FST Corp. is a US-listed company in the leisure products industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$2.1
Revenue-to-maturity cash-flow model
Base case. Range ~$1.6–$2.6 across our lower- and higher-growth cases (25%–35% a year).
Price vs value
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
FST Corp. valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Funds3 adding, 0 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
FST Corp.'s trailing-twelve-month revenue grew 31.4% year on year, with a free-cash-flow margin of -3.3%. Where it stands out: revenue growth of 31.4% ranks 4 of 29 leisure products companies we cover. Where it lags: long-term debt as % of assets of 47.9% ranks 19 of 20 leisure products companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 72.0% while net income grew 53.6%: a 18pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Fast growth. Revenue grew 31.4% over the last 12 months, against a median of 7.6% for leisure products companies we cover.
- Growth speeding up. The growth rate is 4.4 points higher than a quarter earlier.
- Margins widening. Operating margin is up 5.1 points on a year ago.
- Estimates rising. Analysts' consensus for next year's earnings per share has risen 46.7% over 90 days.
Things to watch
- Loss-making. Operating margin is -4.9%: costs exceed revenue.
- Burning cash. Free cash flow was -3.3% of revenue over the last 12 months.
- Share dilution. Diluted shares rose 17.8% in a year.
- Volatile shares. Over the past year the shares showed annualised volatility of 85% and a beta of 0.1 against the S&P 500.
- Below peers: long-term debt as % of assets. Long-term debt as % of assets of 47.9% ranks 19 of 20 leisure products companies we cover (median 16.0%).
Latest results
- Earnings per share
- $0.01 against an average estimate of $0.01: beat by 0.0%
Price chart
- 1 day-6.6%
- 1 week-5.9%
- 1 month-11.7%
- This year-8.6%
- 1 year-14.7%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $48M
- Operating margin
- -4.9%
- Net margin
- -3.1%
- EPS (TTM, diluted)
- $-0.03
Growth
- Revenue growth
- +31.4%
- Change in growth rate
- +4.4 pts
- Share count change
- +17.8%
Cash
- Free cash flow (TTM)
- -$1.6M
- FCF margin
- -3.3%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for KBSX from the sources we follow. See filings →
Valuation models
We value FST Corp. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$2.1 ~$1.6–$2.6 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.4 ~$0.7–$1.9 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.7 ~$0.4–$2.1 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FST Corp. with Leisure Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Valuation multiples over time Market data may be delayed
| At fiscal year end | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share price | $11.03 | $9.63 | $1.40 |
| Market value | $510m | $364m | $62m |
| + Net debt (− = net cash) | $5m | $10m | $11m |
| Enterprise value | $515m | $374m | $73m |
| Multiples | |||
| Price / sales | 17.7x | 10.0x | 1.3x |
| Price / earnings | — | — | — |
| Price / free cash flow | — | — | — |
| EV / EBITDA | — | — | — |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.06 | — | $57m | — |
| Next | $0.11 | +100% | $65m | +14% |
Next year's EPS estimate has moved +46.7% in 90 days, across 2 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +10.0% on 90 days ago. In the last 30 days, 0 analysts raised FST Corp.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.05 | $0.07 |
| 60 days ago | $0.07 | $0.11 |
| 30 days ago | $0.07 | $0.11 |
| 7 days ago | $0.07 | $0.11 |
| Now | $0.06 | $0.11 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.01 | $0.01 | 0.0% |
| Jun 2026 | $0.01 | −$0.01 | −175.0% |
| Mar 2026 | $0.00 | $0.04 | 0.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 0.8% of tradable shares
- Days to cover
- 6.48 at average volume
- Short interest, 1 month
- −5% to October 15, 2026
- Held by institutions
- 4% of shares
- Held by insiders
- 39.3% of shares
- Employees
- 382 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| KBSX | +7% | −13% | −86% | −9% |
| Industry peers (median) | −8% | −26% | −4% | +8% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| KBSX | 83% | 83% | 25% | 46% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| KBSX | −4% | −32% | −89% | −47% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since March 21, 2022: 94% from December 24, 2024 to July 14, 2026. Getting back needed a 1576% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $0.84 – $1.72
- From 52-week high
- −25.6%
- vs 50-day average
- −0.6%
- vs 200-day average
- +5.4%
- Volatility (1 year)
- 85%
- Beta vs S&P 500
- 0.12
FST Corp. in five measures
Fundamentals
Financial statements
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|
| Income | |||
| Revenue | 29 | 36 | 48 |
| Gross profit | 13 | 16 | 21 |
| EBITDA | −1 | −2 | −0 |
| Operating income | −3 | −4 | −2 |
| Net income | −2 | −3 | −2 |
| Diluted EPS | −$0.05 | −$0.09 | −$0.03 |
| Growth (year on year) | |||
| Revenue | — | +27.0% | +31.4% |
| Margins | |||
| Gross margin | 46.8% | 43.1% | 43.0% |
| EBITDA margin | −4.5% | −4.7% | −0.3% |
| Operating margin | −10.9% | −10.0% | −4.9% |
| Net margin | −7.5% | −8.9% | −3.1% |
| Free-cash-flow margin | −79.3% | −15.7% | −3.3% |
| Cash flow | |||
| Cash from operations | −11 | −2 | −1 |
| Capital spending | 12 | 4 | 1 |
| Free cash flow | −23 | −6 | −2 |
| Balance sheet | |||
| Cash | 9 | 5 | 7 |
| Total debt | 14 | 15 | 18 |
| Net debt (negative = net cash) | 5 | 10 | 11 |
| Diluted shares | 46m | 38m | 44m |
| Returned to shareholders | |||
| Dividends | 3 | — | — |
| Total returned | 3 | — | — |
Financial health
- Short-term assets cover short-term liabilities $27m of assets due within a year against $30m of liabilities due within a year.
- Short-term assets cover long-term liabilities $27m short-term assets against $15m of longer-dated liabilities.
- More cash than debt $7m of cash against $47m of debt.
- Debt below 40% of shareholders' equity Debt is 307% of equity.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt −$1m of operating cash flow against $47m of debt.
- Operating profit covers interest at least five times over Operating income of −$2m against $845,026 of interest.
Dividends, buybacks and capital spending
- Diluted share count
- +17.8%
- year over year
- R&D spending
- 3.1%
- of revenue
- Sales & admin spending
- 25.6%
- of revenue
Competitors: side by side with peers
| Last 12 months unless stated | KBSX | POWW | BYRN | TRNR | TRUG | KMRK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $48m | $54m | $96m | $21m | $20m | $16m | $349m |
| Revenue growth, last 12 months | 31.4% | 9.7% | −13.4% | 197.5% | −11.8% | −13.2% | 7.6% |
| Revenue growth, 3-year average | — | 13.6% | 30.7% | 188.0% | — | — | −2.5% |
| Revenue growth, latest quarter | — | 22.1% | −45.7% | 445.3% | 34.4% | — | 10.9% |
| Gross margin | 43.0% | 86.5% | 54.6% | 30.1% | 50.5% | 13.7% | 40.1% |
| Operating margin | −4.9% | 5.6% | −11.4% | −72.7% | −22.6% | 1.7% | 1.0% |
| Operating margin, 3-year average | — | −44.5% | 0.6% | <−999% | −22.9% | — | 0.9% |
| Net margin | −3.1% | 12.1% | −9.2% | −159.3% | −55.7% | 1.1% | −0.5% |
| Cash from operations / revenue | −2.1% | 22.5% | 6.7% | −49.7% | −8.7% | 5.2% | 8.7% |
| Free-cash-flow margin | −3.3% | 17.5% | 3.6% | −49.7% | −10.4% | 5.2% | 6.1% |
| Free-cash-flow margin, 3-year average | — | 0.4% | 2.4% | −302.6% | — | — | 5.3% |
| Stock pay / revenue | — | 1.9% | 2.8% | −7.7% | 0.1% | — | 1.3% |
| Change in share count | 17.8% | 1.6% | −0.8% | — | — | 8.2% | 0.5% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 31.4% | 7.6% | 4 of 29 |
| Change in growth rate Growth | +4.4pp | +3.1pp | 13 of 29 |
| Gross margin Profitability | 43.0% | 39.7% | 13 of 27 |
| Operating margin Profitability | -4.9% | 1.0% | 21 of 29 |
| Net margin Profitability | -3.1% | -0.5% | 20 of 29 |
| Free-cash-flow margin Cash generation | -3.3% | 6.1% | 23 of 29 |
| Long-term debt as % of assets Balance sheet | 47.9% | 16.0% | 19 of 20 |
| Change in share count Balance sheet | 17.8% | 0.8% | 22 of 24 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $1.8M
- Institutions reporting
- 5
- Shares held vs prior quarter
- ▲ 0.7%
- Positions opened / closed
- 1 / 0
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Harraden Circle Investments, LLC | $1.6M | 1.6M | 87.9% | 0.0% |
| UBS Group AG | $152,603 | 161K | 8.6% | ▲ 0.4% |
| Geode Capital Management, LLC | $39,066 | 41K | 2.2% | 0.0% |
| Citadel Advisors LLC | $22,959 | 24K | 1.3% | ▲ 106.8% |
| Caitong International Asset Management Co., Ltd | $2 | 0K | 0.0% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not FST Corp.'s complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chartFrom insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
FST Corp. in brief
- What does FST Corp. do?
- FST Corp. is a US-listed company in the leisure products industry. Its financial year ends in December.
- What is FST Corp.'s stock ticker?
- FST Corp. trades under the ticker KBSX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is FST Corp.'s revenue, and how fast is it growing?
- Over its most recent trailing twelve months, FST Corp. reported revenue of $48M, 31.4% higher than a year earlier, according to its SEC filings.
- What is FST Corp.'s free cash flow?
- FST Corp.'s free-cash-flow margin is -3.3% of revenue over the trailing twelve months, ranking 23 of the 29 leisure products companies we cover.
- Who are FST Corp.'s largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Harraden Circle Investments, LLC, UBS Group AG and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- What is FST Corp.'s market cap?
- On December 31, 2025, FST Corp.'s market capitalisation was about $62.3M and net debt of $11M. Market figures come from third-party market data and may be delayed.
- How much debt does FST Corp. have?
- FST Corp.'s debt-to-equity ratio is 307.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
- Who are FST Corp.'s competitors?
- In our Leisure Products peer group, the companies closest to FST Corp. are Outdoor Holding Co, Byrna Technologies Inc., Interactive Strength, Inc., Trugolf Holdings, Inc. and K-tech Solutions Co LTD. The side-by-side comparison below sets their revenue, margins and growth against FST Corp.'s.
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