NOTE

Company Overview — What Does FiscalNote Holdings, Inc. Do?

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. FiscalNote Holdings, Inc. (NOTE) is classified as a micro-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Timothy Hwang and employs approximately 790 people. With a market capitalization of $9M, NOTE is one of the notable companies in the Industrials sector.

FiscalNote Holdings, Inc. (NOTE) Stock Rating — Reduce (April 2026)

As of April 2026, FiscalNote Holdings, Inc. receives a Reduce rating with a composite score of 30.4/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.NOTE ranks #3,421 out of 4,446 stocks in our coverage universe. Within the Industrials sector, FiscalNote Holdings, Inc. ranks #589 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

NOTE Stock Price and 52-Week Range

FiscalNote Holdings, Inc. (NOTE) currently trades at $0.20. The stock lost $0.02 (11.3%) in the most recent trading session. The 52-week high for NOTE is $5.59, which means the stock is currently trading -96.5% from its annual peak. The 52-week low is $0.40, putting the stock -51.6% above its annual trough. Recent trading volume was 139K shares, suggesting relatively thin trading activity.

Is NOTE Overvalued or Undervalued? — Valuation Analysis

FiscalNote Holdings, Inc. (NOTE) carries a value factor score of 13/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 0.14x, versus the sector average of 2.23x. The price-to-sales ratio is 0.08x, compared to 0.50x for the average Industrials stock.

At current multiples, FiscalNote Holdings, Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

FiscalNote Holdings, Inc. Profitability — ROE, Margins, and Quality Score

FiscalNote Holdings, Inc. (NOTE) earns a quality factor score of 24/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -92.5%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -22.5% versus the sector average of 3.3%.

On a margin basis, FiscalNote Holdings, Inc. reports gross margins of 100.0%, compared to 35.8% for the sector. The operating margin is -37.1% (sector: 6.2%). Net profit margin stands at -58.5%, versus 3.9% for the average Industrials stock. Revenue growth is running at -23.3% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

NOTE Debt, Balance Sheet, and Financial Health

FiscalNote Holdings, Inc. has a debt-to-equity ratio of 207.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.03x, suggesting adequate working capital coverage. Total debt on the balance sheet is $128M. Cash and equivalents stand at $27M.

NOTE has a beta of -0.81, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for FiscalNote Holdings, Inc. is 29/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

FiscalNote Holdings, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, FiscalNote Holdings, Inc. reported revenue of $103M and earnings per share (EPS) of $-4.65. Net income for the quarter was $-57M. Gross margin was 100.0%. Operating income came in at $-38M.

In FY 2025, FiscalNote Holdings, Inc. reported revenue of $95M and earnings per share (EPS) of $-4.65. Net income for the quarter was $-65M. Revenue grew -20.7% year-over-year compared to FY 2024. Operating income came in at $-50M.

In Q3 2025, FiscalNote Holdings, Inc. reported revenue of $22M and earnings per share (EPS) of $-1.73. Net income for the quarter was $-25M. Revenue grew -23.8% year-over-year compared to Q3 2024. Operating income came in at $-10M.

In Q2 2025, FiscalNote Holdings, Inc. reported revenue of $23M and earnings per share (EPS) of $-0.08. Net income for the quarter was $-13M. Revenue grew -20.5% year-over-year compared to Q2 2024. Operating income came in at $-7M.

Over the past 8 quarters, FiscalNote Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $29M to $103M. Investors analyzing NOTE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

NOTE Dividend Yield and Income Analysis

FiscalNote Holdings, Inc. (NOTE) does not currently pay a dividend. This is common among smaller companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

NOTE Momentum and Technical Analysis Profile

FiscalNote Holdings, Inc. (NOTE) has a momentum factor score of 30/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 38/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 69/100 reflects moderate short selling activity.

NOTE vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, FiscalNote Holdings, Inc. (NOTE) ranks #589 out of 752 stocks based on the Blank Capital composite score. This places NOTE in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing NOTE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NOTE vs S&P 500 (SPY) comparison to assess how FiscalNote Holdings, Inc. stacks up against the broader market across all factor dimensions.

NOTE Next Earnings Date

No upcoming earnings date has been announced for FiscalNote Holdings, Inc. (NOTE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy NOTE? — Investment Thesis Summary

The quantitative profile for FiscalNote Holdings, Inc. suggests caution. The quality score of 24/100 flags below-average profitability. The value score of 13/100 indicates premium valuation. Momentum is weak at 30/100, a headwind for near-term performance. High volatility (stability score 29/100) increases portfolio risk.

In summary, FiscalNote Holdings, Inc. (NOTE) earns a Reduce rating with a composite score of 30.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NOTE stock.

Related Resources for NOTE Investors

Explore more research and tools: NOTE vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare NOTE head-to-head with peers: NOTE vs SOBO, NOTE vs TEN, NOTE vs GLDD.