FBS Global Ltd key statistics and ratios

In fiscal 2025, FBS Global Ltd had return on equity of -23.6%, an operating margin of -7.5%, debt equal to 1.1% of equity and a current ratio of 1.60. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

FBS Global Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	13.0%	12.1%	9.0%	10.2%
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%
Return on equity	1.3%	0.1%	−17.4%	−23.6%
Return on assets	0.4%	0.0%	−4.8%	−9.4%
Asset turnover	0.95	1.22	0.82	1.20
Current ratio	1.21	1.10	0.87	1.60
Debt to equity	1.6%	48.5%	21.2%	1.1%
Interest cover (operating income ÷ interest)	0.9x	n/m	n/m	n/m
Effective tax rate	67.5%	—	—	—
R&D as % of revenue	—	—	—	2.6%
Capital spending as % of revenue	0.6%	0.0%	0.5%	0.3%
Free cash flow ÷ net income	−783.2%	>999%	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from FBS Global Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to FBS Global Ltd.