Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 26, 2026
Fulgent Genetics, Inc. (FLGT)
A forensic read on Fulgent Genetics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
9.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-7.7
P / E (ttm)
-5.4%
ROE
$585M
Market cap
0.00%
Dividend yield
13.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Fulgent Genetics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6.7%
FY2025
Return on invested capital.Return on invested capital is -6.7% in the latest fiscal year and rising across FY2023–FY2025 from -14.5%. After-tax operating profit was ($154M) in FY2023 and ($72M) in FY2025, with operating income at -67.6% of revenue in FY2023, -26.1% in FY2024 and -28.2% in FY2025. The capital base behind it went from $1.1B in FY2023 to $1.1B in FY2025 (+1%), while the revenue it carried went from $289M to $323M. $655M of the $1.1B base at FY2025 is short-term investments and long-term marketable securities (60.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows. FY2023's operating profit carried a $120M goodwill write-off that alone took about 8.9 points off that year's return, so more than the whole 7.8-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $10M asset write-down that alone took about 0.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
FCF ($124M)
FY2025
Shareholder returns.Returned $11M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($124M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$120M
FY2023–FY2023
Goodwill impairments.Took $120M of goodwill writedowns across 1 year (FY2023 ($120M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$322.7M
Revenue Growth YoY+13.8%
Revenue CAGR (2yr)+5.6%
Net Margin-18.8%
Free Cash Flow-$124.2M
Return on Equity-5.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Fulgent Genetics, Inc.'s actual 10-K/10-Q/8-K filings?