FST Corp.

KBSXdata completeness 100%3 fiscal years on file

The thesis, from the filings

FST Corp. earns about -4% on invested capital, and has bought back 4% of its shares over 3 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	$28.7M¹	$36.5M¹	$48M¹
Net income	−$2.17M²	−$3.24M²	−$1.5M²
Operating cash flow	−$11.2M³	−$1.58M³	−$1M³
Capital expenditure	$11.6M⁴	$4.14M⁴	$602,960⁴
Free cash flow (derived)	−$22.8M³	−$5.72M³	−$1.6M³
Total debt	$14.2M⁵	$40M⁶	$47.4M⁷
Cash & equivalents	$8.9M⁸	$5.1M⁸	$7.18M⁸
Diluted shares	46.2M	37.7M	44.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$3.47

your share of equity

Profit it earned you last year

−$0.34

Free cash flow it threw off

−$0.36

Debt you’d be carrying

$10.65

10 shares is a claim on $3.47 of net worth that earned you −$0.34 and generated −$0.36 of cash last year, against $10.65 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-4% avg · 3y

FY23 -6%FY24 -3%FY25 -2%

It earned an average -4% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−4% shares · 3y

Share count is down 4% over 3 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 233% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2023-12-31 · accession 0001213900-26-045612 (Revenues)
20-F · period ending 2023-12-31 · accession 0001213900-26-045612 (NetIncomeLoss)
20-F · period ending 2023-12-31 · accession 0001213900-26-045612 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001213900-26-045612 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-12-31 · accession 0001213900-25-044386 (ShortTermBorrowings)
20-F · period ending 2024-12-31 · accession 0001213900-25-044386 (LongTermDebt)
20-F · period ending 2025-12-31 · accession 0001213900-26-045612 (LongTermDebt)
20-F · period ending 2023-12-31 · accession 0001213900-26-045612 (CashAndCashEquivalentsAtCarryingValue)