FLGTFulgent Genetics, Inc.

Services-Medical Laboratories

Revenue: $323M; 14% YoY
Operating margin: -28.2%; 8.3% YoY
EBITDA: −$67M; 37% YoY
Market cap: $567M
Employees: 500; $645K revenue each
Net debt / EBITDA: —
AI in 10-K: 4.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-11% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
73% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$645K · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.0 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$567M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$678K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$993M	$619M	$289M	$283M	$323M	14%
Operating income	$676M	$179M	−$196M	−$74M	−$91M	23%
Net income	$507M	$143M	−$168M	−$43M	−$61M	42%
Operating cash flow	$539M	$254M	$27M	$21M	−$102M	583%
Capex	$24M	$19M	$22M	$40M	$23M	44%
Stock-based comp	$16M	$33M	$43M	$44M	$40M	11%
Buybacks	—	$74M	$25M	$225K	$11M	4737%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 27, 2026	Hsieh Ming	SCHEDULE 13D/A	32.3%	Passive
Mar 31, 2026	Hsieh Ming	SCHEDULE 13D/A	30.7%	Passive
Nov 5, 2024	Hsieh Ming	SC 13D/A	28.5%	Passive
Nov 10, 2022	Hsieh Ming	SC 13D/A	29.5%	Passive
Dec 22, 2020	Ming Hsieh Trust	SC 13D	32.5%	Passive
Sep 17, 2020	Gao Hanlin	SC 13D/A	3.6%	Passive
Oct 24, 2019	Hsieh Ming	SC 13D/A	42.7%	Passive
Sep 13, 2019	Gao Hanlin	SC 13D/A	9.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $678K · 15
Net: −$678K

Pay vs performance

No pay-versus-performance disclosure yet.