Fulgent Genetics, Inc.
0.57xPrice / tangible book
Market cap
$542.88M
Tangible equity
$953.63M
Price / tangible book
0.57x
Price / book
0.49x
Return on equity
-5.4%
Return on assets
-5.0%
Efficiency ratio
—
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 · Mkt cap
Decision snapshot: FLGT stock price at discount vs MS $19.73 current versus $133.31 implied using P/TBV multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at MS's multiple
Implied fair value · at FLGT's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Filter, sort, and scan the equity metrics that matter most for banks: book value, tangible book, returns, and operating efficiency.
Multiple discount
Multiple discount
Profitability lag
Asset efficiency lag
Lower is better
Statements
Bank-focused income statement and equity metrics aligned to the reporting windows.
SEC periods: FLGT FY 2025 (ended Dec 31, 2025) · MS FY 2025 (ended Dec 31, 2025).
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Tangible book and profitability anchor a bank, not enterprise value.
Deposits and cash-like balances distort enterprise value for banks, so this section reads equity value, tangible book and profitability instead.
Price / tangible book
Market cap
$542.88M
Tangible equity
$953.63M
Price / tangible book
0.57x
Price / book
0.49x
Return on equity
-5.4%
Return on assets
-5.0%
Efficiency ratio
—
Price / tangible book
Market cap
$341.94B
Tangible equity
$88.90B
Price / tangible book
3.85x
Price / book
3.06x
Return on equity
15.1%
Return on assets
1.2%
Efficiency ratio
40.4%
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
FULGENT GENETICS, INC. · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
MORGAN STANLEY · implied price per share
Bank model off — standard DCF modelling is disabled for financial institutions.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.00x
3.06x
Net debt / EBITDA
Leverage against operating earnings
1.15x
3.32x
Cash and equivalents
Liquid reserves on the balance sheet
$50.19M
$111.70B
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider banking comparable set.
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