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what it is
FiscalNote sells policy and regulatory intelligence software so companies can track laws, lobby smarter, and react before rules hit.
how it gets paid
Last year Fiscalnote made $120M in revenue. policy intelligence was the main engine at $42M, or 35% of sales.
what just happened
Latest quarter revenue was about $22M, but the bigger fact is that losses still define the story.
At a glance
C balance sheet — red flag territory — real financial stress
-$4.08 fy2024 eps est
$120M fy2024 rev est
~-26.6% operating margin (loss-making operations)
1.8 beta
xvary composite: 25/100 — weak
What they do
FiscalNote sells policy and regulatory intelligence software so companies can track laws, lobby smarter, and react before rules hit.
FiscalNote wins by making policy chaos searchable. It serves global enterprises, governments, trade groups, and nonprofits with 555 employees building tools around regulatory sprawl. Switching costs → leaving is annoying and risky → so what: when your workflow depends on one system for legal and policy tracking, replacing it can break how your team works.
How they make money
$120M
annual revenue
policy intelligence
$42M
regulatory monitoring
$30M
workflow and advocacy tools
$24M
constituent relationship management
$14M
data and analytics services
$10M
The products that matter
policy and regulatory subscriptions
Policy & Regulatory Intelligence
$103M · core revenue stream
This is the main business, generating $103M in trailing revenue from customers paying to track policy and regulatory change in one place.
core
new product extension
Political Prediction Markets
announced feb 12, 2026
This is a fresh monetization idea, not a proven revenue line. That matters because the legacy business is only worth $15M in equity value despite $103M in sales.
early bet
non-core assets being sold
Divested Assets
$18M–$30M at risk
Management is slimming the company, but that comes with a tradeoff: the announced asset sales remove $18M–$30M of annual revenue while the debt burden stays very real.
revenue leaving
Key numbers
$145M
long-term debt
Debt is about 9.7 times the company's roughly $15M market cap, which tells you creditors matter more than shareholders right now.
-26.6%
operating margin
Operating margin → profit from the actual business → so what: FiscalNote loses about 27 cents for every dollar of sales before interest and taxes.
$120M
annual revenue
Revenue gives you the scale of the platform, but scale without profit is just an expensive habit.
-$4.08
FY2024 EPS
EPS → profit per share → so what: every share represents another year of losses, not earnings power.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $145M (91% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for NOTE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue was about $22.4M (Q3 2025), but the bigger fact is that losses still define the story.
That quarter was down roughly 24% vs. prior year after divestitures, with EPS around -$3.20 on a GAAP basis. FY2024 EPS is still deeply negative (~-$4.08) and operating margin is about -26.6%.
~$22.4M
revenue
-$3.20
eps
n/a
n/a
the number that mattered
~$22.4M matters because even after shrink-and-focus, the business must prove it can grow the core while operating margin stays on a path toward breakeven.
source: EDGAR, latest quarter
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What could go wrong
The top threat is a leveraged turnaround that never turns. FiscalNote already carries $145M in long-term debt against $103M in trailing revenue, so time is not free here.
med
persistent losses
Estimated FY2024 EPS is -$4.08 and return on equity is -76%. The company is not close enough to profitability for investors to wave this away as temporary noise.
If losses persist, equity holders keep absorbing the cost through lower confidence, weaker financing options, and possible dilution.
med
debt outruns flexibility
Long-term debt is $145M, or 91% of total capital, on a company worth about $15M in the market. That is a mismatch between operating scale and equity cushion.
Even modest operating stumbles matter more when the balance sheet is already stretched.
med
the slimmer company may also be a smaller one
The divestiture process includes assets worth roughly $18M–$30M of annual revenue, including the sale of TimeBase to Thomson Reuters for $6.5M. Cleaner is not the same as better if the remaining base cannot grow.
You could end up owning a more focused company that also has less revenue to absorb fixed costs.
med
new products do not fix old math
The prediction markets announcement adds narrative, but it does not erase the current numbers. Right now the market is reacting to leverage, losses, and shrinking reported revenue.
If new initiatives stay conceptual, the stock remains tied to turnaround execution in the core platform.
With $145M in long-term debt against $103M in trailing revenue and a $15M equity value, this stock has very little margin for a turnaround that slips.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 19 earnings
Q4 and full-year 2025 need to show more than another revenue print. You want evidence that profitability is moving in the right direction after Q3 hit $22.4M guidance but still missed on earnings quality.
metric
post-sale revenue base
The company is selling assets tied to roughly $18M–$30M of annual revenue. Watch how large the remaining core business really is once the cleanup is done.
risk
debt versus business size
$145M in long-term debt on $103M in trailing revenue is the ratio that keeps this in the danger zone. If that imbalance does not improve, the equity stays speculative.
trend
whether the new product story becomes revenue
Prediction markets were announced on Feb 12, 2026. The next step is simple: customers, partners, or dollars. Until then, it is a headline.
Analyst rankings
coverage
thin
in human-speak, this is not a stock where you can lean on a deep bench of analyst opinions.
source: institutional data
Institutional activity
institutional ownership data for NOTE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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