Présentation de l'entreprise
FiscalNote Holdings, Inc. operates as a specialized technology provider dedicated to delivering global policy and market intelligence across North America, Europe, Australia, and Asia. By leveraging artificial intelligence and advanced data analytics, the company synthesizes legal and policy insights within complex political, regulatory, and macroeconomic environments for its clients. The enterprise is classified within the Technology sector and specifically operates in the Information Technology Services industry, a classification that underscores its role as an enabler of digital transformation and data-driven decision-making for institutional stakeholders. In terms of scale, the company maintains a market capitalization of $4.85M, generates annual revenue of $95.41M, and employs a workforce of 407 individuals. These financial dimensions indicate that FiscalNote Holdings is a micro-cap entity with a revenue stream that is substantial relative to its listed equity value, suggesting a business model where the market assigns a highly compressed valuation to its operations, potentially reflecting concerns regarding profitability or growth sustainability rather than an absence of commercial activity.
Santé financière
The company reported revenue of $95.41M over the trailing twelve months, yet it recorded a net income of $-65,247,000 and an EBITDA of $-28,015,000, revealing a significant divergence between top-line generation and bottom-line profitability. The substantial gap between the $95.41M revenue and the negative net income highlights a cost structure where operating expenses and non-operating charges far exceed gross earnings, resulting in a net loss that is disproportionately large compared to the pre-tax earnings before interest and taxes. Furthermore, the company generated free cash flow of $-10,892,750, indicating that the cash generated from operations was insufficient to cover capital expenditures and working capital requirements, thereby limiting financial flexibility and increasing reliance on external capital sources or existing cash reserves. Analyzing the margin structure, FiscalNote Holdings displays a gross margin of 77.8%, which suggests efficient production and service delivery costs, yet this is contrasted by an operating margin of -27.9% and a profit margin of -68.4%, indicating that high overhead costs or significant interest burdens are eroding the value created at the gross level. The balance sheet presents a leverage profile with total debt of $151.08M against cash holdings of $26.31M, resulting in a debt-to-equity ratio of 243.87, which characterizes the company as highly leveraged and exposed to interest rate fluctuations or credit tightening. Liquidity is constrained as evidenced by a current ratio of 1.02, meaning the company possesses just enough current assets to cover its current liabilities, leaving little margin of error for unexpected cash outflows. Additionally, the return on equity stands at -81.7% and the return on assets is -8.0%, metrics that collectively demonstrate that management has not yet achieved effective capital allocation, as the firm destroys value relative to the shareholders' investment and the total asset base utilized.
Évaluation de la valorisation
The valuation metrics present a complex picture, with a P/E Ratio (TTM) listed as N/A due to the lack of positive net income, while the forward P/E is recorded at 0.46, implying that the market anticipates a normalization of earnings or a specific accounting treatment for future periods that drastically alters the earnings multiple. The price-to-book ratio is 0.07, a figure that indicates the market values the company's equity at a fraction of its book value, suggesting a severe discount often associated with distressed assets or firms facing fundamental structural challenges. Alternative valuation measures further illustrate this compression, as the price-to-sales ratio is 0.05 and the EV/EBITDA is -4.63, signaling that the market assigns minimal value to each dollar of sales and views the company's earnings power as negative on a cash conversion basis. Regarding trading range, the stock has experienced extreme volatility with a 52-week high of $10.20 and a 52-week low of $0.24; given the forward P/E of 0.46 and the company's micro-cap status, the current price sits in a highly speculative zone relative to this historical range, though the exact percentage distance requires the current share price which fluctuates. The beta of 0.98 indicates that the stock's price volatility is nearly identical to that of the broader market, suggesting that FiscalNote Holdings does not offer significant diversification benefits nor does it exhibit amplified systemic risk compared to large-cap peers.
Growth & Income
FiscalNote Holdings experienced a revenue growth (YoY) of -24.7%, while earnings growth (YoY) is listed as N/A due to the company's persistent losses, implying that the decline in revenue is exacerbating the negative earnings trajectory rather than a decoupling of the two metrics. As the company does not pay dividends, evidenced by a dividend yield of N/A and a payout ratio of 0.0%, all available cash flows and potential future earnings are theoretically reinvested into growth initiatives, R&D, or debt servicing rather than distributed to shareholders. This reinvestment strategy is necessary given the negative free cash flow and the substantial debt burden, but it carries the risk that capital efficiency remains low until profitability is restored. Consequently, the overall growth and income profile is defined by negative revenue momentum and a complete absence of income distribution, positioning the company as a high-risk, non-income generating asset where capital appreciation relies entirely on a turnaround in operational performance and profitability.