.60%	-14.75%	-40.36%	91.89%	-6,773.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	46.09%	-109.62%	464.49%	-16.12%	-198.91%	126.87%	-27.02%	-159.71%
Invested Capital Q/Q Growth	0.00%	0.00%	18.47%	-12.60%	16.20%	86.30%	56.50%	14.12%	-33.11%	-5.90%	20.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.07%	63.22%	54.35%	49.90%	56.63%	78.70%	78.29%	59.28%	36.12%	37.82%	40.56%
EBITDA Margin	-46.33%	11.77%	-7.39%	-12.22%	5.49%	69.71%	69.97%	35.03%	-59.81%	-22.60%	-25.37%
Operating Margin	-52.34%	5.02%	-18.59%	-23.75%	-1.32%	68.80%	68.10%	28.84%	-67.61%	-26.08%	-28.23%
EBIT Margin	-52.34%	5.02%	-18.59%	-23.75%	-1.32%	68.80%	68.10%	28.99%	-67.50%	-29.43%	-31.26%
Profit (Net Income) Margin	-86.82%	-29.26%	-13.40%	-26.26%	-1.26%	50.82%	51.00%	22.93%	-60.59%	-15.46%	-19.10%
Tax Burden Percent	166.78%	119.67%	83.64%	120.94%	-100.49%	73.47%	74.74%	77.12%	100.66%	84.34%	88.01%
Interest Burden Percent	99.46%	-486.71%	86.19%	91.44%	-95.56%	100.53%	100.20%	102.57%	89.18%	62.28%	69.42%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	10.51%	24.87%	25.81%	22.88%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-159.91%	10.36%	-25.81%	-30.74%	-3.15%	264.82%	255.75%	41.41%	-39.58%	-18.24%	-18.14%
ROIC Less NNEP Spread (ROIC-NNEP)	1,108.06%	35.73%	-25.65%	-25.73%	-3.10%	266.33%	255.04%	40.94%	-35.10%	-19.17%	-18.42%
Return on Net Nonoperating Assets (RNNOA)	-163.22%	-28.30%	21.19%	20.09%	2.53%	-199.09%	-197.40%	-29.76%	25.00%	14.36%	12.63%
Return on Equity (ROE)	-323.12%	-17.94%	-4.62%	-10.65%	-0.61%	65.72%	58.35%	11.65%	-14.58%	-3.87%	-5.51%
Cash Return on Invested Capital (CROIC)	-359.91%	-48.11%	-56.09%	-42.39%	-2.24%	94.24%	211.32%	-14.41%	6.38%	-30.51%	-46.80%
Operating Return on Assets (OROA)	-85.94%	2.87%	-6.04%	-9.13%	-0.60%	73.53%	68.31%	13.47%	-14.89%	-6.80%	-8.29%
Return on Assets (ROA)	-142.56%	-16.74%	-4.36%	-10.09%	-0.58%	54.31%	51.16%	10.65%	-13.37%	-3.57%	-5.07%
Return on Common Equity (ROCE)	-323.12%	-17.94%	-4.62%	-10.65%	-0.61%	65.72%	58.11%	11.60%	-14.58%	-3.89%	-5.54%
Return on Equity Simple (ROE_SIMPLE)	-161.56%	-9.81%	-4.63%	-10.96%	-0.50%	37.64%	43.69%	11.20%	-15.42%	-3.87%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.51	0.64	-2.44	-3.55	-0.38	218	502	138	-137	-52	-64
NOPAT Margin	-36.64%	3.52%	-13.01%	-16.62%	-1.18%	51.70%	50.53%	22.24%	-47.33%	-18.25%	-19.76%
Net Nonoperating Expense Percent (NNEP)	-1,267.97%	-25.37%	-0.16%	-5.01%	-0.05%	-1.52%	0.70%	0.48%	-4.48%	0.93%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.67%	-12.06%	-4.58%	-5.76%
Cost of Revenue to Revenue	52.93%	36.78%	45.65%	50.10%	43.37%	21.30%	21.71%	40.72%	63.88%	62.18%	59.44%
SG&A Expenses to Revenue	25.25%	25.22%	27.94%	25.94%	19.72%	3.61%	5.11%	17.95%	30.77%	31.08%	36.16%
R&D to Revenue	46.27%	19.47%	22.55%	25.92%	20.10%	2.75%	2.44%	4.67%	14.33%	17.22%	16.71%
Operating Expenses to Revenue	99.40%	58.20%	72.94%	73.65%	57.95%	9.90%	10.19%	30.43%	103.72%	63.90%	68.79%
Earnings before Interest and Taxes (EBIT)	-5.01	0.92	-3.48	-5.07	-0.43	290	676	179	-195	-83	-101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.44	2.15	-1.38	-2.61	1.79	294	695	217	-173	-64	-82
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	3.75	1.44	1.12	2.92	2.22	2.59	0.69	0.75	0.50	0.73
Price to Tangible Book Value (P/TBV)	0.00	3.75	1.44	1.12	2.92	2.22	2.80	0.90	0.88	0.58	0.85
Price to Revenue (P/Rev)	0.00	11.19	4.17	2.68	7.42	3.00	3.02	1.42	2.96	1.99	2.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	5.90	5.91	6.11	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	0.00%	0.00%	0.00%	0.00%	0.00%	16.95%	16.91%	16.36%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	19.72	3.20	1.50	14.10	5.56	8.69	0.08	0.00	0.00	0.25
Enterprise Value to Revenue (EV/Rev)	0.00	8.65	1.86	0.86	5.25	2.01	2.10	0.06	0.00	0.00	0.32
Enterprise Value to EBITDA (EV/EBITDA)	0.00	73.48	0.00	0.00	95.63	2.88	3.00	0.16	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	172.17	0.00	0.00	0.00	2.92	3.08	0.20	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	245.95	0.00	0.00	0.00	3.89	4.15	0.26	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	35.88	26.12	0.00	30.94	6.03	3.87	0.14	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	10.93	5.02	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.01	0.03	0.03	0.02	0.00	0.00	0.00
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	-0.15	-0.79	-0.83	-0.78	-0.82	-0.75	-0.77	-0.73	-0.71	-0.75	-0.69
Leverage Ratio	1.13	1.07	1.06	1.05	1.07	1.21	1.14	1.09	1.09	1.09	1.09
Compound Leverage Factor	1.13	-5.21	0.91	0.96	-1.02	1.22	1.14	1.12	0.97	0.68	0.76
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.50%	2.57%	2.61%	1.60%	0.10%	0.04%	0.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.50%	2.57%	2.61%	1.60%	0.10%	0.04%	0.04%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.60%	0.25%	-0.25%	-0.36%	-0.48%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	99.50%	97.43%	96.79%	98.15%	100.14%	100.32%	100.43%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.24	0.05	0.05	0.10	-0.01	-0.01	-0.01
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-39.59	-1.42	-1.33	-3.90	5.01	12.93	8.61
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	0.00	0.00	0.00	0.00	-1.10	0.07	0.06	0.15	-0.01	-0.01	-0.01
Net Debt to NOPAT	0.00	0.00	0.00	0.00	184.51	-1.91	-1.85	-6.13	6.33	16.00	11.05
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	0.00	33.97	14.92	11.76	24.02	8.73	19.67	6.68	5.89	4.69	5.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.42%	0.02%	-0.30%	-0.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.27	7.88	10.98	14.44	9.96	4.02	5.81	7.13	6.96	4.85	6.48
Quick Ratio	3.80	7.61	10.16	13.51	9.35	3.71	5.60	6.57	6.51	4.49	4.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.90	-2.98	-5.30	-4.90	-0.27	78	414	-48	22	-87	-164
Operating Cash Flow to CapEx	-47.73%	116.60%	45.98%	-29.07%	466.75%	400.40%	2,267.79%	1,380.60%	125.99%	52.65%	-450.34%
Free Cash Flow to Firm to Interest Expense	0.00	-0.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2,193.31
Operating Cash Flow to Interest Expense	0.00	0.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,355.17
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,656.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.64	0.57	0.33	0.38	0.46	1.07	1.00	0.46	0.22	0.23	0.27
Accounts Receivable Turnover	4.52	5.64	4.48	4.29	5.20	4.43	6.15	6.46	5.57	4.72	4.20
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.88	4.20	2.77	3.11	5.24	18.27	19.37	8.62	3.51	3.00	2.96
Accounts Payable Turnover	16.14	4.38	3.53	6.29	9.75	6.40	9.18	11.57	9.61	10.45	10.36
Days Sales Outstanding (DSO)	80.73	64.73	81.55	85.07	70.15	82.40	59.35	56.51	65.55	77.36	86.98
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.61	83.35	103.40	58.04	37.44	57.04	39.78	31.56	37.98	34.92	35.22
Cash Conversion Cycle (CCC)	58.12	-18.62	-21.86	27.03	32.71	25.36	19.56	24.95	27.57	42.44	51.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4.39	8.01	11	12	12	153	240	425	266	301	402
Invested Capital Turnover	4.36	2.95	1.98	1.85	2.67	5.12	5.06	1.86	0.84	1.00	0.92
Increase / (Decrease) in Invested Capital	4.39	3.63	2.86	1.35	-0.11	140	87	186	-159	35	101
Enterprise Value (EV)	0.00	158	35	18	171	848	2,082	35	-13	-267	102
Market Capitalization	0.00	205	78	57	241	1,265	3,001	877	857	565	812
Book Value per Share	$0.43	$3.08	$3.04	$2.83	$4.42	$23.46	$38.84	$43.03	$38.34	$37.05	$35.97
Tangible Book Value per Share	$0.43	$3.08	$3.04	$2.83	$4.42	$23.46	$35.93	$33.05	$32.77	$31.92	$30.85
Total Capital	5.15	54	54	51	83	584	1,197	1,291	1,134	1,130	1,107
Total Debt	0.00	0.00	0.00	0.00	0.42	15	31	21	1.18	0.41	0.48
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	-0.49	-46	-43	-39	-71	-417	-926	-845	-867	-828	-705
Capital Expenditures (CapEx)	2.03	3.78	2.90	2.32	1.18	35	24	18	21	40	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.76	1.95	3.44	5.77	5.51	109	87	34	12	23	130
Debt-free Net Working Capital (DFNWC)	2.24	23	30	37	34	409	538	560	436	281	466
Net Working Capital (NWC)	2.24	23	30	37	33	394	507	540	435	281	466
Net Nonoperating Expense (NNE)	4.81	5.99	0.07	2.06	0.03	3.70	-4.73	-4.24	38	-7.92	-2.14
Net Nonoperating Obligations (NNO)	-0.76	-46	-43	-39	-71	-417	-926	-845	-867	-828	-705
Total Depreciation and Amortization (D&A)	0.58	1.23	2.10	2.46	2.21	3.82	19	37	22	19	19
Debt-free, Cash-free Net Working Capital to Revenue	18.33%	10.69%	18.38%	27.03%	16.93%	25.88%	8.81%	5.52%	4.10%	8.11%	40.26%
Debt-free Net Working Capital to Revenue	23.43%	124.87%	159.78%	172.38%	103.84%	96.87%	54.20%	90.54%	150.76%	99.16%	144.42%
Net Working Capital to Revenue	23.43%	124.87%	159.78%	172.38%	102.55%	93.31%	51.04%	87.20%	150.35%	99.01%	144.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	11.84M	17.68M	17.87M	18.27M	18.71M	0.00	0.00	0.00	29.78M	30.24M	30.78M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	11.84M	17.68M	17.87M	18.27M	18.71M	0.00	0.00	0.00	29.78M	30.24M	30.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.84M	13.71M	17.74M	17.98M	21.56M	0.00	0.00	0.00	29.78M	30.83M	31.23M
Normalized Net Operating Profit after Tax (NOPAT)	-3.51	0.64	-2.44	-3.55	-0.38	218	502	140	-53	-52	-64
Normalized NOPAT Margin	-36.64%	3.52%	-13.01%	-16.62%	-1.18%	51.70%	50.53%	22.61%	-18.22%	-18.25%	-19.76%
Pre Tax Income Margin	-52.06%	-24.45%	-16.02%	-21.71%	1.26%	69.17%	68.24%	29.73%	-60.19%	-18.33%	-21.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,344.92
NOPAT to Interest Expense	0.00	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-850.23
EBIT Less CapEx to Interest Expense	0.00	-0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,645.84
NOPAT Less CapEx to Interest Expense	0.00	-0.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,151.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-88.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-312.85%	-31.91%	0.00%	0.00%	0.00%	0.00%	52.38%	-14.30%	-0.51%	-17.66%

This table displays calculated financial ratios and metrics derived from Fulgent Genetics' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	30,829,454.00	30,443,595.00	30,609,044.00	30,912,392.00	31,230,632.00	28,400,623.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	30,829,454.00	30,443,595.00	30,609,044.00	30,912,392.00	31,230,632.00	28,400,623.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.37	-0.62	-0.22	-0.76	-0.79	-1.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.14%	-2.54%	4.68%	-15.28%	8.10%	13.92%	15.17%	17.18%	9.34%	-3.16%	4.38%
EBITDA Growth	-457.42%	11.42%	-0.27%	-487.25%	92.14%	5.28%	-75.32%	52.71%	-170.41%	-90.75%	-16.66%
EBIT Growth	-313.44%	12.19%	4.51%	-5,909.61%	89.32%	9.54%	-56.62%	42.29%	-124.53%	-75.46%	-21.77%
NOPAT Growth	-313.44%	12.19%	4.51%	-2,745.98%	89.32%	9.19%	-4.27%	10.12%	-124.59%	-74.90%	-82.99%
Net Income Growth	-457.96%	12.64%	21.57%	-9.12%	95.39%	14.06%	-111.84%	53.55%	-282.07%	-112.40%	-54.34%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-55.03%	191.89%	-55.99%	-251.46%	67.54%	-160.98%	-804.11%	171.62%	-412.35%	260.17%	21.26%
Free Cash Flow Firm Growth	125.17%	162.09%	355.41%	355.50%	-186.73%	-154.34%	-162.53%	-136.87%	-173.52%	-149.79%	-74.91%
Invested Capital Growth	-37.38%	-33.26%	-33.63%	-19.62%	13.07%	18.58%	23.53%	4.26%	33.45%	42.50%	32.99%
Revenue Q/Q Growth	-16.75%	-8.54%	10.15%	1.01%	6.23%	-3.61%	11.35%	2.77%	-0.87%	-14.64%	20.03%
EBITDA Q/Q Growth	-2,669.32%	88.83%	12.75%	-54.67%	47.84%	-34.80%	-61.29%	58.25%	-197.91%	4.91%	1.36%
EBIT Q/Q Growth	-33,095.85%	85.58%	13.27%	-40.74%	39.36%	-22.38%	-50.01%	48.11%	-135.71%	4.37%	-4.11%
NOPAT Q/Q Growth	-25,082.25%	85.58%	13.27%	9.66%	5.53%	-22.68%	0.41%	22.13%	-136.08%	4.46%	-4.19%
Net Income Q/Q Growth	-897.58%	89.69%	34.35%	-61.65%	57.87%	-92.23%	-61.83%	64.55%	-246.47%	-6.87%	-17.59%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	45.83%	-51.34%	-41.03%	-461.94%	261.31%	-117.71%	-580.91%	136.81%	-803.55%	109.08%	-434.76%
Free Cash Flow Firm Q/Q Growth	305.33%	115.48%	8.30%	-46.68%	-169.70%	-35.00%	-24.62%	68.56%	-417.05%	-23.29%	12.74%
Invested Capital Q/Q Growth	-33.11%	-2.21%	4.04%	18.11%	-5.90%	2.56%	8.39%	-0.32%	20.44%	9.51%	1.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.78%	34.28%	37.30%	37.32%	41.79%	38.59%	42.10%	42.24%	39.10%	30.21%	30.07%
EBITDA Margin	-207.24%	-25.31%	-20.05%	-30.70%	-15.07%	-21.05%	-30.49%	-12.39%	-37.23%	-41.47%	-34.08%
Operating Margin	-214.34%	-33.80%	-26.62%	-23.81%	-21.17%	-26.95%	-24.10%	-18.26%	-43.48%	-48.67%	-42.25%
EBIT Margin	-214.34%	-33.80%	-26.62%	-37.09%	-21.17%	-26.85%	-36.18%	-18.26%	-43.43%	-48.65%	-42.20%
Profit (Net Income) Margin	-190.53%	-21.47%	-12.80%	-20.48%	-8.12%	-16.20%	-23.54%	-8.12%	-28.38%	-35.53%	-34.80%
Tax Burden Percent	92.52%	97.69%	81.06%	79.29%	77.02%	101.50%	89.48%	90.90%	80.79%	97.29%	100.10%
Interest Burden Percent	96.08%	65.02%	59.31%	69.65%	49.81%	59.43%	72.72%	48.90%	80.88%	75.05%	82.39%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-125.50%	-20.91%	-15.95%	-12.89%	-14.81%	-19.38%	-16.89%	-12.34%	-27.94%	-29.15%	-24.57%
ROIC Less NNEP Spread (ROIC-NNEP)	-122.16%	-21.07%	-16.43%	-12.56%	-15.41%	-19.61%	-16.22%	-12.83%	-28.17%	-29.00%	-23.89%
Return on Net Nonoperating Assets (RNNOA)	87.01%	15.35%	11.77%	8.80%	11.54%	14.65%	11.84%	9.11%	19.31%	18.98%	15.05%
Return on Equity (ROE)	-38.49%	-5.56%	-4.18%	-4.09%	-3.26%	-4.73%	-5.05%	-3.23%	-8.63%	-10.17%	-9.51%
Cash Return on Invested Capital (CROIC)	6.38%	-1.52%	0.93%	-18.98%	-30.51%	-34.69%	-37.86%	-19.38%	-46.80%	-54.85%	-50.27%
Operating Return on Assets (OROA)	-47.30%	-7.46%	-5.98%	-7.95%	-4.89%	-6.45%	-9.02%	-4.71%	-11.52%	-13.20%	-11.94%
Return on Assets (ROA)	-42.04%	-4.74%	-2.88%	-4.39%	-1.88%	-3.89%	-5.87%	-2.09%	-7.53%	-9.64%	-9.85%
Return on Common Equity (ROCE)	-38.48%	-5.56%	-4.18%	-4.09%	-3.27%	-4.75%	-5.07%	-3.24%	-8.67%	-10.22%	-9.56%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-15.33%	-15.08%	-15.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-106	-15	-13	-12	-11	-14	-14	-11	-25	-24	-25
NOPAT Margin	-150.04%	-23.66%	-18.63%	-16.66%	-14.82%	-18.86%	-16.87%	-12.78%	-30.44%	-34.07%	-29.57%
Net Nonoperating Expense Percent (NNEP)	-3.34%	0.16%	0.48%	-0.33%	0.60%	0.23%	-0.67%	0.49%	0.22%	-0.15%	-0.67%
Return On Investment Capital (ROIC_SIMPLE)	-9.32%	-	-	-	-1.00%	-1.23%	-1.24%	-0.96%	-2.29%	-2.32%	-2.53%
Cost of Revenue to Revenue	64.22%	65.72%	62.70%	62.68%	58.21%	61.41%	57.91%	57.76%	60.90%	69.79%	69.93%
SG&A Expenses to Revenue	44.97%	33.32%	30.02%	29.20%	31.94%	34.43%	32.26%	27.76%	49.97%	38.92%	31.85%
R&D to Revenue	16.95%	17.73%	18.99%	16.42%	15.89%	16.87%	16.48%	16.49%	17.00%	19.93%	17.04%
Operating Expenses to Revenue	250.12%	68.08%	63.91%	61.12%	62.96%	65.53%	66.19%	60.50%	82.58%	78.88%	72.32%
Earnings before Interest and Taxes (EBIT)	-151	-22	-19	-27	-16	-20	-30	-15	-36	-35	-36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-146	-16	-14	-22	-11	-15	-25	-10	-31	-30	-29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.75	0.57	0.52	0.58	0.50	0.46	0.54	0.61	0.73	0.47	0.58
Price to Tangible Book Value (P/TBV)	0.88	0.67	0.60	0.67	0.58	0.54	0.63	0.72	0.85	0.59	0.73
Price to Revenue (P/Rev)	2.96	2.24	2.02	2.37	1.99	1.78	2.00	2.19	2.52	1.55	1.80
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.25	0.00	0.06
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.32	0.00	0.08
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
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
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	-0.71	-0.73	-0.72	-0.70	-0.75	-0.75	-0.73	-0.71	-0.69	-0.65	-0.63
Leverage Ratio	1.09	1.09	1.08	1.08	1.09	1.08	1.09	1.09	1.09	1.09	1.09
Compound Leverage Factor	1.05	0.71	0.64	0.75	0.54	0.64	0.79	0.53	0.88	0.82	0.89
Debt to Total Capital	0.10%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%
Short-Term Debt to Total Capital	0.10%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%
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	-0.25%	-0.29%	-0.33%	-0.31%	-0.36%	-0.39%	-0.44%	-0.46%	-0.48%	-0.54%	-0.57%
Common Equity to Total Capital	100.14%	100.26%	100.29%	100.28%	100.32%	100.35%	100.40%	100.42%	100.43%	100.50%	100.52%
Debt to EBITDA	-0.01	0.00	0.00	0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	0.00
Net Debt to EBITDA	5.01	5.06	5.01	4.31	12.93	12.88	10.51	12.63	8.61	6.30	5.51
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	-0.01	0.00	0.00	0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01
Net Debt to NOPAT	6.33	6.43	6.40	5.57	16.00	16.17	15.26	15.84	11.05	8.15	6.44
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	6.01	4.92	4.60	5.07	4.88	4.98	5.30	5.71	5.80	3.85	4.97
Noncontrolling Interest Sharing Ratio	0.02%	0.05%	-0.01%	-0.02%	-0.30%	-0.34%	-0.39%	-0.38%	-0.42%	-0.46%	-0.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.96	5.09	5.27	4.41	4.85	6.32	6.01	7.01	6.48	5.31	6.34
Quick Ratio	6.51	4.71	4.86	3.65	4.49	5.94	5.19	6.17	4.95	3.83	4.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	53	115	124	66	-46	-62	-78	-24	-126	-155	-136
Operating Cash Flow to CapEx	538.90%	191.31%	33.15%	-79.54%	662.20%	-93.96%	-442.00%	183.68%	-1,569.14%	136.64%	-615.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	4,724.34	0.00	-4,445.68	0.00	0.00	0.00	-9,145.20	-2,299.27
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-1,107.79	0.00	-316.50	0.00	0.00	0.00	417.47	-402.68
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2,500.57	0.00	-653.36	0.00	0.00	0.00	111.94	-468.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.22	0.21	0.23	0.24	0.25	0.26	0.27	0.27	0.28
Accounts Receivable Turnover	5.57	6.01	6.36	5.21	4.72	4.73	4.53	4.91	4.20	4.55	4.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.51	3.47	3.21	2.89	3.00	3.02	2.98	2.89	2.96	2.87	2.90
Accounts Payable Turnover	9.61	8.62	8.75	9.96	10.45	9.46	9.38	9.79	10.36	9.98	12.12
Days Sales Outstanding (DSO)	65.55	60.68	57.37	70.04	77.36	77.09	80.51	74.32	86.98	80.19	80.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.98	42.33	41.73	36.65	34.92	38.60	38.90	37.30	35.22	36.59	30.12
Cash Conversion Cycle (CCC)	27.57	18.36	15.64	33.39	42.44	38.50	41.60	37.02	51.75	43.60	49.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	266	260	271	320	301	309	335	334	402	440	445
Invested Capital Turnover	0.84	0.88	0.86	0.77	1.00	1.03	1.00	0.97	0.92	0.86	0.83
Increase / (Decrease) in Invested Capital	-159	-130	-137	-78	35	48	64	14	101	131	110
Enterprise Value (EV)	-13	-226	-274	-160	-267	-297	-177	-100	102	-113	26
Market Capitalization	857	643	587	658	565	521	605	692	812	497	583
Book Value per Share	$38.34	$37.96	$37.85	$37.58	$37.05	$36.56	$36.68	$36.78	$35.97	$33.61	$35.27
Tangible Book Value per Share	$32.77	$32.48	$32.47	$32.32	$31.92	$31.53	$31.65	$31.54	$30.85	$26.96	$28.12
Total Capital	1,134	1,127	1,129	1,135	1,130	1,123	1,112	1,121	1,107	1,045	996
Total Debt	1.18	0.41	0.41	0.41	0.41	0.48	0.48	0.48	0.48	0.48	0.48
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	-867	-866	-858	-815	-828	-814	-777	-787	-705	-604	-551
Capital Expenditures (CapEx)	2.77	3.80	13	19	3.78	4.72	6.83	6.05	4.98	5.19	3.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	5.28	12	40	23	31	65	60	130	113	126
Debt-free Net Working Capital (DFNWC)	436	311	324	253	281	351	358	435	466	389	383
Net Working Capital (NWC)	435	311	323	253	281	351	357	435	466	389	383
Net Nonoperating Expense (NNE)	29	-1.41	-4.14	2.74	-5.10	-1.96	5.46	-3.92	-1.72	1.04	4.47
Net Nonoperating Obligations (NNO)	-867	-866	-858	-815	-828	-814	-777	-787	-705	-604	-551
Total Depreciation and Amortization (D&A)	5.00	5.48	4.67	4.59	4.65	4.26	4.65	4.94	5.17	5.11	6.93
Debt-free, Cash-free Net Working Capital to Revenue	4.10%	1.84%	4.15%	14.36%	8.11%	10.61%	21.42%	18.89%	40.26%	35.30%	39.04%
Debt-free Net Working Capital to Revenue	150.76%	108.15%	111.37%	91.07%	99.16%	120.14%	118.02%	137.99%	144.42%	121.55%	118.39%
Net Working Capital to Revenue	150.35%	108.01%	111.23%	90.92%	99.01%	119.98%	117.86%	137.84%	144.27%	121.40%	118.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	29.78M	29.77M	30.10M	30.42M	30.24M	30.83M	30.54M	30.75M	30.78M	30.88M	28.01M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	29.78M	29.77M	30.10M	30.42M	30.24M	30.83M	30.54M	30.75M	30.78M	30.88M	28.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.78M	29.92M	30.30M	30.59M	30.83M	30.44M	30.61M	30.91M	31.23M	28.40M	27.52M
Normalized Net Operating Profit after Tax (NOPAT)	-106	-15	-13	-12	-11	-14	-14	-11	-25	-24	-24
Normalized NOPAT Margin	-150.04%	-23.66%	-18.63%	-16.66%	-14.82%	-18.86%	-16.87%	-12.78%	-30.44%	-34.07%	-27.79%
Pre Tax Income Margin	-205.94%	-21.98%	-15.79%	-25.83%	-10.55%	-15.96%	-26.31%	-8.93%	-35.13%	-36.52%	-34.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-1,900.57	0.00	-1,409.07	0.00	0.00	0.00	-2,036.00	-610.76
NOPAT to Interest Expense	0.00	0.00	0.00	-853.95	0.00	-989.75	0.00	0.00	0.00	-1,425.61	-427.98
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-3,293.36	0.00	-1,745.93	0.00	0.00	0.00	-2,341.53	-676.15
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-2,246.74	0.00	-1,326.61	0.00	0.00	0.00	-1,731.14	-493.37
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	-14.30%	-14.60%	-14.81%	-13.43%	-0.51%	-20.73%	-20.92%	-24.64%	-17.66%	-56.37%	-74.74%

Financials Breakdown Chart

Key Financial Trends

Fulgent Genetics’ latest results show revenue growth but continued operating losses. Second-quarter 2026 revenue increased to $85.4 million from $71.1 million in the first quarter and $81.8 million in the year-earlier quarter. However, the company remains unprofitable, with a $36.1 million operating loss and a $29.7 million net loss in Q2 2026.

The longer-term trend is mixed. Quarterly revenue has generally climbed from roughly $64.5 million in Q1 2024 to $85.4 million in Q2 2026, but profitability has deteriorated compared with 2022 and early 2023, when Fulgent occasionally reported operating or net income. Gross margin was approximately 30.1% in Q2 2026, down sharply from 42.1% in Q2 2025 and 47.1% in Q3 2024.

Fulgent retains substantial liquidity and carries very little debt, which provides a cushion while management works to improve the core business. Still, the company’s recent cash flow and earnings trends suggest that investors should focus on whether revenue growth can eventually translate into positive operating cash flow and sustainable earnings.

Revenue growth continues: Q2 2026 revenue rose approximately 20% sequentially and 4% year over year, while revenue has increased meaningfully from early 2024 levels.
Strong liquidity position: Fulgent held $26.3 million in cash, $230.7 million in short-term investments and $294.3 million in long-term investments at June 30, 2026.
Low financial leverage: Short-term debt was only $482,000, compared with total equity of approximately $996.0 million. Low debt limits interest expense and reduces balance-sheet risk.
Share repurchases reduce share count: The company repurchased $23.8 million of common stock in Q2 2026 after repurchasing $40.1 million in Q1. Weighted-average basic shares fell to 28.0 million in Q2 from 30.9 million in Q1 2026.
Investment income remains meaningful: Interest and investment income contributed $6.4 million in Q2 2026, partially offsetting the operating loss.
Investment activity is driving cash movements: Fulgent generated $50.8 million from investing activities in Q2, primarily from selling or maturing investments. This supports liquidity but is not the same as cash generated by the operating business.
Asset mix has changed: Total assets declined to $1.09 billion in Q2 2026 from $1.20 billion in Q2 2025, while investment balances also declined as funds were moved or used for other purposes.
Operating losses remain substantial: The Q2 2026 operating loss was $36.1 million, compared with losses of $34.6 million in Q1 2026 and $19.7 million in Q2 2025.
Gross-margin pressure is significant: Gross profit rose sequentially to $25.7 million, but gross margin fell to about 30.1% from 42.1% a year earlier as cost of revenue grew faster than revenue.
Cash flow from operations turned negative: Fulgent used $23.8 million in operating cash during Q2 2026 after generating $7.1 million in Q1. The latest outflow reflects the company’s net loss and a $13.9 million use of operating working capital.

10/11/26 11:32 AM ETAI Generated. May Contain Errors.

Fulgent Genetics Financials - Frequently Asked Questions

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

Fulgent Genetics' net income appears to be on a downward trend, with a most recent value of -$61.63 million in 2025, falling from -$8.31 million in 2015. The previous period was -$43.82 million in 2024. Find out what analysts predict for Fulgent Genetics in the coming months.

Fulgent Genetics' total operating income in 2025 was -$91.10 million, based on the following breakdown:

Total Gross Profit: $130.88 million
Total Operating Expenses: $221.97 million

Over the last 10 years, Fulgent Genetics' total revenue changed from $9.58 million in 2015 to $322.67 million in 2025, a change of 3,269.6%.

In the past 13 quarters, Fulgent Genetics' cash and equivalents has ranged from $23.40 million in Q1 2026 to $117.64 million in Q3 2025, and is currently $26.31 million as of their latest financial filing in Q2 2026.

Fulgent Genetics had total debt of $476 thousand at the end of 2025, a 15.5% increase from 2024, and none in 2015.

Over the last 10 years, Fulgent Genetics' book value per share changed from 0.43 in 2015 to 35.97 in 2025, a change of 8,177.1%.

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Financial statements for NASDAQ:FLGT last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fulgent Genetics (FLGT) Financials

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Fulgent Genetics (FLGT) Financials

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