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FiscalNote Holdings Inc. (NOTE) fair value: what the stock is really worth

We calculate from audited financials what FiscalNote Holdings Inc. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

Valuation from Jul 29, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Technology · US · ISIN US3376551046

FH FiscalNote Holdings Inc. logo Thin data Jul 29, 2026

FiscalNote Holdings Inc.

NOTE · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $0.0813 · Overvalued (−32%)
!Quality 20/100
!Weak Growth (revenue 5y +7.9 %/yr)
!Loss-making · -119.0% net margin (TTM)
!High debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$583.58 $0.1200 Fair Value $0.0813 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 29, 2026.

How to read this chart

60‑month range $0.1200 – $583.58 · fair‑value band $0.0605 – $0.1215 · the $0.1200 price screens above the $0.0813 fair value. Dashed = 300-day average. As of Jul 29, 2026.

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Company profile

FiscalNote Holdings, Inc. operates as a technology provider for global policy and regulatory intelligence in North America, Europe, Australia, and Asia. The company operates PolicyNote which delivers legislative tracking, regulatory analysis, and stakeholder engagement.

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FiscalNote Holdings, Inc. operates as a technology provider for global policy and regulatory intelligence in North America, Europe, Australia, and Asia. The company operates PolicyNote which delivers legislative tracking, regulatory analysis, and stakeholder engagement. It also delivers extensive policy data integrated with AI-powered monitoring and expert analysis. The company serves midsized and smaller businesses, government agencies, law firms, professional services organizations, trade groups, and non-profits. FiscalNote Holdings, Inc. was founded in 2013 and is headquartered in Washington, the District Of Columbia.

Stock analysis

FiscalNote Holdings Inc. (NOTE) currently trades at $0.1200, while our model-based Fair Value estimate is $0.0813, implying the stock looks roughly 47.6% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $0.0605 (bear) to $0.1215 (bull), the price of $0.1200 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 20/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

FiscalNote Holdings Inc. reported revenue of $95.4M in FY2025 versus $82.9M in FY2021, a compound +3.6%/yr. Reported net income was −$65.2M in FY2025.

Key figures

Market cap $3.6M · P/S ratio 0.04 · EPS (TTM) $−6.70 · Net margin −68.4% · Return on equity −169% · Return on assets (EBIT) −16.4% · Operating margin −34.5% · Revenue (TTM) $87.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 98% below its 52-week high and 351% above its 52-week low.

For context, the median of 10 Technology peers we cover trades at 66% fair-value upside, at −32%, NOTE screens richer than that median.

Fair Value models

Bear $0.0605 Fair Value $0.0813 Bull $0.1215
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $1.19 $1.60 $2.39 54
All 1 models by family
Asset-Based
NCAV (Graham) $1.19 $1.60 $2.39 54

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Quality Score breakdown

Overall quality 20/100

Of which business quality 20 · Market factors (momentum, volatility) 12

Profitability 13
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−20.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−44.5% (2020) → −28.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NOTE screens 48% overvalued. Compare with International Business Machines Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 490 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 20 · Bottom 25%
Fair Value upside −32% · Below median
Profitability
Return on assets −7% · Bottom 25%
Net margin (TTM) −119% · Bottom 25%
Operating margin (TTM) −34% · Bottom 25%
Growth and dividend
Revenue growth −27% · Bottom 25%
Balance sheet
Debt / equity 2.03× · Highest 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/B 0.06× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 0.04× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $231.38 $188.22 −19%
Accenture plc ACN $183.72 $305.06 +66%
Tata Consultancy Services Limited TCS ₹2,090 ₹2,993 +43%
Infosys Limited INFY ₹1,021 ₹1,690 +66%
HCL Technologies Limited HCLTECH ₹1,257 ₹1,926 +53%
Fidelity National Information Services, Inc FIS $34.96 $32.47 −7%
Cognizant Technology Solutions Corporation CTSH $58.68 $132.01 +125%
Wipro Limited WIPRO ₹164.90 ₹287.90 +75%
Capgemini SE CAP €106.30 €223.90 +111%
CDW Corporation CDW $147.43 $162.00 +10%

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FiscalNote Holdings Inc. · Fair Value
$0.0813 −48%Fair Value
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Cite: Fair Value Calculator (2026). "FiscalNote Holdings Inc. Fair Value". https://www.fairvalue-calculator.com/stock/NOTE

Frequently asked questions

Is FiscalNote Holdings Inc. (NOTE) overvalued or undervalued?
As of Jul 29, 2026, our model estimates a fair value of $0.0813 versus a price of $0.1200, about −32% upside (overvalued).
What is the fair value of NOTE?
Our model-based fair value for FiscalNote Holdings Inc. is $0.0813 (as of Jul 29, 2026), built from audited fundamentals. The current price: $0.1200.
What is the quality score of NOTE?
FiscalNote Holdings Inc. has a Quality Score of 20/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FiscalNote Holdings Inc. (NOTE)?
Our model-based price target is the fair value of $0.0813 (as of Jul 29, 2026) from 1 valuation models. Cautious scenario $0.0605, optimistic scenario $0.1215. It is a calculation from audited fundamentals, not an analyst target.
What is the FiscalNote Holdings Inc. stock forecast for 2026?
Our models put fair value at $0.0813, about −32% upside versus a price of $0.1200 (overvalued). Cautious scenario $0.0605, optimistic scenario $0.1215. The calculation is refreshed regularly with new filings.
What is the revenue of FiscalNote Holdings Inc. (NOTE)?
FiscalNote Holdings Inc. reported trailing-twelve-month revenue of about $87.9M (latest available figure, as of Jul 29, 2026).
What is the intrinsic value of FiscalNote Holdings Inc. (NOTE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FiscalNote Holdings Inc. it is $0.0813 per share (as of Jul 29, 2026), against a price of $0.1200. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is FiscalNote Holdings Inc. stock overvalued or undervalued in 2026?
As of Jul 29, 2026, NOTE trades above its calculated fair value: price $0.1200, fair value $0.0813, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NOTE?
No. The price is what the market pays today ($0.1200); the fair value is what the company's own numbers justify ($0.0813). For FiscalNote Holdings Inc. the two are $0.0387 per share apart. That gap is exactly why we show both numbers side by side.
How much is FiscalNote Holdings Inc. worth?
The market values FiscalNote Holdings Inc. at about $3.6M (market capitalisation, as of Jul 29, 2026). Per share that is $0.1200; our models calculate a fair value of $0.0813 per share.
What do the bullish and bearish scenarios say about NOTE?
Our models span a range for FiscalNote Holdings Inc.: cautious scenario $0.0605, base $0.0813, optimistic $0.1215 per share (as of Jul 29, 2026, price $0.1200). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of FiscalNote Holdings Inc. (NOTE)?
Balance-sheet figures for FiscalNote Holdings Inc. (as of Jul 29, 2026): return on equity −169.4%, debt of 2.03 per unit of equity. They feed the Quality Score of 20/100, which measures business quality independently of the share price.
How far is NOTE from its 52-week high?
FiscalNote Holdings Inc. trades at $0.1200, about 98% below its 52-week high of $5.29 and 351% above the low of $0.0266 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0813 is for.
Which stocks are comparable to FiscalNote Holdings Inc.?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FiscalNote Holdings Inc. stock attractive at the current price?
The data as of Jul 29, 2026: price $0.1200, calculated fair value $0.0813 (−32%), Quality Score 20/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NOTE calculated?
We run FiscalNote Holdings Inc. through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.0813, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. FiscalNote Holdings Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FiscalNote Holdings Inc. (NOTE)?
The closing price on Sep 23, 2026 was $0.1200. Our model-based fair value is $0.0813, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FiscalNote Holdings Inc. right now?
Weak quality (20/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.0605 to $0.1215) leaves room in how you read the outcome.

Key figures of FiscalNote Holdings Inc.

How large is the market capitalisation of FiscalNote Holdings Inc. (NOTE)?
The market capitalisation of FiscalNote Holdings Inc. is $3.6M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FiscalNote Holdings Inc. (NOTE)?
The price-to-sales ratio of FiscalNote Holdings Inc. is 0.04 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FiscalNote Holdings Inc. (NOTE)?
Earnings per share at FiscalNote Holdings Inc. are $−6.70. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of FiscalNote Holdings Inc. (NOTE)?
The net margin of FiscalNote Holdings Inc. is −68.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FiscalNote Holdings Inc. (NOTE)?
The return on equity (ROE) of FiscalNote Holdings Inc. is −169% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FiscalNote Holdings Inc. (NOTE)?
On an EBIT basis the return on assets of FiscalNote Holdings Inc. is −16.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FiscalNote Holdings Inc. (NOTE)?
The operating margin of FiscalNote Holdings Inc. is −34.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FiscalNote Holdings Inc. (NOTE)?
Revenue at FiscalNote Holdings Inc. is growing −27.2% versus a year earlier (3y avg −5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does FiscalNote Holdings Inc. (NOTE) generate?
The free cash flow of FiscalNote Holdings Inc. is −$18.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does FiscalNote Holdings Inc. (NOTE) carry?
The net debt of FiscalNote Holdings Inc. is $127M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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