FST Corp.(KBSX)Earnings, Financials & Key Ratios

KBSX•NASDAQ

Price updated Jun 19, 2026

SectorBasic Materials IndustrySteel Sub-IndustrySpecialty and Alloy Steel Producers

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$48M+31.4%
EBITDA-$1M+14.4%
Net Income-$7M-120.0%
EPS (Diluted)-0.16+66.0%
Gross Margin43.02%
EBITDA Margin-3.06%+34.9%
Operating Margin-7.08%+29.1%
Net Margin-14.84%-67.4%
ROE-43.78%-241.2%

KBSX Key Insights

FST Corp. (KBSX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.7%

✗Weaknesses

✗High debt to equity ratio of 3.7x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

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

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KBSX Price & Volume

FST Corp. (KBSX) stock price & volume — 10-year historical chart

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KBSX Growth Metrics

FST Corp. (KBSX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years11.66%

3 Years-1.23%

TTM33.19%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM57.43%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM87.83%

Return on Capital

10 Years2.55%

5 Years2.15%

3 Years-9.31%

Last Year-11.03%

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
FFINFirst Financial Bankshares, Inc.Direct Competitor	4.7B	32.78	18.52	11.71%	30.71%	14.16%	0.01
TCBKTriCo BancsharesDirect Competitor	1.65B	51.40	13.85	1.78%	22.79%	9.43%	0.06
CVBFCVB Financial Corp.Direct Competitor	2.83B	20.81	13.69	-2.33%	32.48%	9.25%	0.43
BANRBanner CorporationDirect Competitor	2.2B	64.83	11.49	-0.95%	23.84%	10.34%	0.19
WAFDWaFd, Inc.Direct Competitor	2.81B	36.48	13.87	-1.58%	17.46%	8.02%	0.60
BOKFBOK Financial CorporationProduct Competitor	7.92B	130.33	14.20	-1.07%	17.38%	9.79%	0.78
IBCPIndependent Bank CorporationProduct Competitor	706.3M	34.31	10.49	-0.3%	22.12%	14.2%	0.23
NBTBNBT Bancorp Inc.Product Competitor	2.44B	46.68	14.02	10.36%	18.76%	9.51%	0.17

Compare KBSX vs Peers

FST Corp. (KBSX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs FFIN

Most directly comparable listed peer for KBSX.

Scale Benchmark

vs NTRS

Larger-name benchmark to compare KBSX against a more recognizable public peer.

Peer Set

Compare Top 5

vs FFIN, TCBK, CVBF, BANR

KBSX Income Statement

FST Corp. (KBSX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	27.63M	38.94M	49.78M	28.73M	36.5M	47.97M	51.52M
Revenue Growth %	-	40.94%	27.83%	-42.28%	27.04%	31.42%	33.19%
Cost of Goods Sold	14.9M	22.14M	23.21M	15.29M	20.79M	27.33M	28.44M
COGS % of Revenue	53.91%	56.85%	46.62%	53.21%	56.95%	56.98%	-
Gross Profit	12.73M▲ 0%	16.8M▲ 32.0%	26.57M▲ 58.1%	13.44M▼ 49.4%	15.71M▲ 16.9%	20.63M▲ 31.3%	23.08M▲ 0%
Gross Margin %	46.08%	43.15%	53.38%	46.79%	43.05%	43.02%	44.8%
Gross Profit Growth %	-	31.98%	58.12%	-49.41%	16.89%	31.31%	-
Operating Expenses	11.38M	13.66M	16.27M	16.56M	19.36M	24.03M	23.54M
OpEx % of Revenue	41.18%	35.07%	32.68%	57.65%	53.04%	50.1%	-
Selling, General & Admin	10.07M	90.53K	14.76M	15.03M	18.06M	22.59M	22.05M
SG&A % of Revenue	36.44%	0.23%	29.66%	52.32%	49.48%	47.1%	-
Research & Development	1.31M	1.52M	1.51M	1.53M	1.3M	1.44M	1.48M
R&D % of Revenue	4.74%	3.91%	3.03%	5.33%	3.55%	3%	-
Other Operating Expenses	0	12.04M	0	0	9	0	0
Operating Income	1.35M▲ 0%	3.15M▲ 132.4%	10.3M▲ 227.1%	-3.12M▼ 130.3%	-3.64M▼ 16.8%	-3.4M▲ 6.8%	-455.36K▲ 0%
Operating Margin %	4.9%	8.09%	20.7%	-10.86%	-9.99%	-7.08%	-0.88%
Operating Income Growth %	-	132.42%	227.12%	-130.29%	-16.81%	6.76%	-
EBITDA	2.38M	4.26M	13.85M	-1.3M	-1.71M	-1.47M	510.67K
EBITDA Margin %	8.63%	10.95%	27.81%	-4.54%	-4.69%	-3.06%	0.99%
EBITDA Growth %	-	78.8%	224.69%	-109.42%	-31.29%	14.39%	117.86%
D&A (Non-Cash Add-back)	1.03M	1.11M	3.54M	1.82M	1.93M	1.93M	966.04K
EBIT	1.35M	-90.53K	12.52M	-3.12M	-3.64M	-3.4M	-455.37K
Net Interest Income	-236K	0	-52.7K	-14.7K	-543.33K	-845.4K	-870.57K
Interest Income	0	0	0	0	0	0	0
Interest Expense	236K	0	52.7K	14.7K	543.33K	845.4K	870.57K
Other Income/Expense	-262K	-2.18M	2.17M	201.23K	865.64K	-3.22M	-903.27K
Pretax Income	1.09M▲ 0%	973.24K▼ 11.0%	12.47M▲ 1181.3%	-2.92M▼ 123.4%	-2.78M▲ 4.8%	-6.62M▼ 138.2%	-1.36M▲ 0%
Pretax Margin %	3.96%	2.5%	25.05%	-10.16%	-7.61%	-13.8%	-2.64%
Income Tax	251.09K	1.06M	3.1M	-751K	456.25K	545.06K	1.01M
Effective Tax Rate %	22.97%	109.3%	24.82%	25.73%	-16.42%	-8.24%	-74.62%
Net Income	841.91K▲ 0%	-90.53K▼ 110.8%	9.38M▲ 10456.2%	-2.17M▼ 123.1%	-3.24M▼ 49.2%	-7.12M▼ 120.0%	-2.34M▲ 0%
Net Margin %	3.05%	-0.23%	18.84%	-7.55%	-8.86%	-14.84%	-4.54%
Net Income Growth %	-	-110.75%	10456.22%	-123.12%	-49.22%	-119.97%	57.43%
Net Income (Continuing)	841.91K	-90.53K	9.38M	-2.17M	-3.23M	-7.16M	-2.37M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	164.32K	144.94K	121.19K
EPS (Diluted)	0.02▲ 0%	0.04▲ 177.1%	0.21▲ 395.3%	-0.05▼ 122.3%	-0.47▼ 902.1%	-0.16▲ 66.0%	-0.05▲ 0%
EPS Growth %	-	177.12%	395.28%	-122.33%	-902.13%	65.96%	87.83%
EPS (Basic)	0.02	0.04	0.21	-0.05	-0.47	-0.16	-
Diluted Shares Outstanding	54.52M	54.58M	44.77M	46.21M	7.12M	44.77M	44.77M
Basic Shares Outstanding	54.95M	54.64M	44.77M	46.21M	7.12M	44.77M	44.77M
Dividend Payout Ratio	-	-	3%	-	-	-	-

KBSX Balance Sheet

FST Corp. (KBSX) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	20.23M	23.34M	36.7M	31.04M	26.66M	27.48M	30.14M
Cash & Short-Term Investments	7.01M	10.55M	20.74M	8.9M	5.16M	7.18M	7.52M
Cash Only	4.17M	5.61M	20.74M	8.9M	5.1M	7.18M	7.52M
Short-Term Investments	2.84M	4.94M	0	0	60.99K	0	0
Accounts Receivable	5.29M	5.38M	6.61M	4.98M	5.77M	6.98M	8.26M
Days Sales Outstanding	69.89	50.43	48.49	63.29	57.65	53.11	50.13
Inventory	7.56M	6.5M	8.65M	15.21M	14.53M	11.81M	12.53M
Days Inventory Outstanding	185.32	107.21	136.08	363.03	255.16	157.74	164.1
Other Current Assets	260.06K	380.65K	132.93K	510.64K	306.97K	332.35K	1.83M
Total Non-Current Assets	19.79M	23.25M	23.28M	32.27M	31.93M	32.34M	32.2M
Property, Plant & Equipment	11.4M	14.31M	15.49M	25.18M	24.94M	24.81M	23.65M
Fixed Asset Turnover	2.42x	2.72x	3.21x	1.14x	1.46x	1.93x	2.09x
Goodwill	0	0	0	0	0	0	0
Intangible Assets	6.12M	5.71M	5.64M	5.33M	5.14M	4.83M	4.73M
Long-Term Investments	873.78K	804.63K	667.53K	195.56K	344.88K	614.86K	2.18M
Other Non-Current Assets	1.4M	2.42M	599.22K	547.01K	1.01M	2.08M	1.53M
Total Assets	40.02M▲ 0%	46.59M▲ 16.4%	59.98M▲ 28.8%	63.31M▲ 5.5%	58.58M▼ 7.5%	59.82M▲ 2.1%	62.34M▲ 0%
Asset Turnover	0.69x	0.84x	0.83x	0.45x	0.62x	0.80x	0.84x
Asset Growth %	-	16.41%	28.75%	5.54%	-7.47%	2.11%	39%
Total Current Liabilities	10.22M	14.46M	19.8M	21.36M	22.11M	34.65M	31.5M
Accounts Payable	893.8K	1.35M	1.68M	1.22M	1.5M	4.56M	4.28M
Days Payables Outstanding	21.9	22.27	26.47	29.04	26.36	60.84	53.8
Short-Term Debt	4.69M	7M	319	0	0	18.2M	21.45M
Deferred Revenue (Current)	0	0	98.71K	35.08K	166.58K	0	0
Other Current Liabilities	3.28M	4.03M	7.82M	14.62M	15.6M	3.18M	4.98M
Current Ratio	1.98x	1.61x	1.85x	1.45x	1.21x	0.79x	0.96x
Quick Ratio	1.24x	1.16x	1.42x	0.74x	0.55x	0.45x	0.56x
Cash Conversion Cycle	233.31	135.37	158.1	397.28	286.45	150.01	160.43
Total Non-Current Liabilities	6.93M	7.09M	7.76M	14.52M	13.47M	15.65M	13.81M
Long-Term Debt	0	0	1.36M	8.6M	9.45M	10.96M	10.05M
Capital Lease Obligations	6.42M	6.58M	5.82M	5.26M	3.91M	3.97M	14.52M
Deferred Tax Liabilities	0	0	580.69K	663.41K	111.33K	0	249.17K
Other Non-Current Liabilities	519.83K	517.14K	0	4.82K	0	714.89K	9.62K
Total Liabilities	17.15M	21.56M	27.56M	35.88M	35.58M	50.31M	45.31M
Total Debt	12.31M	15.48M	9.36M	16.03M	15.42M	35.47M	35.25M
Net Debt	8.14M	9.87M	-11.38M	7.12M	10.32M	28.29M	27.72M
Debt / Equity	0.54x	0.62x	0.29x	0.58x	0.67x	3.73x	2.07x
Debt / EBITDA	5.16x	3.63x	0.68x	-	-	-	69.02x
Net Debt / EBITDA	3.41x	2.32x	-0.82x	-	-	-	54.29x
Interest Coverage	5.74x	-	237.65x	-212.20x	-6.71x	-4.02x	-0.52x
Total Equity	22.87M▲ 0%	25.03M▲ 9.4%	32.42M▲ 29.5%	27.42M▼ 15.4%	23M▼ 16.1%	9.51M▼ 58.6%	17.03M▲ 0%
Equity Growth %	-	9.44%	29.53%	-15.41%	-16.14%	-58.64%	-151.74%
Book Value per Share	0.42	0.46	0.72	0.59	3.23	0.21	0.38
Total Shareholders' Equity	22.87M	25.03M	32.42M	27.42M	22.83M	9.37M	16.91M
Common Stock	14.9M	15.13M	13.99M	17.95M	3.77K	4.48K	4.48K
Retained Earnings	3.9M	6.3M	12.06M	3.09M	3.05M	-4.13M	3.42M
Treasury Stock	0	0	0	0	0	-38.75K	0
Accumulated OCI	-654.87K	-1.2M	1.93M	1.94M	-2.47M	-21.28M	-1.99M
Minority Interest	0	0	0	0	164.32K	144.94K	121.19K

KBSX Cash Flow Statement

FST Corp. (KBSX) cash flow — operating, investing & free cash flow history

Metric	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	4.19M	7.2M	12.72M	-11.21M	-1.31M	-369.45K	-223.87K
Operating CF Margin %	15.16%	18.48%	25.56%	-39%	-3.6%	-0.77%	-
Operating CF Growth %	-	71.76%	76.79%	-188.08%	88.29%	71.85%	-342.31%
Net Income	841.91K	2.32M	9.38M	-2.24M	-3.32M	-7.12M	-2.34M
Depreciation & Amortization	2.18M	2.77M	3.54M	4.1M	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0
Deferred Taxes	0	0	-223.02K	-46.31K	0	0	0
Other Non-Cash Items	123.2K	713.27K	-178.48K	486.2K	769.04K	6.75M	1.44M
Working Capital Changes	1.04M	1.39M	202.63K	-13.5M	1.24M	0	0
Change in Receivables	-2.18M	-13.02K	-1.51M	1.73M	-782.83K	0	0
Change in Inventory	1.83M	1.17M	-2.13M	-6.75M	-445.3K	0	0
Change in Payables	0	0	412.3K	-466.54K	332.07K	0	0
Cash from Investing	-3.47M	-6.41M	-2.46M	-11.59M	3.64M	-1.26M	-1.37M
Capital Expenditures	-1.69M	-4.13M	-2.45M	-11.59M	0	-1.05M	-1.22M
CapEx % of Revenue	6.12%	10.6%	4.93%	40.32%	11.34%	2.19%	2.38%
Acquisitions	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-
Other Investing	-1.78M	-2.28M	-6.12K	-7.06K	0	-210.11K	-150.25K
Cash from Financing	-1.39M	826.01K	2.3M	11.3M	-2.33M	3.32M	4.21M
Debt Issued (Net)	-960.66K	-1.46M	2.58M	14.02M	1.39M	3.35M	884.08K
Equity Issued (Net)	0	0	135.3M	-95.62M	-4.75M	-38.75K	-19.38K
Dividends Paid	0	0	-281.68K	-2.72M	0	0	0
Share Repurchases	0	0	0	-95.62M	-4.75M	-38.75K	-19.38K
Other Financing	-428.32K	2.28M	-135.3M	95.62M	1.03M	0	3.35M
Net Change in Cash	-617.19K▲ 0%	1.44M▲ 332.8%	10.22M▲ 611.1%	-11.52M▼ 212.7%	-4M▲ 65.2%	2.04M▲ 150.9%	491.99K▲ 0%
Free Cash Flow	2.5M▲ 0%	3.07M▲ 22.7%	10.24M▲ 233.7%	-22.8M▼ 322.7%	-1.31M▲ 94.2%	-1.42M▼ 8.3%	-1.44M▲ 0%
FCF Margin %	9.04%	7.88%	20.56%	-79.35%	-3.6%	-2.96%	-2.8%
FCF Growth %	-	22.73%	233.72%	-322.74%	94.24%	-8.25%	28.83%
FCF per Share	0.05	0.06	0.23	-0.49	-0.18	-0.03	-0.03
FCF Conversion (FCF/Net Income)	4.98x	-79.48x	1.36x	5.17x	0.41x	0.05x	0.62x
Interest Paid	295.76K	358.83K	155.4K	282.48K	506.01K	657.05K	505.49K
Taxes Paid	0	0	790.3K	2.56M	466.13K	0	177.71K

KBSX Key Ratios

FST Corp. (KBSX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	-0.38%	32.64%	-7.25%	-12.83%	-43.78%	-18.6%
Return on Invested Capital (ROIC)	7.17%	27.62%	-8.42%	-8.06%	-7.17%	-1.07%
Gross Margin	43.15%	53.38%	46.79%	43.05%	43.02%	44.8%
Net Margin	-0.23%	18.84%	-7.55%	-8.86%	-14.84%	-4.54%
Debt / Equity	0.62x	0.29x	0.58x	0.67x	3.73x	2.07x
Interest Coverage	-	237.65x	-212.20x	-6.71x	-4.02x	-0.52x
FCF Conversion	-79.48x	1.36x	5.17x	0.41x	0.05x	0.62x
Revenue Growth	40.94%	27.83%	-42.28%	27.04%	31.42%	33.19%

KBSX Frequently Asked Questions

FST Corp. (KBSX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

FST Corp. (KBSX) reported $51.5M in revenue for fiscal year 2025. This represents a 86% increase from $27.6M in 2020.

FST Corp. (KBSX) grew revenue by 31.4% over the past year. This is strong growth.

FST Corp. (KBSX) reported a net loss of $2.3M for fiscal year 2025.

Dividend & Returns

FST Corp. (KBSX) has a return on equity (ROE) of -43.8%. Negative ROE indicates the company is unprofitable.

FST Corp. (KBSX) had negative free cash flow of $1.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in KBSX back in 2020?

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FST Corp.(KBSX)Earnings, Financials & Key Ratios

KBSX•NASDAQ

Price updated Jun 19, 2026

SectorBasic Materials IndustrySteel Sub-IndustrySpecialty and Alloy Steel Producers

Revenue$48M+31.4%
EBITDA-$1M+14.4%
Net Income-$7M-120.0%
EPS (Diluted)-0.16+66.0%
Gross Margin43.02%
EBITDA Margin-3.06%+34.9%
Operating Margin-7.08%+29.1%
Net Margin-14.84%-67.4%
ROE-43.78%-241.2%