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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $26.1M buybacks = $26.1M returned on -$6.3M 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -46%. 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.
EOD close · as of 2026-10-28
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4M 100.0% | $32.0M 100.0% | $26.5M 100.0% | $20.1M 100.0% | $4.9M 100.0% | -$17.2M | $5.6M 100.0% | $1.2M 100.0% | $38.1M 100.0% | $32.3M 100.0% |
| Selling, General & Admin | $14.5M 601.2% | $4.1M 12.9% | $3.8M 14.3% | $8.4M 41.6% | $9.2M 188.8% | $6.0M | $2.5M 44.2% | $1.1M 94.8% | $9.3M 24.4% | $6.9M 21.4% |
| Total Operating Expenses | — | $42.2M 131.9% | $33.4M 125.8% | $19.0M 94.6% | $14.9M 306.9% | $6.0M | $2.5M 44.2% | $2.8M 231.0% | $36.7M 96.1% | $32.1M 99.6% |
| Operating Income | -$64.0M -2652.3% | -$11.7M -36.6% | -$16.3M -61.4% | — | — | — | — | — | — | — |
| Interest Expense | $132K 5.5% | $303K 0.9% | $520K 2.0% | — | — | — | — | — | — | — |
| Other Income (Expense), net | -$3.7M -153.6% | -$12.7M -39.5% | $3.0M 11.2% | — | — | — | — | — | — | — |
| Pretax Income | -$67.7M -2805.9% | -$24.4M -76.1% | -$13.3M -50.2% | $1.1M 5.4% | -$7.3M -150.8% | -$23.1M | $3.1M 55.8% | -$1.6M -131.0% | $1.5M 3.9% | $119K 0.4% |
| Income Tax Expense | -$73K -3.0% | -$92K -0.3% | -$998K -3.8% | — | — | -$665K | $738K 13.2% | $308K 25.5% | $1.2M 3.1% | $108K 0.3% |
| Net Income | -$66.7M -2765.9% | -$1.3M -4.1% | -$14.6M -55.2% | $1.1M 5.4% | -$8.5M -175.0% | -$22.5M | $311K 5.6% | $804K 66.6% | $294K 0.8% | $11K 0.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$25.69 | -$12.16 | -$35.22 | -$0.09 | -$1.96 | — | — | -$0.05 | $0.05 | — |
| EPS (Diluted) | -$25.69 | -$12.16 | -$35.22 | — | — | — | — | -$0.05 | $0.05 | — |
| Weighted Avg Shares (Basic) | 2.7M | 211K | 400 | 8.0M | 5.2M | — | — | 6.0M | 6.0M | 6.0M |
| Weighted Avg Shares (Diluted) | 2.7M | 211K | 400 | 8.0M | — | — | — | 6.0M | 6.0M | 6.0M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $13.4M (at 2025-12-31) covers all $203K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~6.9% on $1.9M of debt.
Cash of $13.4M fully covers short-term debt of $1.9M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
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 2026-10-28
Where each multiple sits in its own 12-yr range · 13th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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
ROE -47% against ROIC -46% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -61.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 94.8 | 44.2 | -34.8 | 188.8 | 41.6 | 14.3 | 12.9 | 601.2 |
| Operating Income | — | — | — | — | — | -61.4 | -36.6 | -2652.3 |
| Income Tax | 25.5 | 13.2 | 3.9 | — | — | -3.8 | -0.3 | -3.0 |
| Net Income | 66.6 | 5.6 | 130.9 | -175.0 | 5.4 | -55.2 | -4.1 | -2765.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FGNX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.