FGI Industries Ltd. (FGI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+167.9%

$20.37

vs $7.61 price

Levered DCF

-$26.09

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.17

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-1.78×	-29.85×	106.49×	27.56×	23.49×	39×	114.71×
P/B	0.63×	1.67×	3.23×	4.49×	24.54×	120.94×	51.17×
P/S	0.08×	0.28×	0.67×	0.63×	1.02×	1.37×	1.47×
EV / EBITDA	-319.33×	28.15×	22.28×	20.75×	21.35×	32.14×	67.79×
Gross margin	27.0%	26.9%	27.4%	19.5%	17.7%	21.1%	20.1%
Operating margin	-1.8%	-1.6%	2.0%	3.1%	4.2%	4.7%	1.9%
Net margin	-4.7%	-0.9%	0.6%	2.3%	4.3%	3.5%	1.2%
Current ratio	1.17×	1.24×	1.64×	1.54×	1.03×	0.95×	0.99×
Debt / equity	1.36×	1.25×	0.92×	0.84×	3.03×	13.39×	4.71×
Interest coverage	-1.81×	-1.68×	3.07×	8.48×	18.79×	15×	5.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.1%	3.8%	1.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	24.6%	150.5%	130.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-35.5%	-5.4%	3.0%	16.2%	104.7%	308.9%	43.4%
Return on invested capital	-6.1%	-3.2%	2.1%	9.8%	22.6%	24.5%	9.5%
Return on assets	-8.8%	-1.6%	1.1%	6.1%	11.4%	10.5%	4.0%
Free cash flow yield	-1.9%	-26.0%	0.6%	-0.1%	-1.8%	3.1%	0.6%
Earnings yield	-56.2%	-3.2%	0.9%	3.6%	4.3%	2.6%	0.8%
Enterprise value	$32.6M	$60.3M	$92.6M	$111.2M	$204.2M	$201.7M	$199.9M
Net debt / EBITDA	-212.29×	10.82×	3.48×	1.7×	1.98×	2.63×	4.96×
Cash conversion cycle (days)	51	32	28	28	30	9	19