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FST Corp. (KBSX) 10-Year Financial Performance & Capital Metrics

KBSX • • Industrial / General
Basic MaterialsSteelSpecialty Steel & ComponentsSpecialty Steel Fabricators
AboutFST Corp. designs, manufactures, markets, and distributes steel golf shafts to golf club original equipment manufacturers and distributors worldwide. The company offers steel shafts under the KBS brand name. FST Corp.is based in Chiayi, Taiwan.Show more
  • Revenue $37M +27.0%
  • EBITDA -$2M -31.3%
  • Net Income -$3M -49.2%
  • EPS (Diluted) -0.47 -902.1%
  • Gross Margin 43.05% -8.0%
  • EBITDA Margin -4.69% -3.3%
  • Operating Margin -9.99% +8.1%
  • Net Margin -8.86% -17.5%
  • ROE -12.83% -77.1%
  • ROIC -8.06% +4.3%
  • Debt/Equity 0.67 +14.7%
  • Interest Coverage -6.71 +96.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Share count reduced 84.6% through buybacks
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.2%
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 17 (bottom 17%)
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Thin 5Y average net margin of 1.0%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y-2.13%
TTM21.11%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-331.19%

EPS CAGR

10Y-
5Y-
3Y-
TTM-137.41%

ROCE

10Y Avg5.26%
5Y Avg5.26%
3Y Avg3.87%
Latest-9.3%

Peer Comparison

Specialty Steel Fabricators
Select Columns
Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
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Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
INHDInno Holdings Inc. Common Stock10.55M1.49-1.14221.43%-248.55%-46.68%0.00
KBSXFST Corp.60.43M1.35-2.8727.04%-20.83%-65.61%0.67
HLPHongli Group Inc.58.75M0.80-31.25-11.83%-3.38%-1.9%0.18

Profit & Loss

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+27.63M38.94M49.78M28.73M36.5M
Revenue Growth %-0.41%0.28%-0.42%0.27%
Cost of Goods Sold+14.9M22.14M23.21M15.29M20.79M
COGS % of Revenue0.54%0.57%0.47%0.53%0.57%
Gross Profit+12.73M16.8M26.57M13.44M15.71M
Gross Margin %0.46%0.43%0.53%0.47%0.43%
Gross Profit Growth %-0.32%0.58%-0.49%0.17%
Operating Expenses+11.38M13.66M16.27M16.56M19.36M
OpEx % of Revenue0.41%0.35%0.33%0.58%0.53%
Selling, General & Admin10.07M90.53K14.76M15.03M18.06M
SG&A % of Revenue0.36%0%0.3%0.52%0.49%
Research & Development1.31M1.52M1.51M1.53M1.3M
R&D % of Revenue0.05%0.04%0.03%0.05%0.04%
Other Operating Expenses012.04M009
Operating Income+1.35M3.15M10.3M-3.12M-3.64M
Operating Margin %0.05%0.08%0.21%-0.11%-0.1%
Operating Income Growth %-1.32%2.27%-1.3%-0.17%
EBITDA+2.38M4.26M13.85M-1.3M-1.71M
EBITDA Margin %0.09%0.11%0.28%-0.05%-0.05%
EBITDA Growth %-0.79%2.25%-1.09%-0.31%
D&A (Non-Cash Add-back)1.03M1.11M3.54M1.82M1.93M
EBIT1.35M-90.53K12.52M-3.12M-3.64M
Net Interest Income+-236K0-52.7K-14.7K-543.33K
Interest Income00000
Interest Expense236K052.7K14.7K543.33K
Other Income/Expense-262K-2.18M2.17M201.23K865.64K
Pretax Income+1.09M973.24K12.47M-2.92M-2.78M
Pretax Margin %0.04%0.02%0.25%-0.1%-0.08%
Income Tax+251.09K1.06M3.1M-751K456.25K
Effective Tax Rate %0.77%-0.09%0.75%0.74%1.16%
Net Income+841.91K-90.53K9.38M-2.17M-3.24M
Net Margin %0.03%-0%0.19%-0.08%-0.09%
Net Income Growth %--1.11%104.56%-1.23%-0.49%
Net Income (Continuing)841.91K-90.53K9.38M-2.17M-3.23M
Discontinued Operations00000
Minority Interest0000164.32K
EPS (Diluted)+0.020.040.21-0.05-0.47
EPS Growth %-1.77%3.95%-1.22%-9.02%
EPS (Basic)0.020.040.21-0.05-0.47
Diluted Shares Outstanding54.52M54.58M44.77M46.21M7.12M
Basic Shares Outstanding54.95M54.64M44.77M46.21M7.12M
Dividend Payout Ratio--0.03%--

Balance Sheet

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+20.23M23.34M36.7M31.04M26.66M
Cash & Short-Term Investments7.01M10.55M20.74M8.9M5.16M
Cash Only4.17M5.61M20.74M8.9M5.1M
Short-Term Investments2.84M4.94M0060.99K
Accounts Receivable5.29M5.38M6.61M4.98M5.77M
Days Sales Outstanding69.8950.4348.4963.2957.65
Inventory7.56M6.5M8.65M15.21M14.53M
Days Inventory Outstanding185.32107.21136.08363.03255.16
Other Current Assets260.06K380.65K132.93K510.64K306.97K
Total Non-Current Assets+19.79M23.25M23.28M32.27M31.93M
Property, Plant & Equipment11.4M14.31M15.49M25.18M24.94M
Fixed Asset Turnover2.42x2.72x3.21x1.14x1.46x
Goodwill00000
Intangible Assets6.12M5.71M5.64M5.33M5.14M
Long-Term Investments873.78K804.63K667.53K195.56K344.88K
Other Non-Current Assets1.4M2.42M599.22K547.01K1.01M
Total Assets+40.02M46.59M59.98M63.31M58.58M
Asset Turnover0.69x0.84x0.83x0.45x0.62x
Asset Growth %-0.16%0.29%0.06%-0.07%
Total Current Liabilities+10.22M14.46M19.8M21.36M22.11M
Accounts Payable893.8K1.35M1.68M1.22M1.5M
Days Payables Outstanding21.922.2726.4729.0426.36
Short-Term Debt4.69M7M31900
Deferred Revenue (Current)0098.71K35.08K166.58K
Other Current Liabilities3.28M4.03M7.82M14.62M15.6M
Current Ratio1.98x1.61x1.85x1.45x1.21x
Quick Ratio1.24x1.16x1.42x0.74x0.55x
Cash Conversion Cycle233.31135.37158.1397.28286.45
Total Non-Current Liabilities+6.93M7.09M7.76M14.52M13.47M
Long-Term Debt001.36M8.6M9.45M
Capital Lease Obligations6.42M6.58M5.82M5.26M3.91M
Deferred Tax Liabilities00580.69K663.41K111.33K
Other Non-Current Liabilities519.83K517.14K580.69K4.82K0
Total Liabilities17.15M21.56M27.56M35.88M35.58M
Total Debt+12.31M15.48M9.36M16.03M15.42M
Net Debt8.14M9.87M-11.38M7.12M10.32M
Debt / Equity0.54x0.62x0.29x0.58x0.67x
Debt / EBITDA5.16x3.63x0.68x--
Net Debt / EBITDA3.41x2.32x-0.82x--
Interest Coverage5.74x-195.50x-212.20x-6.71x
Total Equity+22.87M25.03M32.42M27.42M23M
Equity Growth %-0.09%0.3%-0.15%-0.16%
Book Value per Share0.420.460.720.593.23
Total Shareholders' Equity22.87M25.03M32.42M27.42M22.83M
Common Stock14.9M15.13M13.99M17.95M3.77K
Retained Earnings3.9M6.3M12.06M3.09M3.05M
Treasury Stock00000
Accumulated OCI-654.87K-1.2M1.93M1.94M-2.47M
Minority Interest0000164.32K

Cash Flow

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+4.19M7.2M12.72M-11.21M-1.31M
Operating CF Margin %0.15%0.18%0.26%-0.39%-0.04%
Operating CF Growth %-0.72%0.77%-1.88%0.88%
Net Income841.91K2.32M9.38M-2.24M-3.32M
Depreciation & Amortization2.18M2.77M3.54M4.1M0
Stock-Based Compensation00000
Deferred Taxes00-223.02K-46.31K0
Other Non-Cash Items123.2K713.27K-178.48K486.2K769.04K
Working Capital Changes1.04M1.39M202.63K-13.5M1.24M
Change in Receivables-2.18M-13.02K-1.51M1.73M-782.83K
Change in Inventory1.83M1.17M-2.13M-6.75M-445.3K
Change in Payables00412.3K-466.54K332.07K
Cash from Investing+-3.47M-6.41M-2.46M-11.59M3.64M
Capital Expenditures-1.69M-4.13M-2.45M-11.59M0
CapEx % of Revenue0.06%0.11%0.05%0.4%0.11%
Acquisitions-----
Investments-----
Other Investing-1.78M-2.28M-6.12K-7.06K0
Cash from Financing+-1.39M826.01K2.3M11.3M-2.33M
Debt Issued (Net)-----
Equity Issued (Net)-----
Dividends Paid00-281.68K-2.72M0
Share Repurchases-----
Other Financing-428.32K2.28M-135.3M95.62M1.03M
Net Change in Cash-----
Free Cash Flow+2.5M3.07M10.24M-22.8M-1.31M
FCF Margin %0.09%0.08%0.21%-0.79%-0.04%
FCF Growth %-0.23%2.34%-3.23%0.94%
FCF per Share0.050.060.23-0.49-0.18
FCF Conversion (FCF/Net Income)4.98x-79.48x1.36x5.17x0.41x
Interest Paid295.76K358.83K155.4K282.48K506.01K
Taxes Paid00790.3K2.56M466.13K

Key Ratios

Metric20202021202220232024
Return on Equity (ROE)3.68%-0.38%32.64%-7.25%-12.83%
Return on Invested Capital (ROIC)3.28%7.17%27.62%-8.42%-8.06%
Gross Margin46.08%43.15%53.38%46.79%43.05%
Net Margin3.05%-0.23%18.84%-7.55%-8.86%
Debt / Equity0.54x0.62x0.29x0.58x0.67x
Interest Coverage5.74x-195.50x-212.20x-6.71x
FCF Conversion4.98x-79.48x1.36x5.17x0.41x
Revenue Growth-40.94%27.83%-42.28%27.04%

Revenue by Geography

2024
UNITED STATES18.88M
UNITED STATES Growth-
VIET NAM4.26M
VIET NAM Growth-
CHINA3.96M
CHINA Growth-
MEXICO3.02M
MEXICO Growth-
TAIWAN2.48M
TAIWAN Growth-
JAPAN1.73M
JAPAN Growth-
Europe1.16M
Europe Growth-

Frequently Asked Questions

Growth & Financials

FST Corp. (KBSX) reported $40.9M in revenue for fiscal year 2024. This represents a 48% increase from $27.6M in 2020.

FST Corp. (KBSX) grew revenue by 27.0% over the past year. This is strong growth.

FST Corp. (KBSX) reported a net loss of $8.5M for fiscal year 2024.

Dividend & Returns

FST Corp. (KBSX) has a return on equity (ROE) of -12.8%. Negative ROE indicates the company is unprofitable.

FST Corp. (KBSX) had negative free cash flow of $1.8M in fiscal year 2024, likely due to heavy capital investments.

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