Fulgent Genetics
FLGT on Nasdaq. Fulgent sells genetic and diagnostic laboratory tests to doctors and patients. Market value $618m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-18.33 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 32 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$20.58 a share, 53% above its 1-year low
Over the past year the price has ranged from $13.46 to $31.04.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $993m | $619m | $289m | $283m | $323m |
| Operating margin | |||||
| Operating margin | 68.1% | 28.8% | -67.6% | -26.1% | -28.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 5.2% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $85 million last quarter, up 4% on a year ago.
- A loss of $30 million, compared with a loss of $19 million a year ago.
- It loses 38 cents on each $1 of sales, compared with 24 cents a year earlier.
- Over the past 12 months it spent $104 million more cash than it brought in, compared with $60 million a year earlier.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $72m |
| December 2024 | $76m |
| March 2025 | $73m |
| June 2025 | $82m |
| September 2025 | $84m |
| December 2025 | $83m |
| March 2026 | $71m |
| June 2026 | $85m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$15m |
| December 2024 | -$6m |
| March 2025 | -$12m |
| June 2025 | -$19m |
| September 2025 | -$7m |
| December 2025 | -$23m |
| March 2026 | -$25m |
| June 2026 | -$30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
None of the long-term investors we follow own it. 142 funds in all.
Largest holders overall
- BlackRock$47mCut
- Acadian Asset Management$21mCut
- Vanguard Capital Management$16mCut
- Jacobs Levy Equity Management$16mAdded
- JPMorgan Chase$16mAdded
- Diametric Capital, LP$14mAdded
- Ameriprise Financial$14mAdded
- Dimensional Fund Advisors LP$13mCut
- Geode Capital Management$11mCut
- State Street$10mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Ming HsiehInsider or founderat least 32.3%+1.5 pts(filed with 1 related holder)Since 22 May 2026
What they said
The Reporting Person holds the shares of Common Stock reported in this Statement for general investment purposes. The Reporting Person may, from time to time, acquire additional, or dispose of, shares of Common Stock or other securities of the Issuer, in the Reporting Person's…
Read the filing - Barclays PLCPassive investor7.6%+2.1 ptsSince 31 March 2025
- BlackRock, Inc.Passive investor5.9%Since 31 March 2025
- Millennium Management LLCPassive investorat least 3.0%−2.6 pts(filed with 3 related holders)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Ming Hsieh Insider or founder | at least 32.3%+1.5 pts (filed with 1 related holder) | 22 May 2026 | What they saidThe Reporting Person holds the shares of Common Stock reported in this Statement for general investment purposes. The Reporting Person may, from time to time, acquire additional, or dispose of, shares of Common Stock or other securities of the Issuer, in the Reporting Person's… Read the filing |
Barclays PLC Passive investor | 7.6%+2.1 pts | 31 March 2025 | |
BlackRock, Inc. Passive investor | 5.9% | 31 March 2025 | |
Millennium Management LLC Passive investor | at least 3.0%−2.6 pts (filed with 3 related holders) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $677,604.
- Xie JianPresident and COOSold
- Date
- 2 September 2026
- Shares
- 2,127
- Price
- $19.66
- Value
- $41,809
- Gao HanlinChief Scientific OfficerSold
- Date
- 2 September 2026
- Shares
- 1,673
- Price
- $19.66
- Value
- $32,885
- Xie JianPresident and COOSold
- Date
- 27 August 2026
- Shares
- 1,193
- Price
- $19.91
- Value
- $23,747
- Gao HanlinChief Scientific OfficerSold
- Date
- 27 August 2026
- Shares
- 939
- Price
- $19.91
- Value
- $18,691
- Xie JianPresident and COOSold
- Date
- 2 June 2026
- Shares
- 2,146
- Price
- $17.89
- Value
- $38,392
- Gao HanlinChief Scientific OfficerSold
- Date
- 2 June 2026
- Shares
- 1,688
- Price
- $17.89
- Value
- $30,198
- Xie JianPresident and COOSold
- Date
- 27 May 2026
- Shares
- 1,201
- Price
- $17.60
- Value
- $21,138
- Gao HanlinChief Scientific OfficerSold
- Date
- 27 May 2026
- Shares
- 945
- Price
- $17.60
- Value
- $16,632
- Xie JianPresident and COOSold
- Date
- 2 December 2025
- Shares
- 1,140
- Price
- $28.33
- Value
- $32,296
- Gao HanlinChief Scientific OfficerSold
- Date
- 2 December 2025
- Shares
- 1,075
- Price
- $28.33
- Value
- $30,455
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Xie Jian President and COO | Sold | 2,127 | $19.66 | $41,809 |
| 2 September 2026 | Gao Hanlin Chief Scientific Officer | Sold | 1,673 | $19.66 | $32,885 |
| 27 August 2026 | Xie Jian President and COO | Sold | 1,193 | $19.91 | $23,747 |
| 27 August 2026 | Gao Hanlin Chief Scientific Officer | Sold | 939 | $19.91 | $18,691 |
| 2 June 2026 | Xie Jian President and COO | Sold | 2,146 | $17.89 | $38,392 |
| 2 June 2026 | Gao Hanlin Chief Scientific Officer | Sold | 1,688 | $17.89 | $30,198 |
| 27 May 2026 | Xie Jian President and COO | Sold | 1,201 | $17.60 | $21,138 |
| 27 May 2026 | Gao Hanlin Chief Scientific Officer | Sold | 945 | $17.60 | $16,632 |
| 2 December 2025 | Xie Jian President and COO | Sold | 1,140 | $28.33 | $32,296 |
| 2 December 2025 | Gao Hanlin Chief Scientific Officer | Sold | 1,075 | $28.33 | $30,455 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 5.2% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.