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FISCALNOTE HOLDINGS INC (NOTE) Stock Fundamental Analysis

USA - NYSE:NOTE - US3376551046 - Common Stock

4.69 USD
-0.2 (-4.09%)
Last: 9/25/2025, 8:04:01 PM
4.75 USD
+0.06 (+1.28%)
After Hours: 9/25/2025, 8:04:01 PM
Fundamental Rating

2

Overall NOTE gets a fundamental rating of 2 out of 10. We evaluated NOTE against 81 industry peers in the Professional Services industry. NOTE may be in some trouble as it scores bad on both profitability and health. NOTE has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

NOTE had negative earnings in the past year.
NOTE had a negative operating cash flow in the past year.
In the past 5 years NOTE reported 4 times negative net income.
In the past 5 years NOTE always reported negative operating cash flow.
NOTE Yearly Net Income VS EBIT VS OCF VS FCFNOTE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 0 -100M -200M -300M

1.2 Ratios

The Return On Assets of NOTE (-15.90%) is worse than 80.25% of its industry peers.
NOTE has a Return On Equity of -46.86%. This is in the lower half of the industry: NOTE underperforms 77.78% of its industry peers.
Industry RankSector Rank
ROA -15.9%
ROE -46.86%
ROIC N/A
ROA(3y)-28.25%
ROA(5y)-39.12%
ROE(3y)-141.72%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
NOTE Yearly ROA, ROE, ROICNOTE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 500 -500 -1K

1.3 Margins

NOTE's Gross Margin of 86.88% is amongst the best of the industry. NOTE outperforms 93.83% of its industry peers.
In the last couple of years the Gross Margin of NOTE has grown nicely.
NOTE does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 86.88%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y2.09%
GM growth 5YN/A
NOTE Yearly Profit, Operating, Gross MarginsNOTE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 -100 -200 -300

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2

2. Health

2.1 Basic Checks

NOTE does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for NOTE has been increased compared to 1 year ago.
NOTE has a better debt/assets ratio than last year.
NOTE Yearly Shares OutstandingNOTE Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 50M 100M 150M
NOTE Yearly Total Debt VS Total AssetsNOTE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

NOTE has an Altman-Z score of -3.74. This is a bad value and indicates that NOTE is not financially healthy and even has some risk of bankruptcy.
NOTE's Altman-Z score of -3.74 is on the low side compared to the rest of the industry. NOTE is outperformed by 87.65% of its industry peers.
NOTE has a Debt/Equity ratio of 1.19. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 1.19, NOTE is not doing good in the industry: 74.07% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.19
Debt/FCF N/A
Altman-Z -3.74
ROIC/WACCN/A
WACC8.82%
NOTE Yearly LT Debt VS Equity VS FCFNOTE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 0 100M 200M 300M

2.3 Liquidity

NOTE has a Current Ratio of 1.25. This is a normal value and indicates that NOTE is financially healthy and should not expect problems in meeting its short term obligations.
NOTE's Current ratio of 1.25 is in line compared to the rest of the industry. NOTE outperforms 40.74% of its industry peers.
NOTE has a Quick Ratio of 1.25. This is a normal value and indicates that NOTE is financially healthy and should not expect problems in meeting its short term obligations.
NOTE has a Quick ratio (1.25) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.25
Quick Ratio 1.25
NOTE Yearly Current Assets VS Current LiabilitesNOTE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 20M 40M 60M 80M

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3

3. Growth

3.1 Past

The earnings per share for NOTE have decreased strongly by -202.44% in the last year.
NOTE shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -15.39%.
Measured over the past years, NOTE shows a quite strong growth in Revenue. The Revenue has been growing by 13.20% on average per year.
EPS 1Y (TTM)-202.44%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%11.11%
Revenue 1Y (TTM)-15.39%
Revenue growth 3Y13.2%
Revenue growth 5YN/A
Sales Q2Q%-20.45%

3.2 Future

Based on estimates for the next years, NOTE will show a very strong growth in Earnings Per Share. The EPS will grow by 38.79% on average per year.
Based on estimates for the next years, NOTE will show a small growth in Revenue. The Revenue will grow by 7.03% on average per year.
EPS Next Y92.55%
EPS Next 2Y38.79%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-19.2%
Revenue Next 2Y7.03%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NOTE Yearly Revenue VS EstimatesNOTE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 20M 40M 60M 80M 100M
NOTE Yearly EPS VS EstimatesNOTE Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 0 -1 -2 -3 -4

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1

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for NOTE. In the last year negative earnings were reported.
Also next year NOTE is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
NOTE Price Earnings VS Forward Price EarningsNOTE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
NOTE Per share dataNOTE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5

4.3 Compensation for Growth

A more expensive valuation may be justified as NOTE's earnings are expected to grow with 38.79% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y38.79%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

NOTE does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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FISCALNOTE HOLDINGS INC

NYSE:NOTE (9/25/2025, 8:04:01 PM)

After market: 4.75 +0.06 (+1.28%)

4.69

-0.2 (-4.09%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCommercial & Professional Services
GICS IndustryProfessional Services
Earnings (Last)08-07 2025-08-07/amc
Earnings (Next)11-10 2025-11-10/bmo
Inst Owners37.83%
Inst Owner Change-4.57%
Ins Owners10.83%
Ins Owner Change12.22%
Market Cap67.30M
Analysts83.64
Price Target32.13 (585.07%)
Short Float %N/A
Short Ratio8.94
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)35.47%
Min EPS beat(2)-5.99%
Max EPS beat(2)76.93%
EPS beat(4)1
Avg EPS beat(4)14.71%
Min EPS beat(4)-11.56%
Max EPS beat(4)76.93%
EPS beat(8)4
Avg EPS beat(8)35.02%
EPS beat(12)5
Avg EPS beat(12)-74.05%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.99%
Min Revenue beat(2)-0.09%
Max Revenue beat(2)2.07%
Revenue beat(4)1
Avg Revenue beat(4)0.27%
Min Revenue beat(4)-0.49%
Max Revenue beat(4)2.07%
Revenue beat(8)2
Avg Revenue beat(8)-0.69%
Revenue beat(12)2
Avg Revenue beat(12)-2.18%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)1005.26%
PT rev (3m)1005.26%
EPS NQ rev (1m)-1192.31%
EPS NQ rev (3m)-1135.29%
EPS NY rev (1m)0%
EPS NY rev (3m)1.04%
Revenue NQ rev (1m)1.19%
Revenue NQ rev (3m)-1.87%
Revenue NY rev (1m)0.36%
Revenue NY rev (3m)-0.44%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.61
P/FCF N/A
P/OCF N/A
P/B 0.69
P/tB N/A
EV/EBITDA N/A
EPS(TTM)-3.72
EYN/A
EPS(NY)-0.24
Fwd EYN/A
FCF(TTM)-1.05
FCFYN/A
OCF(TTM)-0.5
OCFYN/A
SpS7.64
BVpS6.82
TBVpS-7.81
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -15.9%
ROE -46.86%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 86.88%
FCFM N/A
ROA(3y)-28.25%
ROA(5y)-39.12%
ROE(3y)-141.72%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y2.09%
GM growth 5YN/A
F-Score5
Asset Turnover0.38
Health
Industry RankSector Rank
Debt/Equity 1.19
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 41.05%
Cap/Sales 7.23%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.25
Quick Ratio 1.25
Altman-Z -3.74
F-Score5
WACC8.82%
ROIC/WACCN/A
Cap/Depr(3y)42.35%
Cap/Depr(5y)41.75%
Cap/Sales(3y)7.79%
Cap/Sales(5y)7.7%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-202.44%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%11.11%
EPS Next Y92.55%
EPS Next 2Y38.79%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-15.39%
Revenue growth 3Y13.2%
Revenue growth 5YN/A
Sales Q2Q%-20.45%
Revenue Next Year-19.2%
Revenue Next 2Y7.03%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y31.88%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year133.24%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y81.97%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y90.33%
OCF growth 3YN/A
OCF growth 5YN/A