FiscalNote Holdings (NOTE) AI Stock Analysis

• Market Cap: $28.91M
• Dividend Yield: N/A
• Average Volume (3M): 221.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.70
• Revenue Growth: -17.90%
• EPS Growth: -67.81%
• Country: US
• Employees: 555
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): -1.73
• Shares Outstanding: 15,018,986
• 10 Day Avg. Volume: 219,945
• 30 Day Avg. Volume: 221,228
• PEG Ratio: -0.14
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 1.22
• P/FCF Ratio: -10.32
• Enterprise Value/Market Cap: 6.56
• Enterprise Value/Revenue: 1.85
• Enterprise Value/Gross Profit: 2.50
• Enterprise Value/Ebitda: -9.19
• 1Y Price Target: $7.67
• Price Target Upside: 316.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -2.43
• Revenue Forecast (FY): $95.71M

• Rating: 41 Neutral
• Price Target: $2.00 ▲(8.70% Upside)

FiscalNote Holdings faces significant financial and technical challenges, with declining revenues and bearish stock momentum. The negative P/E ratio and lack of dividend yield further weigh on the valuation. Despite some positive developments in corporate sales and product innovation, the overall outlook remains cautious.

Positive Factors

Product Innovation

Continuous product innovation, including AI-powered features, strengthens FiscalNote's competitive edge and enhances customer value, supporting long-term growth.

Corporate Sales Momentum

Improved win rates and increased multiyear contracts enhance revenue visibility and retention, indicating strong market positioning and client trust.

Cost Management

Effective cost management and operating efficiency improvements support margin sustainability and financial health, crucial for long-term stability.

Negative Factors

Revenue Decline

Revenue decline due to divestitures and federal sector volatility poses challenges to growth, impacting overall financial performance and market confidence.

Federal Sector Volatility

Volatility in the federal sector creates uncertainty and revenue instability, affecting FiscalNote's ability to forecast and plan strategically.

Decline in Annual Recurring Revenue

A decline in ARR suggests challenges in client retention and subscription growth, potentially impacting long-term revenue stability and business model strength.

FiscalNote Holdings Business Overview & Revenue Model

Company Description

FiscalNote Holdings (NOTE) is a technology company that specializes in providing data and analytics for government and public policy. The company operates at the intersection of technology and legislative data, offering a suite of products and services that empower organizations to track legislation, regulatory changes, and other political developments. Its core offerings include legislative tracking, compliance tools, and data analytics platforms that serve clients in various sectors, including corporations, non-profits, and government entities.

How the Company Makes Money

FiscalNote generates revenue primarily through subscription-based services, where clients pay for access to its legislative tracking and analytics platforms. These subscriptions can vary in tiered pricing based on the level of service and features required. Additionally, FiscalNote may derive income from consulting services, providing tailored insights and strategic advice to clients navigating complex regulatory landscapes. Key revenue streams include enterprise subscriptions, individual licenses, and specialized tools for specific industries. Strategic partnerships with government agencies and other organizations can also enhance its service offerings, helping to drive customer acquisition and retention.

FiscalNote Holdings Financial Statement Overview

Summary

FiscalNote Holdings is facing financial challenges with declining revenues and negative profitability metrics. Despite improvements in leverage and free cash flow growth, the company struggles with negative net income and operating cash flow. The strong gross profit margin and reduced debt levels are positive, but overall financial stability and profitability need enhancement.

Income Statement

FiscalNote Holdings has experienced a decline in revenue over the TTM period, with a negative revenue growth rate of -6.39%. The company also shows negative net profit and EBIT margins, indicating ongoing profitability challenges. However, the gross profit margin remains strong at 84.13%, suggesting efficient cost management at the gross level.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.39 in the TTM period, indicating reduced leverage compared to previous years. However, the return on equity remains negative at -47.88%, reflecting continued challenges in generating returns for shareholders. The equity ratio of 27.57% suggests a moderate level of equity financing.

Cash Flow

FiscalNote Holdings shows a significant improvement in free cash flow growth at 49.63% in the TTM period. The free cash flow to net income ratio is positive at 1.61, indicating that the company is generating cash flow relative to its net income. However, the operating cash flow remains negative, highlighting ongoing cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	102.67M	120.27M	132.65M	113.77M	82.91M	65.16M
Gross Profit	75.89M	76.10M	74.53M	65.87M	46.48M	38.23M
EBITDA	-20.64M	53.51M	-56.58M	-104.99M	-36.13M	-9.29M
Net Income	-55.76M	9.52M	-115.46M	-218.26M	-109.42M	-51.27M
Balance Sheet
Total Assets	273.87M	326.20M	370.56M	433.16M	378.49M	280.11M
Cash, Cash Equivalents and Short-Term Investments	31.19M	34.61M	23.59M	60.39M	32.17M	44.23M
Total Debt	154.94M	172.95M	251.64M	197.87M	333.27M	215.22M
Total Liabilities	198.37M	228.37M	327.10M	288.47M	411.33M	272.37M
Stockholders Equity	75.50M	97.83M	43.46M	144.69M	-32.83M	7.73M
Cash Flow
Free Cash Flow	-20.08M	-14.18M	-43.43M	-83.99M	-42.62M	-22.66M
Operating Cash Flow	-12.51M	-5.30M	-35.49M	-72.63M	-37.05M	-17.17M
Investing Cash Flow	46.01M	89.17M	-20.32M	-10.24M	-49.20M	-5.49M
Financing Cash Flow	-32.22M	-71.43M	12.08M	111.53M	74.31M	60.68M

FiscalNote Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 1.84 is below the 20-day moving average (MA) of 1.95, below the 50-day MA of 2.96, and below the 200-day MA of 6.30, indicating a bearish trend. The MACD of -0.34 indicates Negative momentum. The RSI at 34.65 is Neutral, neither overbought nor oversold. The STOCH value of 32.73 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
III	69 Neutral	$283.47M	30.55	10.22%	3.04%	-5.74%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CSPI	58 Neutral	$132.82M	-918.49	-0.27%	0.95%	6.36%	73.88%
TLS	52 Neutral	$399.01M	-13.32	-23.73%	―	17.44%	41.97%
SAIH	48 Neutral	$18.44M	-2.53	-50.16%	―	―	―
PSFE	47 Neutral	$461.43M	-3.73	-15.59%	―	-0.95%	-456.64%
NOTE	41 Neutral	$28.91M	-0.44	-64.09%	―	-17.90%	-67.81%

FiscalNote Holdings Corporate Events

FiscalNote Updates Executive Employment Agreements

On October 31, 2025, FiscalNote Holdings, Inc. entered into amended and restated employment agreements with its President & CEO, Josh Resnik, and CFO & SVP, Jon Slabaugh. These agreements modify the calculation of benefits upon termination and redefine ‘Good Reason.’ Additionally, on October 30, 2025, the company approved one-time cash retention awards for both executives, contingent on their continued employment for 48 months. The company also replaced its Change in Control Severance Plan, excluding its principal executives from participation.

FiscalNote Holdings Issues Convertible Debentures to YA II PN

On September 11, 2025, FiscalNote Holdings, Inc. issued a second tranche of convertible debentures worth $12.3 million to YA II PN, Ltd., following an agreement made on August 5, 2025. The proceeds from this issuance were partly used to retire existing subordinated convertible notes, enhancing the company’s financial structure.