Fulgent Genetics (FLGT)


Market Price (9/19/2026): $21.68 | Market Cap: $607.1 MilSector: Health Care | Industry: Life Sciences Tools & Services

Fulgent Genetics (FLGT)


Market Price (9/19/2026): $21.68
Market Cap: $607.1 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -41%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -98%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -120 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -37%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%

Key risks
FLGT key risks include [1] a U.S. Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -41%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -98%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -120 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -37%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%
7 Key risks
FLGT key risks include [1] a U.S. Show more.

FLGT in ETFs

Weight = FLGT's share of each fund

VTI0.00%
IWM0.01%
IHF0.06%
FNDA0.03%
IBB0.03%
IWN0.02%
VTWO0.01%
DFAS0.01%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/16/2026

Fulgent Genetics (FLGT) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Promising Therapeutic Pipeline Development for FID-007. Fulgent Genetics presented encouraging Phase 2 data for its therapeutic candidate, FID-007, at the 2026 American Society of Clinical Oncology (ASCO) meeting in June. The data demonstrated an objective response rate of 61.9% and a one-year overall survival rate of 63.4% in patients with recurrent or metastatic head and neck squamous cell carcinoma. This progress, along with plans to advance to a Phase 3 study and an upcoming "end of Phase 2" meeting with the FDA, highlights the long-term potential of the company's therapeutic development business.

2. Significant Share Repurchase Program. The company actively executed its stock repurchase program, buying back approximately 1.5 million shares for $23.8 million during fiscal Q2 2026, which ended June 30, 2026. Year-to-date, Fulgent used $63.9 million for repurchases, contributing to a reduction in the forecasted average fully diluted share count for 2026 from 29 million to 28 million. This strategic move signals management's confidence in the company's valuation and helps enhance shareholder value.

Show more
Updated on 9/16/2026

Fulgent Genetics (FLGT) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Promising Therapeutic Pipeline Development for FID-007. Fulgent Genetics presented encouraging Phase 2 data for its therapeutic candidate, FID-007, at the 2026 American Society of Clinical Oncology (ASCO) meeting in June. The data demonstrated an objective response rate of 61.9% and a one-year overall survival rate of 63.4% in patients with recurrent or metastatic head and neck squamous cell carcinoma. This progress, along with plans to advance to a Phase 3 study and an upcoming "end of Phase 2" meeting with the FDA, highlights the long-term potential of the company's therapeutic development business.

2. Significant Share Repurchase Program. The company actively executed its stock repurchase program, buying back approximately 1.5 million shares for $23.8 million during fiscal Q2 2026, which ended June 30, 2026. Year-to-date, Fulgent used $63.9 million for repurchases, contributing to a reduction in the forecasted average fully diluted share count for 2026 from 29 million to 28 million. This strategic move signals management's confidence in the company's valuation and helps enhance shareholder value.

3. Sequential Revenue Growth in Laboratory Services Driven by Acquisitions. Despite missing analyst estimates for Q2 2026 earnings and revenue, Fulgent Genetics reported sequential revenue growth. Total revenue of $85.4 million for fiscal Q2 2026 marked a 20.1% increase from fiscal Q1 2026. This growth was primarily attributed to the full-quarter contribution from the successful integration of recent acquisitions, Bako Diagnostics and StrataDx, particularly boosting the anatomic pathology segment.

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Stock Movement Drivers

Fundamental Drivers

The 19.6% change in FLGT stock from 5/31/2026 to 9/18/2026 was primarily driven by a 10.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120269182026Change
Stock Price ($)18.1421.6919.6%
Change Contribution By: 
Total Revenues ($ Mil)3203241.1%
P/S Multiple1.71.97.2%
Shares Outstanding (Mil)312810.3%
Cumulative Contribution19.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/18/2026
ReturnCorrelation
FLGT19.6% 
Market (SPY)0.9%12.7%
Sector (XLV)12.7%20.4%

Fundamental Drivers

The 41.5% change in FLGT stock from 2/28/2026 to 9/18/2026 was primarily driven by a 27.4% change in the company's P/S Multiple.
(LTM values as of)22820269182026Change
Stock Price ($)15.3321.6941.5%
Change Contribution By: 
Total Revenues ($ Mil)3233240.4%
P/S Multiple1.51.927.4%
Shares Outstanding (Mil)312810.6%
Cumulative Contribution41.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/18/2026
ReturnCorrelation
FLGT41.5% 
Market (SPY)11.6%20.9%
Sector (XLV)5.5%21.3%

Fundamental Drivers

The -2.2% change in FLGT stock from 8/31/2025 to 9/18/2026 was primarily driven by a -16.0% change in the company's P/S Multiple.
(LTM values as of)83120259182026Change
Stock Price ($)22.1721.69-2.2%
Change Contribution By: 
Total Revenues ($ Mil)3033246.8%
P/S Multiple2.21.9-16.0%
Shares Outstanding (Mil)31289.1%
Cumulative Contribution-2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/18/2026
ReturnCorrelation
FLGT-2.2% 
Market (SPY)19.4%17.2%
Sector (XLV)24.1%13.2%

Fundamental Drivers

The -33.8% change in FLGT stock from 8/31/2023 to 9/18/2026 was primarily driven by a -41.0% change in the company's P/S Multiple.
(LTM values as of)83120239182026Change
Stock Price ($)32.7621.69-33.8%
Change Contribution By: 
Total Revenues ($ Mil)3073245.4%
P/S Multiple3.21.9-41.0%
Shares Outstanding (Mil)30286.5%
Cumulative Contribution-33.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/18/2026
ReturnCorrelation
FLGT-33.8% 
Market (SPY)75.6%21.9%
Sector (XLV)32.3%23.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FLGT Return93%-70%-3%-36%42%-17%-58%
Peers Return15%-42%2%36%61%60%139%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
FLGT Win Rate42%33%42%25%50%56% 
Peers Win Rate67%33%43%55%57%69% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
FLGT Max Drawdown-64%-71%-42%-43%-21%-52% 
Peers Max Drawdown-28%-53%-38%-24%-26%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ILMN, LH, DGX, NTRA, GH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventFLGTS&P 500
2025 US Tariff Shock
  % Loss-11.9%-18.8%
  % Gain to Breakeven13.5%23.1%
  Time to Breakeven3 days79 days
2023 SVB Regional Banking Crisis
  % Loss-14.2%-6.7%
  % Gain to Breakeven16.6%7.1%
  Time to Breakeven1 days31 days
2020 COVID-19 Crash
  % Loss-65.7%-33.7%
  % Gain to Breakeven191.4%50.9%
  Time to Breakeven119 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.9%-19.2%
  % Gain to Breakeven18.9%23.8%
  Time to Breakeven10 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-46.6%-3.7%
  % Gain to Breakeven87.3%3.9%
  Time to Breakeven790 days6 days

Compare to ILMN, LH, DGX, NTRA, GH

In The Past

Fulgent Genetics's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFLGTS&P 500
2020 COVID-19 Crash
  % Loss-65.7%-33.7%
  % Gain to Breakeven191.4%50.9%
  Time to Breakeven119 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-46.6%-3.7%
  % Gain to Breakeven87.3%3.9%
  Time to Breakeven790 days6 days

Compare to ILMN, LH, DGX, NTRA, GH

In The Past

Fulgent Genetics's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Fulgent Genetics (FLGT)

Fulgent Genetics (FLGT) is a diagnostic company specializing in a comprehensive range of genetic and molecular testing services. Based in California, the company provides critical insights for physicians and patients through its diverse test offerings. Its core business revolves around advanced genetic sequencing and specialized laboratory analyses, designed to aid in the diagnosis, prognosis, and monitoring of various medical conditions, including cancer, inherited diseases, and infectious agents like SARS-CoV-2.

FLGT's product portfolio is extensive, featuring oncology panels (Focus, Comprehensive), carrier screening (Beacon), rapid whole-genome testing for newborns and critically ill children, and patient-initiated genetic testing via Picture Genetics. The company also performs specialized services such as flow cytometry, FISH, immunohistochemistry, and molecular assays for both solid tumors and blood cancers. While it was a major provider of COVID-19 diagnostic tests, Fulgent continues to expand its genetic offerings and has strategically partnered with Helio Health for early blood-based cancer detection. Its services are utilized by a broad customer base including physicians, hospitals, medical institutions, other laboratories, governmental bodies, and directly by patients, both domestically and internationally.

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Fulgent Genetics is like a specialized LabCorp or Quest Diagnostics, focused on advanced genetic and molecular testing services.

AI Analysis | Feedback

  • COVID-19 Testing Services: Offers a range of tests including next-generation sequencing, RT-PCR, and antigen-based diagnostics for SARS-CoV-2 detection.
  • Oncology Genetic Testing: Provides Focus and Comprehensive oncology panels, as well as solid tumor molecular profiling for cancer diagnosis and treatment guidance.
  • Inherited Conditions & Pediatric Genetic Testing: Includes Beacon carrier screening, rapid whole genome testing for critically ill children, newborn genetic analysis panels, and ataxia-related variant detection.
  • Whole Exome and Whole Genome Testing: Delivers comprehensive genetic analysis through whole exome, clinical exome, and whole genome sequencing for diagnostic and research applications.
  • Patient-Initiated Genetic Testing (Picture Genetics): A platform enabling patients to directly access genetic testing services and insights.
  • Advanced Laboratory Diagnostics: Offers specialized services such as flow cytometry, fluorescence in-situ hybridization (FISH), immunohistochemistry, and cytogenetics for detailed cellular and chromosomal analysis.
  • Blood-Based Early Cancer Detection Tests: Commercializes innovative tests for early cancer detection utilizing blood samples, in partnership with Helio Health, Inc.

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Fulgent Genetics (FLGT) serves a diverse range of customers. While the company provides genetic and diagnostic testing services that ultimately benefit individual patients, it primarily serves various types of organizations and institutions, as well as direct patient categories. Due to the lack of specific company names in the provided description, the major customers can be broadly categorized as follows:

  • Healthcare Providers & Laboratories: This category includes hospitals, medical institutions, and other laboratories that utilize Fulgent's testing services for their patients or as part of their diagnostic offerings.
  • Payors & Institutional Clients: This encompasses insurance companies, other payors, governmental bodies, municipalities, and large corporations that contract with Fulgent for testing services, often covering costs or providing services for their members, employees, or constituents.
  • Individual Patients: Fulgent also directly serves patients, particularly through offerings like "picture genetics," which is a patient-initiated genetic testing service.

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  • Illumina, Inc. (ILMN)
  • Thermo Fisher Scientific Inc. (TMO)

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Ming Hsieh, Chairman of the Board of Directors and Chief Executive Officer

Ming Hsieh is the founder of Fulgent Genetics, Inc., established in 2011 as Fulgent Therapeutics before becoming Fulgent Genetics in 2016, and he led its initial public offering in 2016. Prior to Fulgent, he founded Cogent, Inc., a biometric identification service and product company, in 1990 and served as its CEO, President, and Chairman until its sale to 3M in 2010 for $943 million. He also founded AMAX Technology (1987–1990). Hsieh utilized personal capital from the sale of Cogent Systems to fund the launch of Fulgent.

Paul Kim, Chief Financial Officer

Paul Kim has served as the Chief Financial Officer of Fulgent Genetics since January 2016. He previously held the position of Chief Financial Officer at Cogent, Inc., a publicly traded biometric identification company, from 2004 until 2011, during which time Cogent was acquired by 3M. His prior experience also includes serving as Chief Financial Officer of JNI Corporation, a publicly traded storage area network technology company (2002-2003), and Vice President of Finance at Datafusion Inc., a privately held software development company (1998-1999). Kim also held finance leadership roles at Interlink Computer Sciences, Inc. (1996-1998) and worked at Coopers and Lybrand L.L.P. (1990-1996), leaving as an audit manager. He is a Certified Public Accountant.

Jian (James) Xie, President and Chief Operating Officer

Jian (James) Xie is a co-founder of Fulgent Genetics, Inc. He has served as Chief Operating Officer since April 2018 and was appointed President in May 2022. Before becoming COO, he held the position of Vice President of Bioinformatics since the company's inception. Prior to joining Fulgent, Mr. Xie was the Senior Vice President of Cogent Inc. from 1996 until 2011.

Hanlin (Harry) Gao, M.D., Ph.D., Chief Scientific Officer and Laboratory Director

Dr. Hanlin (Harry) Gao is a founder of Fulgent's genetic testing business. He has served as Fulgent LLC's Laboratory Director since February 2012 and was appointed Chief Scientific Officer in January 2016. Dr. Gao's prior experience includes serving as Laboratory Director of both the DNA Sequencing Core Laboratory and Clinical Molecular Diagnostics Laboratory at City of Hope from 2004 until 2013. He completed his clinical molecular genetics training fellowship and post-doctoral fellowship at Harvard Medical School in 2004.

Brandon Perthuis, Chief Commercial Officer

Brandon Perthuis joined Fulgent Genetics in 2017 and has served as Chief Commercial Officer since 2020. Before his time at Fulgent, he was the Vice President of Sales and Marketing of the Medical Genetics Laboratory at Baylor College of Medicine from 2009 to 2015. His career in genetic testing began in 2003, leading commercialization efforts for technologies such as microarray testing, exome sequencing, and mitochondrial diagnostics.

AI Analysis | Feedback

The key risks to Fulgent Genetics' business operations revolve primarily around its transition from a COVID-19 testing-dominant revenue stream, evolving regulatory and reimbursement landscapes, and concentration in its customer base.

  1. Declining COVID-19 Testing Revenue and the Challenge of Diversification
    Fulgent Genetics experienced a substantial surge in revenue during the COVID-19 pandemic, with its annual revenue growing from $32 million to nearly $1 billion within two years, largely due to demand for COVID-19 testing services. However, this revenue has since declined significantly, falling to negligible amounts in recent quarters. This sharp reduction has led to consecutive quarterly losses for the company. Fulgent Genetics is actively working to diversify its revenue streams by expanding its core diagnostics and pathology services, targeting $310 million in core revenue by 2025. The success of this transition is crucial, as the company navigates away from its pandemic-driven revenue peaks to achieve sustainable, long-term growth in the broader healthcare market.
  2. Regulatory and Reimbursement Pressures
    The genetic and diagnostic testing industry in which Fulgent Genetics operates is subject to extensive regulatory oversight. Potential changes in federal laws or enforcement policies could significantly impact the business. A notable risk is the FDA's final rule on Laboratory Developed Tests (LDTs), which is expected to increase validation and submission requirements, thereby raising compliance costs and extending the time-to-market for some of Fulgent's testing workflows. Furthermore, downward reimbursement trends, partly driven by the Protecting Access to Medicare Act (PAMA), continue to compress margins. Shifts in commercial and Medicare mix are also anticipated to materially affect revenue growth. The company has also faced allegations of improper billing practices and medically unnecessary testing, leading to increased legal and regulatory scrutiny from bodies like the Department of Justice (DOJ).
  3. Customer Concentration Risk
    Fulgent Genetics faces a significant risk due to its revenue being concentrated among a limited number of large customers. The loss or reduction in sales to these key customers could materially harm the business. For example, the departure of the company's single largest customer, which accounted for 22% of its total revenue in 2025 ($70.8 million), caused a substantial decline in the company's stock price and placed pressure on its gross margins and overall profitability. This highlights a vulnerability where a change in a few key customer relationships can lead to sudden and impactful revenue declines.

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AI Analysis | Feedback

Fulgent Genetics (symbol: FLGT) operates in several significant addressable markets for its diverse range of genetic and molecular diagnostic testing services.

Genetic Testing Market

  • The global genetic testing market was valued at approximately USD 21.49 billion in 2024 and is projected to reach around USD 72.93 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 16.5% from 2025 to 2032. Other estimates place the global market at USD 18.6 billion in 2023, growing to USD 52.3 billion by 2032.
  • In the U.S. alone, the genetic testing market was valued at USD 6.03 billion in 2024 and is poised to grow to USD 11.76 billion by 2033, with a CAGR of 7.7% during the forecast period of 2026–2033. Another report estimates the U.S. market at USD 5.3 billion in 2024, reaching USD 14.4 billion by 2033.

Molecular Diagnostics Market

  • The global molecular diagnostics market was valued at USD 26.2 billion in 2023 and is projected to reach USD 40.4 billion by 2034, growing at a CAGR of 4.2% from 2025. Another source indicates the global market size at USD 45.11 billion in 2025, expected to reach USD 66.34 billion by 2035, with a CAGR of 3.93% from 2026 to 2035.
  • The U.S. molecular diagnostics market size reached USD 10.4 billion in 2024. It was also estimated at USD 7.85 billion in 2025 and is projected to hit approximately USD 12.62 billion by 2035, growing at a CAGR of 4.86% during the forecast period of 2026 to 2035.

Oncology and Hereditary Cancer Testing Market

  • The global cancer genetic testing market was valued at USD 6.70 billion in 2024 and is projected to grow to USD 17.98 billion by 2033, demonstrating a CAGR of 11.6% from 2025 to 2033.
  • For hereditary cancer testing specifically, the global market was estimated at USD 4.67 billion in 2024 and is projected to reach USD 14.45 billion by 2033, with a CAGR of 13.76% from 2025 to 2033.
  • In the U.S., the hereditary cancer testing market was estimated at USD 1.93 billion in 2024 and is projected to reach USD 5.76 billion by 2033, growing at a CAGR of 13.32% from 2025 to 2033. The U.S. oncology molecular diagnostics market size was estimated at USD 790 million in 2024 and is predicted to increase to USD 2.5 billion by 2034, expanding at a CAGR of 12.21% from 2025 to 2034.

Liquid Biopsy Market (for early cancer detection)

  • The global liquid biopsy market was estimated at USD 6.17 billion in 2024 and is predicted to rise from USD 7.05 billion in 2025 to USD 22.69 billion by 2034, at a CAGR of 13.91% from 2025 to 2034.
  • The U.S. liquid biopsy market size was valued at USD 5.13 billion in 2024 and is expected to be worth around USD 44.80 billion by 2034, growing at a CAGR of 24.2% during the forecast period of 2025 to 2034. Another estimate placed the U.S. market at USD 4.13 billion in 2023, projected to grow at a CAGR of 24.1%.

COVID-19 Testing Market

  • The global COVID-19 diagnostics market size reached USD 58.3 billion in 2024 but is expected to reach USD 29.0 billion by 2033, indicating a decline as the pandemic's acute phase subsides. Similarly, the global COVID-19 diagnostics market was estimated at USD 33.03 billion in 2023 and is projected to reach USD 6.25 billion by 2030, declining at a CAGR of -21.2% from 2024 to 2030.
  • The global COVID-19 antigen test market, a component of overall COVID-19 testing, was USD 7.59 billion in 2025 and is projected to grow to USD 10.84 billion by 2030, at a CAGR of 7.4%.

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Expected Drivers of Future Revenue Growth for Fulgent Genetics (FLGT)

  • Growth in Precision Diagnostics: Fulgent Genetics anticipates continued organic growth within its core precision diagnostics business, driven by existing and newly launched genetic tests such as the Beacon carrier screening panels, expansion of whole genome sequencing, and the Lumera somatic assay. This growth is supported by expanded laboratory capabilities and an effective sales team.
  • Strategic Acquisitions: The acquisitions of Bako Diagnostics and StrataDx are expected to be significant contributors to future revenue. These acquisitions are projected to add $50 million to $55 million in revenue in 2026, significantly expanding Fulgent's laboratory services and national client base, particularly in anatomic pathology. The integration of Bako also brings additional sales representatives and opportunities for cross-selling products.
  • Expansion of Anatomic Pathology Services: Following the strategic acquisitions, Fulgent Genetics forecasts substantial growth in its anatomic pathology revenue, with projections indicating a 53% increase from 2025 to $162 million in 2026.
  • Strategic Partnerships: Collaborations with other entities, such as the partnership with Foundation Medicine for germline testing and the strategic investment and commercial agreement with Helio Health for early cancer detection tests like HelioLiver, are expected to broaden Fulgent's market reach and service offerings, thereby driving revenue growth.
  • Advancement of Therapeutic Development Pipeline: Progress in Fulgent's therapeutic development pipeline, including the advancement of FID-007 (for head and neck cancer) to Phase 3 and FID-022 completing Phase 1 dose escalation, represents a significant long-term revenue growth driver. The initial market opportunity for the head and neck cancer indication alone is estimated to be substantial.

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Share Repurchases

  • Fulgent Genetics initiated a $250 million stock repurchase program in March 2022.
  • As of December 31, 2025, the company had repurchased 0.6 million shares for an aggregate cost of $10.9 million under this program.
  • Approximately $139.6 million remained available for future repurchases as of the most recent earnings reports (Q3/Q4 2025).

Share Issuance

  • In 2025, 1.049 million restricted stock units (RSUs) vested.
  • The weighted average diluted shares outstanding increased from approximately 30.7 million in Q2 2025 to 31.7 million in Q4 2025.

Outbound Investments

  • Fulgent Genetics acquired Fulgent Pharma in 2022 as part of its strategy to become a "one-stop-shop" healthcare services business.
  • In July 2025, the company acquired ANP, which has contributed minimal revenue from therapeutic development business through IP licensing royalties.
  • The company anticipates closing the acquisition of Bako and StrataDx in March 2026, with an estimated purchase price of approximately $56 million.
  • A prior investment resulted in a one-time non-cash impairment charge of $9.9 million in Q2 2025.

Capital Expenditures

  • For 2026, anticipated capital purchases are approximately $12 million.
  • Capital expenditures are focused on strategic investments in technology and capabilities, including whole genome sequencing bundled with RNA sequencing, and incorporating somatic testing into the pathology business.
  • The company continues to commit to research and development spending to support both laboratory testing services and clinical studies.

Better Bets vs. Fulgent Genetics (FLGT)

Peer Outperformance in Life Sciences Tools & Services

FLGT has trailed 56% of its 108 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it are TMO, IQV and A. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that FLGT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
47%
of 126 industry peers · -3.6% return
3Y
47%
of 116 industry peers · -23.9% return
5Y
44%
of 108 industry peers · -76.3% return
Life Sciences Tools & Services peers with revenue growth within 4pp of FLGT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
FLGT Fulgent Genetics 1.9% -7.2x -3.6%-23.9%-76.3%
TMO Thermo Fisher Scientific 2.2% 34.7x 35.9%29.3%10.7% +87pp
IQV IQVIA 5.0% 32.2x 40.1%27.5%3.9% +80pp
A Agilent Technologies 2.0% 30.6x 23.6%42.5%-6.8% +70pp
MTD Mettler-Toledo International 1.6% 30.9x 8.2%23.0%-9.9% +66pp
DHR Danaher 2.9% 37.3x 9.3%-5.0%-24.7% +52pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is FLGT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 15.4%45.5%86.6% CAH 378% · MCK 331% · COR 164%
Managed Health Care 8 39.0%-2.8%0.1% OSCR 84% · HQY 49% · ELV 16%
Health Care Services 20 20.1%39.2%-1.3% HIMS 221% · RDNT 166% · DGX 75%
Health Care Facilities 24 4.2%3.1%-13.4% NHC 269% · THC 259% · ENSG 125%
Health Care Equipment 50 -3.2%-5.0%-22.6% POCI 11050% · UFPT 336% · GKOS 204%
Pharmaceuticals 62 -8.2%11.7%-40.1% LQDA 2386% · INDV 1146% · ETON 982%
Health Care Supplies 12 13.1%-12.7%-40.8% LNTH 293% · HAE 54% · MMSI 19%
Life Sciences Tools & Services ← 109 5.2%-17.4%-68.8% SNWV 1757% · MEDP 229% · NTRA 192%
Biotechnology 364 -0.7%-25.7%-79.5% CELZ 1280% · DNTH 1143% · ELVN 1058%
Health Care Technology 21 -23.7%-51.7%-79.9% SPOK 72% · HSTM 2% · VEEV -14%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FLGTILMNLHDGXNTRAGHMedian
NameFulgent .Illumina Labcorp Quest Di.Natera Guardant. 
Mkt Price21.69239.62320.71246.45369.39179.38243.03
Mkt Cap0.636.226.227.452.923.826.8
Rev LTM3244,49314,34811,5602,7071,1833,600
Op Inc LTM-1208921,6291,635-290-470386
FCF LTM-1049311,1551,34951-241491
FCF 3Y Avg-517731,0901,14913-271393
CFO LTM-841,0951,6381,903228-185662
CFO 3Y Avg-249231,5731,610120-235521

Growth & Margins

FLGTILMNLHDGXNTRAGHMedian
NameFulgent .Illumina Labcorp Quest Di.Natera Guardant. 
Rev Chg LTM6.8%4.9%6.4%9.9%37.8%42.7%8.3%
Rev Chg 3Y Avg1.9%0.3%6.5%7.0%42.8%32.6%6.8%
Rev Chg Q4.4%9.4%5.8%10.2%37.7%44.3%9.8%
QoQ Delta Rev Chg LTM1.1%2.3%1.4%2.5%8.2%9.5%2.4%
Op Inc Chg LTM-65.2%8.3%32.0%10.5%1.3%-2.1%4.8%
Op Inc Chg 3Y Avg-18.5%675.4%9.2%11.6%15.5%4.6%10.4%
Op Mgn LTM-37.1%19.9%11.4%14.1%-10.7%-39.7%0.3%
Op Mgn 3Y Avg-28.5%13.4%9.9%13.9%-16.2%-58.3%-3.2%
QoQ Delta Op Mgn LTM-4.0%0.3%0.2%-0.2%2.3%1.7%0.3%
CFO/Rev LTM-25.8%24.4%11.4%16.5%8.4%-15.7%9.9%
CFO/Rev 3Y Avg-7.2%21.0%11.7%15.3%4.6%-29.3%8.1%
FCF/Rev LTM-32.0%20.7%8.1%11.7%1.9%-20.3%5.0%
FCF/Rev 3Y Avg-15.9%17.6%8.1%10.9%-0.5%-33.2%3.8%

Valuation

FLGTILMNLHDGXNTRAGHMedian
NameFulgent .Illumina Labcorp Quest Di.Natera Guardant. 
Mkt Cap0.636.226.227.452.923.826.8
P/S1.98.11.82.419.620.15.2
P/Op Inc-5.140.616.116.7-182.7-50.75.5
P/EBIT-6.632.517.916.4-212.7-53.04.9
P/E-7.243.926.125.8-275.2-52.69.3
P/CFO-7.333.016.014.4231.9-128.715.2
Total Yield-13.9%2.3%4.7%5.2%-0.4%-1.9%1.0%
Dividend Yield0.0%0.0%0.9%1.3%0.0%0.0%0.0%
FCF Yield 3Y Avg-8.7%4.2%5.3%5.9%-0.1%-4.6%2.0%
D/E0.00.10.30.20.00.10.1
Net D/E-0.40.00.30.2-0.00.00.0

Returns

FLGTILMNLHDGXNTRAGHMedian
NameFulgent .Illumina Labcorp Quest Di.Natera Guardant. 
1M Rtn9.9%16.9%-2.7%1.9%13.6%9.8%9.8%
3M Rtn20.5%48.0%25.6%26.9%59.6%36.1%31.5%
6M Rtn39.8%92.7%22.5%27.3%89.2%110.6%64.5%
12M Rtn-3.6%132.6%16.9%36.8%105.4%205.1%71.1%
3Y Rtn-23.9%75.5%61.2%108.1%631.0%550.2%91.8%
1M Excs Rtn10.6%17.6%-2.0%2.7%14.4%10.6%10.6%
3M Excs Rtn18.5%46.0%23.6%24.9%57.6%34.1%29.5%
6M Excs Rtn23.6%73.5%6.2%12.2%66.4%85.6%45.0%
12M Excs Rtn-17.5%121.6%1.4%21.7%94.7%197.7%58.2%
3Y Excs Rtn-98.4%-7.7%-9.9%32.7%494.3%385.0%12.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Laboratory services322283289619993
Therapeutic development00000
Total323283289619993


Operating Income by Segment
$ Mil2025202420232021
Goodwill impairment loss00-120 
Acquisition-related costs-200 
Laboratory services-7-5-17676
Amortization of intangible assets-8-8-8 
Professional liability expense-1400 
Therapeutic development-20-17-80
Equity-based compensation-40-44-43 
Total-91-74-196676


Assets by Segment
$ Mil2025202420232022
Laboratory services1,0961,1311,1461,293
Therapeutic development117898993
Total1,2141,2201,2351,386


Price Behavior

Price Behavior
Market Price$21.69 
Market Cap ($ Bil)0.6 
First Trading Date09/29/2016 
Distance from 52W High-29.7% 
   50 Days200 Days
DMA Price$19.71$20.29
DMA Trenddownup
Distance from DMA10.1%6.9%
 3M1YR
Volatility50.3%59.5%
Downside Capture-14.89119.41
Upside Capture85.6094.18
Correlation (SPY)14.3%17.3%
FLGT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.551.120.600.810.840.71
Up Beta3.042.430.991.310.890.73
Down Beta-1.59-1.22-0.170.220.080.26
Up Capture360%67%81%91%90%44%
Bmk +ve Days10213268138427
Stock +ve Days9193066116350
Down Capture146%155%58%62%124%104%
Bmk -ve Days11213259113324
Stock -ve Days12233461135396

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLGT
FLGT-1.5%59.4%0.24-
Sector ETF (XLV)24.4%16.1%1.1612.5%
Equity (SPY)16.9%12.9%0.9417.3%
Gold (GLD)19.1%29.3%0.602.5%
Commodities (DBC)46.9%20.6%1.76-13.6%
Real Estate (VNQ)4.9%13.6%0.1014.4%
Bitcoin (BTCUSD)-34.5%43.9%-0.8413.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLGT
FLGT-24.8%50.2%-0.38-
Sector ETF (XLV)6.4%15.2%0.2429.1%
Equity (SPY)12.9%17.2%0.5732.2%
Gold (GLD)19.1%18.8%0.834.9%
Commodities (DBC)11.3%19.5%0.45-3.9%
Real Estate (VNQ)1.1%18.8%-0.0530.0%
Bitcoin (BTCUSD)11.2%52.5%0.3921.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLGT
FLGT9.4%75.1%0.46-
Sector ETF (XLV)10.6%16.7%0.5123.1%
Equity (SPY)15.1%18.0%0.7225.2%
Gold (GLD)12.1%16.4%0.618.3%
Commodities (DBC)8.3%18.1%0.374.2%
Real Estate (VNQ)4.4%20.7%0.1820.5%
Bitcoin (BTCUSD)61.7%66.1%1.0212.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 8152026-7.3%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest10.0 days
Basic Shares Quantity28.0 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 9/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-18.1%-8.2%-3.0%
5/1/2026-7.0%-0.5%19.1%
2/27/2026-38.1%-42.4%-37.0%
11/7/202518.2%32.6%23.1%
8/1/20257.9%18.8%29.0%
5/2/202519.1%7.6%19.8%
2/28/2025-1.5%14.1%8.7%
11/8/2024-11.8%-19.2%-4.8%
...
SUMMARY STATS   
# Positive131213
# Negative111211
Median Positive7.1%16.4%15.5%
Median Negative-7.0%-8.5%-9.1%
Max Positive19.1%48.5%54.8%
Max Negative-38.1%-42.4%-37.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-18.1%-8.2%-3.0%
5/1/2026-7.0%-0.5%19.1%
2/27/2026-38.1%-42.4%-37.0%
11/7/202518.2%32.6%23.1%
8/1/20257.9%18.8%29.0%
5/2/202519.1%7.6%19.8%
2/28/2025-1.5%14.1%8.7%
11/8/2024-11.8%-19.2%-4.8%
8/2/20246.3%4.1%-4.3%
5/3/20241.2%2.6%-1.7%
2/28/2024-8.1%-8.9%-14.9%
11/3/202313.2%9.7%15.5%
8/4/2023-3.0%-18.9%-18.6%
5/5/202319.0%20.6%37.0%
2/28/2023-2.9%-5.0%-9.1%
11/7/2022-2.3%1.1%4.4%
8/4/2022-6.1%-18.8%-34.7%
5/3/20223.6%-7.6%-2.4%
2/23/20222.2%-2.1%3.9%
11/9/20211.1%19.7%6.6%
8/9/2021-11.3%-12.5%-18.3%
5/6/20212.2%-7.6%10.4%
3/4/20218.0%19.6%12.9%
11/9/20207.1%48.5%54.8%
SUMMARY STATS   
# Positive131213
# Negative111211
Median Positive7.1%16.4%15.5%
Median Negative-7.0%-8.5%-9.1%
Max Positive19.1%48.5%54.8%
Max Negative-38.1%-42.4%-37.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/28/202210-K
09/30/202111/09/202110-Q
06/30/202108/10/202110-Q
03/31/202105/07/202110-Q
12/31/202003/08/202110-K
09/30/202011/09/202010-Q
06/30/202008/05/202010-Q
03/31/202005/06/202010-Q
12/31/201903/13/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 7/31/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Non-GAAP LossReported-67.00 Mil-65.00 Mil-63.00 Mil41.3% LoweredGuidance: -46.00 Mil for 2026
2026 Non-GAAP Loss Per ShareReported-2.35-2.29-2.2243.7% LoweredGuidance: -1.59 for 2026
2026 Cash, cash equivalents, restricted cash, and investments in marketable securitiesReported 610.00 Mil -4.1% LoweredGuidance: 636.00 Mil for 2026
2026 RevenueReported330.00 Mil335.00 Mil340.00 Mil-4.3% LoweredGuidance: 350.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/1/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Non-GAAP lossReported -46.00 Mil    
2026 Non-GAAP loss per shareReported -1.59 9.7% LoweredGuidance: -1.45 for 2026
2026 Cash, cash equivalents, restricted cash, and investments in marketable securitiesReported 636.00 Mil -7.2% LoweredGuidance: 685.00 Mil for 2026
2026 RevenueReported 350.00 Mil 0 AffirmedGuidance: 350.00 Mil for 2026

Q4 2025 Earnings Reported 2/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Cash and InvestmentsReported 685.00 Mil -14.4% Lower NewActual: 800.00 Mil for 2025
2026 RevenueReported 350.00 Mil 7.7% Higher NewActual: 325.00 Mil for 2025
2026 Non-GAAP EPSReported -1.45 -583.3% Lower NewActual: 0.3 for 2025

Q3 2025 Earnings Reported 11/7/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Cash and InvestmentsReported 800.00 Mil 3.9% RaisedGuidance: 770.00 Mil for 2025
2025 RevenueReported 325.00 Mil 1.6% RaisedGuidance: 320.00 Mil for 2025
2025 GAAP EPSReported -1.7 -19.0% RaisedGuidance: -2.1 for 2025
2025 Non-GAAP EPSReported 0.3 -185.7% RaisedGuidance: -0.35 for 2025

Insider Activity

Updated 9/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gao, HanlinChief Scientific OfficerDirectSell903202619.661,67332,88519,383,510Form
2Xie, JianPresident and COODirectSell903202619.662,12741,8097,074,810Form
3Xie, JianPresident and COODirectSell828202619.911,19323,7477,206,734Form
4Gao, HanlinChief Scientific OfficerDirectSell828202619.9193918,69119,662,256Form
5Xie, JianPresident and COODirectSell603202617.892,14638,3826,574,799Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gao, HanlinChief Scientific OfficerDirectSell903202619.661,67332,88519,383,510Form
2Xie, JianPresident and COODirectSell903202619.662,12741,8097,074,810Form
3Xie, JianPresident and COODirectSell828202619.911,19323,7477,206,734Form
4Gao, HanlinChief Scientific OfficerDirectSell828202619.9193918,69119,662,256Form
5Xie, JianPresident and COODirectSell603202617.892,14638,3826,574,799Form
6Gao, HanlinChief Scientific OfficerDirectSell603202617.891,68830,19117,713,334Form
7Xie, JianPresident and COODirectSell528202617.601,20121,1386,507,618Form
8Gao, HanlinChief Scientific OfficerDirectSell528202617.6094516,63217,460,291Form
9Xie, JianPresident and COODirectSell1203202528.331,14032,2989,540,705Form
10Gao, HanlinChief Scientific OfficerDirectSell1203202528.331,07530,45726,997,089Form
11Xie, JianPresident and COODirectSell1201202529.571,19835,4249,991,209Form
12Gao, HanlinChief Scientific OfficerDirectSell1201202529.5794327,88428,208,268Form
13Xie, JianPresident and COODirectSell1125202530.4768120,75210,332,998Form
14Gao, HanlinChief Scientific OfficerDirectSell1125202530.4753516,30329,098,911Form
15Xie, JianPresident and COODirectSell1121202529.1010,000290,98310,177,654Form
16Gao, HanlinChief Scientific OfficerDirectSell903202522.031,06323,41421,081,424Form
17Xie, JianPresident and COODirectSell903202522.031,12824,8468,020,384Form
Core Cache Last Updated: 9/18/2026