FST Corp.

KBSX

Basic MaterialsSteelNASDAQ

$1.22

Market Cap: $54.61M

FST Corp. (KBSX) Valuation Summary

Updated May 10, 2026 09:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.02 – $3.99	$0.03	-97.5%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	-$0.15 – $0.52	$0.08	-93.4%

Valuation History

DCF Analysis

FST Corp. (KBSX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$1.22

Upside / Downside

-97.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.1% to a target of 13.1% over 5 years, discounted at a WACC of 7.0%, FST Corp. (KBSX) has an intrinsic value of $0.03 per share (range: $0.02 – $3.99).

Key Assumptions

Current Operating Margin

-7.1%

Target Operating Margin

13.1%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.9%

Target CapEx/Rev

8.6%

D&A/Revenue

5.7%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	56	16.3%	-3.0%	-2	-2	3	(7)	8	-14	-13
2027	64	15.6%	1.0%	1	0	4	(8)	3	-7	-6
2028	68	5.3%	5.0%	3	2	4	(7)	1	-3	-2
2029	71	4.6%	9.1%	6	4	4	(7)	1	-0	-0
2030	74	3.8%	13.1%	10	6	4	(6)	1	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-20

Terminal Value (Gordon Growth at 3.0%)68

PV of Terminal Value50

Enterprise Value30

(–) Net Debt28

Equity Value1

(÷) Shares Outstanding45

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
5.0%	$-1	$0	$1	$3	$4
6.0%	$-1	$-0	$0	$1	$2
7.0%	$-1	$-1	$0	$1	$1
8.0%	$-1	$-1	$-0	$0	$1
9.0%	$-1	$-1	$-0	$0	$0

Current price: $1.22. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.08

Market Price

$1.22

Upside / Downside

-93.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), FST Corp. (KBSX) has a fair value of $0.08 based on 6 comparable companies in the Steel industry.

EV/Revenue Valuation — Steel

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FST Corp.KBSX	55	1.7x	1.7x
Alto Ingredients, Inc.ALTO	345	0.5x	0.4x
Ascent Industries Co.ACNT	125	1.1x	0.5x
Largo Inc.LGO	77	0.6x	0.6x
Northern Technologies International CorporationNTIC	76	1.0x	1.0x
Loop Industries, Inc.LOOP	70	5.5x	55.0x
Origin Materials, Inc.ORGN	7	0.1x	0.1x
Industry Median		0.8x	0.5x
(*) Revenue		48	48
= Enterprise Value		38	26
(-) Net Debt		28	28
Equity Value		10	-2
(/) Outstanding shares		45	45
Fair Price		$0	$-0

Selected Fair Value (avg of trailing + forward)

$0.08

-93.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.02 – $3.99

$0.03

-97.5%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

-$0.15 – $0.52

$0.08

-93.4%

DCF Analysis

FST Corp. (KBSX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$1.22

Upside / Downside

-97.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.1%

Target Operating Margin

13.1%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.9%

Target CapEx/Rev

8.6%

D&A/Revenue

5.7%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	56	16.3%	-3.0%	-2	-2	3	(7)	8	-14	-13
2027	64	15.6%	1.0%	1	0	4	(8)	3	-7	-6
2028	68	5.3%	5.0%	3	2	4	(7)	1	-3	-2
2029	71	4.6%	9.1%	6	4	4	(7)	1	-0	-0
2030	74	3.8%	13.1%	10	6	4	(6)	1	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-20

Terminal Value (Gordon Growth at 3.0%)68

PV of Terminal Value50

Enterprise Value30

(–) Net Debt28

Equity Value1

(÷) Shares Outstanding45

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
5.0%	$-1	$0	$1	$3	$4
6.0%	$-1	$-0	$0	$1	$2
7.0%	$-1	$-1	$0	$1	$1
8.0%	$-1	$-1	$-0	$0	$1
9.0%	$-1	$-1	$-0	$0	$0

Current price: $1.22. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.08

Market Price

$1.22

Upside / Downside

-93.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), FST Corp. (KBSX) has a fair value of $0.08 based on 6 comparable companies in the Steel industry.

EV/Revenue Valuation — Steel

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FST Corp.KBSX	55	1.7x	1.7x
Alto Ingredients, Inc.ALTO	345	0.5x	0.4x
Ascent Industries Co.ACNT	125	1.1x	0.5x
Largo Inc.LGO	77	0.6x	0.6x
Northern Technologies International CorporationNTIC	76	1.0x	1.0x
Loop Industries, Inc.LOOP	70	5.5x	55.0x
Origin Materials, Inc.ORGN	7	0.1x	0.1x
Industry Median		0.8x	0.5x
(*) Revenue		48	48
= Enterprise Value		38	26
(-) Net Debt		28	28
Equity Value		10	-2
(/) Outstanding shares		45	45
Fair Price		$0	$-0

Selected Fair Value (avg of trailing + forward)

$0.08

-93.4%