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ZYBERNO

Stock Report

Updated Sep 1, 2026

FULGENT GENETICS, INC. (FLGT)

Healthcare • NASDAQ

$19.61

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

25.0/100

POOR BUSINESS

FULGENT GENETICS, INC. (FLGT) scores 25/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FLGT quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FLGT valuation analysis · → View full FLGT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-7.9%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.02x)

Operating Margin (Operational Efficiency):CRITICAL (-37.7%)

Return on Capital (Capital Efficiency):CRITICAL (-9.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

FULGENT GENETICS, INC. (FLGT) stock report — Zyberno Score 25/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, FLGT generated -$112.38M in Owner Earnings. Capital was deployed as follows: $40.08M returned via share buybacks, $23.06M invested in capital expenditures. Reinvestment rate: 5.8%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:19.61

Market Cap:$549.18M

Valuation Multiples (3)

P/B Ratio:0.55x

P/S Ratio:1.70x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$530.34M

Price Action & Momentum (3)

12-1 Momentum:

-11.5% (42th pctile)

📈 Click to view full FLGT Momentum analysis →

Momentum Percentile:42 / 100

% of 52-Week High:63.2%

B. Profitability Assessment

Return Metrics (5)

ROE:

-7.9%

📊 Click to view full FLGT ROE analysis →

ROA:-7.2%

Roic:

-9.4%

📊 Click to view full FLGT ROIC analysis →

Reinvestment Rate:5.8%

Fundamental Growth Rate (g):-0.5%

Margin Analysis (3)

Operating Margin Ttm:-37.7%

Net Margin Ttm:-26.0%

Ebitda Margin:-28.0%

TTM Performance (3)

Gross Margin Ttm:35.6%

Operating Margin Ttm:-37.7%

Net Margin Ttm:-26.0%

Yield Metrics (2)

Earnings Yield:-$14.43

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.29

📊 Click to view full FLGT Earnings Surprise analysis →

EPS Surprise vs Expected:38.0%

Latest Earnings Filed:2026-07-30

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.4%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-31.5%

Operating Cash Flow Growth Rate (Linear):-16.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:6.34x

Quick Ratio:6.33x

Cash Ratio:0.37x

Leverage Analysis (3)

Debt To Equity Ttm:0.02x

Debt-to-Equity Ratio:0.02x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-759.13x

Times Interest Earned:-759.13

Capital Structure (4)

Working Capital:383,014,000.00

Cash And Cash Equivalents:26,305,000.00

Long Term Debt:$5.61M

Net Debt:-$18.84M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $323.93M

Linear Growth: 1.4%

📊 Click to view full FLGT Revenue analysis & methodology →

Cost Of Revenue Ttm:$208.67M

Profitability Breakdown (2)

Gross profit TTM: $115.26M

Linear Growth: 5.7%

📊 Click to view full FLGT Gross Profit analysis & methodology →

-$122.28M

Bottom Line Performance (3)

-$84.38M

Income Before Tax:-$92.45M

Ebitda Ttm:-90,693,000.00

Operating Expenses (5)

Operating Expenses:237,546,000.00

R And D Expense:56,760,000.00

Sga Expense:119,860,000.00

Income Tax Expense:-$6.98M

Interest Expense:120,000.00

Expense Ratios (3)

R And D To Revenue Percentage:66.5%

Sga To Revenue Percentage:140.4%

Ebitda Margin:-28.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.09B

Current Assets:$454.77M

Ppe Net:113,068,000.00

Goodwill:53,861,000.00

Intangible Assets:$149.26M

Liability Structure (4)

Total Liabilities:93,237,000.00

Current Liabilities:71,756,000.00

Long Term Debt:$5.61M

Short Term Debt:$1.86M

Equity & Capital (3)

Equity:$995.99M

Retained Earnings:$475.60M

Common Stock:50,000,000.00

Working Capital Items (3)

Accounts Receivable:64,938,000.00

Inventory:793,000.00

Accounts Payable:15,555,000.00

Special Items (2)

Contract Liabilities:3,404,000.00

Stock Based Compensation:8,624,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$90.11M

Linear Growth: -16.8%

Free cash flow TTM: -$113.17M

Linear Growth: -31.5%

📊 Click to view full FLGT Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$10.94M

Capital Expenditures Ttm:23,058,000.00

Financing Activities (3)

Financing Cash Flow:-$44.83M

Dividends Paid Ttm:0.00

Stock Repurchase:40,078,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:31,590,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.83

-$2.83

Earnings Per Share Ttm:-$3.01

Revenue & Cash Per Share (2)

Sales Per Share Ttm:11.57

Operating Cash Flow Per Share:-$3.63

Book Value & Capital (2)

Book Value Per Share:$35.56

Cash Per Share:0.94

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.28x

Working Capital Turnover Ttm:0.85x

Receivables Management (2)

Receivables Turnover Ttm:4.99x

Days Sales Outstanding Ttm:73.17

Inventory Management (2)

Inventory Turnover Ttm:263.14x

Days Inventory Outstanding Ttm:1.39

Payables & Cash Cycle (2)

Days Payable Outstanding:27.21

Cash Conversion Cycle:47.35

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$112.38M

Damodaran Growth Analysis (2)

Reinvestment Rate:5.8%

Fundamental Growth Rate (g):-0.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):1.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-31.5%

Operating Cash Flow Growth Rate (Linear):-16.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):5.7%

Book Value Growth Rate (Linear):-5.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:FLGT

Company Name:FULGENT GENETICS, INC.

Sector:Healthcare

Industry:Services-Medical Laboratories

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:28.01M

Shares Outstanding Basic:28.01M

Shares Outstanding Diluted:28.01M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 22:58:08 UTC

Data Timestamp:2026-09-01T22:58:08.607490