The company's financial stability appears increasingly strained as the debt-to-equity ratio surged to 2.07 in 2026Q1 from 0.04 in 2024Q3.
| Total Current Assets | 30.14M | 27.48M | 26.66M | 31.04M | 36.7M | 23.34M | 20.23M |
| Cash & Short-Term Investments | 7.52M | 7.18M | 5.16M | 8.9M | 20.74M | 10.55M | 7.01M |
| Cash Only | 7.52M | 7.18M | 5.1M | 8.9M | 20.74M | 5.61M | 4.17M |
| Short-Term Investments | 0 | 0 | 60.99K | 0 | 0 | 4.94M | 2.84M |
| Accounts Receivable | 8.26M | 6.98M | 5.77M | 4.98M | 6.61M | 5.38M | 5.29M |
| Days Sales Outstanding | 50.13 | 53.11 | 57.65 | 63.29 | 48.49 | 50.43 | 69.89 |
| Inventory | 12.53M | 11.81M | 14.53M | 15.21M | 8.65M | 6.5M | 7.56M |
| Days Inventory Outstanding | 164.1 | 157.74 | 255.16 | 363.03 | 136.08 | 107.21 | 185.32 |
| Other Current Assets | 1.83M | 332.35K | 306.97K | 510.64K | 132.93K | 380.65K | 260.06K |
| Total Non-Current Assets | 32.2M | 32.34M | 31.93M | 32.27M | 23.28M | 23.25M | 19.79M |
| Property, Plant & Equipment | 23.65M | 24.81M | 24.94M | 25.18M | 15.49M | 14.31M | 11.4M |
| Fixed Asset Turnover | 2.09x | 1.93x | 1.46x | 1.14x | 3.21x | 2.72x | 2.42x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.73M | 4.83M | 5.14M | 5.33M | 5.64M | 5.71M | 6.12M |
| Long-Term Investments | 2.18M | 614.86K | 344.88K | 195.56K | 667.53K | 804.63K | 873.78K |
| Other Non-Current Assets | 1.53M | 2.08M | 1.01M | 547.01K | 599.22K | 2.42M | 1.4M |
| Total Assets | 62.34M | 59.82M | 58.58M | 63.31M | 59.98M | 46.59M | 40.02M |
| Asset Turnover | 0.84x | 0.80x | 0.62x | 0.45x | 0.83x | 0.84x | 0.69x |
| Asset Growth % | 39% | 2.11% | -7.47% | 5.54% | 28.75% | 16.41% | - |
| Total Current Liabilities | 31.5M | 34.65M | 22.11M | 21.36M | 19.8M | 14.46M | 10.22M |
| Accounts Payable | 4.28M | 4.56M | 1.5M | 1.22M | 1.68M | 1.35M | 893.8K |
| Days Payables Outstanding | 53.8 | 60.84 | 26.36 | 29.04 | 26.47 | 22.27 | 21.9 |
| Short-Term Debt | 21.45M | 18.2M | 0 | 0 | 319 | 7M | 4.69M |
| Deferred Revenue (Current) | 0 | 0 | 166.58K | 35.08K | 98.71K | 0 | 0 |
| Other Current Liabilities | 4.98M | 3.18M | 15.6M | 14.62M | 7.82M | 4.03M | 3.28M |
| Current Ratio | 0.96x | 0.79x | 1.21x | 1.45x | 1.85x | 1.61x | 1.98x |
| Quick Ratio | 0.56x | 0.45x | 0.55x | 0.74x | 1.42x | 1.16x | 1.24x |
| Cash Conversion Cycle | 160.43 | 150.01 | 286.45 | 397.28 | 158.1 | 135.37 | 233.31 |
| Total Non-Current Liabilities | 13.81M | 15.65M | 13.47M | 14.52M | 7.76M | 7.09M | 6.93M |
| Long-Term Debt | 10.05M | 10.96M | 9.45M | 8.6M | 1.36M | 0 | 0 |
| Capital Lease Obligations | 14.52M | 3.97M | 3.91M | 5.26M | 5.82M | 6.58M | 6.42M |
| Deferred Tax Liabilities | 249.17K | 0 | 111.33K | 663.41K | 580.69K | 0 | 0 |
| Other Non-Current Liabilities | 9.62K | 714.89K | 0 | 4.82K | 0 | 517.14K | 519.83K |
| Total Liabilities | 45.31M | 50.31M | 35.58M | 35.88M | 27.56M | 21.56M | 17.15M |
| Total Debt | 35.25M | 35.47M | 15.42M | 16.03M | 9.36M | 15.48M | 12.31M |
| Net Debt | 27.72M | 28.29M | 10.32M | 7.12M | -11.38M | 9.87M | 8.14M |
| Debt / Equity | 2.07x | 3.73x | 0.67x | 0.58x | 0.29x | 0.62x | 0.54x |
| Debt / EBITDA | 69.02x | - | - | - | 0.68x | 3.63x | 5.16x |
| Net Debt / EBITDA | 54.29x | - | - | - | -0.82x | 2.32x | 3.41x |
| Interest Coverage | -0.52x | -4.02x | -6.71x | -212.20x | 237.65x | - | 5.74x |
| Total Equity | 17.03M | 9.51M | 23M | 27.42M | 32.42M | 25.03M | 22.87M |
| Equity Growth % | -151.74% | -58.64% | -16.14% | -15.41% | 29.53% | 9.44% | - |
| Book Value per Share | 0.38 | 0.21 | 3.23 | 0.59 | 0.72 | 0.46 | 0.42 |
| Total Shareholders' Equity | 16.91M | 9.37M | 22.83M | 27.42M | 32.42M | 25.03M | 22.87M |
| Common Stock | 4.48K | 4.48K | 3.77K | 17.95M | 13.99M | 15.13M | 14.9M |
| Retained Earnings | 3.42M | -4.13M | 3.05M | 3.09M | 12.06M | 6.3M | 3.9M |
| Treasury Stock | 0 | -38.75K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.99M | -21.28M | -2.47M | 1.94M | 1.93M | -1.2M | -654.87K |
| Minority Interest | 121.19K | 144.94K | 164.32K | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in financial statements, KBSX's equity base has contracted from $40.9M in 2024Q3 to $16.9M by 2026Q1, reflecting a deteriorating capital position that appears increasingly strained by persistent operating losses and the accumulation of debt to fund ongoing business operations.
The rapid erosion of equity suggests that the company is struggling to retain earnings, which may indicate that the current growth strategy is not yet creating sustainable shareholder value. Investors should monitor whether this downward trajectory in net worth necessitates future dilutive financing to maintain operational continuity.
Based on the reported figures, the company's debt-to-equity ratio surged from 0.04 in 2024Q3 to 2.07 in 2026Q1, signaling a significant shift toward debt-heavy financing that may limit future financial flexibility and increase interest expense burdens during periods of operational stress.
This reliance on debt appears to be a necessity-driven response to negative cash flows rather than a strategic move to optimize capital structure. The rapid increase in leverage warrants further investigation into the company's ability to service these obligations if revenue growth fails to translate into positive operating margins.
According to recent balance sheet data, the current ratio has fluctuated significantly, dropping to 0.96 in 2026Q1 from a peak of 1.45 in 2023Q4, which suggests that the company's ability to cover short-term liabilities with current assets is becoming increasingly precarious.
A current ratio below 1.0 implies that the firm may face challenges in meeting its immediate obligations without relying on external financing or rapid inventory turnover. This tight liquidity position leaves little room for error should the company encounter unexpected supply chain disruptions or a slowdown in OEM demand.
As indicated by the provided data, net PPE accounts for a substantial portion of total assets at $23.7M in 2026Q1, highlighting the company's asset-heavy manufacturing model which requires consistent capital reinvestment to maintain the precision engineering required for its premium steel shaft product line.
The high concentration of assets in physical plant and equipment suggests that the business model is inherently rigid and sensitive to capacity utilization rates. If the company cannot scale production efficiently, these assets may become a drag on returns rather than a source of competitive advantage.
Quick answers to the most common questions about buying KBSX stock.
As of 2025, FST Corp. (KBSX) had total assets of $59.8M including $27.5M in current assets.
FST Corp. (KBSX) carries total debt of $35.5M, offset by $7.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FST Corp. (KBSX) has total shareholders' equity (book value) of $9.4M ($0.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FST Corp. (KBSX) reported a current ratio of 0.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.