FST Corp. key statistics and ratios

In fiscal 2025, FST Corp. had return on equity of -7.8%, an operating margin of -4.9%, debt equal to 118.0% of equity and a current ratio of 0.90. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

FST Corp.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	46.8%	43.1%	43.0%
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%
Return on equity	−7.9%	−12.9%	−7.8%
Return on assets	−3.4%	−5.3%	−2.5%
Asset turnover	0.45	0.60	0.80
Current ratio	1.43	1.21	0.90
Debt to equity	51.8%	66.9%	118.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m
R&D as % of revenue	5.3%	3.6%	3.1%
SG&A as % of revenue	32.0%	28.9%	25.6%
Capital spending as % of revenue	40.3%	11.3%	1.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · December 31, 2025

What it owns · $61m

Short-term assets $27mLonger-term assets $33m

What it owes, and who funded it · $61m

Short-term liabilities $30mLonger-term liabilities $15mShareholders' equity $15m

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.

From FST Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from FST Corp.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to FST Corp.