FST Corp.'s KBS putter shafts selected as stock offering for TaylorMade Golf's new Spider Tour and Spider ZT Max putter families. KBS shafts integration into TaylorMade putters boosts FST Corp. market presence and sales potential.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 9.31 | 5.36 | 7.34 | 8.71 |
| Receivables | 4.84 | 5.45 | 7.15 | 6.38 |
| Inventory | 15.21 | 14.53 | 11.81 | 12.46 |
| Other | — | — | — | — |
| 30.48 | 26.66 | 27.49 | 29.77 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.22 | 4.54 | 9.39 | 2.55 |
| ST’ Debt | 14.24 | 15.27 | 18.20 | 20.87 |
| Other | — | 2.21 | 2.80 | — |
| 21.36 | 22.11 | 30.42 | 31.76 |
| 10y | 5y | 3y | |
| Sales | — | — | — |
| Cash Flow | — | — | ‡‡‡ |
| Earnings | — | — | ‡‡‡ |
| Book Value | — | — | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 14.65 | 12.55 | — | — |
—
|
| ’25 | 10.76 | — | 12.55 | 13.22 |
47.97
|
| ’24 | — | — | 8.53 | 27.97 |
36.50
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.40) | 1.55 | — | — |
—
|
| ’25 | (1.08) | (0.01) | 4.45 | (4.36) |
(1.00)
|
| ’24 | (0.45) | (0.28) | 1.27 | (2.12) |
(1.58)
|
| ’23 | (0.17) | (0.26) | (0.01) | (10.77) |
(11.21)
|
| ’22 | (0.84) | (0.16) | (0.11) | (0.05) |
(1.15)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.63) | 0.92 | — | — |
—
|
| ’25 | (1.18) | (0.05) | 4.20 | (4.57) |
(1.60)
|
| ’24 | (0.45) | (0.28) | (1.19) | (3.97) |
(5.89)
|
| ’23 | (0.17) | (0.26) | (0.01) | (22.35) |
(22.79)
|
| ’22 | (0.84) | (0.16) | (0.11) | (0.05) |
(1.15)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.04 | (0.02) | — | — |
—
|
| ’25 | (0.10) | 0.02 | 0.03 | (0.01) |
(0.16)
|
| ’23 | 0.11 | 0.11 | 0.11 | (0.30) |
0.04
|
| ’22 | 0.58 | 0.10 | (0.05) | 0.11 |
0.64
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | 9.88 | 10.28 | 9.00 | 1.26 | — | — | — |
Low Price
|
| — | — | — | — | — | — | 10.51 | 11.76 | 14.99 | 15.48 | — | — | — |
High Price
|
| — | — | — | — | — | ‡‡‡ | 2 | 1 | 21 | 19 | — | — | — |
Employees
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 28.73 | 1.74 | 2.52 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | — | — | 28.73 | 36.50 | 47.97 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| — | — | — | — | — | — | — | 46.79% | 43.05% | 43.01% | — | — | — |
Gross Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | 9.83 | (2.92) | (2.78) | (2.23) | — | — | — |
EBT
|
| — | — | — | — | — | ‡‡‡ | 0.00% | (10.16%) | (7.61%) | (4.66%) | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| — | ‡‡‡ | — | — | — | ‡‡‡‡‡ | 9.83 | (2.17) | (3.24) | (1.50) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| — | — | — | — | — | — | — | 4.10 | 4.10 | 4.48 | — | — | — |
Depreciation
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 0.62 | 0.97 | 1.08 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.64 | 0.04 | (0.23) | (0.16) | ‡‡‡‡‡ | ‡‡‡‡ | — |
Earnings/Sh
|
| — | — | — | — | — | ‡‡‡ | (0.35) | (0.24) | (0.04) | (0.02) | — | — | — |
Cash Flow/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | (0.25) | (0.11) | (0.01) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| — | — | — | — | — | ‡‡‡ | (0.35) | (0.49) | (0.16) | (0.04) | — | — | — |
Free CF/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | (1.69) | 0.60 | 0.61 | 0.35 | — | — | — |
Book Value/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 3.25 | 46.21 | 37.75 | 44.48 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| — | — | — | — | — | — | — | 367.67 | 0.00 | 70.00 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| — | — | — | — | — | — | — | 0.00 | 0.00 | 0.97 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| — | — | — | — | — | — | — | 18.54 | 15.81 | 4.00 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| — | — | — | — | — | — | — | 0.00 | 0.00 | 1.30 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| — | — | — | — | — | — | — | (47.16) | (22.13) | (52.44) | — | — | — |
EV/FCF
|
| — | — | — | — | — | ‡‡‡ | (1.15) | (11.21) | (1.58) | (1.00) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| — | — | — | — | — | — | — | (11.59) | (4.31) | (0.60) | — | — | — |
Capex
|
| — | — | — | — | — | ‡‡‡ | (1.15) | (22.79) | (5.89) | (1.60) | — | — | — |
FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.79 | 9.12 | 4.54 | (2.94) | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | 0.00 | 28.09 | 24.71 | 29.16 | — | — | — |
Total Debt
|
| — | — | — | — | — | — | (1.10) | 18.78 | 19.35 | 21.83 | — | — | — |
Net Debt
|
| — | — | — | — | — | ‡‡‡‡‡ | (5.49) | 27.49 | 23.00 | 15.55 | — | — | — |
Sh' Equity
|
| — | — | — | — | — | ‡‡‡‡‡ | 3.07% | (2.18%) | (5.31%) | (2.51%) | — | — | — |
ROA
|
| — | — | — | — | — | ‡‡‡ | 0.00% | (4.21%) | (5.38%) | (3.90%) | — | — | — |
ROIC
|
| — | — | — | — | — | ‡‡‡ | (75.22%) | (19.70%) | (12.82%) | (7.78%) | — | — | — |
ROE
|
FST Corp. (KBSX), a microcap with a murky post-merger history reminiscent of SPAC casualties, has delivered impressive revenue growth—from virtual dormancy pre-2023 to $36.5 million in 2024 (27% YoY)—fueled by aggressive hiring and modest gross margins in the mid-40s. Yet this topline promise clashes sharply with a stock trading 88-92% below recent highs, reflecting profound market distrust amid explosive share dilution (from 3.25 million to 37.7 million shares) and a debt pile-up to $28.6 million that echoes the pitfalls of rate-hike eras.
Profitability remains elusive, with EBT margins stuck in negative territory (-7.6% in 2024, improved from -10.2% prior year) and operating cash flows negative despite capex cuts, eroding EPS to -$0.23 and flashing balance sheet red flags like elevated P/B ratios and declining ROE. Insider silence and absent analyst coverage amplify the skepticism, positioning KBSX as a classic value trap or deep-value turnaround play.
While potential Fed rate relief and operational scaling could ease debt strains and spark a rebound—possibly 100-200% if profitability returns—downside risks from further dilution or cash burn loom large. This makes it a cautious watchlist candidate, warranting scrutiny of upcoming cash flows and debt milestones before any position.
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