FiscalNote Holdings (NOTE) AI Stock Analysis

• Market Cap: $90.59M
• Dividend Yield: N/A
• Average Volume (3M): 3.45M
• Price to Earnings (P/E): 14.8
• Beta (1Y): 2.25
• Revenue Growth: -15.39%
• EPS Growth: -50.66%
• Country: US
• Employees: 555
• Sector: Technology
• Sector Strength: 98
• Industry: Information Technology Services
• EPS (TTM): -0.08
• Shares Outstanding: 149,925,780
• 10 Day Avg. Volume: 3,294,786
• 30 Day Avg. Volume: 3,451,492
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 2.07
• Enterprise Value/Revenue: 1.62
• Enterprise Value/Gross Profit: 2.29
• Enterprise Value/Ebitda: -3.87
• 1Y Price Target: $2.33
• Price Target Upside: 316.07% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 49 Neutral
• Price Target: $0.50 ▼(-10.71% Downside)

FiscalNote Holdings' overall stock score is primarily impacted by its challenging financial performance, with declining revenues and negative cash flow. Technical indicators suggest a bearish trend, and valuation metrics are unattractive due to ongoing losses. However, recent corporate events and positive aspects from the earnings call, such as EBITDA improvements and strategic refinancing, provide some optimism for future growth.

FiscalNote Holdings Business Overview & Revenue Model

Company Description

FiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow tools, and expert research. The company delivers that intelligence through its suite of public policy and issues management products, as well as powerful tools to manage workflows, advocacy campaigns, and constituent relationships. It serves a customer base that includes businesses comprising the Fortune 100 companies, government agencies, law firms, professional services organizations, trade groups, and non-profits. The company is headquartered in Washington, District of Columbia.

How the Company Makes Money

FiscalNote Holdings generates revenue primarily through subscription-based services, offering clients access to its comprehensive database of legal, legislative, and regulatory information. The company charges recurring fees for its platform, which provides users with real-time updates, analytics, and tools to track and manage compliance risks. Additionally, FiscalNote offers customized research and consulting services, which contribute to its revenue streams. Key partnerships with government agencies, multinational corporations, and legal firms help to expand its client base and enhance its market presence, further boosting its earnings potential.

FiscalNote Holdings Financial Statement Overview

Summary

FiscalNote Holdings faces significant financial challenges with declining revenues and consistent net losses. While the gross profit margin remains strong, negative margins and cash flow issues present significant risks. The debt-to-equity ratio has improved, indicating reduced leverage, but overall financial health requires strategic improvements.

Income Statement

The income statement shows a declining revenue trend from $132.65 million in 2023 to $115.67 million in TTM (Trailing-Twelve-Months) 2025, indicating a negative growth trajectory. The gross profit margin for TTM 2025 is approximately 71.6%, which is robust, but the net profit margin is negative due to consistent losses. EBIT and EBITDA margins are negative, reflecting operational challenges.

Balance Sheet

The balance sheet indicates a debt-to-equity ratio of 0.25 in TTM 2025, which shows a relatively low leverage compared to previous years. The equity ratio is 32.9%, indicating moderate financial stability. However, the company has experienced fluctuations in stockholders' equity and total assets over the years.

Cash Flow

The cash flow statement highlights negative free cash flow and operating cash flow in TTM 2025, with free cash flow deteriorating from previous periods. The operating cash flow to net income ratio is negative, suggesting issues with converting income into cash. Overall, the cash flow situation remains challenging.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	120.27M	132.65M	113.77M	82.91M	65.16M
Gross Profit	76.10M	92.39M	65.87M	61.11M	52.54M
EBITDA	53.51M	-56.58M	-98.37M	-36.13M	-9.29M
Net Income	9.52M	-115.46M	-218.26M	-109.42M	-83.26M
Balance Sheet
Total Assets	326.20M	370.56M	433.16M	378.49M	280.11M
Cash, Cash Equivalents and Short-Term Investments	34.61M	23.59M	60.39M	32.17M	44.23M
Total Debt	172.95M	251.64M	197.87M	333.27M	215.22M
Total Liabilities	228.37M	327.10M	288.47M	411.33M	272.37M
Stockholders Equity	97.83M	43.46M	144.69M	-32.83M	7.73M
Cash Flow
Free Cash Flow	-14.18M	-43.43M	-83.99M	-42.62M	-22.66M
Operating Cash Flow	-5.30M	-35.49M	-72.63M	-37.05M	-17.17M
Investing Cash Flow	89.17M	-20.32M	-10.24M	-49.20M	-5.49M
Financing Cash Flow	-71.43M	12.08M	111.53M	74.31M	60.68M

FiscalNote Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOTE, the sentiment is Negative. The current price of 0.56 is below the 20-day moving average (MA) of 0.66, below the 50-day MA of 0.63, and below the 200-day MA of 0.90, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.82 is Neutral, neither overbought nor oversold. The STOCH value of 25.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NOTE.

FiscalNote Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
III	62 Neutral	$228.45M	30.37	8.29%	3.80%	-9.86%	―
Sector *	61 Neutral	$35.87B	6.13	-9.30%	2.06%	7.63%	-6.38%
TLS	58 Neutral	$284.39M	―	-41.49%	―	-13.76%	-75.18%
CSPI	57 Neutral	$107.80M	40,175.00	-3.16%	1.12%	-11.53%	-128.96%
PSFE	56 Neutral	$674.03M	39.11	-0.04%	―	3.50%	95.90%
NOTE	49 Neutral	$90.59M	14.84	-45.39%	―	-15.39%	-50.66%
SAIH	46 Neutral	$79.09M	―	-36.39%	―	―	―

FiscalNote Holdings Corporate Events

FiscalNote Holdings Announces Balance Sheet Realignment

On August 5, 2025, FiscalNote Holdings announced a comprehensive realignment of its balance sheet through refinancing transactions expected to close by mid-August. The company secured a new $75 million senior secured term loan maturing in 2029, replacing its current senior credit facility, and issued $33 million in new subordinated convertible debt. This refinancing aims to provide FiscalNote with long-term operating flexibility, supporting its product-led growth strategy and strengthening its market position in policy and regulatory intelligence.

The most recent analyst rating on (NOTE) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on FiscalNote Holdings stock, see the NOTE Stock Forecast page.

FiscalNote Holdings Amends Convertible Promissory Notes

On July 30, 2025, FiscalNote Holdings, Inc. amended agreements with Nautilus Venture Partners and Wealth Plus Investments, adjusting terms of subordinated convertible promissory notes originally issued in 2019. These amendments extended the maturity date to August 15, 2025, increased the principal amounts, and altered repayment terms to require cash payments instead of issuing additional shares, impacting the company’s financial obligations and investor relations.

The most recent analyst rating on (NOTE) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on FiscalNote Holdings stock, see the NOTE Stock Forecast page.

FiscalNote Holdings Showcases AI Solutions at IDEAS Conference

On June 11, 2025, FiscalNote Holdings participated in the Three Part Advisors 2025 East Coast IDEAS Conference in New York City, where they presented their updated investor presentation and hosted investor meetings. This event is part of their strategy to enhance investor relations and market positioning by showcasing their AI-powered solutions, which aim to transform regulatory uncertainty into actionable insights, potentially impacting their growth and stakeholder engagement.

The most recent analyst rating on (NOTE) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on FiscalNote Holdings stock, see the NOTE Stock Forecast page.

FiscalNote Holds Annual Stockholder Meeting, Elects Directors

FiscalNote Holdings, Inc. held its annual meeting of stockholders on May 28, 2025, where stockholders voted on two proposals. The stockholders elected three Class III directors for a three-year term and ratified the appointment of RSM US LLP as the independent registered public accounting firm for the 2025 fiscal year.

The most recent analyst rating on (NOTE) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on FiscalNote Holdings stock, see the NOTE Stock Forecast page.