FiscalNote Holdings, Inc. (NOTE) AI Stock Analysis
NOTE AI stock analysis summary
AI ResearchFiscalNote Holdings, Inc. (NOTE) provides legal and public policy data analytics and workflow tools using artificial intelligence and machine learning. Over the trailing twelve months, the company generated $84.2M in revenue with a profit margin of -141.5% and an operating margin of -16.2%. The balance sheet shows total debt of $140.2M against cash and short-term investments of $20.6M as of June 30, 2026.
- Market cap
- $457,016
- Revenue (TTM)
- $84.2M
- P/E
- —
- 1Y return
- -99.7% S&P 500 16.8%
- Avg. target
- $2.12 14066.7% vs last close
Bull case
- Gross margin expanded steadily from 56.1% in FY2021 to 68.2% in FY2025.
- Analysts estimate FY2026 EPS will improve 73.4% to -$0.45 with a mean price target of $2.12.
- The stock trades at an EV/EBITDA of 10.0x, lower than the US-listed Technology peer median of 16.6x.
Bear case
- Total debt of $140.2M significantly exceeds cash and short-term investments of $20.6M as of June 30, 2026.
- Free cash flow has remained negative over five consecutive years, including -$18.6M in FY2025.
- Quarterly revenue for the period ending June 30, 2026, declined 15.8% year-over-year.
What FiscalNote does
FiscalNote Holdings Inc. operates at the intersection of technology, data analytics, and public policy, providing legal data and insights on a global scale. Utilizing advanced technologies such as artificial intelligence and machine learning, along with analytics and expert research capabilities, FiscalNote delivers intelligence through its suite of products for public policy and issues management. These solutions are complemented by workflow tools designed to streamline advocacy campaigns and manage constituent relationships. Its clientele includes Fortune 100 corporations, government agencies, law firms, professional services organizations, trade associations, and non-profit entities.
Growth and profitability
Annual revenue grew from $82.9M in FY2021 to $113.8M in FY2022 and $132.6M in FY2023, before declining 9.3% to $120.3M in FY2024 and 20.7% to $95.4M in FY2025. Gross margin increased from 56.1% in FY2021 to 68.2% in FY2025. Operating margin improved from -67.0% in FY2021 to -28.4% in FY2025. Net income was -$109.4M in FY2021, -$218.3M in FY2022, -$115.5M in FY2023, $9.5M in FY2024, and -$65.2M in FY2025. For the trailing twelve months ended June 30, 2026, revenue was $84.2M, with quarterly revenue falling 15.8% year-over-year and diluted EPS at -$6.40.
Balance sheet and cash flow
As of June 30, 2026, FiscalNote held $20.6M in cash and short-term investments against total debt of $140.2M, resulting in net debt of $119.6M. Shareholders' equity stood at $274,000 against total assets of $182.2M, with a current ratio of 0.22 and a debt-to-equity ratio of 511.66. Operating cash flow in FY2025 was -$11.4M, while free cash flow was -$18.6M after capital expenditures of $7.2M. Over five years, the company's share count increased 2514.5%.
Valuation and performance
NOTE closed at $0.01 on October 16, 2026, reflecting a market capitalization of $457,016 and an enterprise value of $121.1M. The stock trades at an EV/EBITDA of 10.0x, below the 16.6x median of its US-listed Technology peers. Its price-to-sales multiple is 0.0x versus the peer median of 2.8x, and its EV-to-revenue multiple is 1.4x. Over the past year, the stock fell 99.7% while the S&P 500 rose 16.8%, and over five years the stock fell 100.0% compared to an 83.0% gain for the benchmark index.
What analysts expect
Wall Street analyst ratings comprise 2 Strong Buy, 0 Buy, 0 Hold, 0 Sell, and 0 Strong Sell recommendations. The mean price target is $2.12, compared to the last close of $0.01. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $76.4M and an EPS of -$0.45. For the following fiscal year, 1 analyst estimates revenue of $74.4M and an EPS of -$0.36. FiscalNote met or exceeded EPS estimates in 0 of the last 4 quarters.
Key risks and what to watch
- Liquidity pressure is indicated by a current ratio of 0.22 and net debt of $119.6M.
- Shareholder dilution has been substantial, with share count increasing 2514.5% over 5 years.
- The company recorded 0 EPS beats over the last 4 quarters alongside a trailing twelve-month net profit margin of -141.5%.
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 NOTE AI stock analysis
This page is an AI-written research summary of FiscalNote Holdings, Inc. (NOTE). 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: NOTE income statement, NOTE balance sheet, NOTE key metrics, NOTE analyst forecast, NOTE chart. See the NOTE stock overview for the latest quote and news.
NOTE AI stock analysis FAQ
What does FiscalNote Holdings do?
FiscalNote Holdings Inc. provides legal data, public policy intelligence, and issues management software. The company uses artificial intelligence and machine learning to help clients track legislation, manage regulatory compliance, and execute advocacy campaigns.
What is FiscalNote's debt and liquidity position?
As of June 30, 2026, FiscalNote held $20.6M in cash and short-term investments alongside total debt of $140.2M. The company reported a current ratio of 0.22 and shareholders' equity of $274,000.
Does FiscalNote pay a dividend?
FiscalNote does not pay a dividend.
How has NOTE stock performed compared to the broader market?
As of October 16, 2026, NOTE stock declined 99.7% over the past year and 100.0% over five years. During the same periods, the S&P 500 gained 16.8% and 83.0%, respectively.
What are analysts forecasting for FiscalNote's financial performance?
For the fiscal year ending December 31, 2026, consensus analyst forecasts project revenue of $76.4M and an EPS of -$0.45. Wall Street currently tracks 2 Strong Buy ratings with a mean price target of $2.12.