# FGI Industries Ltd. (FGI) · Edgar & Edgarette company card

> FGI Industries (FGI) saw revenue fall 1.0% in FY2025 to $131 million, operating margin -1.8% against a 8.1% median for heating equip, except elec & warm air; & plumbing fixtures, equity 24.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1864943 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/FGI) · [JSON](https://www.pops4.com/boards/company/FGI.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $131M |
| Revenue growth, 1 year | -1.0% |
| Revenue growth per year | -8.0% |
| Operating margin | -1.8% (prior year -1.6%) |
| Net margin | -5.5% |
| Operating cash flow | $673,220 |
| Capital spending | $885,740 |
| Free cash flow | −$212,520 |
| Cash | $2M |
| Long-term debt | — |
| Total assets | $70M |
| Total equity | $17M |
| Equity ÷ assets | 24.9% |
| Return on equity | -41.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 0.69 (distress zone)
- Piotroski F: 6 of 9 (solid)
- Beneish M: -3.45 (below the −1.78 line)
- Health Harbor boat: Weathered boat · two warning signs · filed late annual report notice, auditor change in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $130.5M (FY2025). Experience: revenue down 1.0% on the year, down 8.0% a year over 4 years; operating margin -1.8%, down from -1.6%. Soundness: equity 24.9% of assets, return on equity -41.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $96.3M and $157.4M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $85.0M to $179.2M. A statistical range, not company guidance. Against peers (38 filers, $50M+ revenue, its industry group): operating margin -1.8% against a 8.1% median; growth -1.0% against 2.4%.

Range logged 2026-10-30, receipt 1af45e60a8853002, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026022432/0001628280-26-022432-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-04-23 ([filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026026841/0001628280-26-026841-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-10-29 ([filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026068244/0001628280-26-068244-index.htm))

## Recent filings

- 8-K · filed 2026-10-29 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026068244/0001628280-26-068244-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026057126/0001628280-26-057126-index.htm)
- 8-K · filed 2026-08-12 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026056242/0001628280-26-056242-index.htm)
- 8-K · filed 2026-06-03 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026040469/0001628280-26-040469-index.htm)
- 10-Q · filed 2026-05-15 · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026035563/0001628280-26-035563-index.htm)
- 8-K · filed 2026-05-14 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1864943/000162828026035143/0001628280-26-035143-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001864943.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1864943

## Cite

POPS4, Edgar & Edgarette: FGI Industries Ltd. (FGI) company card, from the company's own SEC filings, accessed 2026-10-30, https://www.pops4.com/boards/company/FGI. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.