Detailed financial statements for FBS Global Limited Ordinary Shares (FBGL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Established in Singapore in 1996, FBS Global Limited is a company dedicated to delivering a comprehensive range of construction and engineering solutions. The firm's operations primarily involve undertaking interior fit-out projects for a diverse clientele, spanning institutional, residential, commercial, and industrial building sectors. Beyond construction, FBS Global also acts as a supplier of essential building materials and precast concrete components.
Analysis Summary
FBS Global Limited Ordinary Shares reported revenue of $25.9M in the most recent fiscal year, growing at a 5-year CAGR of 35.4%.
Balance sheet quality for FBGL: current ratio of 1.6, net cash position of $3.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.7M | $22.7M | $16.8M | $21.8M | $13.8M | $25.9M |
| Cost of Revenue | $5.0M | $18.9M | $14.6M | $19.2M | $12.6M | $23.2M |
| Gross Profit | $671381 | $3.8M | $2.2M | $2.6M | $1.3M | $2.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | $674500 |
| Selling, General & Admin | $1.2M | $1.4M | $1.9M | $2.1M | $1.9M | $3.7M |
| Operating Expenses | $1.8M | $2.1M | $2.1M | $2.7M | $2.2M | $4.6M |
| Operating Income | -$1.1M | $1.7M | $74499 | -$44750 | -$967325 | -$1.9M |
| EBITDA | -$473129 | $2.4M | $440902 | $205503 | $106261 | -$1.1M |
| Interest Expense | $88185 | $85371 | $83276 | $77104 | $65921 | $14463 |
| Pre-tax Income | -$684240 | $2.1M | $210917 | -$33313 | -$850004 | -$2.0M |
| Income Tax | -$116320 | $364126 | $142290 | -$37998 | -$35638 | 0 |
| Net Income | -$567920 | $1.8M | $68627 | $4685 | -$814366 | -$2.0M |
| EPS | $-0.04 | $0.14 | $0.01 | $0.00 | $-0.06 | $0.00 |
| EPS (Diluted) | $-0.04 | $0.14 | $0.01 | $0.00 | $-0.06 | $0.00 |
| Shares Outstanding (Diluted) | $15.0M | $15.0M | $13.5M | $13.5M | $13.5M | 0 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.2M | $3.6M | $1.9M | $4.5M | $3.0M | $4.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.2M | $11.4M | $10.4M | $8.9M | $6.8M | $17.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $11.9M | $15.1M | $12.5M | $13.5M | $9.8M | $23.9M |
| Property, Plant & Equipment | $4.0M | $3.8M | $3.9M | $3.7M | $4.3M | $3.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $16.1M | $19.2M | $17.2M | $18.3M | $15.7M | $27.8M |
| Accounts Payable | $1.4M | $1.7M | $2.1M | $2.5M | $1.5M | $3.7M |
| Short-term Debt | $743572 | $1.7M | $1.2M | $1.4M | $696956 | $119007 |
| Total Current Liabilities | $11.1M | $12.8M | $10.4M | $12.3M | $11.3M | $14.9M |
| Long-term Debt | $3.4M | $2.5M | $1.7M | $890330 | $129203 | $9847 |
| Total Liabilities | $14.5M | $15.4M | $12.1M | $13.2M | $11.4M | $14.9M |
| Retained Earnings | $543403 | $2.3M | $2.4M | $2.4M | $1.6M | -$455996 |
| Total Equity | $1.5M | $3.8M | $5.1M | $5.1M | $4.3M | $12.9M |
| Total Debt | $4.2M | $4.3M | $2.9M | $2.4M | $1.5M | $128854 |
| Net Debt | -$2.0M | $763138 | $999027 | -$2.1M | -$1.4M | -$3.9M |
| Working Capital | $814643 | $2.3M | $2.2M | $1.2M | -$1.5M | $9.0M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$567920 | $1.8M | $68627 | $4685 | -$814366 | -$2.0M |
| Depreciation & Amortization | $122926 | $152026 | $146709 | $161711 | $890344 | $885636 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $1.6M | -$3.9M | -$668921 | $3.1M | -$315857 | -$3.0M |
| Operating Cash Flow | $1.4M | -$1.5M | -$435236 | $3.6M | -$122071 | -$4.1M |
| Capital Expenditure | -$87405 | -$25302 | -$102241 | -$3257 | -$75139 | -$79043 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$1.3M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.3M | -$1.5M | -$537477 | $3.6M | -$197210 | -$4.2M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +299.9% | -26.0% | +29.6% | -36.5% | +86.8% | |
| Net Income Growth (YoY) | +413.0% | -96.1% | -93.2% | -17482.4% | -150.0% | |
| EPS Growth (YoY) | +469.4% | -96.4% | -94.1% | -20200.0% | +100.0% | |
| Shares Change (YoY) | +0.0% | -10.0% | +0.0% | +0.0% | -100.0% | |
| FCF Growth (YoY) | -212.1% | +64.1% | +775.5% | -105.4% | -2025.7% | |
| Gross Margin | 11.8% | 16.9% | 13.0% | 12.1% | 9.0% | 10.2% |
| Operating Margin | -19.1% | 7.6% | 0.4% | -0.2% | -7.0% | -7.5% |
| EBITDA Margin | -8.3% | 10.5% | 2.6% | 0.9% | 0.8% | -4.4% |
| Net Margin | -10.0% | 7.8% | 0.4% | 0.0% | -5.9% | -7.9% |
| FCF Margin | 23.5% | -6.6% | -3.2% | 16.6% | -1.4% | -16.2% |
| Effective Tax Rate | 17.0% | 17.0% | 67.5% | 114.1% | 4.2% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $0.09 | $-0.10 | $-0.04 | $0.27 | $-0.01 | |
| Dividends Per Share | $0.00 | $0.09 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $15.0M | $15.0M | $13.5M | $13.5M | $13.5M | 0 |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -120.28 | 33.23 | 907.24 | 15168.96 | -78.12 | 0.00 |
| P/B | 44.30 | 18.26 | 12.27 | 12.06 | 14.86 | 0.00 |
| P/S | 12.03 | 3.07 | 3.71 | 2.82 | 4.59 | 0.00 |
| Gross Margin | 11.8% | 16.9% | 13.0% | 12.1% | 9.0% | 10.2% |
| Operating Margin | -19.1% | 7.6% | 0.4% | -0.2% | -7.0% | -7.5% |
| Net Margin | -10.0% | 7.8% | 0.4% | 0.0% | -5.9% | -7.9% |
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Explore sector: Industrials · Engineering & Construction
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