Fulgent Genetics Q1 2026 earnings snapshot

Fulgent Genetics (FLGT) has entered Q1 2026 with trailing 12 month revenue of US$322.7 million and a basic EPS loss of US$1.97. This sets up another quarter where the top line shows scale, while profitability remains under pressure. Over recent quarters, revenue has moved from US$76.2 million in Q4 2024 to US$83.3 million in Q4 2025, while quarterly basic EPS has ranged from a loss of US$0.19 to a loss of US$0.76. This highlights that growth in revenue has not yet translated into positive earnings per share. For you as an investor, the key question from these results is whether current margins and loss levels represent a necessary investment phase or a longer term drag on returns.

See our full analysis for Fulgent Genetics.

With the numbers on the table, the next step is to see how this earnings profile compares with the main bullish and bearish narratives around Fulgent Genetics and where those stories might need a reset.

Losses remain sizeable at US$60.5 million over the year

• On a trailing 12 month basis, Fulgent booked a net loss of US$60.5 million on US$322.7 million of revenue, with basic EPS at a loss of US$1.97.
• Bulls point to the company’s broader adoption of genomics and new services as potential drivers of future earnings, yet the current loss profile
  • Five year loss growth running at about 70.3% a year and a non profitable trailing 12 month period both sit in clear tension with the bullish idea of margin improvement.
  • Even the optimistic narrative still expects Fulgent to remain unprofitable over the next three years, so the present loss level is central to testing how realistic that upside view is.

Bulls arguing that recent revenue gains will eventually translate into healthier margins need to reconcile that story with a trailing loss of over US$60 million and an EPS loss that analysts still do not expect to turn positive in the near term, which is exactly what the bullish narrative is built around testing more deeply in the 🐂 Fulgent Genetics Bull Case

10.8% revenue growth but still behind the market

• Revenue grew about 10.8% over the last year, slightly behind the cited 11% US market rate. Quarterly revenue has sat in a relatively tight band between US$71.7 million and US$84.1 million over the last six reported quarters.
• Bears argue that heavy spending and a competitive genetic testing industry could limit how much of that revenue reaches the bottom line
  • Quarterly net losses have ranged from US$5.9 million to US$23.4 million over the last six reported quarters, which fits the bearish view that higher operating costs may outpace revenue gains.
  • With forecasts still calling for non profitability over the next three years, current revenue trends alone do not contradict the concern that growth may not be enough to offset rising expenses.

Skeptics who worry that spending will outrun growth can point to the current pattern of mid single digit to low double digit quarterly losses beside roughly mid teens quarterly revenue in US$ millions. This mix lines up closely with the cautious claims set out in the 🐻 Fulgent Genetics Bear Case

Mixed valuation signals at 1.3x P/S

• The stock trades around a 1.3x P/S ratio, slightly above the US Healthcare industry average of 1.2x but below the peer group average of 1.8x, with a current share price of US$14.13 and an analyst price target reference of US$26.00.
• Consensus narrative highlights this middle ground as both a potential opportunity and a warning sign
  • Being cheaper than direct peers on P/S could appeal to investors who think revenue growth in the 10.5% to 10.8% range is enough to justify a higher multiple over time.
  • At the same time, trading richer than the broader healthcare group while still loss making leaves little room for disappointment if revenue or margins do not track the consensus assumptions.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Fulgent Genetics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of positives and concerns feels finely balanced, take it as a signal to act quickly: review the data directly and stress test the 1 important warning sign

See What Else Is Out There

Fulgent Genetics is still reporting sizeable losses alongside modest revenue growth and a mixed 1.3x P/S multiple, which leaves limited room for disappointment.

If you want fewer surprises and more financial resilience in your portfolio, move quickly and check companies in the 67 resilient stocks with low risk scores

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.