Forensic Analysis · General / Diversified · as of Jun 28, 2026
FOSTER L B CO (FSTR)
A forensic read on FOSTER L B CO built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.8
Altman Z-score
Clean
Earnings quality
5
Forensic signals
42.0
P / E (ttm)
6.4%
ROE
$468M
Market cap
FOSTER L B CO earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5%Return on invested capital.Return on invested capital is 5% and rising from -2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$3MGoodwill impairments.Took $3M of goodwill writedowns across 1 year(s) (FY2022 ($3M)) — about 47% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
suspendedDividend — suspended.The dividend has been SUSPENDED — $1M paid in FY2016, then $0 in FY2017. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
+0.5%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.5%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 20% of free cash flow in FY2025 — about $0.46 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin1.4%
Debt / Equity0.24x
Free Cash Flow$25.2M
Latest Revenue$540.0M
Return on Equity4.3%
Revenue Growth YoY+1.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on FOSTER L B CO:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FSTR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown