L.B. Foster Co
FSTR—
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L.B. Foster Co AI Insights
Informational only. Not investment advice.Snapshot
- FCF of 27.7M TTM on 507.8M revenue (5.5% margin) with capex only 2% of revenue - capital-light cash generation despite thin net margin of 1%[Free Cash Flow TTM]
- EPS collapsed 88% YoY to $0.56 TTM yet P/E at 51x vs industry median 21x - market pricing recovery that hasn't materialized[EPS Growth 1Y]
- Asset turnover 1.5x vs industry median 0.9x - 67% more efficient capital deployment driving positive ROIC (1.9%) despite sub-1% net margins[Asset Turnover TTM]
Watch Triggers
- Net Margin TTM: Rises above 2% — Would signal earnings inflection; current 1% margin is unsustainable for 51x P/E valuation
- Interest Expense TTM: Exceeds 5.5M or >45% of pretax income — Already at 44% of pretax income; further increase eliminates profit entirely
- Free Cash Flow TTM: Falls below 15M — FCF is only proof of value creation; deterioration invalidates bull thesis
Bull Case
Cash generation decoupled from earnings: 27.7M FCF on 4.9M net income (5.7x ratio) with working capital of 84M providing operational cushion and acquisition optionality
Free Cash Flow TTMWorking CapitalNet Income TTM
Asset-light model with 1.5x turnover vs 0.9x median extracts more revenue per dollar invested; goodwill only 19% of equity limits impairment risk
Asset Turnover TTMGoodwillCommon Stockholders Equity
Bear Case
P/E of 51x after 88% EPS decline prices in aggressive recovery; 5-year EPS CAGR of -24% shows structural earnings deterioration, not cyclical trough
PE RatioEPS Growth 1YEPS Growth 5Y
Cash of 3.4M vs 84M debt leaves no buffer; interest expense (4.9M) nearly equals net income (4.9M) - any rate increase or revenue dip threatens solvency
Cash and EquivalentsTotal DebtInterest Expense TTM
Bull vs Bear Balance
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Forward Thesis
Margin recovery from 1% to 3% net margin would triple EPS and compress P/E to ~17x at current price
1-3ylow
- Operating margin 3.4% TTM already at industry median - floor established
- FCF/Net Income ratio of 5.7x suggests earnings understated vs cash reality
- Interest expense 4.9M on 84M debt - refinancing could add 1% to margins
Net margin 1% vs operating margin 3.4% - 2.4% leakage below operating lineFCF 27.7M vs net income 4.9M TTMDebt/equity 0.48x manageable
Valuation Context
Caveats
FSTR Fundamentals
Wholesale Trade → Merchant Wholesalers, Durable Goods
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$434.14M | — | ||
$513.09M | — | ||
40 | — | ||
$563.36M | +11.7% | — | |
$1.03 | -69.5% | — | |
4.59% | +2.0% | — | |
1.98% | -5.2% | — | |
$40.51M | +388.9% | — | |
6.48% | -16.6% | — | |
Beta 5Y (Monthly) | unknown | — |
FSTR Dividend History
23 dividends
2016
$0.120009/07/16$0.0400
06/08/16$0.0400
03/09/16$0.0400
2015
$0.160012/02/15$0.0400
09/02/15$0.0400
06/10/15$0.0400
03/11/15$0.0400
2014
$0.130012/03/14$0.0400
09/03/14$0.0300
06/04/14$0.0300
03/12/14$0.0300
2013
$0.120012/04/13$0.0300
09/04/13$0.0300
06/05/13$0.0300
03/13/13$0.0300
2012
$0.100012/05/12$0.0250
09/05/12$0.0250
06/06/12$0.0250
03/15/12$0.0250
2011
$0.100012/07/11$0.0250
09/07/11$0.0250
06/08/11$0.0250
03/23/11$0.0250
FSTR Stock Splits
No stock splits
FSTR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/04/26 | 03/31/26 | 10-Q | |
03/05/26 | 12/31/25 | Unknown | |
11/03/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
03/07/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
11/04/24 | 06/30/24 | 10-Q/A | |
08/06/24 | 06/30/24 | 10-Q | |
11/04/24 | 03/31/24 | 10-Q/A | |
05/07/24 | 03/31/24 | 10-Q | |
11/01/24 | 12/31/23 | 10-K/A | |
03/06/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
11/04/24 | 06/30/23 | 10-Q/A | |
05/10/23 | 03/31/23 | 10-Q | |
11/04/24 | 03/31/23 | 10-Q/A | |
03/10/23 | 12/31/22 | 10-K | |
11/01/24 | 12/31/22 | 10-K/A | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/02/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
03/03/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
03/08/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
03/01/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
03/13/17 | 12/31/14 | 10-K/A | |
03/03/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/04/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/05/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-Q | |
03/08/13 | 12/31/12 | 10-K | |
11/08/12 | 09/30/12 | 10-Q | |
08/09/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
03/15/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/09/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/16/11 | 12/31/10 | 10-K | |
11/08/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/12/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/30/09 | 10-Q | |
03/13/09 | 12/31/08 | 8-K | |
11/10/08 | 09/30/08 | 8-K | |
08/08/08 | 06/30/08 | 8-K | |
05/09/08 | 03/30/08 | Unknown | -- |
03/11/08 | 12/31/07 | 8-K | |
11/09/07 | 09/30/07 | 8-K | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/15/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/09/06 | 03/30/06 | Unknown | -- |
03/16/06 | 12/31/05 | 8-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 10-K | |
11/12/04 | 09/30/04 | 10-Q | |
08/12/04 | 06/30/04 | 10-Q | |
05/12/04 | 03/30/04 | Unknown | -- |
03/16/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/28/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/30/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |