FGI Industries Ltd. (FGI)

Nasdaq: FGI · Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures · East Hanover, NJ · filing with the SEC since 2021

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Grade3.3

◀ Past 1.9● Present 3.6▶ Future 4.2

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of FGI Industries Ltd.

Nine metrics read from its own filings, by tense

Headline grade

3.3/10

◀ Past1.930% of the headline

● Present3.640% of the headline

▶ Future4.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.9/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.8/10

Has it survived what it has been through?

7 warning events since 2021; the latest 2026-04-23.

weight 33% of this tense · 8th percentile among 37 sector filers · read for itself

From the record

FGI Industries Ltd.'s filings since 2021 show 7 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2025-08-15); an auditor change (8-K item 4.01, 2 times, the latest 2026-04-23); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2026-03-31) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.6/10

What has it actually done, year after year?

-8% a year over 5 filed years; profitable in 3 of 5.

weight 45% of this tense · 15th percentile among 34 sector filers · read for its customers

From the record

FGI Industries Ltd.'s 5 filed years say what it did: revenue went from $182 million in fiscal 2021 to $131 million in fiscal 2025, down 8% a year; it rose in 1 of 4 years; the deepest fall was 36% from fiscal 2021 to fiscal 2023; net income was positive in 3 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span-8.0%bottom 8% of its family
the share of years revenue rosebottom 3% of its family
the share of filed years with a profitbottom 29% of its family
the deepest fall from a revenue peak35.6%bottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

4.1/10

How has it treated the people who own it?

SI estimate 4.1/10, confidence 35 of 100 (one part).

weight 22% of this tense · 41st percentile among 34 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 41% of 34 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 34 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: FGI Industries Ltd.'s shareholder treatment is put at 4.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 41% of 34 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.6/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.8/10

Is it financially healthy right now?

ROE -39%: lost 39¢ per shareholder dollar. Leverage 78%: owes 78¢ per asset dollar.

weight 45% of this tense · 38th percentile among 34 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, FGI Industries Ltd. lost about 39 cents for every dollar of shareholders' money, and gross profitability: its products earned about 51 cents per dollar of everything the company owns. Leverage: it owed about 78 cents per dollar of assets, and net share issuance: its share count grew 0.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 18% of its family
return on equitybottom 8% of its family
gross profit against assetstop 18% of its family
the share count against the year beforebottom 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.5/10

How strong is its position in its industry?

bottom 25% of 35 in its family; net margin -4.7%.

weight 33% of this tense · 25th percentile among 35 sector filers · read for its customers

From the record

FGI Industries Ltd.'s standing among 35 graded names in its industry family: revenue of $131 million in fiscal 2025 ranks in the bottom 30% by size; a net margin of -4.7% ranks in the bottom 24%; revenue growth of -6.9% a year over the last 3 filed years ranks in the bottom 22% (its annual reports).

What it rests on

revenue against the family$131Mbottom 30% of its family
net margin-4.7%bottom 24% of its family
three-year revenue growth-6.9%bottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.9/10

What are the people in charge doing?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 28 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: No officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 28 members with one.
What the record cannot read: No officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 28 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: FGI Industries Ltd.'s leadership is put at 4.9 of 10 with a confidence of 20 of 100, because no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 28 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.9/10

How much room does it have to grow?

bottom 39% of 32 in its family for room to expand.

weight 45% of this tense · 39th percentile among 32 sector filers · read for itself

From the record

FGI Industries Ltd.'s room to grow, from the newest filed statements (fiscal 2025): cash of $2 million against no long-term debt tagged leaves 2.7% of its assets as net cash, top 47% of its family; cash from operations less capital spending is -0.2% of revenue (bottom 27%); a gross margin of 27% (top 45%); research spending of 1.1% of revenue (bottom 22%) (its annual report).

What it rests on

cash less debt against assets2.7%top 47% of its family
cash from operations less capital spending against revenue-0.2%bottom 27% of its family
gross margin27.0%top 45% of its family
research spending against revenue1.1%bottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.5/10

What could actually drive growth from here?

top 44% of 34 in its family for growth drivers.

weight 33% of this tense · 56th percentile among 34 sector filers · read for its customers

From the record

FGI Industries Ltd.'s growth drivers, from the filed years to fiscal 2025: revenue grew -6.9% a year over the last three filed years against -8% over all 5, speeding up (top 17% of its family); the newest year grew -1% (bottom 28%); research spending grew 10.4% a year (top 36%); capital spending grew -5.9% a year (bottom 47%) (its annual reports). FGI Industries Ltd. reported 4 product lines in fiscal 2025: Sanitaryware at $80 million (62%), Shower System at $23 million (17%), Bath Furniture Products at $14 million (11%), and 1 more; 1 of 4 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+1.1 points a yeartop 17% of its family
the newest year's revenue growth-1.0%bottom 28% of its family
three-year growth of research spending10.4%top 36% of its family
three-year growth of capital spending-5.9%bottom 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.9/10

Did its newest year beat what its own record pointed to?

bottom 29% of 34 in its family for expectations against reality.

weight 22% of this tense · 29th percentile among 34 sector filers · read for its shareholders

From the record

FGI Industries Ltd.'s newest year against its own record: revenue of $131 million in fiscal 2025 came in 9.7% above the $119 million its prior three years' pace pointed to (top 37% of its family); net income of $6 million against a prior three-year average of $1 million (bottom 1%); a net margin of -4.7% against 0.7% before (bottom 22%) (its annual reports).

What it rests on

revenue against the prior three years' pace9.7%top 37% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 1% of its family
net margin against its prior average-5.4 pointsbottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton FGI · research, not advice