FG Sagittae has evolved from a hot central star of a planetary nebula to an K-type supergiant within approximately the last 100 years. The generally accepted interpretation for this redward evolution is that of a late thermal pulse during the planetary nebula stage, wherein helium burning at the surface of the electron-degenerate carbon-oxygen core is reignited. As the star expands in response to the energy released by helium burning, envelope convection digs deeper and deeper until nuclearly processed material may get dredged-up to the stellar surface. Analysing the spectra as FG Sge is evolving would then give unique information about the temporal development of mixing processes occurring inside the star that are otherwise impossible to obtain. The existing abundance analyses do not give, however, a consistent picture. Especially the question about FG Sge’s hydrogen abundance is still unsettled. We present a critical assessment of all the existing data, trying to find a self-consistent picture of the evolution of FG Sge, based on the latest evolutionary models.