FST

KBSX

Steel · Basic Materials

Price

$0.86

-0.02 (-2.27%)

Market Cap

$38.5M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−18.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 54.6M (2021) → 44.8M (2025)

FST 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.

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

+32.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+164.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1M/ year

↑ Rising (+11% vs prior year)

3.0% of revenue

In line with sector average (3%)

R&D investment increasing — building for the future

Insider Activity

23.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$8M cash & investments at current burn rate

Revenue accelerating

FST grew revenue 32% 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

51.6%

Healthy — 51.6% gross margin

Operating Margin

14.9%

Healthy — 14.9% operating margin

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+33.2%

Fast-growing sales (33.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-2.8%

Burning cash (-2.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.86

Elevated debt (1.86)

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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