Latest Ratios: P/E Ratio -5.9x · EV/EBITDA N/A · ROE -43.8%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $42M | $63M | $69M | — | — | — | — |
| Enterprise Value | $70M | $91M | $79M | — | — | — | — |
| P/E Ratio → | -5.87 | — | — | — | — | — | — |
| P/S Ratio | 0.88 | 1.31 | 1.88 | — | — | — | — |
| P/B Ratio | 4.42 | 6.59 | 2.98 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | 2.16 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0% | 43.0% | 43.1% | 46.8% | 53.4% | 43.2% | 46.1% |
| Operating Margin | -7.1% | -7.1% | -10.0% | -10.9% | 20.7% | 8.1% | 4.9% |
| Net Profit Margin | -14.8% | -14.8% | -8.9% | -7.5% | 18.8% | -0.2% | 3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -43.8% | -43.8% | -12.8% | -7.2% | 32.6% | -0.4% | 3.7% |
| ROA | -12.0% | -12.0% | -5.3% | -3.5% | 17.6% | -0.2% | 2.1% |
| ROIC | -7.2% | -7.2% | -8.1% | -8.4% | 27.6% | 7.2% | 3.3% |
| ROCE | -11.0% | -11.0% | -9.3% | -7.6% | 28.5% | 10.2% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.73 | 3.73 | 0.67 | 0.58 | 0.29 | 0.62 | 0.54 |
| Debt / EBITDA | — | — | — | — | 0.68 | 3.63 | 5.16 |
| Net Debt / Equity | — | 2.97 | 0.45 | 0.26 | -0.35 | 0.39 | 0.36 |
| Net Debt / EBITDA | — | — | — | — | -0.82 | 2.32 | 3.41 |
| Debt / FCF | — | — | — | — | -1.11 | 3.22 | 3.26 |
| Interest Coverage | -4.02 | -4.02 | -6.71 | -212.20 | 237.65 | — | 5.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 1.21 | 1.45 | 1.85 | 1.61 | 1.98 |
| Quick Ratio | 0.45 | 0.45 | 0.55 | 0.74 | 1.42 | 1.16 | 1.24 |
| Cash Ratio | 0.21 | 0.21 | 0.23 | 0.42 | 1.05 | 0.73 | 0.69 |
| Asset Turnover | — | 0.80 | 0.62 | 0.45 | 0.83 | 0.84 | 0.69 |
| Inventory Turnover | 2.31 | 2.31 | 1.43 | 1.01 | 2.68 | 3.40 | 1.97 |
| Days Sales Outstanding | — | 53.11 | 57.65 | 63.29 | 48.49 | 50.43 | 69.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 3.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 6.9% | — | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 6.9% | — | — | — | — |
| Shares Outstanding | — | $45M | $7M | $46M | $45M | $55M | $55M |
Operating leverage deficiency
Based on reported figures, KBSX trades at a P/S multiple of 0.88, which appears to discount the company as a distressed industrial entity rather than a premium brand, despite the 31.42% revenue growth observed in recent periods as noted in the latest financial disclosures.
The negative P/E of -5.87 suggests that the market is currently prioritizing the company's inability to generate bottom-line earnings over its top-line expansion. Investors should monitor whether this valuation gap persists as the company attempts to scale its proprietary engineering technology into broader market segments.
As reported in financial statements, the ROIC has struggled to remain positive, fluctuating between -4.6% and 4.0% over the last ten quarters, which indicates that the company is currently failing to generate returns that exceed its cost of capital in this manufacturing-intensive environment.
The persistent decay in ROIC suggests that the heavy investment in Chiayi-based manufacturing facilities is not yet yielding the necessary throughput to drive shareholder value. This trend warrants further investigation into whether the current capital allocation strategy is fundamentally flawed or merely in a prolonged gestation phase.
According to recent quarterly data, the cash conversion cycle has remained elevated, peaking at 333 days in 2023Q4, which highlights significant friction in inventory management and suggests that the company's capital is being trapped in slow-moving stock rather than being deployed for growth.
The high DIO, which reached 307 days in 2023Q4, implies that the company may be overproducing or struggling to align its inventory levels with the biennial product release cycles of its OEM partners. This inefficiency appears to be a primary driver of the company's erratic cash flow performance.
Based on the reported figures, the debt-to-equity ratio has surged from 0.04 in 2024Q3 to 2.07 in 2026Q1, signaling a rapid shift toward debt-heavy financing that may constrain future operational flexibility as the company continues to navigate a period of negative net margins.
The sharp increase in leverage, coupled with an interest coverage ratio of 9.62 in 2026Q1, suggests that while debt service is currently manageable, the trend of relying on external financing to fund operating losses is unsustainable. Investors should monitor the company's ability to deleverage as it approaches a potential break-even point.
As indicated by the company's unique business model, the P/B ratio of 4.42 is frequently misapplied by analysts who treat KBSX as a traditional steel manufacturer, thereby obscuring the value of its proprietary design patents and 'Tour-validated' brand equity which are not captured on the balance sheet.
Using traditional steel valuation metrics ignores the fact that KBSX operates more like an IP-driven technology firm than a commodity producer. Analysts should instead focus on metrics that account for intangible assets and brand-driven pricing power to better assess the company's true long-term earning potential.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying KBSX stock.
FST Corp.'s current P/E ratio is -5.9x. This places it at the 50th percentile of its historical range.
FST Corp.'s return on equity (ROE) is -43.8%. The historical average is -4.7%.
Based on historical data, FST Corp. is trading at a P/E of -5.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FST Corp. has 43.0% gross margin and -7.1% operating margin.