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what it is
Fulgent runs lab tests for doctors and patients, from genetic screens to cancer workups to tissue pathology.
how it gets paid
Last year Fulgent Genetics made $323M in revenue.
why it's growing
Revenue grew about 14% last year (full year 2025 vs. 2024). Demand is not the core question—GAAP profitability still is.
what just happened
Q4 2025 revenue was about $83.3M, up ~9% vs. prior year, but Fulgent still lost money on a GAAP basis.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
11.3% return on capital — nothing to write home about
-$1.41 fy2024 eps est
~$323M FY2025 revenue (reported)
xvary composite: 61/100 — average
What they do
Fulgent runs lab tests for doctors and patients, from genetic screens to cancer workups to tissue pathology.
If your doctor wants one lab that can handle genetic testing, oncology work, and pathology slides, Fulgent can take that order in one stop. The company has 1,313 employees and just $6 million of long-term debt, which means you are looking at a lab platform with room to buy assets and keep building. In diagnostics, convenience becomes habit, and habit is hard to rip out once a clinic has already plugged you into its workflow.
How they make money
$323M
annual revenue · their business grew +13.8% last year
total revenue
$323M
+13.8%
The products that matter
genetic testing services
Precision Diagnostics
$190.5M · ~59% of revenue
this is the core Precision Diagnostics line at ~$190.5M for full year 2025, up ~14% vs. prior year. if this segment slows while you replace a large customer, your largest revenue bucket stops being an anchor and starts being the problem.
largest segment
pathology lab services
Anatomic Pathology
$106.4M · ~33% of revenue · ~+10% vs. prior year
Anatomic Pathology was ~$106.4M in 2025 with ~10% growth—still important mix, but not the old +50% headline once you align to reported FY2025 figures. acquired contribution still has to turn into cleaner GAAP margins, not just bigger revenue.
growth engine
early-stage therapeutics work
Therapeutics
~$26M · ~8% · other & therapeutics (approx.)
Reported segment lines above leave roughly ~$26M (~8% of ~$323M FY2025 revenue) in other buckets, including therapeutics and corporate lines this card does not split further. The investable story on this page still sits in the two lab segments.
not the thesis
Key numbers
$323M
ttm revenue
That is the current size of the business, and it grew 13.8% vs. prior year even while earnings stayed negative.
negative
GAAP operating margin (FY2025)
Fulgent grew revenue in 2025 but remained GAAP-loss-making; the old +28% operating margin line contradicted the filing—use GAAP operating income ÷ revenue from the 10-K/earnings release.
$6M
long-term debt
Debt is borrowed money, and Fulgent has very little of it at just 1% of capital, which gives you balance-sheet breathing room.
11.3%
return on capital
Return on capital means what the business earns on the money invested in it, and 11.3% is decent for a company still in turnaround mode.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 10 / 100
- long-term debt $6M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FLGT right now.
source: institutional data · return history unavailable
What just happened
still unprofitable
Q4 2025 revenue was about $83.3M, up ~9% vs. prior year, but Fulgent still lost money on a GAAP basis.
GAAP gross margin was ~39.1% in Q4 2025 (~41.0% non-GAAP gross margin in the release). GAAP EPS was about ($0.76) for the quarter and about ($1.97) for full year 2025—do not confuse that with a positive $0.21 print (a prior error on this page). FY2024 GAAP EPS was ($1.41) per the 2024 results release.
~$83.3M
Q4 2025 revenue
~($0.76)
Q4 2025 GAAP eps
~39.1%
Q4 GAAP gross margin
the number that mattered
The ~$83M quarter matters because it is the right scale for Fulgent—high tens of millions per quarter, not ~$239M (a misread closer to annual revenue). The real question is still GAAP profitability.
source: company earnings report, 2026
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What could go wrong
the #1 risk is replacing the lost core diagnostics customer without a margin reset.
high
customer concentration already hit the income statement
management said a large customer loss will pressure Q1 2026 gross margin. when one account can change the outlook on a 41.1% gross margin business, concentration is not a footnote.
impact: an eight-figure revenue gap has to be replaced while the company protects margin.
med
the $350M guide leaves only $27.3M of room for hope
$350M in 2026 revenue is about 8.5% above $322.7M. that sounds manageable until you remember the year begins with a lost customer and weaker gross-margin commentary.
impact: even a modest miss would turn a growth story into an execution problem.
med
pathology is doing more than its share of the work
Anatomic Pathology was about $106.4M in 2025 with ~10% growth, versus ~$190.5M and ~14% for Precision Diagnostics. pathology matters, but the mix is not the old “+53% vs +16%” framing once you align to FY2025 reported figures.
impact: if pathology growth cools, consolidated growth probably follows it down fast.
med
acquisition integration still has to turn into cleaner earnings
Bako Diagnostics and StrataDx helped build the pathology story. this snapshot does not give you enough segment-profit detail to prove that the acquired growth is already showing up as durable margin improvement.
impact: revenue can look better while earnings stay messy, which is usually where small-cap patience runs out.
a customer loss is already pressuring margins, and the company still wants $350M in 2026 revenue versus $322.7M last year. that is the whole test.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin risk
Q1 2026 gross margin after the customer loss
management already warned this line gets hit. if gross margin drops well below 41.1%, the lost account mattered more than investors wanted to believe.
revenue path
whether quarterly sales still point to $350M for 2026
the target implies about $27.3M of growth from $322.7M. you do not need hypergrowth. you do need visible proof that the hole is being filled.
segment mix
whether pathology stays the faster engine
Anatomic Pathology grew ~10% on ~$106.4M in 2025. if that cools hard, the story goes back to leaning on a much more ordinary diagnostics base.
next catalyst
the next earnings call needs cleaner proof, not cleaner adjectives
you want two things from the next update: evidence that replacement business is arriving and a margin outlook that is getting less ugly instead of more.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not have a clean read on earnings. expect revisions and surprises.
risk rank
1
this measure says FLGT screens safer than 95% of stocks. that is balance-sheet safety, not business-model certainty.
source: institutional data
Institutional activity
institutional ownership data for FLGT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$28
current price
n/a
target midpoint · n/a from current
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