olivLaw · US equity research
FBS Global Ltd FBGL
General Bldg Contractors - Residential Bldgs · SIC 1520 · Vertical: General Bldg Contractors - Residential Bldgs (SIC 1520)
FBS Global Ltd is a Singapore-based green building contractor and interior fit-out specialist serving institutional, residential, commercial and industrial projects. The company grew revenue by more than 86 percent in fiscal 2025, to 25.9 million SGD, yet still posted a net loss, which makes the sustainability of that growth the key question.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, FBS Global Ltd (FBGL) stock was 2.17 USD (+2.61% on the day), with market capitalisation 29.2 m USD, beta 1.09, 52-week range 2.11–13.80 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)
- 33.6
- weak (30–45)
- Bollinger (20, 2)
- 1.56 – 3.37
- in the lower half of the band · %B 0.33 · band width 73.7%
- SMA 50 / 200
- 3.32 / 5.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.38 / -0.41
- 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 | −39.2% | −1.1% | −38.1 pp | — |
| 3 months | −47.6% | −0.5% | −47.1 pp | — |
| 6 months | −64.6% | +4.4% | −69.0 pp | — |
| Year to date | −77.7% | +12.3% | −90.0 pp | — |
| 1 year | −58.4% | +13.5% | −71.9 pp | −16.8% |
| 3 years | unavailable | +76.4% | unavailable | +48.2% |
| 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 | 2019 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 16.1 m | 10.4 m | 19.1 m |
| Revenue YoY | unavailable | unavailable | unavailable | −35.7% | +84.3% |
| Net income | unavailable | 51.5 k | 3.5 k | -610.8 k | -1.5 m |
| Net income YoY | unavailable | unavailable | −93.2% | −17,471.3% | unavailable |
| Diluted EPS | unavailable | unavailable | 0.00 | -0.05 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | 0.0% | -5.9% | -7.9% |
| Free cash flow | unavailable | unavailable | 2.7 m | -147.9 k | -3.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.9 m USD
- Financial debt
- 97.2 k USD
- Net debt
- -3.8 m USD
- Equity
- 9.6 m USD
- Total assets
- 20.6 m USD
- Debt / equity
- 0.01x
- Current ratio
- 1.60x
- ROE
- -23.6%
- ROA
- -9.3%
- FCF margin
- -16.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | — | 16.1 m | 10.4 m | 19.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | — | — | 14.2 m | 9.4 m | 17.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | — | — | 2.0 m | 937.6 k | 1.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Research & development | — | — | — | — | 499.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | — | — | -33.1 k | -725.5 k | -1.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | — | — | 119.7 k | 127.8 k | 122.6 k | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | — | — | 86.6 k ≈ | -597.7 k ≈ | -1.3 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | — | — | 57.1 k | 49.4 k | 10.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | — | — | -24.7 k | -637.5 k | -1.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | — | — | -28.1 k | -26.7 k | — | SEC (XBRL)· 15 May 2025verified |
| Net income | — | 51.5 k | 3.5 k | -610.8 k | -1.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | — | — | 0.00 | -0.05 | -0.11 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | — | 11.3 m | 11.3 m | 11.3 m | 13.4 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | — | 3.3 m | 2.2 m | 3.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | — | 2.6 m | 2.1 m | 2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | — | 10.0 m | 7.4 m | 17.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | — | 2.7 m | 2.7 m | 2.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | — | 13.5 m | 11.8 m | 20.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | — | 1.8 m | 949.4 k | 2.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | — | 1.1 m | 533.2 k | 89.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | — | 674.4 k | 99.4 k | 7.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | — | 9.1 m | 8.5 m | 11.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | — | 9.7 m | 8.6 m | 11.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | — | 3.8 m † | 3.8 m † | 3.2 m † | 9.6 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 11.3 m | 11.3 m | 13.5 m | SEC (XBRL)· 30 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | — | 2.7 m | -91.6 k | -3.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | — | — | 2.4 k | 56.4 k | 58.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | — | — | 2.7 m ≈ | -147.9 k ≈ | -3.1 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | — | — | -182.1 k | 103.2 k | -3.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | — | — | -662.5 k | -1.1 m | 7.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | 4.1 m | — | — | — | — | SEC (XBRL)· 15 May 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 29.2 m USD
Key indicators
Coverage and freshness
Score by group
35% · 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -32.7% | 0 (on a fixed band) | 29% |
| Net margin · Quality | -7.9% | 40 (vs peers) | 18% |
| 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 | -133.5x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.6% | 0 (on a fixed band) | 24% |
| 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 sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 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
FBS Global Limited (FBGL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 19.1 m USD in 2025; YoY growth 84.3%; net margin -7.9%; ROE -23.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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
- ROIC: -32.7%
- Interest coverage: -133.5x
- FCF yield: -10.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
General Bldg Contractors - Residential Bldgs (SIC 1520) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| IBPInstalled Building Products, Inc. | 5.9 bn | 24.0 | 38.5% | 8.5% | +1.0% | −17% / +48% |
| GEOThe GEO Group, Inc. | 3.3 bn | 11.9 | 20.1% | 10.3% | +8.6% | +60% / +148% |
| FBGLFBS Global Limited | 29.2 m | — | -23.6% | -7.9% | +84.3% | −58% / unavailable |
| SPHLSpringview Holdings Ltd | 26.6 m | — | -36.4% | -30.1% | −5.8% | −36% / unavailable |
| ONEGOneConstruction Group Limited | 20.3 m | — | -212.7% | -26.8% | −7.2% | +6% / unavailable |
| LENLennar Corp | — | — | 5.9% | 4.1% | −3.5% | −30% / −26% |
1- and 3-year price returns: for FBGL 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 30 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (24 Sept 2026), 6-K (14 Sept 2026), 6-K (01 Sept 2026).
In brief
FBS Global Ltd is a Singapore-based green building contractor and interior fit-out specialist serving institutional, residential, commercial and industrial projects. The company grew revenue by more than 86 percent in fiscal 2025, to 25.9 million SGD, yet still posted a net loss, which makes the sustainability of that growth the key question.1
SWOT
Strengths
- Over two decades of experience and a solid track record in hospitals and interior fit-out works.
- Environmental and safety certifications and participation in many green-award-winning projects.
- Registration in the Singapore public sector contractors system, which allows bidding on government work.
Weaknesses
- A net loss in fiscal 2025 even though revenue rose sharply.
- Heavy revenue concentration in a few customers, which makes results hard to anticipate.
- Margins sensitive to cost increases, since contracts do not provide for price adjustments.
Opportunities
- Government contracts in the public sector could broaden the project base over the medium term.
- Expansion plans into Hong Kong, Macau and mainland China could diversify the business if transactions close.
- Demand for green buildings could favour contractors with relevant certifications.
Threats
- Intense and fragmented competition in Singapore construction could pressure pricing.
- Restrictions on foreign labour could limit the capacity to execute projects.
- Delays in completing projects could affect revenue recognition and profitability.
Risks
- Customer concentrationhigh
A large share of revenue comes from a small number of customers, and losing one major contract could significantly affect results.1
- Net losshigh
The company reported a net loss in fiscal 2025, and continuation of this trend could affect its ability to fund operations.1
- Rising construction costsmedium
Contracts do not allow price adjustments for cost escalation, which could reduce project margins.1
- Dependence on government registrationsmedium
Registration under the contractors system must be renewed periodically, and a lapse could limit access to public tenders.1
- Unconsolidated international expansionlow
The acquisition of equity in EFMK has not been completed and control has not been obtained, which leaves the planned expansion uncertain.1
Investment thesis
What would need to be true (bull case)
- If the revenue growth of 2025 holds and the large projects in the portfolio are delivered on schedule, the company could recover from its recent losses.
- Its hospital experience and environmental certifications could win new public contracts, supporting a more diversified revenue base.
- If the expansion into Hong Kong and mainland China materialises, the company could access new markets.
What would break the thesis
- Dependence on a few large customers could cause revenue to drop sharply if a major contract is not renewed.
- The net loss and rising material and labour costs could continue to erode profitability.
- Fragmented competition in Singapore could limit the company's ability to hold prices and margins.
What to watch
- Trend in net loss and gross margin in quarterly reportsQ1 2027
- Share of major customers in total revenue and new public-sector contracts2027
- Completion of the EFMK share transfer and any consolidationnext 20-F
- Progress of the ongoing retrofitting and A&A projects2027
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 30 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (24 Sept 2026), 6-K (14 Sept 2026), 6-K (01 Sept 2026).
The business
FBS Global Ltd is a Cayman Islands company listed on the Nasdaq Capital Market since February 2025, operating mainly through its Singapore subsidiary Finebuild Systems Pte. Ltd.1 The company has more than 20 years of experience and focuses on interior fit-out, drywall partitions, false ceilings and A&A works for hospitals, mixed developments and residential projects.1 As a green contractor it aims to bid for green projects and use recycled or sustainably sourced materials.1
The company has been involved in several BCA Green Mark award projects and has worked on 132 projects, 29 of which received an award.1 Between September 2024 and February 2026 it was awarded eight contracts and sub-contracts in Singapore with an aggregate value of S$104,831,270, four of them sub-contracts on government projects.1 To tender for public sector work it must be registered under the Contractors Registration System, with a tendering limit of S$16 million for certain workheads.1
Revenue comes from project-based construction contracts that are non-recurring and recognized by stage of completion.1 In fiscal 2025 the two largest customers were Penta-Ocean Construction at 62 percent of revenue and Hyundai Engineering & Construction at 22 percent, indicating significant dependence on a few partners.1
Segments
Sales of construction materials
This line remains marginal: material sales rose to about S$51,700 in 2025 from about S$1,400 in 2024, mainly due to larger orders from one customer.1
Market context
The Singapore construction industry, including interior fit-out and main contractor works, is described in the filing as highly competitive and fragmented, with no published market share statistics.1 Performance depends on the supply of qualified subcontractors, government policies on foreign labour and public-sector project volumes such as hospitals.1
Construction costs are affected by materials such as gypsum and steel, worker wages and demand for rented equipment, and contracts generally do not allow price adjustments for cost escalation.1
Trends
- Green building and sustainability standardstailwind
Demand for energy-efficient and environmentally certified buildings could support the company's projects, particularly in Singapore where a certification framework is well established.1
- Public investment in hospitals and infrastructuretailwind
Government upgrades to hospitals and public buildings could generate additional contracts if the company maintains its registration status.1
- Rising labour and material costsheadwind
Pressure on foreign labour and material costs could compress margins, given that contracts do not provide for price adjustments on cost increases.1
- Customer concentration and portfolio shiftsmixed
Reliance on a few large customers makes results fluctuate from year to year, and portfolio changes could affect revenue stability.1
Competitive position
The company names three main competitors in interior fit-out in Singapore: Dong Jian (Singapore) Pte Ltd, Top Plasterceil Pte Ltd and Lincotrade & Associates Pte Ltd.1 The market is fragmented, and no meaningful market share comparison exists for main contractor works.1
The company's edge rests on its hospital fit-out track record, main contractor experience and ISO 45001 and ISO 14001 certifications, which may be needed to be invited to tender.1
- Dong Jian (Singapore) Pte Ltd
Named by the company as a main competitor in interior fit-out works in Singapore.
- Top Plasterceil Pte Ltd
Named by the company as a main competitor in interior fit-out works in Singapore.
- Lincotrade & Associates Pte Ltd
Named by the company as a main competitor in interior fit-out works in Singapore.
- Other Singapore main contractors
The filing describes main contractor works as similarly competitive and fragmented, without naming specific firms.
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)13 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)16 Apr 2026
- Current report (foreign issuer)12 Mar 2026
- Current report (foreign issuer)02 Mar 2026
- Current report (foreign issuer)26 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / FBS Global Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.