Deep Value: cash covers about 91% of the stock price

This company holds roughly $514M in cash and investments — about 91% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Fulgent Genetics

FLGT

Medical - Diagnostics & Research · Healthcare

Price

$19.90

-0.02 (-0.10%)

Market Cap

$565.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Fulgent Genetics is a genetic testing company. It runs labs that analyze DNA from patient samples to help doctors diagnose diseases, identify cancer risks, and guide treatment decisions. Its customers include hospitals, clinics, and individual patients, and it also offers a broad menu of specialty lab tests beyond genetics.

Fulgent earns money by charging for each test it performs — there are no subscriptions. It is based in Temple City, California, and also operates labs in China, giving it an international footprint. The company grew rapidly during the COVID-19 pandemic by processing PCR tests, but that revenue has largely disappeared, which explains its current operating losses. Fulgent is now trying to rebuild around its core genetic and oncology testing business, where competition from larger players like Quest Diagnostics and Labcorp is intense. The main challenge is returning to profitability while growing test volumes fast enough to cover its fixed lab costs.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-72.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$54M/ year

↑ Rising (+10% vs prior year)

16.7% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

40.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~5 years

$551M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$551M cash & investments at current burn rate

Heavy R&D investment

Fulgent Genetics is putting 17% of revenue into R&D and that number is rising. With 5+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 31.0M (2021) → 30.8M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

30.1%

Modest — 30.1% gross margin

Profit after running costs

Operating Margin

-39.7%

Losing money on operations — -39.7%

Return on the money invested

ROCE

-12.0%

Weak — -12.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+6.8%

Slow sales growth (+6.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-32.0%

Burning cash (-32.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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