Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
14.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-6.7%
ROE
$567M
Market cap
Fulgent Genetics, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 14.4, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7%Return on invested capital.Return on invested capital is -7% and slipping from 11% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
96d DSOReceivables vs revenue.Days sales outstanding moved from 89 to 96 days FY2024→FY2025 (receivables +23% vs revenue +14%). Receivables are creeping up relative to sales — watch the trend.
-0.2%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
12% of revStock-based comp load.Stock-based compensation ran 12% of revenue in FY2025 — about $1.29 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$120MGoodwill impairments.Took $120M of goodwill writedowns across 1 year(s) (FY2023 ($120M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-18.8%
Free Cash Flow$-124.2M
Latest Revenue$322.7M
Return on Equity-5.4%
Revenue Growth YoY+13.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Fulgent Genetics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FLGT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown