olivLaw · US equity research
Founder Group Ltd FGL
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Founder Group Ltd (FGL) is a Malaysia-based solar solutions provider working on EPCC projects for utility-scale solar plants and commercial and industrial installations. The company recovered revenue growth in fiscal 2025 but remains loss-making, and it kept its Nasdaq listing through a share combination. Total revenue reached MYR 120.7 mn in fiscal 2025, up 33.6%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Founder Group Ltd (FGL) stock was 1.40 USD (+6.87% on the day), with market capitalisation 24.7 m USD, beta 0.74, 52-week range 1.31–5,210.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 21.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.17 – 5.24
- in the lower half of the band · %B 0.24 · band width 187.8%
- SMA 50 / 200
- 5.61 / 313.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.33 / -2.93
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −66.2% | −1.1% | −65.1 pp | — |
| 3 months | −98.3% | −0.5% | −97.9 pp | — |
| 6 months | −99.3% | +4.4% | −103.7 pp | — |
| Year to date | −99.9% | +12.3% | −112.2 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | −46.5% |
| 3 years | unavailable | +76.4% | unavailable | −18.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 20.2 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | -1.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -5.6% |
| Free cash flow | unavailable | unavailable | -1.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.0 m USD
- Financial debt
- 7.8 m USD
- Net debt
- 6.8 m USD
- Equity
- 3.8 m USD
- Total assets
- 25.5 m USD
- Debt / equity
- 2.05x
- Current ratio
- 0.89x
- ROE
- -31.9%
- ROA
- -4.4%
- FCF margin
- -8.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Revenue | 20.2 m | SEC (XBRL)· 25 Apr 2025verified |
| Cost of revenue | 18.8 m | SEC (XBRL)· 25 Apr 2025verified |
| Gross profit | 1.4 m | SEC (XBRL)· 25 Apr 2025verified |
| Depreciation & amortisation | 93.0 k | SEC (XBRL)· 25 Apr 2025verified |
| Interest expense | 428.1 k | SEC (XBRL)· 25 Apr 2025verified |
| Pre-tax income | -1.3 m | SEC (XBRL)· 25 Apr 2025verified |
| Income tax | -111.8 k | SEC (XBRL)· 25 Apr 2025verified |
| Net income | -1.1 m | SEC (XBRL)· 25 Apr 2025verified |
| Diluted EPS | -0.06 | SEC (XBRL)· 25 Apr 2025verified |
| Weighted average diluted shares | 17.7 m | SEC (XBRL)· 25 Apr 2025verified |
Balance sheet · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Cash | 1.0 m | SEC (XBRL)· 25 Apr 2025verified |
| Receivables | 4.8 m | SEC (XBRL)· 25 Apr 2025verified |
| Inventories | 681.4 k | SEC (XBRL)· 25 Apr 2025verified |
| Current assets | 18.9 m | SEC (XBRL)· 25 Apr 2025verified |
| Property, plant & equipment, net | 5.9 m | SEC (XBRL)· 25 Apr 2025verified |
| Total assets | 25.5 m | SEC (XBRL)· 25 Apr 2025verified |
| Short-term debt | 7.4 m | SEC (XBRL)· 25 Apr 2025verified |
| Long-term debt | 469.1 k | SEC (XBRL)· 25 Apr 2025verified |
| Current liabilities | 21.1 m | SEC (XBRL)· 25 Apr 2025verified |
| Total liabilities | 21.7 m | SEC (XBRL)· 25 Apr 2025verified |
| Equity | 3.8 m | SEC (XBRL)· 25 Apr 2025verified |
| Shares outstanding at year end | 17.7 m | SEC (XBRL)· 25 Apr 2025verified |
Cash flow · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Operating cash flow | -1.4 m | SEC (XBRL)· 25 Apr 2025verified |
| Capex | 282.1 k | SEC (XBRL)· 25 Apr 2025verified |
| Free cash flow | -1.7 m ≈ | SEC (XBRL)· 25 Apr 2025derived |
| Investing cash flow | -1.2 m | SEC (XBRL)· 25 Apr 2025verified |
| Financing cash flow | 3.1 m | SEC (XBRL)· 25 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 24.7 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.6% | 44 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.7% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Founder Group Limited (FGL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 20.2 m USD in 2024; net margin -5.6%; ROE -31.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.9x
- FCF yield: -6.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
1- and 3-year price returns: for FGL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (21 Sept 2026), 6-K (04 Sept 2026), 6-K (26 Aug 2026), 6-K (14 Aug 2026), 6-K (13 Jul 2026).
In brief
Founder Group Ltd (FGL) is a Malaysia-based solar solutions provider working on EPCC projects for utility-scale solar plants and commercial and industrial installations. The company recovered revenue growth in fiscal 2025 but remains loss-making, and it kept its Nasdaq listing through a share combination. Total revenue reached MYR 120.7 mn in fiscal 2025 1, up 33.6% 1.
SWOT
Strengths
- The company has a track record of delivering many solar plants in Malaysia and states that it has had no reported late completions or customer claims in the period reviewed 1.
- In-house engineering and a network of suppliers and subcontractors let the company manage complex projects from design to commissioning 1.
- Revenue growth in fiscal 2025 shows the commercial and industrial expansion has worked, and the company has kept its Nasdaq listing 1.
Weaknesses
- The company posted net losses in fiscal 2024 and 2025 and has not yet turned revenue growth into profit 1.
- Reliance on a few large customers and a small number of suppliers makes revenue and supply vulnerable to delays or withdrawal by these partners 1.
- The company did not declare some construction contracts to the regulator on time, creating a risk of fines 1.
Opportunities
- If government support for renewable energy stays strong, demand for commercial and industrial installations could keep growing 1.
- Expansion into Thailand and into residential solar or electric vehicle charging services could open new revenue sources 1.
- A larger utility project pipeline, if won and delivered on time, could support revenue and reduce volatility 1.
Threats
- Project delays, contractual penalties and cost overruns could erode margins and profitability 1.
- Losing a licence or registration needed to operate, as a result of non-compliance, could disrupt operations 1.
- Financing terms, including short-dated convertible instruments, could pressure liquidity and lead to dilution 1.
Risks
- Customer concentrationhigh
A significant share of revenue comes from a few customers, and any reduction in their activity could quickly affect revenue 1.
- Non-compliance with construction regulationshigh
Failure to declare contracts to the construction regulator could lead to fines or suspension of the registration certificate 1.
- Convertible financing and dilutionhigh
The secured convertible note maturing in December 2026, with conversion at a discount to market price, could cause significant dilution if the share price falls 1.
- Supplier dependencemedium
Concentration of purchases with a few suppliers could make it hard to quickly find alternatives on acceptable commercial terms 1.
- Project cost overrunsmedium
Bid estimates can be exceeded because of equipment prices, labour and exchange rates, which could reduce margins 1.
Investment thesis
What would need to be true (bull case)
- If revenue from the commercial and industrial segment keeps growing and utility projects finish on time, the company could return to profitability 1.
- A stated track record of delivering many megawatts and no reported customer claims could support winning repeat contracts 1.
- Geographic and segment expansion, such as residential projects, could reduce dependence on the Malaysian market and on a few large customers 1.
What would break the thesis
- The company keeps reporting net losses, and revenue growth has not yet translated into profit, which could limit self-funding capacity 1.
- Dependence on a few customers and suppliers means any delay or withdrawal could quickly hit results 1.
- Funding through convertible instruments and rising interest costs could amplify cash pressure and shareholder dilution 1.
What to watch
- Revenue recognition on utility projects and whether they are delivered on time2026
- Status of construction registration approval and other licences needed to operatenext 10-K
- Conversion or repayment of the secured convertible note and the level of cash held in the restricted account2026
- Development of gross margin and administrative costs after the 2025 expansionnext 20-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (21 Sept 2026), 6-K (04 Sept 2026), 6-K (26 Aug 2026), 6-K (14 Aug 2026), 6-K (13 Jul 2026).
The business
Founder Group Ltd is a British Virgin Islands company that, through Founder Energy (Malaysia), runs the solar construction business in Malaysia. It offers end-to-end design, engineering, procurement, construction and commissioning services and, after handover, gives a performance warranty during a defect liability period, typically 24 months 1. It has also set up subsidiaries in Thailand and for residential solar projects, and made a minority investment in electric vehicle charging services 1.
The business is project based, so revenue depends on winning and delivering large contracts on time. Customer dependence is high: in fiscal 2025 three customers accounted for a significant part of revenue 1. The company also relies on a small number of suppliers and on subcontractors for physical installation works 1.
The company was restructured before its listing, and since February 2026 its Class A shares trade on the Nasdaq Capital Market after a 100-to-1 share combination meant to restore compliance with listing rules 1.
Segments
Large-scale solar projects (utility)
Utility-scale ground-mounted solar PV plants of at least 1 MWac supply power to the grid, and the company usually acts as EPCC contractor for these projects. Their share of revenue fell from 89% in 2023 to 61% in 2025, even as their revenue in absolute terms rose 1.
Market context
The reference market is solar in Malaysia, where revenue depends on renewable energy programmes and on investment in utility and rooftop projects. The company describes demand as supported by government green energy policy 1.
All revenue comes from Malaysia, which concentrates geographic risk. Large project development cycles last between 13 and 19 months, adding uncertainty to the timing of cash receipts 1.
Trends
- Government support for renewable energytailwind
The company links growth in its C&I segment to government promotion of renewable energy use. If these policies remain stable, they could support demand for new projects 1.
- Slow delivery of utility projectsheadwind
Delays in implementing large-scale projects contributed to the revenue decline in fiscal 2024. The risk of delay persists if these projects are not delivered on schedule 1.
- Financing costs and working capitalheadwind
Interest expense rose sharply in fiscal 2025 as the company drew more on term loans, trade financing and advances from its holding company to fund expanding working capital 1. Cash flow pressure could continue if expansion continues.
- Exchange rates and equipment costsmixed
Project costs are linked to equipment quoted in US dollars, and the appreciation of the local currency produced exchange gains in some periods. Currency moves could continue to affect margins in either direction 1.
Competitive position
The analysed source does not explicitly name the company's competitors. Competition in the Malaysian solar market is described only in general terms, with companies needing to win contracts through tenders, and bids shaped by policy, incentives and market dynamics 1.
The company's stated advantages include its delivery track record, its relationships with suppliers and banks, and its in-house engineering capacity, which it says help it win bids and repeat orders 1. The lack of direct comparison with rivals limits the assessment of its competitive position.
- Local Malaysian solar contractors
The source does not name competitors, and local solar companies cannot be identified with certainty from the text.
- Other EPCC contractors for solar construction
The company competes for the same tender contracts, but the source does not identify who these rivals are.
- Suppliers of mounting structures
The company has reduced its sales of mounting structures to focus on EPCC, so competition in this segment is less relevant to its current strategy.
- Other solar energy developers
Developers that may take part in large projects exist in the market, but the source does not identify them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)13 Jan 2026
- Current report (foreign issuer)18 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Founder Group Ltd · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.