FLGT

MKT CAP:$507M

Fulgent Genetics, Inc.

Market Cap

$507M

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$16.29-$9.30 (-36.33%)

Apr 17, 2026

Company Details

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 F...

CEO

Ming Hsieh

IPO Date

Sep 29, 2016

Website

www.fulgentgenetics.com

Key Metrics TTM

Revenue

$711M

-31.3% YoY

Net Income

$220M

EPS (Diluted)

$6.99

Free Cash Flow

$248M

Revenue / Share

$23.39

Gross Margin

66.3%

Operating Margin

42.1%

Net Margin

30.9%

FCF Margin

34.8%

P/S

0.7x

P/E

2.3x

Earnings Reports

Q4 2024

May 1, 2026

PENDING

Q3 2024

Nov 8, 2024

$72MEPS -$0.48

Q4 2022

Feb 28, 2023

$68M-73.1%EPS -$0.80

Q1 2022

May 5, 2022

$320M-10.9%EPS $4.93

FY 2021

Feb 28, 2022

$993M+135.4%EPS $16.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$6M	$3M	-$846.0K
Q1 19	$5M	$2M	-$2M
Q2 19	$8M	$5M	$295.0K
Q3 19	$10M	$6M	$2M
Q4 19	$8M	$5M	-$409.0K
Q1 20	$8M	$4M	-$2M
Q2 20	$17M	$10M	$3M
Q3 20	$102M	$75M	$64M
Q4 20	$295M	$243M	$226M
Q1 21	$359M	$285M	$267M
Q2 21	$154M	$118M	$99M
Q3 21	$228M	$184M	$159M
Q4 21	$252M	$190M	$151M
Q1 22	$320M	$243M	$202M
Q4 22	$68M	$13M	-$37M
Q3 24	$72M	$27M	-$17M

Valuation

Quarter	P/S	P/E
Q3 18	25.4x	—
Q1 19	24.1x	—
Q2 19	20.4x	—
Q3 19	17.0x	—
Q4 19	15.6x	—
Q1 20	14.5x	—
Q2 20	11.6x	200.4x
Q3 20	3.8x	10.6x
Q4 20	1.2x	2.4x
Q1 21	0.7x	1.2x
Q2 21	0.6x	1.0x
Q3 21	0.5x	0.9x
Q4 21	0.5x	1.0x
Q1 22	0.5x	1.1x
Q4 22	0.6x	1.4x
Q3 24	0.7x	2.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	-$105.0K	-$1M
Q1 19	$1M	$921.0K
Q2 19	$675.0K	$176.0K
Q3 19	$4M	$4M
Q4 19	-$116.0K	-$714.0K
Q1 20	$1M	$570.0K
Q2 20	-$4M	-$5M
Q3 20	$9M	-$714.0K
Q4 20	$134M	$110M
Q1 21	$233M	$222M
Q2 21	$76M	$73M
Q3 21	$152M	$149M
Q4 21	$77M	$71M
Q1 22	$188M	$183M
Q4 22	$33M	$28M
Q3 24	-$16M	-$35M

Capital Expenditures

Quarter	CapEx
Q3 18	$1M
Q1 19	$134.0K
Q2 19	$499.0K
Q3 19	$88.0K
Q4 19	$598.0K
Q1 20	$796.0K
Q2 20	$411.0K
Q3 20	$10M
Q4 20	$24M
Q1 21	$11M
Q2 21	$3M
Q3 21	$3M
Q4 21	$6M
Q1 22	$5M
Q4 22	$5M
Q3 24	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+24.9%	+8.1%
Q1 19	+25.4%	+13.3%
Q2 19	+81.0%	+18.7%
Q3 19	+91.6%	+38.1%
Q4 19	+49.1%	+35.9%
Q1 20	+44.4%	+34.4%
Q2 20	+105.0%	+79.9%
Q3 20	+883.0%	+332.1%
Q4 20	+3417.1%	+685.2%
Q1 21	+4536.0%	+856.9%
Q2 21	+789.8%	+274.1%
Q3 21	+124.0%	+79.6%
Q4 21	-14.7%	+46.0%
Q1 22	-10.9%	+27.9%
Q4 22	-55.9%	+90.5%
Q3 24	-68.5%	+29.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$588.0K	10.5%
Q1 19	$583.0K	10.9%
Q2 19	$737.0K	8.7%
Q3 19	$951.0K	9.2%
Q4 19	$938.0K	11.2%
Q1 20	$924.0K	11.9%
Q2 20	$1M	6.3%
Q3 20	$3M	3.1%
Q4 20	$3M	1.0%
Q1 21	$3M	0.8%
Q2 21	$4M	2.3%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$6M	1.8%
Q4 22	$0	0.0%
Q3 24	$11M	15.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 18	$1M	$1M	$1M
Q1 19	$1M	$2M	$1M
Q2 19	$2M	$2M	$1M
Q3 19	$2M	$2M	$2M
Q4 19	$2M	$2M	$2M
Q1 20	$2M	$2M	$2M
Q2 20	$2M	$2M	$3M
Q3 20	$3M	$4M	$5M
Q4 20	$5M	$8M	$5M
Q1 21	$5M	$8M	$5M
Q2 21	$5M	$8M	$5M
Q3 21	$6M	$12M	$6M
Q4 21	$7M	$22M	$8M
Q1 22	$6M	$26M	$8M
Q4 22	$9M	$29M	$10M
Q3 24	$12M	$21M	$9M

Revenue Segments

Quarter	Laboratory Services
Q3 24	$72M

Revenue by Geography

Quarter	Canada	China	Other Countries	United States	Non Us	U S
Q3 18	$1M	$23.0K	$1M	$3M	—	—
Q1 19	$538.0K	—	$1M	$4M	—	—
Q2 19	$516.0K	—	$1M	$7M	—	—
Q3 19	$548.0K	—	$1M	$8M	—	—
Q4 19	$643.0K	—	$2M	$6M	—	—
Q1 20	$619.0K	—	$1M	$6M	—	—
Q2 20	$329.0K	—	$798.0K	$16M	—	—
Q3 20	$376.0K	—	$1M	$100M	—	—
Q4 20	$401.0K	—	$1M	$293M	—	—
Q1 21	—	—	—	$358M	$2M	—
Q2 21	—	—	—	$150M	$4M	—
Q3 21	—	—	—	—	$4M	$224M
Q4 21	—	—	—	$248M	$4M	—
Q1 22	—	—	—	—	$3M	$317M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$353M	$232M	$585M
Q2 22	$139M	$377M	$515M
Q3 22	$169M	$402M	$571M
Q4 22	$80M	$447M	$526M
Q1 23	$66M	$438M	$504M
Q2 23	$58M	$400M	$458M
Q3 23	$84M	$384M	$468M
Q4 23	$97M	$327M	$424M
Q1 24	$55M	$251M	$306M
Q2 24	$65M	$247M	$312M
Q3 24	$58M	$155M	$213M
Q4 24	$55M	$203M	$258M
Q1 25	$67M	$253M	$320M
Q2 25	$88M	$205M	$293M
Q3 25	$118M	$258M	$376M
Q4 25	$50M	$286M	$336M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	18M	+0.5%	+1.5%
Q1 19	18M	+1.2%	+2.3%
Q2 19	19M	+4.4%	+6.5%
Q3 19	19M	+2.3%	+8.6%
Q4 19	20M	+2.7%	+10.9%
Q1 20	22M	+7.9%	+18.3%
Q2 20	23M	+6.3%	+20.5%
Q3 20	24M	+2.7%	+21.0%
Q4 20	27M	+14.8%	+35.2%
Q1 21	31M	+13.9%	+42.7%
Q2 21	31M	+0.2%	+34.5%
Q3 21	31M	+1.1%	+32.4%
Q4 21	31M	+0.1%	+15.5%
Q1 22	31M	+0.1%	+1.5%
Q4 22	31M	-0.9%	+0.4%
Q3 24	30M	-1.8%	-2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$57.4K	98
Q1 19	$43.7K	123
Q2 19	$68.5K	123
Q3 19	$84.1K	123
Q4 19	$60.3K	139
Q1 20	$55.8K	139
Q2 20	$124.2K	139
Q3 20	$731.8K	139
Q4 20	$687.6K	429
Q1 21	$837.8K	429
Q2 21	$358.1K	429
Q3 21	$531.2K	429
Q4 21	$390.2K	645
Q1 22	$496.5K	645
Q4 22	$66.9K	1K
Q3 24	$60.6K	1K

Revenue / Employee