FNS Holdings Public Company Limited

FNS.BK

Asset Management · Financial Services

Price

0.53 THB

-0.01 (-1.85%)

Market Cap

265.3M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+44.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 345.9M (2021) → 500.7M (2025)

FNS Holdings Public Company Limited is a Thai financial services company listed on the Stock Exchange of Thailand. It operates in asset management and financial advisory, serving individual and institutional clients in Thailand. The company has expanded into digital finance and fintech-related businesses over the years.

FNS Holdings earns revenue through fees from financial services, advisory work, and investment-related activities. It operates primarily in Thailand, with a relatively small market capitalization of around $0.3 billion. The company's financial metrics — including a negative gross margin and deeply negative operating margin — signal that it is currently spending more than it earns, which is a significant concern for investors. The main risk the business faces is achieving a path to profitability, as persistent losses and a negative return on invested capital suggest the current business model is not yet generating sustainable returns for shareholders.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+42.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

30.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$992M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$992M cash & investments at current burn rate

Revenue accelerating

FNS Holdings Public Company Limited grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-21.7%

Thin — -21.7% gross margin

Operating Margin

-55.3%

Losing money on operations — -55.3%

ROCE

-5.7%

Weak — -5.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

10.6%

Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.19

Conservative — low debt load (0.19)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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