Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data FST Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
Revenue
28.7
36.5
48
Cost of revenue
15.3
20.8
27.3
Gross profit
13.4
15.7
20.6
Research and development
1.53
1.3
1.49
Selling, general and administrative
9.19
10.5
12.3
General and administrative
5.84
7.53
9.19
Operating income
-3.12
-3.64
-2.33
Interest expense
0.01
0.54
0.85
Other non-operating income
0.2
0.87
0.1
Pre-tax income
-2.92
-2.78
-2.23
Income tax
-0.75
0.46
-0.73
Net income to minority interests
-0
Net income
-2.17
-3.24
-1.5
EBITDA
-1.3
-1.71
-0.13
EPS, basic
-0.05
-0.09
-0.03
EPS, diluted
-0.05
-0.09
-0.03
Shares, basic (weighted)
46.2
37.7
44.5
Shares, diluted (weighted)
46.2
37.7
44.5
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
8.9
5.1
7.18
Short-term investments
0.06
Receivables
4.73
5.29
6.98
Inventory
15.2
14.5
11.8
Other current assets
0.1
0.1
1.19
Total current assets
30.5
26.7
27.5
Property, plant and equipment
18.2
19.5
19
Lease right-of-use assets
6.94
5.42
5.76
Intangible assets
5.33
5.14
4.83
Long-term investments
0.2
0.34
0.55
Total assets
63.4
58.5
60.9
Accounts payable
1.22
1.5
3.03
Accrued liabilities
2.26
2.33
4.54
Deferred revenue
0.04
0.17
0.18
Short-term debt
14.2
15.3
18.2
Total current liabilities
21.4
22.1
30.4
Lease liabilities
5.26
3.91
3.97
Total liabilities
35.9
35.5
45.4
Total debt
24.7
29.2
Paid-in capital
4.44
22.2
15.4
Retained earnings
6.31
3.05
1.57
Other comprehensive income
-1.21
-2.47
-1.54
Shareholders' equity
27.5
22.8
15.4
Minority interests
0.16
0.12
Total equity
27.5
23
15.6
Total liabilities and equity
63.4
58.5
60.9
Shares outstanding
54.6
37.7
44.8
Cash flow statement
FY2024
FY2024
FY2025
Net income
-2.17
-3.24
-1.5
Depreciation and amortization
1.82
1.93
2.21
Deferred income tax
-0.66
0.15
-1.27
Change in inventory
-6.75
-0.45
2.53
Cash from operations
-11.2
-1.58
-1
Capital expenditures
-11.6
-4.14
-0.6
Purchases of investments
-0.06
Cash from investing
-11.6
-4.45
-0.8
Dividends paid
-2.72
Cash from financing
11.3
3.71
3.32
Net change in cash
-11.5
-4
2.04
Free cash flow
-22.8
-5.72
-1.6
Interest paid
0.28
0.51
0.66
Income taxes paid
2.56
0.47
0.3
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.58 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
43.0%
Gross profit / revenue.
Operating margin
-4.9%
Operating income / revenue.
EBITDA margin
-0.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-4.7%
Pre-tax income / revenue.
Net margin
-3.1%
Net income / revenue.
FCF margin
-3.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2.1%
Cash from operations / revenue.
Return on equity (ROE)
-7.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.5%
Net income / average total assets.
Return on invested capital (ROIC)
-4.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
3.1%
Research and development expense / revenue.
SG&A / revenue
25.6%
Selling, general and administrative expense / revenue.
Capex / revenue
1.3%
Capital expenditures / revenue.
D&A / revenue
4.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
31.4%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
31.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-32.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
4.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
17.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.90x
Current assets / current liabilities.
Quick ratio
0.47x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.24x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.89x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
47.9%
Total debt / total assets.
Liabilities / assets
74.5%
Total liabilities / total assets.
Net debt
$22.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.03
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.03
Net income per basic share, as reported (split-adjusted).
Revenue per share
$1.08
Revenue / diluted weighted shares.
FCF per share
-$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.02
Cash from operations / diluted weighted shares.
Book value per share
$0.34
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.47x
Market cap / revenue.
P/B
4.58x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.67x
Market cap / tangible book value, when positive.
EV/Sales
1.93x
Enterprise value / revenue.
FCF yield
-2.3%
Free cash flow / market cap.
Earnings yield
-2.1%
Net income / market cap (the inverse of P/E).
What was FST Corp.'s revenue in fiscal 2025?
FST Corp. reported revenue of $48.0M for fiscal 2025, 31.4% higher than the year before.
Was FST Corp. profitable in fiscal 2025?
No. It reported a net loss of $1.5M.
How much free cash flow did FST Corp. generate in fiscal 2025?
Cash from operations of $1.0M minus capital expenditures of $603.0K left free cash flow of -$1.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.