MeritValue

Fulgent Genetics, Inc.

FLGTdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

Fulgent Genetics, Inc. earns about 8% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$992.6M1$619M2$289.2M3$283.5M3$322.7M3
Net income$507.4M4$143.4M5−$167.8M6−$42.7M6−$60.5M6
Operating cash flow$538.6M7$253.5M8$27M9$21.1M9−$101.6M9
Capital expenditure$23.8M10$18.8M11$22.2M12$40.3M12$22.6M12
Free cash flow (derived)$514.8M7$234.7M8$4.8M9−$19.3M9−$124.2M9
Total debt—————
Cash & equivalents$164.9M13$79.5M14$97.5M15$55.1M15$50.2M15
Diluted shares31.0M31.0M29.8M30.2M30.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$361.31
your share of equity
Profit it earned you last year
−$19.66
Free cash flow it threw off
−$40.36
Debt you’d be carrying
—

10 shares is a claim on $361.31 of net worth that earned you −$19.66 and generated −$40.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 51%FY22 12%FY23 -13%FY24 -4%FY25 -5%

It earned an average 8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-022233 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029512 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-079169 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022233 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029512 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-079169 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022233 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029512 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-079169 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-022233 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029512 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-079169 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005178 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-029512 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-079169 (CashAndCashEquivalentsAtCarryingValue)