FGI Industries Ltd.

FGI

Consumer CyclicalFurnishings, Fixtures & AppliancesNASDAQ

$5.99

Market Cap: $11.54M

FGI Industries Ltd. (FGI) Valuation Summary

Updated Apr 20, 2026 22:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.43 – $124.23	$2.43	-75.2%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$2.14 – $113.39	$18.50	+89.0%

Valuation History

DCF Analysis

FGI Industries Ltd. (FGI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.43

Market Price

$5.99

Upside / Downside

-59.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -1.8% to a target of 7.7% over 5 years, discounted at a WACC of 7.2%, FGI Industries Ltd. (FGI) has an intrinsic value of $2.43 per share (range: $2.43 – $124.23).

Key Assumptions

Current Operating Margin

-1.8%

Target Operating Margin

7.7%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

Tax Rate

29.4%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	143	9.7%	0.1%	0	0	2	(3)	7	-8	-8
2027	152	6.4%	2.0%	3	2	2	(4)	1	-1	-1
2028	140	-8.0%	3.9%	5	4	2	(5)	-1	1	1
2029	129	-8.0%	5.8%	7	5	2	(6)	-1	2	1
2030	119	-8.0%	7.7%	9	6	2	(7)	-1	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-5

Terminal Value (Gordon Growth at 3.0%)43

PV of Terminal Value31

Enterprise Value26

(–) Net Debt22

Equity Value5

(÷) Shares Outstanding2

Fair Value per Share$2.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.2%	$-22	$-18	$20	$72	$124
6.2%	$-21	$-18	$8	$44	$80
7.2%	$-21	$-18	$2	$29	$56
8.2%	$-21	$-17	$-1	$20	$42
9.2%	$-21	$-17	$-4	$14	$32

Current price: $5.99. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 8.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$18.50

Market Price

$5.99

Upside / Downside

+208.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), FGI Industries Ltd. (FGI) has a fair value of $18.50 based on 5 comparable companies in the Furnishings, Fixtures & Appliances industry.

EV/Revenue Valuation — Furnishings, Fixtures & Appliances

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FGI Industries Ltd.FGI	11	0.3x	0.3x
Reborn Coffee, Inc.REBN	15	3.1x	4.7x
Aterian, Inc.ATER	8	0.1x	0.1x
DSS, Inc.DSS	8	1.8x	0.8x
Lobo EV Technologies Ltd.LOBO	7	0.4x	0.3x
Cenntro Electric Group LimitedCENN	3	0.2x	—
Industry Median		0.4x	0.5x
(*) Revenue		131	121
= Enterprise Value		48	66
(-) Net Debt		22	22
Equity Value		27	44
(/) Outstanding shares		2	2
Fair Price		$14	$23

Selected Fair Value (avg of trailing + forward)

$18.50

+208.9%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$2.43 – $124.23

$2.43

-75.2%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$2.14 – $113.39

$18.50

+89.0%

DCF Analysis

FGI Industries Ltd. (FGI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.43

Market Price

$5.99

Upside / Downside

-59.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.8%

Target Operating Margin

7.7%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

Tax Rate

29.4%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	143	9.7%	0.1%	0	0	2	(3)	7	-8	-8
2027	152	6.4%	2.0%	3	2	2	(4)	1	-1	-1
2028	140	-8.0%	3.9%	5	4	2	(5)	-1	1	1
2029	129	-8.0%	5.8%	7	5	2	(6)	-1	2	1
2030	119	-8.0%	7.7%	9	6	2	(7)	-1	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-5

Terminal Value (Gordon Growth at 3.0%)43

PV of Terminal Value31

Enterprise Value26

(–) Net Debt22

Equity Value5

(÷) Shares Outstanding2

Fair Value per Share$2.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.2%	$-22	$-18	$20	$72	$124
6.2%	$-21	$-18	$8	$44	$80
7.2%	$-21	$-18	$2	$29	$56
8.2%	$-21	$-17	$-1	$20	$42
9.2%	$-21	$-17	$-4	$14	$32

Current price: $5.99. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 8.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$18.50

Market Price

$5.99

Upside / Downside

+208.9%

Verdict

Undervalued

EV/Revenue Valuation — Furnishings, Fixtures & Appliances

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FGI Industries Ltd.FGI	11	0.3x	0.3x
Reborn Coffee, Inc.REBN	15	3.1x	4.7x
Aterian, Inc.ATER	8	0.1x	0.1x
DSS, Inc.DSS	8	1.8x	0.8x
Lobo EV Technologies Ltd.LOBO	7	0.4x	0.3x
Cenntro Electric Group LimitedCENN	3	0.2x	—
Industry Median		0.4x	0.5x
(*) Revenue		131	121
= Enterprise Value		48	66
(-) Net Debt		22	22
Equity Value		27	44
(/) Outstanding shares		2	2
Fair Price		$14	$23

Selected Fair Value (avg of trailing + forward)

$18.50

+208.9%