What is Fibrogen Inc's earnings per share (EPS)?

Fibrogen Inc (FGEN) reported diluted earnings per share of $45.37 for fiscal year 2025. This represents a 481.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fibrogen Inc Financials

FGEN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Fibrogen Inc (FGEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Fibrogen Inc has an operating margin of -712.7%, meaning the company retains $-713 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -507.8% the prior year.

Growth

Fibrogen Inc's revenue declined 78.3% year-over-year, from $29.6M to $6.4M. This contraction results in a growth score of 0/100.

Liquidity

With a current ratio of 3.39, Fibrogen Inc holds $3.39 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.

Cash Flow

While Fibrogen Inc generated -$4.8M in operating cash flow, capex of $38K consumed most of it, leaving -$4.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Fibrogen Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

-0.03x

For every $1 of reported earnings, Fibrogen Inc generates $-0.03 in operating cash flow (-$4.8M OCF vs $183.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-5.2x

Fibrogen Inc earns $-5.2 in operating income for every $1 of interest expense (-$45.9M vs $8.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$6.4M

YoY-78.3%

5Y CAGR-48.4%

10Y CAGR-28.4%

Fibrogen Inc generated $6.4M in revenue in fiscal year 2025. This represents a decrease of 78.3% from the prior year.

EBITDA

-$45.1M

YoY+69.4%

Fibrogen Inc's EBITDA was -$45.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 69.4% from the prior year.

Net Income

$183.5M

YoY+485.6%

Fibrogen Inc reported $183.5M in net income in fiscal year 2025. This represents an increase of 485.6% from the prior year.

EPS (Diluted)

$45.37

YoY+481.6%

Fibrogen Inc earned $45.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 481.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$4.8M

YoY+96.5%

Fibrogen Inc generated -$4.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 96.5% from the prior year.

Cash & Debt

$47.9M

YoY-5.2%

5Y CAGR-41.2%

10Y CAGR-11.0%

Fibrogen Inc held $47.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.2%

Fibrogen Inc had 4M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Gross Margin

91.4%

YoY+43.9pp

5Y CAGR-3.6pp

Fibrogen Inc's gross margin was 91.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 43.9 percentage points from the prior year.

Operating Margin

-712.7%

YoY-204.9pp

5Y CAGR-603.8pp

10Y CAGR-669.7pp

Fibrogen Inc's operating margin was -712.7% in fiscal year 2025, reflecting core business profitability. This is down 204.9 percentage points from the prior year.

Net Margin

2848.6%

YoY+3009.3pp

5Y CAGR+2956.0pp

10Y CAGR+2896.1pp

Fibrogen Inc's net profit margin was 2848.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3009.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$23.5M

YoY-75.4%

5Y CAGR-37.8%

10Y CAGR-19.8%

Fibrogen Inc invested $23.5M in research and development in fiscal year 2025. This represents a decrease of 75.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$38K

YoY-85.7%

5Y CAGR-60.6%

10Y CAGR-32.6%

Fibrogen Inc invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.7% from the prior year.

FGEN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.4M-78.3%	$29.6M-36.7%	$46.8M-66.7%	$140.7M-40.2%	$235.3M+33.5%	$176.3M
Cost of Revenue	$556K-96.4%	$15.6M+292.8%	$4.0M-80.5%	$20.3M+57.6%	$12.9M+45.1%	$8.9M
Gross Profit	$5.9M-58.2%	$14.1M-67.2%	$42.8M-64.4%	$120.5M-45.8%	$222.4M+32.8%	$167.4M
R&D Expenses	$23.5M-75.4%	$95.7M-64.1%	$266.5M-10.2%	$296.8M-23.3%	$387.0M+53.0%	$252.9M
SG&A Expenses	$27.7M-43.8%	$49.3M-43.0%	$86.5M-30.6%	$124.7M+0.6%	$123.9M+16.5%	$106.4M
Operating Income	-$45.9M+69.5%	-$150.4M+53.4%	-$322.7M-7.2%	-$301.0M-4.3%	-$288.5M-50.4%	-$191.9M
Interest Expense	$8.8M+6.2%	$8.2M+1.9%	$8.1M+462.2%	$1.4M+34.0%	$1.1M-55.2%	$2.4M
Income Tax	-$90K+66.5%	-$269K-6.7%	-$252K-170.4%	$358K+3.2%	$347K-3.6%	$360K
Net Income	$183.5M+485.6%	-$47.6M+83.3%	-$284.2M+3.2%	-$293.7M-1.3%	-$290.0M-53.2%	-$189.3M
EPS (Diluted)	$45.37+481.6%	$-11.89	$-2.92+7.0%	$-3.140.0%	$-3.14-48.8%	$-2.11

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.3M+18.7%	$1.1M-20.2%	$1.3M-50.8%	$2.7M-12.7%	$3.1M+2449.6%	$123K-87.7%	$998K-96.1%	$25.4M
Cost of Revenue	$277K+577.6%	-$58K-168.2%	$85K-66.3%	$252K+104.3%	-$5.8M-7696.0%	-$75K-153.6%	$140K-99.3%	$21.3M
Gross Profit	N/A	N/A	$1.3M-49.2%	$2.5M	N/A	N/A	$858K-78.7%	$4.0M
R&D Expenses	$7.3M+501.2%	$1.2M-79.4%	$5.9M-36.1%	$9.2M+33.6%	$6.9M-65.6%	$20.0M-38.3%	$32.4M-11.3%	$36.5M
SG&A Expenses	$7.3M+36.9%	$5.3M-25.0%	$7.1M-12.9%	$8.1M-2.9%	$8.3M-10.8%	$9.4M-37.2%	$14.9M-10.8%	$16.7M
Operating Income	-$13.5M-149.7%	-$5.4M+55.1%	-$12.1M+19.2%	-$14.9M-109.1%	-$7.1M+85.0%	-$47.7M-2.8%	-$46.4M+5.6%	-$49.2M
Interest Expense	$2.4M+15.7%	$2.1M+3.7%	$2.0M-11.0%	$2.3M+1.8%	$2.2M+7.2%	$2.1M+10.8%	$1.9M-10.7%	$2.1M
Income Tax	$0	$0+100.0%	-$92K-4700.0%	$2K0.0%	$2K-33.3%	$3K+101.1%	-$281K-4114.3%	$7K
Net Income	-$14.2M-107.1%	$200.6M+2738.9%	-$7.6M-263.9%	$4.6M-74.2%	$18.0M+205.3%	-$17.1M-9.9%	-$15.5M+52.8%	-$32.9M
EPS (Diluted)	N/A	$49.61+2738.8%	$-1.88	$0.05	N/A	$-4.25-9.3%	$-3.89-1078.8%	$-0.33

FGEN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$119.6M-44.3%	$214.5M-49.3%	$423.5M-30.6%	$610.1M-21.2%	$773.8M-6.4%	$826.8M
Current Assets	$99.1M-49.6%	$196.5M-40.7%	$331.6M-32.7%	$492.8M+4.0%	$474.1M-37.2%	$755.1M
Cash & Equivalents	$47.9M-5.2%	$50.5M-38.1%	$81.6M-47.6%	$155.7M-9.1%	$171.2M-74.8%	$678.4M
Inventory	$3.7M+18.6%	$3.2M-81.6%	$17.2M-57.5%	$40.4M+30.4%	$31.0M+87.6%	$16.5M
Accounts Receivable	$216K-55.1%	$481K-90.6%	$5.1M-68.6%	$16.3M-6.3%	$17.4M-58.5%	$41.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$149.6M-62.4%	$398.2M-32.0%	$585.7M-4.2%	$611.6M+12.3%	$544.7M+41.3%	$385.4M
Current Liabilities	$29.2M-78.1%	$133.3M-38.8%	$217.7M-20.4%	$273.6M+21.3%	$225.5M+38.2%	$163.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$30.0M+86.7%	-$225.6M-10.5%	-$204.2M-852.0%	-$21.4M-110.3%	$209.1M-50.5%	$422.2M
Retained Earnings	-$1.7B+9.7%	-$1.9B-2.6%	-$1.8B-18.2%	-$1.6B-23.2%	-$1.3B-29.8%	-$974.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$119.6M-12.7%	$137.0M-23.0%	$178.1M+7.8%	$165.2M-23.0%	$214.5M-18.9%	$264.4M-9.8%	$293.2M-19.9%	$365.9M
Current Assets	$99.1M-25.7%	$133.4M-17.8%	$162.3M+9.3%	$148.5M-24.4%	$196.5M-19.6%	$244.5M+16.7%	$209.5M-24.7%	$278.2M
Cash & Equivalents	$47.9M-59.4%	$118.0M+404.9%	$23.4M-30.5%	$33.6M-33.4%	$50.5M-61.5%	$131.0M-6.9%	$140.7M+33.1%	$105.7M
Inventory	$3.7M-3.1%	$3.9M0.0%	$3.9M+22.4%	$3.2M0.0%	$3.2M-86.8%	$23.9M-5.7%	$25.4M-7.1%	$27.3M
Accounts Receivable	$216K+78.5%	$121K-11.0%	$136K-7.5%	$147K-69.4%	$481K-98.3%	$29.0M+352.7%	$6.4M-82.7%	$37.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$149.6M-2.9%	$154.0M-61.6%	$401.1M+5.0%	$382.1M-4.0%	$398.2M-14.6%	$466.1M-3.6%	$483.6M-12.4%	$552.0M
Current Liabilities	$29.2M-18.7%	$36.0M-76.9%	$155.9M+112.4%	$73.4M-44.9%	$133.3M-30.0%	$190.5M+28.2%	$148.6M-24.5%	$196.7M
Long-Term Debt	N/A	$75.0M	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$30.0M-76.4%	-$17.0M+92.4%	-$223.0M-2.8%	-$216.9M+3.9%	-$225.6M+7.4%	-$243.7M-4.9%	-$232.3M-1.8%	-$228.1M
Retained Earnings	-$1.7B-0.8%	-$1.7B+10.6%	-$1.9B-0.4%	-$1.9B+0.2%	-$1.9B+0.9%	-$1.9B-0.9%	-$1.9B-0.8%	-$1.9B

FGEN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$4.8M+96.5%	-$138.0M+56.2%	-$315.0M-115.9%	-$145.9M-77.5%	-$82.2M-200.8%	$81.6M
Capital Expenditures	$38K-85.7%	$266K-89.4%	$2.5M-32.7%	$3.7M-27.9%	$5.2M+29.8%	$4.0M
Free Cash Flow	-$4.8M+96.5%	-$138.3M+56.5%	-$317.5M-112.2%	-$149.7M-71.2%	-$87.4M-212.6%	$77.6M
Investing Cash Flow	$35.4M-71.9%	$126.0M-18.0%	$153.7M+72.4%	$89.1M+120.9%	-$427.0M-194.4%	$452.5M
Financing Cash Flow	-$86.0M-33636.5%	-$255K-100.2%	$122.7M+162.4%	$46.8M+8408.3%	-$563K-104.2%	$13.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$18.3M-892.3%	-$1.8M-114.6%	$12.7M+366.4%	$2.7M+108.9%	-$30.5M-263.7%	-$8.4M+79.0%	-$39.9M+32.8%	-$59.3M
Capital Expenditures	$0-100.0%	$9K-30.8%	$13K-18.8%	$16K-88.7%	$141K+72.0%	$82K+485.7%	$14K-51.7%	$29K
Free Cash Flow	-$18.3M-887.5%	-$1.9M-114.6%	$12.7M+368.7%	$2.7M+108.8%	-$30.6M-261.9%	-$8.5M+78.8%	-$39.9M+32.8%	-$59.3M
Investing Cash Flow	-$51.7M-159.3%	$87.2M+670561.5%	-$13K+18.8%	-$16K-100.9%	$1.7M+128.2%	$755K-99.0%	$72.2M+40.9%	$51.3M
Financing Cash Flow	-$14K+100.0%	-$85.9M-954533.3%	-$9K+89.8%	-$88K-1860.0%	$5K+103.9%	-$127K-496.9%	$32K+119.4%	-$165K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FGEN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	91.4%+43.9pp	47.5%-44.1pp	91.5%+5.9pp	85.6%-8.9pp	94.5%-0.4pp	95.0%
Operating Margin	-712.7%-204.9pp	-507.8%+181.7pp	-689.5%-475.6pp	-213.9%-91.3pp	-122.6%-13.8pp	-108.8%
Net Margin	2848.6%+3009.3pp	-160.6%+446.7pp	-607.3%-398.6pp	-208.7%-85.4pp	-123.3%-15.9pp	-107.4%
Return on Equity	N/A	N/A	N/A	N/A	-138.7%-93.8pp	-44.8%
Return on Assets	153.4%+175.6pp	-22.2%+44.9pp	-67.1%-19.0pp	-48.1%-10.6pp	-37.5%-14.6pp	-22.9%
Current Ratio	3.39+1.9	1.47-0.0	1.52-0.3	1.80-0.3	2.10-2.5	4.63
Debt-to-Equity	-4.98-3.2	-1.76+1.1	-2.87+25.6	-28.52-31.1	2.60+1.7	0.91
FCF Margin	-74.7%+392.1pp	-466.8%+211.7pp	-678.5%-572.1pp	-106.3%-69.2pp	-37.1%-81.2pp	44.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	93.7%+2.9pp	90.8%	N/A	N/A	86.0%+70.1pp	15.8%
Operating Margin	-1058.1%-555.2pp	-502.9%+391.2pp	-894.1%-349.4pp	-544.7%-317.2pp	-227.5%+38546.5pp	-38774.0%-34123.9pp	-4650.1%-4456.2pp	-193.9%
Net Margin	-1113.5%-19760.0pp	18646.5%+19210.5pp	-564.0%-733.4pp	169.4%-404.0pp	573.4%+14462.8pp	-13889.4%-12331.9pp	-1557.5%-1427.7pp	-129.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-11.9%-158.3pp	146.4%+150.7pp	-4.3%-7.1pp	2.8%-5.6pp	8.4%+14.8pp	-6.5%-1.2pp	-5.3%+3.7pp	-9.0%
Current Ratio	3.39-0.3	3.71+2.7	1.04-1.0	2.02+0.5	1.47+0.2	1.28-0.1	1.410.0	1.41
Debt-to-Equity	-4.98-0.6	-4.40-2.6	-1.80-0.0	-1.760.0	-1.76+0.1	-1.91+0.2	-2.08+0.3	-2.42
FCF Margin	-1435.2%-1262.8pp	-172.5%-1112.3pp	939.8%+841.1pp	98.7%+1074.7pp	-976.0%+5900.4pp	-6876.4%-2880.1pp	-3996.3%-3762.4pp	-233.9%

Note: Shareholder equity is negative (-$30.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Vtv Therapeutics VTVT

$144.5M

Pds Biotechnology Corporation PDSB

$29.4M

Actinium Pharmac ATNM

$30.9M

Relmada Therapeutics Inc RLMD

$669.2M

Frequently Asked Questions

What is Fibrogen Inc's annual revenue?

Fibrogen Inc (FGEN) reported $6.4M in total revenue for fiscal year 2025. This represents a -78.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fibrogen Inc's revenue growing?

Fibrogen Inc (FGEN) revenue declined by 78.3% year-over-year, from $29.6M to $6.4M in fiscal year 2025.

Is Fibrogen Inc profitable?

Yes, Fibrogen Inc (FGEN) reported a net income of $183.5M in fiscal year 2025, with a net profit margin of 2848.6%.

What is Fibrogen Inc's EBITDA?

Fibrogen Inc (FGEN) had EBITDA of -$45.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Fibrogen Inc's gross margin?

Fibrogen Inc (FGEN) had a gross margin of 91.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fibrogen Inc's operating margin?

Fibrogen Inc (FGEN) had an operating margin of -712.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fibrogen Inc's net profit margin?

Fibrogen Inc (FGEN) had a net profit margin of 2848.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fibrogen Inc's free cash flow?

Fibrogen Inc (FGEN) generated -$4.8M in free cash flow during fiscal year 2025. This represents a 96.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fibrogen Inc's operating cash flow?

Fibrogen Inc (FGEN) generated -$4.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fibrogen Inc's total assets?

Fibrogen Inc (FGEN) had $119.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fibrogen Inc's capital expenditures?

Fibrogen Inc (FGEN) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fibrogen Inc spend on research and development?

Fibrogen Inc (FGEN) invested $23.5M in research and development during fiscal year 2025.

How many shares does Fibrogen Inc have outstanding?

Fibrogen Inc (FGEN) had 4M shares outstanding as of fiscal year 2025.

What is Fibrogen Inc's current ratio?

Fibrogen Inc (FGEN) had a current ratio of 3.39 as of fiscal year 2025, which is generally considered healthy.

What is Fibrogen Inc's debt-to-equity ratio?

Fibrogen Inc (FGEN) had a debt-to-equity ratio of -4.98 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fibrogen Inc's return on assets (ROA)?

Fibrogen Inc (FGEN) had a return on assets of 153.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fibrogen Inc's cash runway?

Based on fiscal year 2025 data, Fibrogen Inc (FGEN) had $47.9M in cash against an annual operating cash burn of $4.8M. This gives an estimated cash runway of approximately 120 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Fibrogen Inc's debt-to-equity ratio negative or unusual?

Fibrogen Inc (FGEN) has negative shareholder equity of -$30.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Fibrogen Inc's Piotroski F-Score?

Fibrogen Inc (FGEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fibrogen Inc's earnings high quality?

Fibrogen Inc (FGEN) has an earnings quality ratio of -0.03x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Fibrogen Inc cover its interest payments?

Fibrogen Inc (FGEN) has an interest coverage ratio of -5.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Fibrogen Inc?

Fibrogen Inc (FGEN) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.