Fulgent Genetics (FLGT)
NASDAQ:FLGT
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Fulgent Genetics
(NASDAQ:FLGT)
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Rating:50Neutral
Price Target:
$16.50
▼(-28.10% Downside)
Action:ReiteratedDate:03/18/26
Overall score reflects strong balance-sheet resilience but is held back by weak profitability and sharply negative 2025 cash flow. Technicals are distinctly bearish (price below key moving averages with negative MACD), while guidance points to revenue growth but also a near-term earnings/margin deterioration tied to customer loss and higher spending.
Positive Factors
Balance sheet strength
A virtually debt-free balance sheet and >$700M cash position provide durable financial flexibility to fund R&D, M&A, and absorb temporary cash swings from lost volumes. This buffer reduces bankruptcy/default risk and supports multi-quarter investments to execute the strategic pivot.
Negative Factors
Large customer loss
The rapid, material insourcing of work by a single large customer meaningfully reduces revenue and lab utilization. Replacing ~$59M of volume requires successful integration of acquisitions and organic growth; failure to do so will leave fixed-cost headwinds and prolonged margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A virtually debt-free balance sheet and >$700M cash position provide durable financial flexibility to fund R&D, M&A, and absorb temporary cash swings from lost volumes. This buffer reduces bankruptcy/default risk and supports multi-quarter investments to execute the strategic pivot.
Read all positive factors
Fulgent Genetics (FLGT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$520.61M
Dividend YieldN/A
Average Volume (3M)697.75K
Price to Earnings (P/E)―
Beta (1Y)0.39
Revenue Growth13.60%
EPS Growth74.64%
CountryUS
Employees1,313
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)0.16
Shares Outstanding31,230,633
10 Day Avg. Volume890,498
30 Day Avg. Volume697,748
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)0.73
Price to Sales (P/S)2.51
P/FCF Ratio-6.51
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit3.60
Enterprise Value/Ebitda-10.62
Forecast
1Y Price Target
$22.00Price Target Upside-4.14% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.18
Revenue Forecast (FY)$350.08M
Fulgent Genetics Business Overview & Revenue Model
Company Description
Fulgent Genetics, Inc., together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus an...
How the Company Makes Money
Fulgent Genetics makes money primarily by performing laboratory tests and delivering diagnostic results for paying customers. Its core revenue stream is test service revenue: healthcare providers, hospitals, health systems, and other institutional...
Fulgent Genetics Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Neutral
The call presented a mix of clear operational and strategic progress alongside meaningful near-term headwinds. Highlights include double-digit FY revenue growth (14%), robust segment growth in biopharma and diagnostics, strong margin performance in 2025, product/regulatory achievements (RNA-integrated WGS, ultra-rapid WGS, New York approvals), roll-out of an in-house digital pathology/AI platform (Ezeopath) and encouraging clinical-stage progress (FID-7 Phase 2 completion, FID-22 dose escalation). Offsetting these positives are the substantial near-term impact from the largest customer bringing volume in-house (approx. $59M estimated revenue loss), widening GAAP losses and an adjusted EBITDA loss in Q4, higher operating expenses and one-time charges, guidance for a widened 2026 non-GAAP operating loss (~-18%) and an expected non-GAAP EPS loss (-$1.45), and timing uncertainty from a delayed $106M tax refund. Management emphasizes that acquisitions (Bako/StrataDx), product innovation, AI/digital investments and a strong cash position are expected to offset the loss over time, but the first half of 2026 is expected to be pressured. Overall, the call balances meaningful strategic momentum and a strong balance sheet against significant short-term execution and margin challenges.Positive Updates
Full-Year Revenue Growth
Total revenue for FY2025 was $322.7M, up approximately 14% year-over-year.
Negative Updates
Loss of Largest Customer Volume
Largest customer generated $70.8M (22% of 2025 revenue). Management expects this customer’s revenue to decline sharply in 1H 2026 to about $11.8M (implying ~70%+ reduction), creating a near-term revenue headwind (~$59M impact) and gross margin pressure in early 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Total revenue for FY2025 was $322.7M, up approximately 14% year-over-year.
Read all positive updates
Company Guidance
The company guided to approximately $350 million of revenue for FY2026 (about 8.5% growth versus $322.7M in 2025), with H1 revenue ~ $158–159M and H2 ~ $191–192M (back‑end loaded); guidance assumes the largest 2025 customer’s revenue falls from $70.8M to about $11.8M (≈$59M decline) and that the pending Bako/StrataDx acquisitions contribute roughly $50–55M (purchase price ~ $55–56M), such that excluding the largest customer and assuming closing, net growth would be ~31% and no single customer would exceed 10% of revenue. By segment, anatomic pathology revenue is expected to rise to ~$162M (up ~53% from $106M), biopharma revenue to fall to ~$20M (from $25.8M), non‑GAAP gross margin is expected to be slightly above 40% for the year (with a ~4‑point Q1 headwind, ~2‑point Q2 headwind, and >41% in Q3–Q4), non‑GAAP operating margin is expected to widen to about –18% (from –8%), full‑year non‑GAAP EPS is guided to a loss of $1.45 per share (avg. 32M shares, excluding stock‑based comp, impairment, acquisition costs and amortization), therapeutic development spend is forecast at ~$26M, capex ~$12M, a one‑time professional liability of ~$14.5M is assumed, and year‑end cash is projected at roughly $606M–$685M assuming receipt of a delayed $106M tax refund.Fulgent Genetics Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
83
Very Positive
Cash Flow
27
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 322.67M | 283.47M | 289.21M | 618.97M | 992.58M |
| Gross Profit | 130.88M | 107.22M | 104.46M | 366.90M | 777.05M |
| EBITDA | -45.83M | -48.99M | -147.45M | 217.70M | 686.96M |
| Net Income | -60.51M | -42.71M | -167.82M | 143.40M | 507.36M |
Balance Sheet | |||||
| Total Assets | 1.21B | 1.22B | 1.24B | 1.39B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 336.08M | 258.11M | 424.15M | 526.24M | 450.50M |
| Total Debt | 476.00K | 8.47M | 15.25M | 38.94M | 21.28M |
| Total Liabilities | 106.81M | 90.81M | 102.04M | 116.18M | 112.84M |
| Stockholders Equity | 1.11B | 1.13B | 1.14B | 1.27B | 1.16B |
Cash Flow | |||||
| Free Cash Flow | -124.21M | -19.25M | 4.80M | 234.75M | 514.73M |
| Operating Cash Flow | -101.64M | 21.06M | 27.00M | 253.52M | 538.58M |
| Investing Cash Flow | 111.37M | -58.35M | 38.90M | -261.31M | -546.55M |
| Financing Cash Flow | -14.79M | -4.85M | -47.78M | -77.14M | 85.41M |
Fulgent Genetics Technical Analysis
Negative
22.95
Price Trends
21.66
Negative
24.43
Negative
22.74
Negative
Market Momentum
-1.67
Negative
40.33
Neutral
90.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLGT, the sentiment is Negative. The current price of 22.95 is above the 20-day moving average (MA) of 15.84, above the 50-day MA of 21.66, and above the 200-day MA of 22.74, indicating a neutral trend. The MACD of -1.67 indicates Negative momentum. The RSI at 40.33 is Neutral, neither overbought nor oversold. The STOCH value of 90.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLGT.
Fulgent Genetics Risk Analysis
Fulgent Genetics disclosed 81 risk factors in its most recent earnings report. Fulgent Genetics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fulgent Genetics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $751.31M | -46.67 | -5.27% | ― | 10.15% | -295.52% | |
56 Neutral | $925.99M | -47.01 | 24.11% | ― | 14.46% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $520.61M | -13.36 | -5.40% | ― | 13.60% | 74.64% | |
49 Neutral | $805.67M | -8.74 | -39.13% | ― | -21.02% | 47.74% | |
48 Neutral | $437.62M | -1.57 | -79.81% | ― | 0.21% | -233.51% | |
44 Neutral | $375.25M | 6.39 | -17.59% | ― | -17.37% | 52.28% |
* Healthcare Sector Average
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Fulgent Genetics Corporate Events
Business Operations and StrategyM&A Transactions
Fulgent Genetics Expands Dermatology Footprint With Key Acquisitions
Positive
Mar 17, 2026
On March 17, 2026, Fulgent Genetics completed the previously announced acquisitions of Bako Diagnostics and StrataDx, paying a combined cash consideration of about $56.9 million, subject to post-closing adjustments. Through a purchase and sale agr...
Business Operations and StrategyFinancial Disclosures
Fulgent Genetics Posts 2025 Results and 2026 Outlook
Positive
Feb 27, 2026
Fulgent Genetics reported fourth quarter and full-year 2025 results on February 27, 2026, with annual revenue rising 14% year-over-year to $322.7 million and fourth quarter revenue up 9% to $83.3 million. Despite GAAP losses of $23.4 million in th...
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.