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Future Generation Global Limited
(Sydney:FGG)
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Rating:71Outperform
Price Target:
AU$2.00
â–²(31.58% Upside)
Action:Reiterated
Date:07/11/26
The score is driven primarily by strong financial strength (notably a debt-free balance sheet) but tempered by material volatility in revenue, earnings, and historical cash generation. Technicals are supportive with price above major moving averages and positive momentum indicators, while valuation is only moderately attractive given a reasonable P/E but no dividend yield.
Positive Factors
Debt-free balance sheet
Zero reported debt and stable-to-growing equity (mid-$500M–$600M+) provide durable financial flexibility. This reduces solvency risk, lowers fixed financing costs, and enables the company to fund operations, invest in growth or pursue opportunistic M&A without needing external leverage.
Negative Factors
Revenue volatility and recent decline
Large year-to-year revenue swings show the business is sensitive to market conditions or AUM flows, reducing predictability of fee revenue. Persistent revenue volatility impairs long-term planning, capital allocation and the firm's ability to sustain investment in growth initiatives consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt and stable-to-growing equity (mid-$500M–$600M+) provide durable financial flexibility. This reduces solvency risk, lowers fixed financing costs, and enables the company to fund operations, invest in growth or pursue opportunistic M&A without needing external leverage.
Read all positive factors
Future Generation Global Limited (FGG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$667.51M
Dividend Yield5.02%
Average Volume (3M)239.69K
Price to Earnings (P/E)13.8
Beta (1Y)0.57
Revenue Growth-48.59%
EPS Growth-51.10%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)0.12
Shares Outstanding402,115,330
10 Day Avg. Volume248,796
30 Day Avg. Volume239,695
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.97
Price to Sales (P/S)8.13
P/FCF Ratio6.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Future Generation Global Limited Business Overview & Revenue Model
Future Generation Global Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
88
Very Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 75.80M | 147.45M | 85.15M | -121.29M | 75.13M |
| Gross Profit | 75.80M | 147.45M | 85.11M | -121.29M | 75.13M |
| EBITDA | 67.88M | 140.41M | 84.62M | -127.53M | 67.83M |
| Net Income | 48.00M | 97.65M | 55.70M | -89.13M | 47.66M |
Balance Sheet | |||||
| Total Assets | 701.58M | 674.47M | 572.30M | 522.46M | 690.20M |
| Cash, Cash Equivalents and Short-Term Investments | 697.45M | 668.24M | 568.65M | 518.56M | 33.80M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 64.21M | 57.27M | 25.96M | 5.98M | 60.98M |
| Stockholders Equity | 637.37M | 617.20M | 546.35M | 516.48M | 629.22M |
Cash Flow | |||||
| Free Cash Flow | 93.42M | 22.44M | -5.93M | -89.13M | -11.77M |
| Operating Cash Flow | 93.42M | 22.44M | -5.93M | -89.13M | -11.77M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 125.13M | 0.00 |
| Financing Cash Flow | -27.83M | -26.80M | -25.84M | -23.61M | -10.76M |
Future Generation Global Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$6.90B | 26.97 | 3.80% | 4.21% | 2.17% | 0.68% | |
76 Outperform | AU$3.17B | 19.42 | 10.30% | 3.67% | 44.63% | -63.30% | |
71 Outperform | AU$667.51M | 13.83 | 7.56% | 5.02% | -48.59% | -51.10% | |
71 Outperform | AU$3.18B | 13.63 | 14.31% | 5.99% | -12.42% | -36.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | AU$2.81B | 138.13 | 58.96% | 0.92% | 215.38% | -82.04% | |
41 Neutral | AU$2.22B | -128.73 | -1.00% | 6.01% | 2.23% | 96.71% |
* Financial Sector Average
AU:FGG
Future Generation Global Limited
1.66
0.20
13.78%
AU:MFG
Magellan Financial Group Ltd
10.90
1.01
10.16%
AU:PPT
Perpetual Limited
19.31
-0.87
-4.33%
AU:L1G
Platinum Asset Management Ltd
1.11
0.39
54.98%
AU:ARG
Argo Investments Limited
9.17
0.12
1.29%
AU:MFF
MFF Capital Investments Ltd.
5.35
0.87
19.47%
Future Generation Global Limited Corporate Events
Future Generation Global Plans HY2026 Results Q&A Webinar
Jul 22, 2026
Future Generation Global has scheduled a HY2026 interim results QA webinar for Friday 31 July 2026 at 2:00pm Sydney time, inviting investors and stakeholders to register and participate. The session will feature founder and director Geoff Wilson A...
Future Generation Global Boosts Fully Franked Dividends on Diversified Portfolio Performance
Jul 13, 2026
Future Generation Global reported that its investment portfolio rose 2.6% in June 2026, trailing the MSCI AC World Index (AUD) gain of 3.2%, but has delivered 14.0% per annum over the past three years and 9.6% per annum since inception with lower ...
Future Generation Global lifts interim dividend on strong shareholder returns
Jul 9, 2026
Future Generation Global reported a 22.7% total shareholder return for the 12 months to 30 June 2026, aided by share price appreciation and three fully franked dividends over the period. The board lifted the interim dividend to 4.2 cents per share...
Future Generation Global declares interim dividend of AUD 0.042 per share
Jul 9, 2026
Future Generation Global Limited has declared an ordinary dividend of AUD 0.042 per share for the six-month period ended 30 June 2026, continuing its practice of returning income to shareholders from its global investment portfolio. The dividend w...
Future Generation Global Director Increases Stake via Dividend Reinvestment
Jun 29, 2026
Future Generation Global Limited has reported a change in the indirect shareholding of director Kiera Grant, reflecting participation in the company’s dividend reinvestment plan. Through Grantham Equities Pty Limited, Grant’s holding i...
Future Generation Funds Outline Economic Outlook and Reinforce Investor Caution
Jun 29, 2026
Future Generation Global and Future Generation Australia hosted a presentation on the outlook for the Australian economy, featuring chairs Jennifer Westacott and Dr Philip Lowe, along with chief investment officer Lee Hopperton. The session, deliv...
Future Generation Global Lists Additional Shares from Dividend Plan on ASX
Jun 26, 2026
Future Generation Global Limited has applied for quotation of 488,131 ordinary fully paid shares on the ASX, issued under a dividend or distribution plan and dated June 26, 2026. The additional securities modestly increase the company’s list...
Future Generation to Host Webinar on Outlook for Australian Economy
Jun 23, 2026
Future Generation Global and Future Generation Australia will host a QA webinar titled “What’s next for the Australian economy?” featuring Dr Philip Lowe and Jennifer Westacott AC. The event, scheduled for 25 June 2026, will be m...
Future Generation Global Updates Dividend Reinvestment Plan Pricing for December 2025 Distribution
Jun 16, 2026
Future Generation Global Limited has updated its earlier dividend notification for its ordinary fully paid shares, clarifying the dividend reinvestment plan pricing for the distribution relating to the six-month period ended 31 December 2025. The ...
Future Generation Global Adds Governance Heavyweight Sharon Cook to Board
Jun 9, 2026
Future Generation Global has appointed Sharon Cook OAM as an independent director on its board, effective 10 June 2026, bringing more than three decades of legal, governance and executive leadership experience in Australia’s corporate and fi...
Future Generation Global Director Increases Stake via Dividend Reinvestment
May 29, 2026
Future Generation Global Limited has disclosed a change in director Kate Thorley’s holdings, noting a small increase in her direct shareholding through the company’s dividend reinvestment plan. Her direct stake rose by 372 ordinary sha...
Future Generation Global director lifts stake via dividend reinvestment
May 29, 2026
Future Generation Global director Kiera Grant has increased her indirect holding in the company through Grantham Equities Pty Limited, with 12,716 ordinary shares issued under the dividend reinvestment plan on 27 May 2026. The transaction, funded ...
Future Generation Global Lists New Shares from Dividend Plan on ASX
May 27, 2026
Future Generation Global Limited has applied for quotation on the ASX of 647,135 new fully paid ordinary shares, issued on 27 May 2026 under its dividend or distribution plan. The additional securities modestly increase the company’s share b...
Future Generation Chairs to Brief Investors on Budget and Geopolitics
May 26, 2026
Future Generation Global and its sister fund Future Generation Australia will host a joint online QA webinar featuring their respective chairs, Jennifer Westacott AC and Dr Philip Lowe. Timed to follow the release of the Australian Federal Budget,...
Future Generation Global discloses final director interest as Sarah Morgan departs board
May 21, 2026
Future Generation Global Limited has announced that director Sarah Morgan has ceased to serve on its board as of 20 May 2026. Her final director’s interest notice lodged with the ASX confirms she holds no shares directly in the company and a...
Future Generation Global Announces Departure of Director Geoffrey Wilson
May 21, 2026
Future Generation Global Limited has announced that Geoffrey Raymond Wilson has ceased to be a director of the company as of 20 May 2026, formalising the end of his board tenure with an Appendix 3Z Final Director’s Interest Notice lodged wit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.