Detailed financial statements for Ostin Technology Group Co., Ltd. (OST): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ostin Technology Group Co., Ltd., a company based in China, specializes in the creation and production of sophisticated thin-film transistor liquid crystal display (TFT-LCD) modules, along with essential polarizers. Its extensive product portfolio encompasses comprehensive TFT-LCD solutions, covering critical components such as drive ICs, TCON boards, and power supplies.
Analysis Summary
Ostin Technology Group Co., Ltd. reported revenue of $39.7M in the most recent fiscal year, growing at a 5-year CAGR of -22.3%.
Trailing-twelve-month margins: gross margin 6.4%, operating margin -22.9%, net margin -25.2%.
At the current price of $1.70, OST has negative trailing earnings (P/E not meaningful) and an ROE of -143.09%. Market capitalisation stands at $10M.
Balance sheet quality for OST: current ratio of 0.5, net debt of $20.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $61.5M | $46.6M | $140.1M | $167.7M | $105.4M | $57.5M | $32.5M | $39.7M |
| Cost of Revenue | $57.0M | $42.6M | $128.5M | $150.4M | $92.8M | $55.5M | $30.8M | $37.1M |
| Gross Profit | $4.5M | $4.0M | $11.6M | $17.4M | $12.6M | $2.1M | $1.7M | $2.5M |
| Research & Development | $1.5M | $882200 | $2.8M | $5.7M | $2.5M | $2.8M | $1.7M | $2.5M |
| Selling, General & Admin | $1.8M | $2.2M | $5.3M | $9.0M | $10.4M | $9.7M | $9.6M | $9.2M |
| Operating Expenses | $3.4M | $3.1M | $8.1M | $14.1M | $12.2M | $12.3M | $11.2M | $11.6M |
| Operating Income | $1.1M | $871281 | $3.5M | $3.2M | $450421 | -$10.3M | -$9.5M | -$9.1M |
| EBITDA | $1.3M | $1.4M | $4.6M | $4.6M | $2.0M | -$6.5M | -$4.2M | -$5.3M |
| Interest Expense | $425136 | $632492 | $688401 | $1.1M | $1.3M | $1.3M | $1.6M | $1.6M |
| Pre-tax Income | $362049 | $764448 | $2.7M | $3.2M | $439169 | -$10.8M | -$10.2M | -$10.3M |
| Income Tax | -$168666 | -$2317 | -$126725 | -$57086 | $326942 | $227324 | $23152 | $15591 |
| Net Income | $495315 | $757886 | $2.7M | $3.1M | $198978 | -$10.9M | -$10.1M | -$10.0M |
| EPS | $9.18 | $14.02 | $50.00 | $14347.50 | $1062.50 | $-1955.00 | $-168.50 | $-4.38 |
| EPS (Diluted) | $9.18 | $14.02 | $50.00 | $14347.50 | $1062.50 | $-195.00 | $-168.50 | $-4.38 |
| Shares Outstanding (Diluted) | $54000 | $54000 | $54000 | $54000 | $47093 | $56025 | $59750 | $2.3M |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Revenue | $17.5M | $20.8M | $18.8M | $17.5M |
| Gross Profit | $795910 | $1.9M | $637188 | $1.5M |
| Operating Income | -$5.7M | -$4.9M | -$4.2M | -$3.9M |
| EBITDA | -$3.2M | -$2.5M | -$2.8M | -$2.7M |
| Net Income | -$5.4M | -$5.2M | -$4.8M | -$4.8M |
| EPS | $-96.50 | $-74.58 | $-1.40 | $-0.80 |
| EPS (Diluted) | $-96.50 | $-74.58 | $-1.40 | $-0.80 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.5M | $1.3M | $5.3M | $684335 | $3.7M | $854518 | $1.0M | $5.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.9M | $3.8M | $12.9M | $27.0M | $6.4M | $7.1M | $6.0M | $4.2M |
| Inventory | $10.3M | $17.7M | $26.5M | $26.0M | $21.5M | $15.9M | $13.5M | $8.0M |
| Total Current Assets | $16.0M | $24.6M | $45.3M | $54.2M | $31.9M | $24.4M | $20.8M | $18.4M |
| Property, Plant & Equipment | $5.9M | $11.4M | $14.9M | $19.5M | $19.4M | $25.2M | $24.5M | $29.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $613140 | $1.8M | $1.6M | $4.3M | $6.5M | $4.3M | $3.6M |
| Total Assets | $22.7M | $37.1M | $62.9M | $76.0M | $57.2M | $56.5M | $51.1M | $53.2M |
| Accounts Payable | $5.4M | $11.8M | $23.2M | $17.6M | $6.3M | $10.8M | $6.3M | $8.1M |
| Short-term Debt | $9.3M | $14.1M | $16.1M | $32.4M | $21.9M | $26.9M | $30.9M | $23.2M |
| Total Current Liabilities | $17.5M | $29.4M | $51.0M | $60.6M | $31.6M | $40.5M | $41.0M | $39.7M |
| Long-term Debt | 0 | 0 | $454206 | $194022 | 0 | $1.6M | $1.7M | $2.4M |
| Total Liabilities | $17.5M | $29.4M | $51.7M | $60.8M | $31.6M | $42.5M | $43.2M | $42.3M |
| Retained Earnings | -$3.1M | -$2.0M | $682778 | $3.8M | $4.0M | -$7.0M | -$17.0M | -$28.5M |
| Total Equity | $4.8M | $7.3M | $10.6M | $14.3M | $25.3M | $14.0M | $5.2M | $7.0M |
| Total Debt | $9.3M | $14.1M | $16.8M | $32.8M | $22.0M | $28.7M | $32.7M | $25.6M |
| Net Debt | $7.8M | $12.7M | $11.5M | $32.1M | $18.4M | $27.8M | $31.6M | $20.6M |
| Working Capital | -$1.5M | -$4.8M | -$5.7M | -$6.4M | $352319 | -$16.1M | -$20.1M | -$21.4M |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Cash & Equivalents | $1.0M | $1.7M | $5.1M | $1.8M |
| Total Assets | $51.1M | $52.6M | $53.2M | $54.1M |
| Total Liabilities | $43.2M | $46.8M | $42.3M | $45.6M |
| Total Equity | $5.2M | $2.7M | $7.0M | $2.5M |
| Total Debt | $32.7M | $31.0M | $25.6M | $30.0M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $495315 | $757886 | $2.7M | $3.1M | $198978 | -$10.9M | -$10.1M | -$10.0M |
| Depreciation & Amortization | $482972 | $668729 | $1.4M | $2.2M | $2.6M | $3.1M | $4.7M | $3.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.8M | -$1.5M | $3.0M | -$24.4M | $7.4M | $4.5M | -$302411 | $6.8M |
| Operating Cash Flow | -$1.4M | $123141 | $7.7M | -$17.7M | $9.7M | -$2.6M | -$4.9M | $85245 |
| Capital Expenditure | -$3.5M | -$6.4M | -$3.7M | -$6.2M | -$5.1M | -$4.5M | -$2.4M | -$7.2M |
| Acquisitions | 0 | 0 | 0 | $1.0M | $1.5M | $509916 | $502465 | $213126 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.9M | -$6.3M | $4.0M | -$23.9M | $4.6M | -$7.1M | -$7.4M | -$7.1M |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Operating Cash Flow | -$1.0M | 0 | 0 | 0 |
| Capital Expenditure | -$1.8M | 0 | 0 | 0 |
| Free Cash Flow | -$2.9M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -24.2% | +200.7% | +19.8% | -37.2% | -45.4% | -43.6% | +22.2% |
| Net Income Growth (YoY) | | +53.0% | +258.1% | +14.2% | -93.6% | -5602.5% | +8.1% | +0.5% |
| EPS Growth (YoY) | | +52.9% | +256.5% | +28595.0% | -92.6% | -284.0% | +91.4% | +97.4% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | -12.8% | +19.0% | +6.6% | +3725.2% |
| FCF Growth (YoY) | | -29.3% | +163.6% | -693.4% | +119.2% | -254.6% | -4.1% | +3.3% |
| Gross Margin | 7.3% | 8.5% | 8.3% | 10.3% | 12.0% | 3.6% | 5.2% | 6.4% |
| Operating Margin | 1.8% | 1.9% | 2.5% | 1.9% | 0.4% | -17.8% | -29.4% | -22.9% |
| EBITDA Margin | 2.1% | 3.1% | 3.3% | 2.8% | 1.9% | -11.3% | -12.9% | -13.4% |
| Net Margin | 0.8% | 1.6% | 1.9% | 1.8% | 0.2% | -19.0% | -31.0% | -25.2% |
| FCF Margin | -8.0% | -13.6% | 2.9% | -14.2% | 4.3% | -12.3% | -22.7% | -17.9% |
| Effective Tax Rate | -46.6% | -0.3% | -4.7% | -1.8% | 74.4% | -2.1% | -0.2% | -0.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-90.55 | $-117.07 | $74.51 | $-442.14 | $97.17 | $-126.30 | $-123.23 | $-3.11 |
| Dividends Per Share | $24.59 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $54000 | $54000 | $54000 | $54000 | $47093 | $56025 | $59750 | $2.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -143.09% |
| Return on Invested Capital | -24.69% |
| Return on Assets | -18.81% |
| Gross Margin | 6.40% |
| Operating Margin | -22.88% |
| Net Margin | -25.24% |
Financial Health
| Debt / Equity | 3.66 |
| Current Ratio | 0.46 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.99 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 1080.65 | 706.95 | 198.30 | 0.69 | 0.27 | -0.09 | -0.56 | -0.39 |
| P/B | 111.45 | 73.80 | 50.49 | 37.38 | 0.53 | 0.70 | 1.08 | 0.56 |
| P/S | 8.71 | 11.49 | 3.82 | 3.19 | 0.13 | 0.17 | 0.17 | 0.10 |
| Gross Margin | 7.3% | 8.5% | 8.3% | 10.3% | 12.0% | 3.6% | 5.2% | 6.4% |
| Operating Margin | 1.8% | 1.9% | 2.5% | 1.9% | 0.4% | -17.8% | -29.4% | -22.9% |
| Net Margin | 0.8% | 1.6% | 1.9% | 1.8% | 0.2% | -19.0% | -31.0% | -25.2% |