FBS Global Limited (FBGL) AI Stock Analysis
FBGL AI stock analysis summary
AI ResearchFBS Global Limited is a Singapore-based green building contractor providing construction, engineering, and interior fit-out services. In FY2025, revenue grew 86.8% to $25.9M, though the company reported a net income of -$2.0M. The company maintains net cash of $3.9M with a market capitalization of $3.3M as of October 16, 2026.
- Market cap
- $3.3M
- Revenue (TTM)
- $25.9M
- P/E
- —
- 1Y return
- -61.4% S&P 500 16.8%
- Avg. target
- —
Bull case
- Revenue increased 86.8% in FY2025 to $25.9M, contributing to a 5-year revenue CAGR of 35.4%.
- FBS Global holds $3.9M in net cash with a low debt-to-equity ratio of 0.01 as of March 31, 2026.
- The stock trades at a price-to-sales multiple of 0.1x, well below the US-listed Industrials peer median of 1.5x.
Bear case
- Net income dropped to -$2.0M in FY2025, alongside an operating margin of -7.5%.
- Operating cash flow reached -$4.1M in FY2025, resulting in a negative free cash flow of -$4.2M.
- The stock has declined 74.5% year-to-date and 61.4% over the past 1-year period as of October 16, 2026.
What FBS Global does
FBS Global Limited, founded in 1996 and based in Singapore, operates as an investment holding company and green building contractor. Together with its subsidiaries, it delivers construction and engineering services, including the supply of building materials and precast concrete components, pavement consultancy, recycling of construction and industrial wastes, and research and development. In addition, the firm undertakes interior fit-out works across institutional, residential, commercial, and industrial projects, providing design, supply, and installation for ceilings, partitions, timber decking, carpet, lead lining, acoustic wall panels, built-in furnishings, carpentry, and mechanical and electrical building services.
Growth and profitability
FBS Global delivered a 5-year revenue CAGR of 35.4% from FY2020 to FY2025. Annual revenue experienced sharp swings, moving from $22.7M in FY2021 to $16.8M in FY2022 and $21.8M in FY2023. Revenue fell 36.5% to $13.8M in FY2024 before rebounding 86.8% to $25.9M in FY2025. Despite top-line expansion, profitability has weakened over time; gross margin dropped from 16.9% in FY2021 to 10.2% in FY2025. Operating margin turned negative at -7.0% in FY2024 and -7.5% in FY2025, with net income falling to -$2.0M. For the quarter ended December 31, 2025, quarterly revenue growth was 226.7% year-over-year.
Balance sheet and cash flow
As of March 31, 2026, FBS Global held $4.0M in cash and short-term investments against total debt of $128,854, resulting in a net cash position of $3.9M. Its current ratio stood at 1.60 and debt-to-equity was 0.01, supported by $12.9M in shareholders' equity and $27.8M in total assets. In FY2025, operating cash flow was -$4.1M. After capital expenditures of $79,043, free cash flow was -$4.2M.
Valuation and performance
At a market cap of $3.3M and an enterprise value of $2.4M, FBS Global trades at a price-to-sales multiple of 0.1x and an EV-to-EBITDA multiple of 18.1x, alongside a price-to-book ratio of 0.5x. By comparison, the median of its US-listed Industrials peers trades at a price-to-sales multiple of 1.5x and an EV-to-EBITDA multiple of 13.9x. The stock has lagged broader markets, falling 61.4% over the past year and 74.5% year-to-date as of October 16, 2026, while the S&P 500 (SPY) gained 16.8% over the past year.
What analysts expect
There are no Wall Street analyst rating counts, consensus recommendations, or price targets available for FBS Global Limited. Diluted EPS for the trailing twelve months ended December 31, 2025, was -$1.15. The shares closed at $2.47 on October 16, 2026, standing 59.4% below their 200-day moving average and between their 52-week range of $2.20 to $14.00.
Key risks and what to watch
- Gross margin has contracted from 16.9% in FY2021 to 10.2% in FY2025, pressuring the company's core profitability.
- Continued negative free cash flow of -$4.2M risks depleting the company's cash and short-term investments of $4.0M.
- Insiders hold 51.2% of the shares, giving internal stakeholders significant voting control over corporate decisions.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this FBGL AI stock analysis
This page is an AI-written research summary of FBS Global Limited (FBGL). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: FBGL income statement, FBGL balance sheet, FBGL key metrics, FBGL chart. See the FBGL stock overview for the latest quote and news.
FBGL AI stock analysis FAQ
Does FBS Global Limited pay a dividend?
FBS Global Limited does not report a dividend payment or dividend yield.
What is FBS Global Limited's debt position?
As of March 31, 2026, the company held $128,854 in total debt and $4.0M in cash and short-term investments, leaving it with net cash of $3.9M.
How has FBGL stock performed recently?
As of October 16, 2026, FBGL closed at $2.47, down 74.5% year-to-date and down 61.4% over the past year.
What was FBS Global's annual revenue in FY2025?
In FY2025, FBS Global reported annual revenue of $25.9M, representing an 86.8% increase compared to FY2024.