FullNet Communications Inc (FULO) stock analysis
FULOOTCTelephone Communications (No Radiotelephone)Fiscal year ends December 31
Financials through Q4 FY2023, quarter ended Dec 31, 2023Last filing: 10-K on Apr 1, 2024
$0.33+0.00 (0.00%)
Close on Oct 19, 2026Market cap $6.52MP/E 11.0Yield –
Margins
Share of revenue, fiscal years 2009 to 2023
Gross margin
74.9%
Operating margin
12.2%+12.9 pts over 5 years
Net margin
12.7%−0.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2023
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.8% | +6.2% | +15.1% | +9.9% | |
| Gross profit | -6.6% | +1.5% | – | +7.5% | |
| Operating income | -38.3% | -11.1% | – | – | |
| Net income | -20.8% | -20.8% | +14.8% | +9.1% | |
| Free cash flow | -4.8% | -10.8% | +31.0% | +26.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2014 | FY2018 | FY2023 | Trend |
|---|---|---|---|---|
| Return on equity | 15.6% | -28.4% | 35.2% | |
| Return on assets | -126.0% | 111.0% | 16.2% | |
| Current ratio | 0.03 | 0.28 | 1.78 | |
| Debt to equity | -0.27 | – | – | |
| Net debt to EBITDA | -2.60× | – | – | |
| Interest coverage | 9.7× | -8.0× | – | |
| Capex to revenue | 3.5% | 0.4% | 0.0% | |
| Diluted shares | 9M | 15M | 20M |
Where the cash went
Fiscal 2019 to 2023, five years combined
FullNet Communications generated $4.30M from operations and spent $993.75K on capital expenditure, dividends and share buybacks. 8% of that went back into the business.
Generated
$4.30M
Used
$993.75K
Capital expenditure$84.09K8%Dividends$909.66K92%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.7%
×Asset turnover1.27×
×Equity multiplier2.18×
=Return on equity, FY202335.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 12.7% | 1.27× | 2.18× | 35.2% |
| FY2022 | 15.7% | 1.33× | 2.32× | 48.8% |
| FY2021 | 21.6% | 1.47× | 3.03× | 96.2% |
| FY2020 | 30.6% | 1.88× | 21.21× | 1220.3% |
| FY2019 | 13.1% | 2.89× | -1.58× | -59.9% |
| FY2018 | 12.9% | 8.60× | -0.26× | -28.4% |
| FY2017 | -1.4% | 13.84× | -0.12× | 2.4% |
| FY2016 | -0.3% | 13.36× | -0.11× | 0.5% |
| FY2015 | -2.9% | 13.29× | -0.12× | 4.6% |
| FY2014 | -9.6% | 13.18× | -0.12× | 15.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2023 against fiscal 2022
4of 8 tests passed in fiscal 2023. Some tests lack the figures they need.
- ProfitableNet income above zero$532.14K
- Cash generatingOperating cash flow above zero$690.29K
- Return on assets improvedROA up on the prior year20.8% → 16.8%
- Earnings backed by cashOperating cash flow above net income$690.29K vs $532.14K
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.71 → 1.78
- No dilutionShare count did not rise19M → 20M
- Gross margin improvedGross margin up on the prior year78.74% → 74.88%
- More efficientAsset turnover rose1.32 → 1.32
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