Fulgent Genetics (FLGT) AI Stock Analysis

• Market Cap: $473.89M
• Dividend Yield: N/A
• Average Volume (3M): 273.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.40
• Revenue Growth: 13.60%
• EPS Growth: 74.64%
• Country: US
• Employees: 1,313
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 0.16
• Shares Outstanding: 30,912,392
• 10 Day Avg. Volume: 461,563
• 30 Day Avg. Volume: 273,730
• 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 Cap: 0.90
• Enterprise Value/Revenue: 1.31
• Enterprise Value/Gross Profit: 3.24
• Enterprise Value/Ebitda: -9.28
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.32
• Revenue Forecast (FY): $356.29M

• Rating: 50 Neutral
• Price Target: $15.50 ▼(-32.46% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

Overall score reflects a strong balance sheet and strategic actions (acquisitions, product/platform progress) being offset by ongoing losses and sharply negative 2025 cash flow, plus weak technical momentum. 2026 guidance points to continued near-term earnings pressure (wider operating loss and EPS loss) despite expected revenue growth and ~40% gross margin.

Positive Factors

Strong balance sheet and liquidity

Extremely low debt and sizable cash/investments provide durable financial flexibility to fund R&D, acquisitions and bridge cash burn. This reduces refinancing risk, supports strategic investments and gives management time to restore profitability without immediate capital raises.

Product and platform innovation

Proprietary sequencing offerings and an in‑house digital pathology/AI platform create sustainable competitive differentiation. These capabilities enable higher-value, higher-margin testing, expand addressable markets and support long-term client stickiness and commercialization upside.

M&A to reduce customer concentration and expand pathology

Acquisitions add immediate revenue, broaden national client coverage, nearly double pathology salesforce and diversify customer mix. This structural reduction in concentration lowers single-client risk and creates cross-sell and capacity benefits for durable top-line stability.

Negative Factors

Loss of largest customer volume

An expected ~ $59M revenue drop from the single largest customer is a structural near-term hit that lowers utilization and compresses margins. Even with acquisitions, replacing that scale takes time, creating prolonged top-line and margin pressure through much of 2026.

Sharply negative operating and free cash flow

Sustained negative operating and free cash flows indicate cash burn from operations and investment. Even with high cash reserves, prolonged negative conversion heightens reliance on reserves or financing and makes profitable scaling and R&D funding contingent on near-term recovery.

Guidance shows wider operating losses and expense pressures

Management's forecasted wider losses and elevated operating expenses (acquisition costs, R&D, professional liability) imply persistent profitability drag. This structural margin weakening raises the bar for operational improvements and makes cash runway and discipline central to execution.

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 and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests. It also provides next generation sequencing and reverse transcription polymerase chain reaction-based tests, as well as antigen-based diagnostic tests for the detection of SARS-CoV-2. In addition, the company offers flow cytometry, a cell analysis technique providing diagnosis, prognosis, and monitoring of malignancies; fluorescence in-situ hybridization for detecting and locating a specific DNA sequence on a chromosome; immunohistochemistry, an imaging technique used to visualize antigens in cells; cytogenetics, which analyzes the chromosome set for numerical and structural abnormalities; and molecular testing that includes hematopoietic and solid tumor molecular assays. The company serves insurance, hospitals, medical institutions, other laboratories, governmental bodies, payors, municipalities and large corporations, and patients. Fulgent Genetics has strategic partnership with Helio Health, Inc. to commercialize blood-based early cancer detection tests. The company was formerly known as Fulgent Diagnostics, Inc. and changed its name to Fulgent Genetics, Inc. in August 2016. Fulgent Genetics, Inc. was founded in 2011 and is headquartered in Temple City, California.

How the Company Makes Money

Fulgent Genetics generates revenue primarily through its genetic testing services, which include various forms of genomic analysis for patients and healthcare providers. The company operates a business model that relies on the sale of its testing kits, laboratory services, and data analytics solutions. Key revenue streams include reimbursement from insurance companies for tests performed, direct payments from healthcare providers, and partnerships with hospitals and clinics that utilize Fulgent's testing solutions for their patients. Additionally, Fulgent has established collaborations with pharmaceutical companies and research institutions, which further enhances its earning potential through joint ventures and research agreements.

Fulgent Genetics Financial Statement Overview

Summary

Financials are mixed: the balance sheet is very strong with minimal leverage and substantial equity, but profitability remains weak (material net losses) and cash flow deteriorated sharply in 2025 with deeply negative operating and free cash flow.

Income Statement

Revenue rebounded in 2025 ($323M, +2.3% YoY) after a multi-year decline, and gross margin improved to ~40.6% (from ~37.8% in 2024). However, profitability remains pressured: 2025 operating income and net income were still materially negative (net margin about -18.8%), extending losses seen in 2023–2025 versus strong profitability in 2020–2022. Overall, the topline shows early stabilization, but the earnings profile is still weak and volatile.

Balance Sheet

The balance sheet is a clear strength, with extremely low leverage (2025 debt-to-equity ~0.0004; total debt only ~$0.5M) and a large equity base (~$1.11B) supporting ~$1.21B of assets. The primary weakness is returns: equity returns are negative in 2023–2025, reflecting ongoing losses rather than balance-sheet risk. Financial flexibility appears high, but profitability needs to recover to translate that strength into shareholder returns.

Cash Flow

Cash generation has deteriorated meaningfully: 2025 operating cash flow turned sharply negative (~-$102M) and free cash flow was also deeply negative (~-$124M), a major reversal from positive operating and free cash flow in 2020–2022. While 2024 operating cash flow was modestly positive (~$21M), the recent swing suggests higher cash burn and weaker cash conversion, raising the importance of expense control and working-capital discipline going forward.

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

• Technical Analysis Sentiment: Negative
• Last Price: 22.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

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 below the 20-day moving average (MA) of 23.48, below the 50-day MA of 25.77, and below the 200-day MA of 23.23, indicating a bearish trend. The MACD of -1.40 indicates Positive momentum. The RSI at 17.29 is Positive, neither overbought nor oversold. The STOCH value of 58.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLGT.

Fulgent Genetics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSTL	60 Neutral	$879.15M	-34.91	-5.21%	―	10.15%	-295.52%
CDNA	56 Neutral	$960.82M	-47.58	24.11%	―	14.46%	―
PSNL	53 Neutral	$804.57M	-9.97	-35.02%	―	-21.02%	47.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLGT	50 Neutral	$473.89M	-10.94	-3.80%	―	13.60%	74.64%
MYGN	48 Neutral	$431.07M	-1.17	-68.45%	―	0.21%	-233.51%
LAB	44 Neutral	$434.56M	-5.73	-13.73%	―	-17.37%	52.28%

Fulgent Genetics Corporate Events

Fulgent Genetics Posts 2025 Results and 2026 Outlook

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 the quarter and $60.5 million for the year, the company delivered non-GAAP income of $5.2 million in Q4 and $13.2 million for 2025, supported by margin improvements, AI and digital pathology-driven growth in its lab services business, and progress in its oncology pipeline, where FID-007 advanced through Phase 2 and FID-022 continued through Phase 1.

Management highlighted streamlined operations, enhanced efficiencies and a strong year-end liquidity position of $705.5 million in cash and investments, excluding an expected tax refund. Looking ahead to 2026, Fulgent guided to approximately $350 million in revenue and a non-GAAP loss per share, noting that the insourcing of work by its largest customer will be a headwind but may be partially or fully offset in the second half by contributions from the Bako and StrataDx acquisitions and ongoing strategic investments, leaving the company confident in its longer-term growth trajectory.

The most recent analyst rating on (FLGT) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Fulgent Genetics stock, see the FLGT Stock Forecast page.

Fulgent Genetics expands diagnostics with major dermatopathology deals

On December 20, 2025, Fulgent Genetics’ subsidiary Inform Diagnostics signed agreements to buy all equity interests in Dermatopathology Experts (StrataDx) for $12.5 million and to acquire substantially all assets and certain liabilities of Bako Diagnostics’ dermatopathology, podiatric pathology, molecular diagnostic services and therapeutic products business for $43 million, for a total cash consideration of about $55.5 million, with closing targeted for the first half of 2026 subject to customary regulatory and closing conditions and mutual termination rights. The planned acquisitions will add CLIA- and CAP-accredited pathology laboratories in Georgia and Massachusetts, broaden Fulgent’s anatomic and dermatopathology test menu with proprietary PCR assays, nearly double its pathology salesforce, and deepen its national client base, reinforcing its push to become a one-stop diagnostic provider and to leverage its investments in AI-driven digital pathology to improve capacity, turnaround times and efficiency across its growing laboratory services platform.

The most recent analyst rating on (FLGT) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on Fulgent Genetics stock, see the FLGT Stock Forecast page.