olivLaw · US equity research
FST Corp. KBSX
Sporting & Athletic Goods, NEC · SIC 3949 · Vertical: Sporting & Athletic Goods, NEC (SIC 3949)
FST Corp. (KBSX) is a Taiwanese maker of golf club shafts, selling its own premium KBS brand since 1976 and producing shafts since 1992. The company listed on Nasdaq in January 2025 after a business combination and holds a premium position in golf components. Its financing situation is described as under pressure, so its future depends on access to capital.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, FST Corp. (KBSX) stock was 1.37 USD (−1.44% on the day), with market capitalisation 61.3 m USD, beta -0.16, 52-week range 0.84–1.72 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 1.25 – 1.50
- in the lower half of the band · %B 0.48 · band width 17.9%
- SMA 50 / 200
- 1.31 / 1.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.0% | −5.9% | −11.0 pp | — |
| 3 months | +45.7% | −4.6% | +50.4 pp | — |
| 6 months | +10.5% | +0.2% | +10.3 pp | — |
| Year to date | −2.1% | +7.4% | −9.6 pp | — |
| 1 year | −6.8% | +8.2% | −15.0 pp | +13.2% |
| 3 years | −87.5% | +68.4% | −155.9 pp | 0.0% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 28.7 m | 36.5 m | 48.0 m |
| Revenue YoY | unavailable | +27.0% | +31.4% |
| Net income | -2.2 m | -3.2 m | -1.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.05 | -0.09 | -0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -7.5% | -8.9% | -3.1% |
| Free cash flow | -22.8 m | -5.7 m | -1.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.2 m USD
- Financial debt
- 47.4 m USD
- Net debt
- 40.2 m USD
- Equity
- 15.6 m USD
- Total assets
- 60.9 m USD
- Debt / equity
- 3.05x
- Current ratio
- 0.90x
- ROE
- -7.8%
- ROA
- -2.5%
- FCF margin
- -3.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 28.7 m | 36.5 m | 48.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Cost of revenue | 15.3 m | 20.8 m | 27.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Gross profit | 13.4 m | 15.7 m | 20.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Research & development | 1.5 m | 1.3 m | 1.5 m | SEC (XBRL)· 20 Apr 2026verified |
| SG&A | 9.2 m | 10.5 m | 12.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Operating income | -3.1 m | -3.6 m | -2.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Depreciation & amortisation | 1.8 m | 1.9 m | 2.2 m | SEC (XBRL)· 20 Apr 2026verified |
| EBITDA | -1.3 m ≈ | -1.7 m ≈ | -127.5 k ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Interest expense | 14.7 k | 543.3 k | 845.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Pre-tax income | -2.9 m | -2.8 m | -2.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Income tax | -751.1 k | 456.2 k | -729.9 k | SEC (XBRL)· 20 Apr 2026verified |
| Net income | -2.2 m | -3.2 m | -1.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Diluted EPS | -0.05 | -0.09 | -0.03 | SEC (XBRL)· 20 Apr 2026verified |
| Weighted average diluted shares | 46.2 m | 37.7 m | 44.5 m | SEC (XBRL)· 20 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.9 m | 5.1 m | 7.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Inventories | 15.2 m | 14.5 m | 11.8 m | SEC (XBRL)· 20 Apr 2026verified |
| Current assets | 30.5 m | 26.7 m | 27.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Property, plant & equipment, net | 18.2 m | 19.5 m | 19.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Intangibles (excl. goodwill) | 5.3 m | 5.1 m | 4.8 m | SEC (XBRL)· 20 Apr 2026verified |
| Total assets | 63.4 m | 58.5 m | 60.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Accounts payable | 1.2 m | 1.5 m | 3.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Short-term debt | 14.2 m | 15.3 m | 18.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Long-term debt | — | 24.7 m | 29.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Current liabilities | 21.4 m | 22.1 m | 30.4 m | SEC (XBRL)· 20 Apr 2026verified |
| Total liabilities | 35.9 m | 35.5 m | 45.4 m | SEC (XBRL)· 20 Apr 2026verified |
| Equity | 27.5 m | 23.0 m | 15.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Shares outstanding at year end | — | 37.7 m | 44.8 m | SEC (XBRL)· 20 Apr 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.2 m | -1.6 m | -1.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Capex | 11.6 m | 4.1 m | 603.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Free cash flow | -22.8 m ≈ | -5.7 m ≈ | -1.6 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Investing cash flow | -11.6 m | -4.5 m | -799.2 k | SEC (XBRL)· 20 Apr 2026verified |
| Financing cash flow | 11.3 m | 3.7 m | 3.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Dividends paid | 2.7 m | — | — | SEC (XBRL)· 15 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.3 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.5% | 0 (vs peers) | 29% |
| Net margin · Quality | -3.1% | 45 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FST Corp. (KBSX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 48.0 m USD in 2025; YoY growth 31.4%; net margin -3.1%; ROE -7.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -3.5%
- Interest coverage: -2.8x
- Current ratio: 0.9x
- FCF yield: -2.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Sporting & Athletic Goods, NEC (SIC 3949) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOLFAcushnet Holdings Corp. | 4.8 bn | 22.7 | 25.7% | 8.2% | +4.1% | −1% / +48% |
| YETIYETI Holdings, Inc. | 3.4 bn | 20.5 | 25.3% | 9.2% | unavailable | +13% / +10% |
| CALYCallaway Golf Company | 2.8 bn | — | -8.7% | -9.6% | −0.8% | +24% / +30% |
| ESCAEscalade, Incorporated | 280.5 m | 11.7 | 13.5% | 10.0% | −4.5% | +54% / +10% |
| AOUTAmerican Outdoor Brands, Inc. | 217.7 m | — | -2.4% | -2.0% | −14.3% | +141% / +101% |
| CLARClarus Corporation | 162.7 m | — | -12.5% | -10.4% | −5.2% | +19% / −25% |
| KBSXFST Corp. | 61.3 m | — | -7.8% | -3.1% | +31.4% | −7% / −87% |
| GMEXGmex Robotics Corporation | 9.4 m | — | -91.5% | -308.0% | +7.9% | −100% / −100% |
| NWTGNewton Golf Company, Inc. | 4.1 m | — | -2,023.2% | -124.4% | +136.1% | −55% / −100% |
| TRUGTrugolf Holdings, Inc. | 528.4 k | — | -349.3% | -55.7% | −13.6% | −100% / −100% |
| PTONPeloton Interactive, Inc. | — | 19.0 | — | 5.9% | −1.8% | −17% / 0% |
| JOUTJohnson Outdoors Inc. | — | — | -1.8% | -1.2% | −0.1% | +16% / −10% |
1- and 3-year price returns: for KBSX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Jul 2026), 6-K (07 Jul 2026), 6-K (05 May 2026), 6-K (23 Apr 2026).
In brief
FST Corp. (KBSX) is a Taiwanese maker of golf club shafts, selling its own premium KBS brand since 1976 and producing shafts since 1992. The company listed on Nasdaq in January 2025 after a business combination and holds a premium position in golf components. Its financing situation is described as under pressure, so its future depends on access to capital.
SWOT
Strengths
- The proprietary KBS brand is recognized by professional and amateur players, which the source treats as an important competitive advantage.
- Vertical integration from design and production to marketing gives the company control over costs and quality.
- Decades of manufacturing experience and close work with PGA players support product development.
Weaknesses
- The source shows the business relies heavily on the KBS brand, so any loss of reputation would have a major impact.
- The company faces high leverage and ongoing funding needs, according to the sources.
- The company has had cost overruns and production delays in the past, which could recur.
Opportunities
- Orders moving from China to Taiwan could bring new volumes and product development for new customers.
- Expanding the product range and using fitting data could support faster and more precise launches.
- Developing its own stores in the U.S., Japan and Taiwan could strengthen brand recognition.
Threats
- A fall in the number of golf players or rounds played could reduce demand for the company's products.
- Strong competition from international brands and OEM producers could limit gains in market share.
- Trade tensions and tariffs could affect costs and consumers' discretionary spending.
Risks
- Liquidity and leveragehigh
The source shows the company is managing liquidity challenges from high leverage, and access to capital is not assured.
- Dependence on the KBS brandhigh
If the brand's reputation declines, for example from negative reviews or fewer PGA endorsements, the business could be severely affected.
- Demand and sales forecastingmedium
Misjudging demand can lead to excess inventory or production disruption, with effects on margins.
- Consumer discretionary spendingmedium
The products are discretionary purchases, so an economic slowdown could reduce demand.
- Dependence on partners and raw materialslow
The company relies on strategic partners and suppliers for components and materials, and disruptions or price increases could affect production.
Investment thesis
What would need to be true (bull case)
- If the KBS brand keeps its prestige and more players choose it, margins could remain better than those of OEM producers.
- Orders moving from China to Taiwan could bring new volumes and product development contracts.
- Vertical integration and automation investments could lower costs and shorten delivery times.
What would break the thesis
- If leverage and funding needs persist, the company could be forced to sell assets or issue securities on unfavorable terms.
- If the number of golf players declines, demand for shafts could stay weak for a long period.
- Competition from better-funded international brands could limit market share growth.
What to watch
- Development of liquidity and financing plansnext 10-K
- Volume of orders shifting from China to Taiwan2027
- Number of players using KBS shafts in professional competitionsnext 10-K
- Results of the KBS Golf Experience stores in the U.S. and Japan2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Jul 2026), 6-K (07 Jul 2026), 6-K (05 May 2026), 6-K (23 Apr 2026).
The business
FST Corp. has produced and sold golf club shafts since 1992 and holds its own high-performance brand, KBS, which entered the U.S. market through the PGA tour in 2008. The company also operates as an OEM and ODM for international golf equipment brands, which according to the sources include TaylorMade, Callaway, PXG and Mizuno. It further develops its own KBS Golf Experience stores in Carlsbad, Tokyo and Taipei, offering fitting and customization services.
Segments
Golf shafts under the proprietary KBS brand
The KBS brand includes steel and carbon fiber shaft series such as KBS Tour, KBS C-Taper and KBS Tour-TGI, launched between 2008 and 2020. The company says the brand is chosen by professional and amateur players and brings higher gross margins than OEM work.
OEM and ODM activity
The company manufactures shafts for other golf equipment brands and is an important supplier to international manufacturers. The source indicates this activity also depends on production capacity, pricing and delivery lead times.
KBS Golf Experience stores
The stores in Carlsbad, Tokyo and Taipei offer customization and fitting for individual customers, with simulation technology, and the data collected feeds product development. The source states that revenue from these services is immaterial and is not reported separately.
Market context
The sources describe the golf market as highly competitive, with well-known international brands and OEM producers in Taiwan and China. Demand for shafts depends directly on the number of golf participants and rounds played, and the visibility of the sport in media and tournaments influences sales. Taiwan is described as a global hub for golf equipment production.
Trends
- Production orders shifting from China to Taiwantailwind
The company has seen some manufacturing orders move from China to Taiwan because of trade tensions between China and the U.S., which could bring larger order volumes.
- Rising demand for customized equipmenttailwind
Players increasingly ask for customized shafts, which pushes manufacturers to invest in research and a wider product range. The company plans to use fitting data to anticipate customer preferences.
- Tariffs and geopolitical tensionsheadwind
The source shows that U.S. tariffs on imports from China and geopolitical tensions could affect costs, supply chains and consumers' discretionary spending.
- Declining golf participationheadwind
Demand depends on the number of participants and rounds played; a decline could reduce sales, according to the source. The company also notes the risk of lower media visibility for the sport.
Competitive position
In the premium shaft segment the company competes with better-known international brands that have more financial resources. In the standard and economy segment it competes with other OEM producers in Taiwan, China and elsewhere on price, delivery lead time, capacity and production yield.
- Dynamic Gold
International premium shaft brand that the source describes as better known than FST.
- N.S.PRO
International premium shaft brand cited as a competitor in the premium segment.
- Project X
International premium shaft brand named among the main competitors.
- Other OEM producers in Taiwan and China
Producers competing in the standard and economy segment on price and capacity.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)23 Apr 2026
- Annual report (foreign issuer)20 Apr 2026
- Current report (foreign issuer)12 Feb 2026
- Current report (foreign issuer)13 Jan 2026
- Current report (foreign issuer)10 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / FST Corp. · 20 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.