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FGI Industries Ltd. key statistics and ratios

In fiscal 2025, FGI Industries Ltd. had return on equity of -31.1%, an operating margin of -1.8%, debt equal to 68.7% of equity and a current ratio of 1.17. 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.

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin17.7%19.5%27.4%26.9%27.0%28.3%
Operating margin4.2%3.1%2.0%−1.6%−1.8%0.3%
Net margin4.3%2.3%0.6%−0.9%−4.7%−3.1%
Free-cash-flow margin−1.8%−0.1%1.2%−7.3%−0.2%1.4%
Return on equity104.7%24.3%3.1%−5.2%−31.1%−23.0%
Return on assets11.4%5.7%1.2%−1.7%−8.5%−5.8%
Asset turnover2.632.501.861.871.801.87
Current ratio1.031.541.641.241.171.18
Debt to equity194.1%43.1%28.8%65.2%68.7%76.3%
Interest cover (operating income ÷ interest)18.8x8.5x3.1xn/mn/m0.3x
Effective tax rate10.8%19.0%58.2%———
R&D as % of revenue0.4%0.7%1.2%1.3%1.1%1.0%
Capital spending as % of revenue0.0%0.7%0.7%1.7%0.7%0.4%
Free cash flow ÷ net income−41.4%−2.3%187.1%———

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

2 of 3 checks passed · June 30, 2026
What it owns · $68m
Short-term assets $52mLonger-term assets $16m
What it owes, and who funded it · $70m
Short-term liabilities $44mLonger-term liabilities $9mShareholders' equity $17m
  • Short-term assets cover short-term liabilities $52m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $52m short-term assets against $9m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $420,316 against $2m of interest.

From FGI Industries 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

9 /100

Weak moat

How hard FGI Industries's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.0% of total assets over 5 years.

  • Pricing power 7 / 20

    Gross margin has been a median 26.2%, moving by 4.5 percentage points (standard deviation) across 5 years.

  • Durability 0 / 20

    Operating margin has been a median 0.8%; its worst year was -2.5%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 2 of 5 years, at a median -1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).

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

Compare with peers

Head to head: CIX vs FGIFGI vs OFLXASPN vs FGIFGI vs ZKIN

More: Building Products stocks compared, Industrials sector, rankings of US companies

Figures from FGI Industries Ltd.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FGI Industries Ltd.