FGI Industries Ltd. Financials
FGI Industries Ltd. (FGI) reported $128.7M in revenue over the twelve months to Jun 30, 2026, down 5.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Stable gross margins are being overwhelmed by overhead, while weaker equity makes the business increasingly dependent on liabilities.
FY2025 produced operating cash flow of$673K despite a net loss of-$6.1M , indicating that noncash charges and working-capital movements temporarily outweighed reported losses. However, free cash flow remained negative$213K after investment spending, so that cash conversion did not fully fund reinvestment.
Gross margin remained near
Liabilities stayed near
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of FGI Industries Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FGI Industries Ltd. has an operating margin of -1.8%, meaning the company loses $2 on every $100 of revenue. This results in a profitability score of 30/100. This is down from -1.6% the prior year.
FGI Industries Ltd.'s revenue declined 1.0% year-over-year, from $131.8M to $130.5M. This contraction results in a growth score of 53/100.
FGI Industries Ltd. has elevated debt relative to equity (D/E of 3.12), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.
FGI Industries Ltd.'s current ratio of 1.17 is below the typical benchmark, resulting in a score of 27/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While FGI Industries Ltd. generated $673K in operating cash flow, capex of $886K consumed most of it, leaving -$213K in free cash flow. This results in a low score of 24/100, reflecting heavy capital investment rather than weak cash generation.
FGI Industries Ltd. posts a -35.5% return on equity (ROE), meaning it loses $36 for every $100 of shareholders' equity. This results in a returns score of 24/100. This is down from -5.4% the prior year.
FGI Industries Ltd. scores 1.99, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
FGI Industries Ltd. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
FGI Industries Ltd. reported a net loss of $6.1M while generating $673K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
FGI Industries Ltd. reported an operating loss of $2.4M against $1.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
FGI Industries Ltd. generated $130.5M in revenue in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
FGI Industries Ltd.'s EBITDA was $504K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 53.2% from the prior year.
FGI Industries Ltd. reported -$6.1M in net income in fiscal year 2025. This represents a decrease of 411.2% from the prior year.
Cash & Balance Sheet
FGI Industries Ltd. recorded an outflow of $213K in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 97.8% from the prior year.
FGI Industries Ltd. held $1.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
FGI Industries Ltd.'s gross margin was 27.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
FGI Industries Ltd.'s operating margin was -1.8% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.
FGI Industries Ltd.'s net profit margin was -4.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.
FGI Industries Ltd.'s ROE was -35.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 30.1 percentage points from the prior year.
Capital Allocation
FGI Industries Ltd. invested $1.4M in research and development in fiscal year 2025. This represents a decrease of 16.6% from the prior year.
FGI Industries Ltd. invested $886K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 59.8% from the prior year.
Not reported for fiscal year 2025.
FGI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.9M+4.5% | $30.5M+0.1% | $30.5M-15.0% | $35.8M+15.6% | $31.0M-6.7% | $33.2M-6.7% | $35.6M-1.4% | $36.1M |
| Cost of Revenue | $21.2M-5.0% | $22.3M+0.1% | $22.3M-15.3% | $26.4M+18.2% | $22.3M-8.3% | $24.3M-9.5% | $26.9M+0.2% | $26.8M |
| Gross Profit | $10.7M+30.7% | $8.2M+0.2% | $8.1M-14.2% | $9.5M+9.1% | $8.7M-2.2% | $8.9M+1.8% | $8.7M-6.1% | $9.3M |
| R&D Expenses | $406K+43.8% | $283K-14.9% | $332K+17.0% | $284K-41.4% | $485K+53.0% | $317K-20.0% | $396K-12.4% | $452K |
| SG&A Expenses | $2.9M+22.2% | $2.4M-15.2% | $2.8M-0.3% | $2.8M-2.1% | $2.8M+5.3% | $2.7M+1.6% | $2.7M+0.8% | $2.6M |
| Operating Income | $1.4M+302.6% | -$691K-5.0% | -$659K-278.1% | $370K+144.4% | -$832K+35.0% | -$1.3M-1.5% | -$1.3M-1817.9% | -$66K |
| Interest Expense | $450K+26.7% | $355K+3.5% | $343K-14.9% | $403K+42.8% | $282K-6.8% | $303K-14.2% | $353K-3.7% | $366K |
| Income Tax | $141K+472.2% | $25K-98.7% | $1.9M-1.0% | $1.9M+976.0% | -$215K+71.0% | -$740K-37.1% | -$539K-301.6% | $268K |
| Net Income | $1.3M+233.7% | -$969K+63.1% | -$2.6M-59.1% | -$1.7M-34.1% | -$1.2M-95.8% | -$629K-56.4% | -$402K+26.9% | -$550K |
| EPS (Diluted) | $0.65+230.0% | -$0.50+63.5% | -$1.37-59.3% | -$0.86-34.4% | -$0.64 | -$0.33 | -$0.05 | -$0.29 |
FGI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $67.8M-0.5% | $68.2M-2.0% | $69.5M-4.8% | $73.0M+1.9% | $71.7M+4.7% | $68.5M-9.3% | $75.5M+1.1% | $74.7M |
| Current Assets | $51.5M+1.1% | $50.9M-1.2% | $51.5M-2.2% | $52.7M+7.3% | $49.1M+5.6% | $46.5M-12.0% | $52.9M+1.0% | $52.4M |
| Cash & Equivalents | $4.4M+63.0% | $2.7M+42.1% | $1.9M0.0% | $1.9M-24.0% | $2.5M+108.3% | $1.2M-73.9% | $4.6M+53.3% | $3.0M |
| Inventory | $12.0M-15.4% | $14.2M-7.0% | $15.3M+24.0% | $12.3M-2.7% | $12.7M+1.0% | $12.6M-10.1% | $14.0M+1.3% | $13.8M |
| Accounts Receivable | $15.5M+13.5% | $13.6M-1.5% | $13.8M-23.6% | $18.1M+15.5% | $15.7M-17.0% | $18.9M-6.7% | $20.3M+6.8% | $19.0M |
| Total Liabilities | $52.7M-2.0% | $53.8M-0.2% | $53.9M-1.2% | $54.6M+6.2% | $51.4M+8.2% | $47.5M-11.8% | $53.9M+4.1% | $51.8M |
| Current Liabilities | $43.8M-1.0% | $44.3M+0.8% | $43.9M-0.7% | $44.2M+8.9% | $40.6M+9.2% | $37.2M-12.5% | $42.5M+7.2% | $39.7M |
| Total Equity | $17.1M+5.7% | $16.2M-6.5% | $17.3M-12.5% | $19.7M-7.2% | $21.3M-2.3% | $21.8M-2.1% | $22.3M-5.4% | $23.5M |
| Retained Earnings | -$2.6M+33.3% | -$3.9M-33.1% | -$2.9M-877.3% | -$300K-122.2% | $1.4M-47.7% | $2.6M-19.6% | $3.2M-11.1% | $3.6M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
FGI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.1M+757.5% | -$326K-113.9% | $2.3M+225.6% | -$1.9M-201.0% | $1.8M+211.8% | -$1.7M-367.5% | $617K+167.5% | -$915K |
| Capital Expenditures | $90K+13.2% | $80K+18.8% | $67K-74.5% | $263K+27.5% | $206K-41.1% | $350K-57.9% | $832K+349.9% | $185K |
| Free Cash Flow | $2.1M+606.0% | -$405K-117.8% | $2.3M+206.9% | -$2.1M-229.7% | $1.6M+182.0% | -$2.0M-834.8% | -$214K+80.5% | -$1.1M |
| Investing Cash Flow | -$96K-20.0% | -$80K+34.7% | -$122K+53.6% | -$263K-45.1% | -$181K+59.8% | -$450K+45.9% | -$832K-349.9% | -$185K |
| Financing Cash Flow | -$109K-108.5% | $1.3M+157.8% | -$2.2M-245.4% | $1.5M+347.6% | -$613K+53.9% | -$1.3M-166.0% | $2.0M-27.8% | $2.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FGI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.4%+6.7pp | 26.8%0.0pp | 26.7%+0.2pp | 26.5%-1.6pp | 28.1%+1.3pp | 26.8%+2.2pp | 24.6%-1.2pp | 25.8% |
| Operating Margin | 4.4%+6.7pp | -2.3%-0.1pp | -2.2%-3.2pp | 1.0%+3.7pp | -2.7%+1.2pp | -3.9%-0.3pp | -3.5%-3.4pp | -0.2% |
| Net Margin | 4.1%+7.2pp | -3.2%+5.4pp | -8.6%-4.0pp | -4.6%-0.6pp | -4.0%-2.1pp | -1.9%-0.8pp | -1.1%+0.4pp | -1.5% |
| Return on Equity | 7.6%+13.6pp | -6.0%+9.2pp | -15.2%-6.8pp | -8.4%-2.6pp | -5.8%-2.9pp | -2.9%-1.1pp | -1.8%+0.5pp | -2.3% |
| Return on Assets | 1.9%+3.3pp | -1.4%+2.4pp | -3.8%-1.5pp | -2.3%-0.5pp | -1.7%-0.8pp | -0.9%-0.4pp | -0.5%+0.2pp | -0.7% |
| Current Ratio | 1.180.0x | 1.150.0x | 1.170.0x | 1.190.0x | 1.210.0x | 1.250.0x | 1.24-0.1x | 1.32 |
| Debt-to-Equity | 3.09-0.2x | 3.33+0.2x | 3.12+0.4x | 2.77+0.3x | 2.42+0.2x | 2.18-0.2x | 2.42+0.2x | 2.20 |
| FCF Margin | 6.4%+7.8pp | -1.3%-8.8pp | 7.5%+13.4pp | -5.9%-11.2pp | 5.3%+11.3pp | -6.0%-5.4pp | -0.6%+2.5pp | -3.0% |
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Where FGI Industries Ltd. Ranks
Frequently Asked Questions
What is FGI Industries Ltd.'s annual revenue?
FGI Industries Ltd. (FGI) reported $130.5M in total revenue for fiscal year 2025. This represents a -1.0% 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 FGI Industries Ltd.'s revenue growing?
FGI Industries Ltd. (FGI) revenue declined by 1.0% year-over-year, from $131.8M to $130.5M in fiscal year 2025.
Is FGI Industries Ltd. profitable?
No, FGI Industries Ltd. (FGI) reported a net income of -$6.1M in fiscal year 2025, with a net profit margin of -4.7%.
What is FGI Industries Ltd.'s EBITDA?
FGI Industries Ltd. (FGI) had EBITDA of $504K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is FGI Industries Ltd.'s gross margin?
FGI Industries Ltd. (FGI) had a gross margin of 27.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is FGI Industries Ltd.'s operating margin?
FGI Industries Ltd. (FGI) had an operating margin of -1.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is FGI Industries Ltd.'s net profit margin?
FGI Industries Ltd. (FGI) had a net profit margin of -4.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is FGI Industries Ltd.'s return on equity (ROE)?
FGI Industries Ltd. (FGI) has a return on equity of -35.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is FGI Industries Ltd.'s free cash flow?
FGI Industries Ltd. (FGI) recorded an outflow of $213K in free cash flow during fiscal year 2025. This represents a 97.8% 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 FGI Industries Ltd.'s operating cash flow?
FGI Industries Ltd. (FGI) generated $673K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are FGI Industries Ltd.'s total assets?
FGI Industries Ltd. (FGI) had $69.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FGI Industries Ltd.'s capital expenditures?
FGI Industries Ltd. (FGI) invested $886K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FGI Industries Ltd. spend on research and development?
FGI Industries Ltd. (FGI) invested $1.4M in research and development during fiscal year 2025.
What is FGI Industries Ltd.'s current ratio?
FGI Industries Ltd. (FGI) had a current ratio of 1.17 as of fiscal year 2025, which is considered adequate.
What is FGI Industries Ltd.'s debt-to-equity ratio?
FGI Industries Ltd. (FGI) had a debt-to-equity ratio of 3.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FGI Industries Ltd.'s return on assets (ROA)?
FGI Industries Ltd. (FGI) had a return on assets of -8.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is FGI Industries Ltd.'s Altman Z-Score?
FGI Industries Ltd. (FGI) has an Altman Z-Score of 1.99, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is FGI Industries Ltd.'s Piotroski F-Score?
FGI Industries Ltd. (FGI) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FGI Industries Ltd.'s earnings high quality?
FGI Industries Ltd. (FGI) reported a net loss of $6.1M while generating $673K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 FGI Industries Ltd. cover its interest payments?
FGI Industries Ltd. (FGI) reported an operating loss of $2.4M against $1.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 FGI Industries Ltd.?
FGI Industries Ltd. (FGI) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.