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FLGT, Fulgent Genetics Inc.

Life Sciences Tools & Services diversified Unprofitable

We are a technology-based company with a well-established laboratory services business and a therapeutic development business.

Our laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians.

Our therapeutic development business is focused on developing product candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile, or PK profile, of new and existing cancer drugs.

Latest annual: FY2025 10-K

FLGT · Fulgent Genetics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$323M

+13.8% YoY · −5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $320M 5-yr avg $501M

Gross margin 39% 5-yr avg 50%

Operating margin −33.1% 5-yr avg −5.0%

ROIC −8% 5-yr avg 7%

Owner-earnings margin −35% 5-yr avg 11%

Free cash flow margin −35% 5-yr avg 9%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has reached 69% at its best but run negative through the cycle (median −19%) on a 59% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 11% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on volume, payer mix and reimbursement. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −3%, above 15% in 2 of 10 years). By owner earnings: roughly 7% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$18M	$19M	$21M	$33M	$422M	$993M	$619M	$289M	$283M	$323M	$320M	RevenueRevenue
63%	54%	—	—	79%	78%	59%	36%	38%	41%	39%	Gross marginGross mgn
25%	28%	26%	20%	4%	5%	18%	31%	31%	36%	37%	SG&A / revenueSG&A/rev
19%	23%	26%	20%	3%	2%	5%	14%	17%	17%	17%	R&D / revenueR&D/rev
$918K	($3M)	($5M)	($428K)	$290M	$676M	$179M	($196M)	($74M)	($91M)	($106M)	Operating incomeOp. inc.
5.0%	−18.6%	−23.7%	−1.3%	68.8%	68.1%	28.8%	−67.6%	−26.1%	−28.2%	−33.1%	Operating marginOp. mgn
($5M)	($3M)	($6M)	($411K)	$214M	$507M	$143M	($168M)	($43M)	($61M)	($74M)	Net incomeNet inc.
—	—	—	—	25%	26%	23%	—	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$4M	$1M	($675K)	$6M	$141M	$539M	$254M	$27M	$21M	($102M)	($90M)	Operating cash flowOp. cash
$1M	$2M	$2M	$2M	$3M	$11M	$33M	$26M	$25M	$24M	$24M	DepreciationDeprec.
$4M	($6K)	$465K	$612K	($85M)	$4M	$45M	$126M	($6M)	($105M)	($79M)	Working capital & otherWC & other
$4M	$3M	$2M	$1M	$35M	$24M	$19M	$22M	$40M	$23M	$23M	CapexCapex
20.7%	15.5%	10.9%	3.6%	8.3%	2.4%	3.0%	7.7%	14.2%	7.0%	7.2%	Capex / revenueCapex/rev
$3M	($397K)	($3M)	$4M	$138M	$528M	$235M	$5M	($4M)	($124M)	($113M)	Owner earningsOwner earn.
17.7%	−2.1%	−14.0%	13.3%	32.6%	53.2%	37.9%	1.7%	−1.4%	−38.5%	−35.3%	Owner earnings marginOE mgn
$617K	($2M)	($3M)	$4M	$105M	$515M	$235M	$5M	($19M)	($124M)	($113M)	Free cash flowFCF
3.4%	−8.4%	−14.0%	13.3%	25.0%	51.9%	37.9%	1.7%	−6.8%	−38.5%	−35.3%	Free cash flow marginFCF mgn
—	—	—	—	—	$62M	$173M	$399K	$0	$0	$52M	AcquisitionsAcquis.
—	—	—	$21K	$62K	—	$74M	$25M	$225K	$11M	—	BuybacksBuybacks
2%	-6%	-9%	-0%	45%	51%	12%	-15%	-5%	-7%	-8%	ROICROIC
-10%	-5%	-11%	-0%	38%	44%	11%	-15%	-4%	-5%	-7%	Return on equityROE
−10%	−5%	−11%	−0%	38%	44%	11%	−15%	−4%	−5%	−7%	Retained to equityRetained/eq
											Balance sheet
$46M	$41M	$7M	$12M	$87M	$165M	$80M	$97M	$55M	$50M	$58M	Cash & investmentsCash+inv
$4M	$4M	$6M	$7M	$184M	$139M	$53M	$51M	$69M	$85M	$69M	ReceivablesReceiv.
$3M	$2M	$1M	$2M	$26M	$20M	$23M	$15M	$18M	$19M	$21M	Accounts payablePayables
$2M	$2M	$5M	$5M	$157M	$118M	$30M	$36M	$51M	$66M	$49M	Operating working capitalOper. WC
$26M	$33M	$40M	$37M	$524M	$612M	$628M	$508M	$354M	$550M	$479M	Current assetsCur. assets
$3M	$3M	$3M	$4M	$130M	$105M	$88M	$73M	$73M	$85M	$90M	Current liabilitiesCur. liab.
7.9×	11.0×	14.4×	10.0×	4.0×	5.8×	7.1×	7.0×	4.9×	6.5×	5.3×	Current ratioCurr. ratio
—	—	—	—	—	$51M	$143M	$22M	$22M	$25M	$54M	GoodwillGoodwill
$58M	$57M	$54M	$89M	$700M	$1.3B	$1.4B	$1.2B	$1.2B	$1.2B	$1.2B	Total assetsAssets
—	—	—	—	—	—	$3M	$3M	$2M	$2M	$1M	Total debtDebt
—	—	—	—	—	—	($76M)	($95M)	($53M)	($48M)	($56M)	Net debt / (cash)Net debt
—	—	—	—	14507.9×	5777.4×	516.0×	-400.7×	—	-1214.6×	-1358.0×	Interest coverageInt. cov.
$54M	$54M	$51M	$83M	$569M	$1.2B	$1.3B	$1.1B	$1.1B	$1.1B	$1.0B	Shareholders’ equityEquity
25.5%	11.3%	10.8%	9.9%	1.9%	1.6%	5.3%	14.8%	15.7%	12.3%	12.1%	Stock comp / revenueSBC/rev
											Per share
13.7M	17.7M	18.0M	18.7M	24.1M	31.0M	31.0M	29.8M	30.2M	30.8M	30.9M	Shares out (diluted)Shares
$1.33	$1.06	$1.19	$1.74	$17.53	$32.04	$19.99	$9.71	$9.38	$10.48	$10.37	Revenue / shareRev/sh
$-0.39	$-0.14	$-0.31	$-0.02	$8.91	$16.38	$4.63	$-5.63	$-1.41	$-1.97	$-2.39	EPS (diluted)EPS
$0.24	$-0.02	$-0.17	$0.23	$5.72	$17.03	$7.58	$0.16	$-0.13	$-4.04	$-3.66	Owner earnings / shareOE/sh
$0.05	$-0.09	$-0.17	$0.23	$4.39	$16.62	$7.58	$0.16	$-0.64	$-4.04	$-3.66	Free cash flow / shareFCF/sh
$0.28	$0.16	$0.13	$0.06	$1.46	$0.77	$0.61	$0.75	$1.33	$0.73	$0.75	Cap. spending / shareCapex/sh
$3.97	$3.05	$2.85	$4.42	$23.67	$37.41	$40.91	$38.14	$37.48	$36.13	$34.00	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+25.8%/yr	−9.8%/yr
Capital spending / share	+11.5%/yr	−12.9%/yr
Book value / share	+27.8%/yr	+8.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

31Mpeak FY2021

ROIC

−7%low FY2023

Gross margin

41%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($124M)owner earningsvs.($61M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2024

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported a $61M loss but ($124M) of owner earnings: $64M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($61M)	($43M)	($168M)	$143M	$507M
Depreciation & amortizationnon-cash charge added back	+$24M	+$25M	+$26M	+$33M	+$11M
Stock-based compensationreal costnon-cash, but a real cost	+$40M	+$44M	+$43M	+$33M	+$16M
Working capital & othertiming of cash in and out, other non-cash items	−$105M	−$6M	+$126M	+$45M	+$4M
Cash from operations	($102M)	$21M	$27M	$254M	$539M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$23M	−$25M	−$22M	−$19M	−$11M
Owner earnings	($124M)	($4M)	$5M	$235M	$528M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$15M	—	—	−$13M
Free cash flow	($124M)	($19M)	$5M	$235M	$515M
Owner-earnings marginowner earnings ÷ revenue	-38%	-1%	2%	38%	53%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $40M), owner earnings is nearer ($164M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -1214.6×

Does not cover its interest

Operating income ($91M) ÷ interest expense $75K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$68M

Net cash

Cash $50M + ST investments $20M − debt $2M

What this means
Cash and short-term investments exceed every dollar of debt by $68M, on net the company owes nothing, and can act from strength when others can't. It also holds $15M in longer-dated marketable securities; counting those, it sits at net cash of $83M. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 60d

Long (60+ days)

DSO 96 + DIO 0 − DPO 35 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -5%

Below average through the cycle

10-yr median, range -15%–51%; -7% latest = NOPAT ($72M) ÷ invested capital $1.1B

Industry peers: median -14%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -7% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 2%

Thin through the cycle

10-yr median margin, range -38%–53%; latest ($124M) = operating cash ($102M) − maintenance capex $23M

Industry peers: median -30%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -38% of revenue this year, a 2% median across 10 years. Treating stock comp as the real expense it is (less $40M of SBC) leaves ($164M).
Are earnings backed by cash? ($102M)

Loss, and burning cash

Net income ($61M) · cash from operations ($102M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.94×

Maintaining

Capex $23M ÷ depreciation $24M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $323M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 6.48×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $2M vs $466M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-3.18/share (latest year $-2.13), the averaged base the calculator's gate runs on, and book value is $39.15/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −12% → −41% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −12% early to −41% lately, median −19% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2023 · −67.6% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Ability to Maintain Low Internal Costs and Inflation We have developed various proprietary technologies, including various AI tools, that improve our laboratory efficiency and reduce the costs we incur to perform our tests, including our proprietary gene probes, data algorithms, adaptive learning software and genetic r…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$479M

Cash & short-term investments$50M
Receivables$69M
Inventory$770K
Other current assets$359M

Current liabilities$90M

Accounts payable$21M
Other current liabilities$69M

Current ratio5.31×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.31×stricter: inventory excluded

Cash ratio0.56×strictest: cash alone against what's due

Working capital$389Mthe cushion left after near-term bills

Cash runway0.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−3.2%the freshest read on whether the business is still growing

Current ratio, recent quarters5.3× → 5.3×

Deeper floors

Tangible book value$842Mequity stripped of goodwill & intangibles

Net current asset value$367MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$8M$8M of it operating leases

Deferred revenue$3Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $890M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$173M · 19%
Buybacks$111M · 12%
Retained (debt / cash)$606M · 68%

Returned to owners$111M
14% of the owner earnings the business produced over the span, $0 as dividends and $111M as buybacks.
Average price paid for buybacks$32.41
Across the years where the filing reports a share count, 3M shares were bought for $111M, about $32.41 each. Year to year the price paid ranged from $18.14 (2025) to $41.30 (2022), and 2022, near the top of that range, was also its heaviest buyback year ($74M).
Net change in share count125.2%
The diluted count rose from 14M to 31M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−9%
Of the earnings it kept rather than paid out ($470M over the span), annual owner earnings (first three years vs last three) fell $41M, so each retained $1 gave back about 0.09 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$158M13% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity2%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$239Mover 10 years buying other businesses, against $173M of capital spent building

$120M written down across 1 year (2023): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 50% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Ming Hsieh	$5.7M	$5.7M	$528M
2022	Ming Hsieh	$5.2M	$3.4M	$235M
2023	Ming Hsieh	$5.3M	$5.0M	$5M
2024	Ming Hsieh	$6.1M	$4.1M	($4M)
2025	Ming Hsieh	$6.2M	$9.5M	($124M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership36.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio92:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$40M
The slice of the business handed to employees in shares this year, 12% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Fulgent Genetics Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereIs it less profitable than it was?−12.7% vs 0.5%
The owner-earnings margin averaged 0.5% early in the record and −12.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?125.2%
Diluted shares grew 125.2% over 2016–2025, even as the company spent $111M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Life Sciences Tools & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
FTREFortrea Holdings Inc.	$2.7B	—	1.1%	1%	5%
CAICaris Life Sciences Inc.	$812M	—	-62.4%	—	-62%
TOIThe Oncology Institute Inc.	$503M	—	-18.9%	-55%	-10%
FLGTFulgent Genetics Inc.	$323M	57%	-10.0%	-3%	7%
SRTAStrata Critical Medical Inc.	$197M	19%	-36.6%	-9%	-30%
AIRSAirSculpt Technologies Inc.	$152M	—	1.6%	-1%	7%
GRALGRAIL Inc. Common Stock	$147M	—	-1627.6%	-19%	-464%
PSNLPersonalis Inc.	$70M	26%	-80.7%	-48%	-58%
Group median	—	26%	-27.8%	-9%	-20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Fulgent Genetics Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered−15%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−35%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh FLGT against another business →

The owners of FLGT: the meeting and the votes →

Cite: Owner Scorecard, "Fulgent Genetics Inc. (FLGT), the owner's record," https://ownerscorecard.com/c/FLGT, data as of 2026-07-09.

Manual order: ← FLG its page in the Manual FLNC →

Industry order: ← EYPT the Life Sciences Tools & Services chapter FTRE →