FiscalNote Holdings (NOTE) AI Stock Analysis

• Market Cap: $98.09M
• Dividend Yield: N/A
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): 14.8
• Beta (1Y): 1.97
• Revenue Growth: -13.18%
• EPS Growth: 4.83%
• Country: US
• Employees: 555
• Sector: Technology
• Sector Strength: 82
• Industry: Information Technology Services
• EPS (TTM): -0.03
• Shares Outstanding: 149,925,780
• 10 Day Avg. Volume: 1,354,182
• 30 Day Avg. Volume: 1,375,435
• PEG Ratio: 0.07
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.28
• Enterprise Value/Market Cap: 2.52
• Enterprise Value/Revenue: 0.49
• Enterprise Value/Gross Profit: 2.94
• Enterprise Value/Ebitda: 2.03
• 1Y Price Target: $2.63
• Price Target Upside: 361.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 44 Neutral
• Price Target: $0.50 ▼(-12.28%Downside)

FiscalNote Holdings' overall stock score is primarily affected by its challenging financial performance, including declining revenues and negative cash flow. Technical indicators also suggest a bearish trend, weighing down the score. Although the earnings call and corporate events introduced some positive aspects, they are overshadowed by fundamental financial and technical weaknesses.

FiscalNote Holdings Business Overview & Revenue Model

Company Description

FiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow tools, and expert research. The company delivers that intelligence through its suite of public policy and issues management products, as well as powerful tools to manage workflows, advocacy campaigns, and constituent relationships. It serves a customer base that includes businesses comprising the Fortune 100 companies, government agencies, law firms, professional services organizations, trade groups, and non-profits. The company is headquartered in Washington, District of Columbia.

How the Company Makes Money

FiscalNote Holdings generates revenue primarily through a subscription-based model, offering its cloud-based software platforms to businesses and government entities. These platforms provide access to regulatory and legislative data, analytics, and workflow automation tools. The company also earns income from consulting services and customized solutions tailored to specific client needs. Key revenue streams include recurring subscription fees, professional services, and partnerships with governmental and non-governmental organizations that require comprehensive policy analysis and data-driven insights.

FiscalNote Holdings Financial Statement Overview

Summary

FiscalNote Holdings faces ongoing financial challenges with consistent losses and negative free cash flow. While there are positive signs in recent equity improvements, high debt levels and operational inefficiencies pose significant risks. The company needs strategic measures to enhance profitability and cash flow stability.

Income Statement

FiscalNote Holdings shows inconsistent revenue growth with declines in recent years. Gross profit margin is relatively healthy, but negative EBIT and EBITDA margins indicate operational inefficiencies. The net profit margin has improved recently, but the company still struggles with profitability challenges.

Balance Sheet

The company has high leverage, reflected in a significant debt-to-equity ratio, but recent improvements in equity position are notable. The equity ratio remains low, indicating reliance on debt financing. Return on equity is inconsistent, showing weak shareholder returns.

Cash Flow

Free cash flow remains negative, showing cash management issues. Operating cash flow is also negative, indicating challenges in generating cash from core operations. The cash flow to net income ratios reflect inefficiencies in translating profits into cash.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
120.27M	132.65M	113.77M	82.91M	65.16M
	Gross Profit
76.10M	74.53M	81.83M	61.11M	52.54M
	EBIT
-31.94M	-97.74M	-85.79M	-50.88M	-26.53M
	EBITDA
53.51M	-56.58M	-98.37M	-36.13M	-8.62M
	Net Income Common Stockholders
9.52M	-115.46M	-218.26M	-109.42M	-51.19M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
34.61M	23.59M	60.39M	32.17M	44.23M
	Total Assets
326.20M	370.56M	433.16M	378.49M	280.11M
	Total Debt
172.95M	251.64M	197.87M	333.27M	215.22M
	Net Debt
144.14M	235.19M	137.48M	301.10M	170.99M
	Total Liabilities
228.37M	327.10M	288.47M	411.33M	272.37M
	Stockholders Equity
97.83M	43.46M	144.69M	-32.83M	7.73M
Cash Flow		Free Cash Flow
-14.18M	-43.43M	-83.99M	-42.62M	-22.66M
	Operating Cash Flow
-5.30M	-35.49M	-72.63M	-37.05M	-17.17M
	Investing Cash Flow
89.17M	-20.32M	-10.24M	-49.20M	-5.49M
	Financing Cash Flow
-71.43M	12.08M	111.53M	74.31M	60.68M

FiscalNote Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOTE, the sentiment is Negative. The current price of 0.57 is below the 20-day moving average (MA) of 0.64, below the 50-day MA of 0.65, and below the 200-day MA of 1.03, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 36.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NOTE.

FiscalNote Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BKTI	78 Outperform	$157.30M	16.65	36.41%	―	5.18%	―
Sector *	62 Neutral	$11.90B	10.64	-7.50%	2.90%	7.41%	-8.19%
ONDS	58 Neutral	$231.59M	―	-157.00%	―	-21.17%	23.22%
FRGE	53 Neutral	$194.42M	―	-27.44%	―	16.03%	30.99%
COE	48 Neutral	$175.78M	―	180.24%	―	85.68%	50.06%
NOTE	44 Neutral	$98.09M	14.84	-44.27%	―	-13.18%	4.83%
CTM	43 Neutral	$119.59M	―	-36.17%	―	-3.32%	66.41%

FiscalNote Holdings Corporate Events

FiscalNote Holds Annual Stockholder Meeting, Elects Directors

FiscalNote Holdings, Inc. held its annual meeting of stockholders on May 28, 2025, where stockholders voted on two proposals. The stockholders elected three Class III directors for a three-year term and ratified the appointment of RSM US LLP as the independent registered public accounting firm for the 2025 fiscal year.

The most recent analyst rating on (NOTE) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on FiscalNote Holdings stock, see the NOTE Stock Forecast page.

FiscalNote Holdings Sells Australian Subsidiary to Thomson Reuters

On May 2, 2025, FiscalNote Holdings announced the sale of its Australian subsidiary, TimeBase Pty. Ltd., to Thomson Reuters for $6.5 million. The proceeds will be used to reduce debt and improve the company’s financial position. Despite this divestiture, FiscalNote reaffirms its financial forecast for 2025, projecting revenues of $94-$100 million and adjusted EBITDA of $10-$12 million. The sale is part of FiscalNote’s strategy to streamline operations and focus on its core business, enhancing its path to positive free cash flow and long-term growth.

FiscalNote Holdings Board Member Resigns Amid Strategic Shift

On April 30, 2025, General Stanley A. McChrystal announced his resignation from the Board of Directors of FiscalNote Holdings, effective May 29, 2025, to focus on other professional commitments. His departure, which is not due to any disagreement with the company, will result in the board size being reduced to eight members, aligning with the company’s recent strategic divestitures.