FST

KBSX

Leisure · Consumer Cyclical

Price

$1.04

-0.03 (-2.35%)

Market Cap

$46.6M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

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Share count falling — buybacks

−18.5% over 4y

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

Diluted shares outstanding: 54.6M (2021) → 44.5M (2025)

Winston Score History

The full picture

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.

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

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+69.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1M/ year

↑ Rising (+15% vs prior year)

3.1% of revenue

In line with sector average (3%)

R&D investment increasing — building for the future

Insider Activity

23.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

FST is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Profit per sale

Gross Margin

47.9%

Healthy — 47.9% gross margin

Profit after running costs

Operating Margin

2.1%

Thin — 2.1% operating margin

Return on the money invested

ROCE

2.2%

Weak — 2.2% 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 growth

Sales YoY

+29.6%

Fast-growing sales (+29.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.2%

Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Covers its interest

Interest Cover

0.85x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.2x

Attractive valuation — P/E 9.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-5.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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