Fulgent Genetics (FLGT) financial statements
Fulgent Genetics reported revenue of $323M in fiscal 2025, up 37.6% a year over 9 years.
Net income was -$61M and the operating margin -28.2%, against 5.0% in 2016.
Free cash flow was -$124M, and the company returned $11M in net buybacks.
The diluted share count rose 124% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Fulgent Genetics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18M | $19M | $21M | $33M | $422M | $993M | $619M | $289M | $283M | $323M |
| Cost of revenue | $7M | $9M | $11M | $14M | $90M | $216M | $252M | $185M | $176M | $192M |
| Gross profit | $12M | $10M | $11M | $18M | $332M | $777M | $367M | $104M | $107M | $131M |
| Research and development | $4M | $4M | $6M | $7M | $12M | $24M | $29M | $41M | $49M | $54M |
| Selling, general and admin | $7M | $9M | $10M | $12M | $30M | $75M | $150M | $130M | $124M | $160M |
| Operating income | $918,000 | -$3M | -$5M | -$428,000 | $290M | $676M | $179M | -$196M | -$74M | -$91M |
| Interest expense | — | — | — | — | $20,000 | $117,000 | $1M | $488,000 | -$170,000 | $75,000 |
| Pre-tax income | -$4M | -$3M | -$5M | $409,000 | $292M | $677M | $184M | -$174M | -$52M | -$70M |
| Income tax | $920,000 | -$1M | $36,000 | $43,000 | $73M | $175M | $42M | $1M | -$8M | -$8M |
| Net income | -$5M | -$3M | -$6M | -$411,000 | $214M | $507M | $143M | -$168M | -$43M | -$61M |
| Diluted shares | 14M | 18M | 18M | 19M | 24M | 31M | 31M | 30M | 30M | 31M |
| Gross margin | 63.2% | 54.3% | 49.9% | 56.6% | 78.7% | 78.3% | 59.3% | 36.1% | 37.8% | 40.6% |
| Operating margin | 5.0% | -18.6% | -23.7% | -1.3% | 68.8% | 68.1% | 28.8% | -67.6% | -26.1% | -28.2% |
| Net margin | -29.3% | -13.4% | -26.3% | -1.3% | 50.8% | 51.1% | 23.2% | -58.0% | -15.1% | -18.8% |
Balance sheet
Fiscal years, from Fulgent Genetics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $26M | $31M | $28M | $299M | $165M | $80M | $97M | $258M | $336M |
| Receivables | $4M | $4M | $6M | $7M | $184M | $139M | $53M | $51M | $69M | $85M |
| Total current assets | $26M | $33M | $40M | $37M | $524M | $612M | $628M | $508M | $354M | $550M |
| Property, plant and equipment | $6M | $7M | $6M | $6M | $40M | $62M | $81M | $83M | $106M | $113M |
| Goodwill | — | — | — | — | — | $51M | $143M | $22M | $22M | $25M |
| Total assets | $58M | $57M | $54M | $89M | $700M | $1.3B | $1.4B | $1.2B | $1.2B | $1.2B |
| Total current liabilities | $3M | $3M | $3M | $4M | $130M | $105M | $88M | $73M | $73M | $85M |
| Total liabilities | $4M | $3M | $3M | $6M | $131M | $113M | $116M | $102M | $91M | $107M |
| Shareholders' equity | $54M | $54M | $51M | $83M | $569M | $1.2B | $1.3B | $1.1B | $1.1B | $1.1B |
| Net debt | -$8M | -$6M | -$7M | -$12M | -$87M | -$165M | -$80M | -$97M | -$55M | -$50M |
Cash flow
Fiscal years, from Fulgent Genetics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4M | $1M | -$675,000 | $6M | $141M | $539M | $254M | $27M | $21M | -$102M |
| Capital spending | $4M | $3M | $2M | $1M | $35M | $24M | $19M | $22M | $40M | $23M |
| Free cash flow | $617,000 | -$2M | -$3M | $4M | $105M | $515M | $235M | $5M | -$19M | -$124M |
| Stock-based compensation | $5M | $2M | $2M | $3M | $8M | $16M | $33M | $43M | $44M | $40M |
| Share buybacks (net) | — | — | — | -$21,000 | -$62,000 | — | -$74M | -$25M | -$225,000 | -$11M |
| Net borrowing | — | — | — | — | $15M | — | — | -$15M | — | — |
| Free cash flow margin | 3.4% | -8.4% | -14.0% | 13.3% | 25.0% | 51.9% | 37.9% | 1.7% | -6.8% | -38.5% |
Questions
What was Fulgent Genetics's revenue in 2025?
$323M in fiscal 2025, from its 10-K filing.
How much free cash flow does Fulgent Genetics generate?
-$124M in fiscal 2025 (operating cash flow minus capital spending).
From Fulgent Genetics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.