stockrowFST Corp.
KBSX Consumer Cyclical Leisure
FST Corp.’s revenue for fiscal 2025 (year ended December 2025) was $48.0 million, up 31.4% from fiscal 2024.
- Revenue
- +1.99%
- EPS
- +140.6%
- Free cash flow
- −281.8%
- Total debt
- −10.9%
Quarter to September 2026, against a year earlier
Follow KBSX
Alert me
FST Corp. (KBSX) Beneish M-score
FST Corp.'s Beneish M-score for fiscal 2025 is −2.27; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.27 | 0.17 |
| FY2024 | −2.44 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.12 | — | 0.45 | |
| Sales growth index | 1.31 | — | 1.17 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.90 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 1.26 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.27 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XPOF Xponential Fitness, Inc. compare | −4.1× |
| CLAR Clarus Corporation compare | −3.4× |
| KMRK K-Tech Solutions Company Limited compare | −3.3× |
| AOUT American Outdoor Brands, Inc. compare | −3.1× |
| ESCA Escalade, Incorporated compare | −2.9× |
| KBSX FST Corp. | −2.3× |
| GDHG Golden Heaven Group Holdings Ltd. compare | −0.6× |
| HERE Here Group Limited compare | 0.2× |
| NOMA NOMADAR Corp. compare | 98.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI