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FBS Global Ltd (FBGL) stock

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NASDAQ: FBGL Nasdaq Construction & Engineering

C+ Fundamentals grade

FBS Global Ltd is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.6

Revenue-to-maturity cash-flow model

Base case. Range ~$1.2–$2.0 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

FBS Global Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds1 adding, 6 cuttingOf 1 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter FBS Global files

Where FBS Global stands after its latest Filing

Revenue for the twelve months was $20m. That growth ranks 4 of 43 among the construction & engineering companies we cover. Free-cash-flow margin held at -16.2%. The diluted share count is up 18.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.58 a share, against a share price of $2.21.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

FBS Global Ltd's trailing-twelve-month revenue grew 91.0% year on year, with a free-cash-flow margin of -16.2%. Where it stands out: change in growth rate of +127.2pp ranks 1 of 43 construction & engineering companies we cover. Where it lags: change in share count of 18.9% ranks 36 of 40 construction & engineering companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 2074.5% while net income fell 155.8%: a 1919pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 91.0% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 127.2 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -7.5%: costs exceed revenue.
  • Burning cash. Free cash flow was -16.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 18.9% in a year.
  • Short interest rising. Shares sold short rose 977% in a month to 9.5% of tradable shares.

Price chart

  • 1 day-3.2%
  • 1 week-4.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.8M
Operating margin
-7.5%
Net margin
-7.9%
EPS (TTM, diluted)
$-0.12

Growth

Revenue growth
+91.0%
Change in growth rate
+127.2 pts
Share count change
+18.9%

Cash

Free cash flow (TTM)
-$3.2M
FCF margin
-16.2%
Stock pay % of revenue
0.7%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for FBGL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

FBS Global Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value FBS Global Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.6 ~$1.2–$2.0 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.7 ~$0.8–$2.6 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.4 ~$0.7–$1.6 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FBS Global Ltd with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for FBS Global Ltd: too few analysts cover it.

Positioning

Short interest
9.5%
of tradable shares
Days to cover
0.1
at average volume
Short interest, 1 month
+977%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
51.2%
of shares
Employees
74
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

FBS Global Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) FBS Global Ltd
$10M $15M $20M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $12.2M Revenue (TTM), FY23 Q4: $16.2M Revenue (TTM), FY24 Q4: $10.4M Revenue (TTM), FY25 Q4: $19.8M $19.8M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $12.2M
FY23 Q4 $16.2M
FY24 Q4 $10.4M
FY25 Q4 $19.8M
Operating margin (TTM) FBS Global Ltd
-8% -6% -4% -2% 0% 2% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY22 Q4: 0.4% Operating margin (TTM), FY23 Q4: -0.2% Operating margin (TTM), FY24 Q4: -7.0% Operating margin (TTM), FY25 Q4: -7.5% -7.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 0.4%
FY23 Q4 -0.2%
FY24 Q4 -7.0%
FY25 Q4 -7.5%
FCF margin (TTM) FBS Global Ltd
-20% -10% 0% 10% 20% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: -3.2% FCF margin (TTM), FY23 Q4: 16.6% FCF margin (TTM), FY24 Q4: -1.4% FCF margin (TTM), FY25 Q4: -16.2% -16.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY22 Q4 -3.2%
FY23 Q4 16.6%
FY24 Q4 -1.4%
FY25 Q4 -16.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 12 16 10 20
Gross profit 2 2 1 2
EBITDA 0 0 −1 −1
Operating income 0 −0 −1 −1
Net income 0 0 −1 −2
Diluted EPS $0.01 $0.00 −$0.05 −$0.11
Growth (year on year)
Revenue — +33.1% −36.2% +91.0%
Margins
Gross margin 13.0% 12.1% 9.0% 10.2%
EBITDA margin 1.3% 0.5% −5.8% −6.8%
Operating margin 0.4% −0.2% −7.0% −7.5%
Net margin 0.4% 0.0% −5.9% −7.9%
Free-cash-flow margin −3.2% 16.6% −1.4% −16.2%
Cash flow
Cash from operations −0 3 −0 −3
Capital spending 0 0 0 0
Free cash flow −0 3 −0 −3
Stock-based pay 0 0 0 0
Free cash flow after stock pay −0 3 −0 −3
Balance sheet
Cash 1 3 2 4
Total debt 0 2 1 0
Net debt (negative = net cash) −1 −2 −2 −4
Diluted shares 11m 11m 11m 13m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · December 31, 2025
What it owns · $22m
Short-term assets $19mLonger-term assets $3m
What it owes, and who funded it · $22m
Short-term liabilities $12mLonger-term liabilities $0mShareholders' equity $10m
  • Short-term assets cover short-term liabilities $19m of assets due within a year against $12m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $19m short-term assets against $7,658 of longer-dated liabilities.
  • More cash than debt $4m of cash against $102,112 of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$3m of operating cash flow against $102,112 of debt.
  • Operating profit covers interest at least five times over Operating income of −$1m against $11,074 of interest.

From FBS Global Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+18.9%
year over year
R&D spending
2.6%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated FBGL PBK MGN MSGY MAGH FGL Median
Revenue, last 12 months $20m $20m $20m $24m $15m $28m $1.5bn
Revenue growth, last 12 months 91.0% −33.4% 48.5% 1.0% 28.9% 42.6% 21.2%
Gross margin 10.2% 34.7% 1.7% 4.4% 10.5% 11.6% 13.0%
Operating margin −7.5% −82.6% 0.7% −33.2% −11.6% — 4.1%
Net margin −7.9% −88.5% 1.0% −34.0% −12.2% −6.9% 1.9%
Cash from operations / revenue −15.9% −46.8% −11.4% −16.2% −10.0% −34.0% 4.4%
Free-cash-flow margin −16.2% −46.8% −11.4% −24.6% −10.2% −34.7% 2.3%
Stock pay / revenue 0.7% 4.5% — — — — 0.7%
Change in share count 18.9% 29.2% 2.1% 16.7% 3.5% 87.0% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 91.0% 21.2% 4 of 43
Change in growth rate Growth +127.2pp +3.2pp 1 of 43
Gross margin Profitability 10.2% 11.8% 25 of 39
Operating margin Profitability -7.5% 4.1% 29 of 39
Net margin Profitability -7.9% 2.1% 32 of 42
Free-cash-flow margin Cash generation -16.2% 2.3% 37 of 43
Stock pay as % of revenue Cash generation 0.7% 0.7% 21 of 33
Long-term debt as % of assets Balance sheet 0.0% 16.2% 2 of 35
Change in share count Balance sheet 18.9% 1.9% 36 of 40
Days sales outstanding Balance sheet 52 days 67 days 4 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$102,822
Institutions reporting
4
Shares held vs prior quarter
▼ 42.4%
Positions opened / closed
1 / 3

Top buyers and sellers, Q2 2026: 1 institutions bought and 6 sold ; the biggest buyer was Two Sigma Securities, LLC (+12K shares) and the biggest seller Jane Street Group, LLC (−67K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Renaissance Technologies LLC $62,867 123K 61.1% ▼ 14.7%
Xtx Topco Ltd $27,645 54K 26.9% ▼ 15.0%
UBS Group AG $6,200 12K 6.0% ▼ 21.6%
Two Sigma Securities, LLC $6,110 12K 5.9% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not FBS Global Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on FBS Global Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

FBS Global Ltd in brief

What does FBS Global Ltd do?
FBS Global Ltd is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is FBS Global Ltd's stock ticker?
FBS Global Ltd trades under the ticker FBGL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is FBS Global Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, FBS Global Ltd reported revenue of $19.8M, 91.0% higher than a year earlier, according to its SEC filings.
What is FBS Global Ltd's free cash flow?
FBS Global Ltd's free-cash-flow margin is -16.2% of revenue over the trailing twelve months, ranking 37 of the 43 construction & engineering companies we cover.
Who are FBS Global Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Renaissance Technologies LLC, Xtx Topco Ltd and UBS Group AG. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does FBS Global Ltd have?
FBS Global Ltd's debt-to-equity ratio is 1.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are FBS Global Ltd's competitors?
In our Construction & Engineering peer group, the companies closest to FBS Global Ltd are Powerbank Corp, Megan Holdings Ltd., Masonglory Ltd, Magnitude International Ltd and Founder Group Ltd. The side-by-side comparison below sets their revenue, margins and growth against FBS Global Ltd's.