# Fulgent Genetics, Inc. (FLGT)

> Source: Nexqual · https://nexqual.com/FLGT · data as of 2026-10-23 16:28 UTC · cite as "Nexqual, Fulgent Genetics, Inc. (FLGT), nexqual.com/FLGT" · informational, not investment advice.

**Price:** USD 19.99 (+0.00% today) · US market open, as of October 23, 2026 at 16:28 UTC; quotes may be delayed. Prev close 19.99 · day 19.65–20.23 · 52w 13.46–31.04 · market cap $550M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $324M, net income -$84.4M (-26.0% margin), free cash flow -$104M (SEC filings).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (1 analysts), mean target USD 19 (range 19–19).
- Total return with dividends: 1Y -15.4% vs S&P 500 +14.7%; 5Y -75.9% vs S&P 500 +77.5%.
- Next earnings: 2026-11-05, EPS estimate USD -0.65, revenue estimate $86.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $993M | $619M | $289M | $283M | $323M | $324M |
| Gross profit | $777M | $367M | $104M | $107M | $131M | — |
| Operating income | $676M | $179M | -$196M | -$73.9M | -$91.1M | -$122M |
| Net income | $507M | $143M | -$168M | -$42.7M | -$60.5M | -$84.4M |
| Free cash flow | $515M | $235M | $4.8M | -$19.3M | -$124M | -$104M |
| Gross margin | 78.3% | 59.3% | 36.1% | 37.8% | 40.6% | — |
| Operating margin | 68.1% | 28.8% | -67.6% | -26.1% | -28.2% | -37.7% |
| Net margin | 51.1% | 23.2% | -58.0% | -15.1% | -18.8% | -26.0% |
| Revenue growth | +135.4% | -37.6% | -53.3% | -2.0% | +13.8% | — |
| Cash + short-term investments | — | — | $97.5M | $258M | $336M | — |
| Total debt | — | $3.4M | $3.0M | $2.5M | $2.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.7x · EV/Sales 0.9x · P/B 0.6x · FCF yield -18.87% · Earnings yield -15.34% · Buyback yield (TTM) 11.61% · Net cash $256M · EV $294M

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 1 analysts; mean target USD 19 (low 19, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-04 | Piper Sandler | Target raised | Neutral | $15 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -15.4% | -75.9% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | -15.4% | -24.8% |
| Volatility (annualized) | 67.4% | 49.5% |
| Max drawdown | -55.3% (Nov 2025→Mar 2026) | -86.0% (Dec 2021→Apr 2026) |

## Peers (Diagnostics & Research)
MYGN (Myriad Genetics, Inc.) USD 5.82 +0.95% · CSTL (Castle Biosciences, Inc.) USD 33.09 -0.32% · OPK (Opko Health, Inc.) USD 1.63 -0.31% · FRNM (Freenome, Inc.) USD 12.6 -3.82% · PSNL (Personalis, Inc.) USD 15.82 +0.00% · WGS (GeneDx Holdings Corp.) USD 58.69 -12.59%

## More
Full page: https://nexqual.com/FLGT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FLGT's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1674930/000119312526079169/flgt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "In particular, we rely on Illumina Inc., or Illumina, as the sole supplier of the next generation sequencers and associated reagents we use to perform our genetic tests and as the sole provider of maintenance and repair …" |
| Supplier | Roche Holdings | "In particular, we rely on Illumina Inc., or Illumina, as the sole supplier of the next generation sequencers and associated reagents we use to perform our genetic tests and as the sole provider of maintenance and repair …" |
| Customer | Laboratory | "Our Laboratory Services Customers" |
| Partner | ANP Technologies | "Previously, in June 2017, we entered into an exclusive license agreement with ANP Technologies, Inc., or ANP, as amended on December 28, 2017, and May 1, 2024." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Laboratory Services | $85.4M | 100.0% | +4.3% | -$17.4M | -20.4% |
| Therapeutic Development | $30,000 | 0.0% | — | -$5.0M | -16546.7% |
| Total revenue | $85.4M | 100% | — | -$22.4M | -26.2% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $78.3M | 91.7% | +2.7% |
| Non Us | $7.1M | 8.3% | +26.8% |
| Other Countries | $4.0M | 4.7% | +26.8% |
| China | $3.1M | 3.6% | +28.0% |
| Total revenue | $85.4M | 100% | — |
The lines above cover 108.3% of total revenue.

## Customer concentration

Period ended 2026-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-30)

- "This number further assumes receipt of approximately $106.1 million in tax refunds prior to December 31, 2026, which have been delayed as a result of constrained resources at the IRS; and assumes capital purchases of $12 million, no further repurchases under the stock repurchase program, and spend on the therapeutic development business of $26 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.65 | $0.00 | — | $86.3M | 1 |
| Next quarter (ends 2026-12-31) | $-0.69 | $0.00 | — | $88.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $-2.27 | $0.00 | — | $331.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $-1.38 | $0.00 | — | $382.7M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±21.5%; last 8 reports averaged ±14.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 95.5% | ±21.5% |
| 2027-01-15 | 84 | 58.0% | ±22.4% |
| 2027-04-16 | 175 | 60.6% | ±33.3% |