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Founder Group Ltd (FGL) stock

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NASDAQ: FGL Nasdaq Construction & Engineering

C Fundamentals grade

Founder Group 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

Fair value per share

~$0.4

Valuation models combined (3)

Base case. Range ~$0.4–$0.4. Weighted average of 3 models (residual income, justified price-to-book, price-to-sales vs peers).

Price vs value

Overvalued

The price is above our entire value range; our base value is 71% below it.

Price used: $1.36, November 2, 2026

Founder Group 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.

  • Insiders1 buying, 1 selling7 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds5 adding, 2 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Founder Group files

Where Founder stands after its latest Filing

Revenue for the twelve months was $28m. That growth ranks 7 of 43 among the construction & engineering companies we cover. Free-cash-flow margin held at -34.7%. The diluted share count is up 87.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $0.43 a share, against a share price of $1.35.

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

Founder Group Ltd's trailing-twelve-month revenue grew 42.6% year on year, with a free-cash-flow margin of -34.7%. Where it stands out: change in growth rate of +81.8pp ranks 2 of 43 construction & engineering companies we cover. Where it lags: change in share count of 87.0% ranks 40 of 40 construction & engineering companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 504.8% while net income fell 78.1%: a 427pp 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 42.6% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 81.8 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Priced above our value. The share price of $1.36 is 71% above our value per share of $0.
  • Burning cash. Free cash flow was -34.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 87.0% in a year.
  • Heavily shorted. 14.5% of the shares available to trade are sold short (0.1 days of average volume to cover).

Price chart

  • 1 day+0.7%
  • 1 week-24.0%

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)
$28.2M
Net margin
-6.9%
EPS (TTM, diluted)
$-0.06

Growth

Revenue growth
+42.6%
Change in growth rate
+81.8 pts
Share count change
+87.0%

Cash

Free cash flow (TTM)
-$9.8M
FCF margin
-34.7%

News & updates

Updated November 2, 2026

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

No recent updates are available for FGL 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

Founder Group Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$0.4
Price used
$1.37close November 3, 2026
Implied change
▼ 71%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Founder Group Ltd (see the models table below and how they are combined) , with a 10.85% cost of equity. The models span ~$0.4–~$0.4; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Founder Group 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. — Does not apply: revenue and margins don't support a positive value
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. ~$0.4 ~$0.3–$0.6 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.4 ~$0.3–$0.4 Included
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.4 ~$0.5–$1.5 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. ~$0.4 ~$0.4–$0.4 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Founder Group 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 Founder Group Ltd: too few analysts cover it.

Positioning

Short interest
14.5%
of tradable shares
Days to cover
0.11
at average volume
Short interest, 1 month
−48%
to October 15, 2026
Held by institutions
2%
of shares
Held by insiders
1.4%
of shares
Employees
76
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.

Founder Group Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

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) Founder Group Ltd
$10M $15M $20M $25M $30M $35M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $14.5M Revenue (TTM), FY23 Q4: $32.5M Revenue (TTM), FY24 Q4: $19.8M Revenue (TTM), FY25 Q4: $28.2M $28.2M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY22 Q4 $14.5M
FY23 Q4 $32.5M
FY24 Q4 $19.8M
FY25 Q4 $28.2M
FCF margin (TTM) Founder Group Ltd
-40% -30% -20% -10% 0% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: -4.2% FCF margin (TTM), FY23 Q4: -12.6% FCF margin (TTM), FY24 Q4: -8.2% FCF margin (TTM), FY25 Q4: -34.7% -34.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q4 -4.2%
FY23 Q4 -12.6%
FY24 Q4 -8.2%
FY25 Q4 -34.7%

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 14 33 20 28
Gross profit 2 4 1 3
Net income 1 2 −1 −2
Diluted EPS $0.06 $0.10 −$0.06 −$0.06
Growth (year on year)
Revenue — +124.9% −39.2% +42.6%
Net income — +75.0% −170.0% —
Diluted EPS — +77.5% −160.7% —
Margins
Gross margin 13.7% 12.1% 6.9% 11.6%
Net margin 6.2% 4.8% −5.6% −6.9%
Free-cash-flow margin −4.2% −12.6% −8.2% −34.7%
Cash flow
Cash from operations −1 −4 −1 −10
Capital spending 0 0 0 0
Free cash flow −1 −4 −2 −10
Balance sheet
Cash 2 0 1 16
Total debt 0 5 8 16
Net debt (negative = net cash) −2 5 7 −1
Diluted shares 16m 16m 18m 33m

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

3 of 5 checks passed · December 31, 2025
What it owns · $47m
Short-term assets $40mLonger-term assets $6m
What it owes, and who funded it · $47m
Short-term liabilities $35mLonger-term liabilities $4mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $40m of assets due within a year against $35m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $40m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt $16m of cash against $16m of debt.
  • Debt below 40% of shareholders' equity Debt is 209% 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 −$10m of operating cash flow against $16m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Founder Group 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
+87.0%
year over year
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated FGL MSGY PBK FBGL MGN ONEG Median
Revenue, last 12 months $28m $24m $20m $20m $20m $49m $1.5bn
Revenue growth, last 12 months 42.6% 1.0% −33.4% 91.0% 48.5% −7.2% 21.2%
Gross margin 11.6% 4.4% 34.7% 10.2% 1.7% −14.4% 13.0%
Operating margin — −33.2% −82.6% −7.5% 0.7% −25.6% 4.1%
Net margin −6.9% −34.0% −88.5% −7.9% 1.0% −26.8% 1.9%
Cash from operations / revenue −34.0% −16.2% −46.8% −15.9% −11.4% 3.6% 4.4%
Free-cash-flow margin −34.7% −24.6% −46.8% −16.2% −11.4% 2.6% 2.3%
Stock pay / revenue — — 4.5% 0.7% — 3.0% 0.7%
Change in share count 87.0% 16.7% 29.2% 18.9% 2.1% 34.5% 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 42.6% 21.2% 7 of 43
Change in growth rate Growth +81.8pp +3.2pp 2 of 43
Gross margin Profitability 11.6% 11.8% 22 of 39
Net margin Profitability -6.9% 2.1% 31 of 42
Free-cash-flow margin Cash generation -34.7% 2.3% 40 of 43
Long-term debt as % of assets Balance sheet 9.3% 16.2% 11 of 35
Change in share count Balance sheet 87.0% 1.9% 40 of 40
Days sales outstanding Balance sheet 67 days 67 days 14 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
$155,516
Institutions reporting
5
Shares held vs prior quarter
▲ 2460.6%
Positions opened / closed
5 / 2

Top buyers and sellers, Q2 2026: 5 institutions bought and 2 sold ; the biggest buyer was Marex Group Ltd (+54K shares) and the biggest seller UBS Group AG (−4,200). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Marex Group Ltd $76,170 54K 49.0% New
HRT Financial LP $35,000 25K 22.5% New
Virtu Financial LLC $24,000 17K 15.4% New
Stonex Group Inc. $20,345 11K 13.1% New
Caitong International Asset Management Co., Ltd $1 0K 0.0% 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 Founder Group Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $146,152 7 trades by 1 insider, last 12 months Insider sales History → $143,668 5 trades by 1 insider · 0% under pre-set plans
Net ▲ $2,484 net buying
Insider Date Trade Shares Price Value
Hrt Financial Lp 10% owner August 31, 2026 Sell 395,774 $0.15 $59,366
Hrt Financial Lp 10% owner August 28, 2026 Buy 107,076 $0.16 $17,132
Hrt Financial Lp 10% owner August 27, 2026 Buy 93,151 $0.17 $15,836
Hrt Financial Lp 10% owner August 26, 2026 Sell 15,788 $0.22 $3,473
Hrt Financial Lp 10% owner August 25, 2026 Buy 232,055 $0.23 $53,373
Hrt Financial Lp 10% owner August 24, 2026 Sell 71,987 $0.28 $20,156
Hrt Financial Lp 10% owner August 21, 2026 Buy 76,711 $0.27 $20,712
Hrt Financial Lp 10% owner August 20, 2026 Sell 146,713 $0.33 $48,415
Hrt Financial Lp 10% owner August 19, 2026 Buy 15,329 $0.38 $5,825
Hrt Financial Lp 10% owner August 18, 2026 Buy 61,617 $0.38 $23,414
Hrt Financial Lp 10% owner August 17, 2026 Sell 31,427 $0.39 $12,257
Hrt Financial Lp 10% owner August 14, 2026 Buy 24,050 $0.41 $9,860

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 Founder Group 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.

Founder Group Ltd in brief

What does Founder Group Ltd do?
Founder Group Ltd is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Founder Group Ltd's stock ticker?
Founder Group Ltd trades under the ticker FGL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Founder Group Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Founder Group Ltd reported revenue of $28.2M, 42.6% higher than a year earlier, according to its SEC filings.
What is Founder Group Ltd's free cash flow?
Founder Group Ltd's free-cash-flow margin is -34.7% of revenue over the trailing twelve months, ranking 40 of the 43 construction & engineering companies we cover.
Who are Founder Group Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Marex Group Ltd, HRT Financial LP and Virtu Financial LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Founder Group Ltd have?
Founder Group Ltd's debt-to-equity ratio is 209.3%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Founder Group Ltd's competitors?
In our Construction & Engineering peer group, the companies closest to Founder Group Ltd are Masonglory Ltd, Powerbank Corp, FBS Global Ltd, Megan Holdings Ltd. and Oneconstruction Group Ltd. The side-by-side comparison below sets their revenue, margins and growth against Founder Group Ltd's.
Are insiders buying or selling Founder Group Ltd stock?
Over the last 12 months, Founder Group Ltd's directors and officers reported 7 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.