diff --git a/app/Helpers/Helper.php b/app/Helpers/Helper.php
index 3a06fea177..9f89d9db8f 100644
--- a/app/Helpers/Helper.php
+++ b/app/Helpers/Helper.php
@@ -1701,6 +1701,8 @@ class Helper
             return [];
         }
 
+        $floater = (bool) Setting::getSettings()->null_company_is_floater;
+
         foreach ($locations as $location) {
             // in case of an update of a single location, use the newly requested company_id
             if ($new_company_id) {
@@ -1756,8 +1758,12 @@ class Helper
                         // the correct mismatch signal.
                         if ($item instanceof User) {
                             $isMismatch = ! $item->canReceiveFromCompany((int) $location_company);
+                        } elseif ($item->company_id == $location_company) {
+                            $isMismatch = false;
+                        } elseif (is_null($item->company_id) || is_null($location_company)) {
+                            $isMismatch = ! $floater;
                         } else {
-                            $isMismatch = ($item->company_id != $location_company);
+                            $isMismatch = true;
                         }
 
                         if ($isMismatch) {
diff --git a/tests/Feature/Console/TestLocationsFmcsTest.php b/tests/Feature/Console/TestLocationsFmcsTest.php
new file mode 100644
index 0000000000..250ed21f6f
--- /dev/null
+++ b/tests/Feature/Console/TestLocationsFmcsTest.php
@@ -0,0 +1,190 @@
+<?php
+
+namespace Tests\Feature\Console;
+
+use App\Helpers\Helper;
+use App\Models\Asset;
+use App\Models\Company;
+use App\Models\Location;
+use App\Models\User;
+use Tests\TestCase;
+
+class TestLocationsFmcsTest extends TestCase
+{
+    private function mismatchedIds(array $mismatched): array
+    {
+        return array_column($mismatched, 1); // column 1 is the item ID
+    }
+
+    private function assetAt(Location $location, array $attrs = []): Asset
+    {
+        // Pin both location_id and rtd_location_id to prevent AssetFactory from
+        // generating a random rtd_location with no company that would cause false mismatches.
+        return Asset::factory()->create(array_merge([
+            'location_id' => $location->id,
+            'rtd_location_id' => $location->id,
+        ], $attrs));
+    }
+
+    public function test_item_at_location_with_same_company_is_not_flagged()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $asset = $this->assetAt($location, ['company_id' => $company->id]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_item_at_location_with_different_company_is_flagged()
+    {
+        [$companyA, $companyB] = Company::factory()->count(2)->create();
+        $location = Location::factory()->for($companyA)->create();
+        $asset = $this->assetAt($location, ['company_id' => $companyB->id]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_null_company_item_at_company_location_is_flagged_in_strict_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $asset = $this->assetAt($location, ['company_id' => null]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_null_company_item_at_company_location_is_not_flagged_in_floater_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $asset = $this->assetAt($location, ['company_id' => null]);
+
+        $this->settings->enableFloaterMode();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_company_item_at_null_company_location_is_flagged_in_strict_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->create(['company_id' => null]);
+        $asset = $this->assetAt($location, ['company_id' => $company->id]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_company_item_at_null_company_location_is_not_flagged_in_floater_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->create(['company_id' => null]);
+        $asset = $this->assetAt($location, ['company_id' => $company->id]);
+
+        $this->settings->enableFloaterMode();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_null_company_item_at_null_company_location_is_never_flagged()
+    {
+        $location = Location::factory()->create(['company_id' => null]);
+        $asset = $this->assetAt($location, ['company_id' => null]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($asset->id, $this->mismatchedIds($result));
+    }
+
+    public function test_user_at_location_with_matching_company_is_not_flagged()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $user = User::factory()->create(['location_id' => $location->id]);
+        $user->companies()->sync([$company->id]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($user->id, $this->mismatchedIds($result));
+    }
+
+    public function test_user_at_location_with_different_company_is_flagged()
+    {
+        [$companyA, $companyB] = Company::factory()->count(2)->create();
+        $location = Location::factory()->for($companyA)->create();
+        $user = User::factory()->create(['location_id' => $location->id]);
+        $user->companies()->sync([$companyB->id]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertContains($user->id, $this->mismatchedIds($result));
+    }
+
+    public function test_null_company_user_at_company_location_is_flagged_in_strict_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $user = User::factory()->create(['company_id' => null, 'location_id' => $location->id]);
+        $user->companies()->sync([]);
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertContains($user->id, $this->mismatchedIds($result));
+    }
+
+    public function test_null_company_user_at_company_location_is_not_flagged_in_floater_mode()
+    {
+        $company = Company::factory()->create();
+        $location = Location::factory()->for($company)->create();
+        $user = User::factory()->create(['company_id' => null, 'location_id' => $location->id]);
+        $user->companies()->sync([]);
+
+        $this->settings->enableFloaterMode();
+
+        $result = Helper::test_locations_fmcs(true);
+
+        $this->assertNotContains($user->id, $this->mismatchedIds($result));
+    }
+
+    public function test_location_id_option_scopes_check_to_single_location()
+    {
+        [$companyA, $companyB] = Company::factory()->count(2)->create();
+        $locationA = Location::factory()->for($companyA)->create();
+        $locationB = Location::factory()->for($companyB)->create();
+        $assetA = $this->assetAt($locationA, ['company_id' => $companyB->id]); // mismatch at A
+        $assetB = $this->assetAt($locationB, ['company_id' => $companyA->id]); // mismatch at B
+
+        $this->settings->enableMultipleFullCompanySupport();
+
+        $result = Helper::test_locations_fmcs(true, $locationA->id);
+
+        $this->assertContains($assetA->id, $this->mismatchedIds($result));
+        $this->assertNotContains($assetB->id, $this->mismatchedIds($result));
+    }
+}