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Institutional accumulation: ownership increased +2.34% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $21.85 today, the market must believe free cash flow compounds 33.8%/yr for a decade (off $5M normalized FCF).
2-stage DCF · 0.03B shares · net debt -$50M
mean 285.7% · volatility σ 1048% · implied rate exceeded in 2/6 yrs
Central path = implied 33.8%/yr growth; shaded band = ±1σ (1048%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $322.7M 100.0% | $283.5M 100.0% | $289.2M 100.0% | $619.0M 100.0% | $992.6M 100.0% | $421.7M 100.0% | $32.5M 100.0% | $21.4M 100.0% | $18.7M 100.0% | $18.3M 100.0% |
| Cost of Revenue | $191.8M 59.4% | $176.3M 62.2% | $184.8M 63.9% | $252.1M 40.7% | $215.5M 21.7% | $89.8M 21.3% | $14.1M 43.4% | $10.7M 50.1% | $8.6M 45.7% | $6.7M 36.8% |
| Gross Profit | $130.9M 40.6% | $107.2M 37.8% | $104.5M 36.1% | $366.9M 59.3% | $777.1M 78.3% | $331.9M 78.7% | $18.4M 56.6% | $10.7M 49.9% | $10.2M 54.3% | $11.6M 63.2% |
| Research & Development | $53.9M 16.7% | $48.8M 17.2% | $41.4M 14.3% | $28.9M 4.7% | $24.2M 2.4% | $11.6M 2.7% | $6.5M 20.1% | $5.5M 25.9% | $4.2M 22.5% | $3.6M 19.5% |
| Selling, General & Admin | $116.7M 36.2% | $88.1M 31.1% | $89.0M 30.8% | $111.1M 17.9% | $50.7M 5.1% | $15.2M 3.6% | $6.4M 19.7% | $5.5M 25.9% | $5.2M 27.9% | $4.6M 25.2% |
| Total Operating Expenses | $222.0M 68.8% | $181.1M 63.9% | $300.0M 103.7% | $188.4M 30.4% | $101.1M 10.2% | $41.7M 9.9% | $18.8M 57.9% | $15.7M 73.6% | $13.7M 72.9% | $10.6M 58.2% |
| Operating Income | -$91.1M -28.2% | -$73.9M -26.1% | -$195.5M -67.6% | $178.5M 28.8% | $676.0M 68.1% | $290.2M 68.8% | -$428K -1.3% | -$5.1M -23.7% | -$3.5M -18.6% | $918K 5.0% |
| Interest Expense | $75K 0.0% | -$170K -0.1% | $488K 0.2% | $346K 0.1% | $117K 0.0% | $20K 0.0% | — | — | — | — |
| Interest & Investment Income | $30.9M 9.6% | $31.3M 11.0% | $21.6M 7.5% | $5.6M 0.9% | — | — | — | — | — | — |
| Other Income (Expense), net | $21.1M 6.5% | $22.0M 7.7% | $21.4M 7.4% | $5.5M 0.9% | — | — | — | — | — | — |
| Pretax Income | -$70.0M -21.7% | -$52.0M -18.3% | -$174.1M -60.2% | $184.0M 29.7% | $677.3M 68.2% | $291.7M 69.2% | $409K 1.3% | -$4.6M -21.7% | -$3.0M -16.0% | -$4.5M -24.4% |
| Income Tax Expense | -$8.4M -2.6% | -$8.1M -2.9% | $1.2M 0.4% | $42.1M 6.8% | $174.8M 17.6% | $72.5M 17.2% | $43K 0.1% | $36K 0.2% | -$1.0M -5.4% | $920K 5.0% |
| Net Income | -$60.5M -18.8% | -$42.7M -15.1% | -$167.8M -58.0% | $143.4M 23.2% | $507.4M 51.1% | $214.3M 50.8% | -$411K -1.3% | -$5.6M -26.3% | -$2.5M -13.4% | -$5.3M -29.3% |
| Per Share | ||||||||||
| Weighted Avg Shares (Basic) | 30.8M | 30.2M | 29.8M | 30.1M | 29.4M | 22.7M | 18.7M | 18.0M | 17.7M | — |
| Weighted Avg Shares (Diluted) | 30.8M | 30.2M | 29.8M | 31.0M | 31.0M | 24.1M | 18.7M | 18.0M | 17.7M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $11M buybacks = $11M returned on -$124M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 10-yr range · 15th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 50.1 | 43.4 | 21.3 | 21.7 | 40.7 | 63.9 | 62.2 | 59.4 |
| Gross Profit | 49.9 | 56.6 | 78.7 | 78.3 | 59.3 | 36.1 | 37.8 | 40.6 |
| R&D | 25.9 | 20.1 | 2.7 | 2.4 | 4.7 | 14.3 | 17.2 | 16.7 |
| SG&A | 25.9 | 19.7 | 3.6 | 5.1 | 17.9 | 30.8 | 31.1 | 36.2 |
| Operating Income | -23.7 | -1.3 | 68.8 | 68.1 | 28.8 | -67.6 | -26.1 | -28.2 |
| Income Tax | 0.2 | 0.1 | 17.2 | 17.6 | 6.8 | 0.4 | -2.9 | -2.6 |
| Net Income | -26.3 | -1.3 | 50.8 | 51.1 | 23.2 | -58.0 | -15.1 | -18.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FLGT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| FLGT | $679M | — | — | 2.1× | 13.8% | 40.6% | -18.8% | -5.4% | -5.4% | — | 150 |
Peers = companies sharing FLGT's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.