KELSO TECHNOLOGIES INC

KIQSF

Kelso Technologies Inc. designs, engineers, markets, produces and distributes various proprietary pressure relief valves in the United States. It offers rail transport equipment, such as pressure relief, vacuum relief, and bottom outlet valves; pressure cars; pressure relief; one-bolt manway; emergency response kit; pressure differential; service bulletins; and installation manual updates.

About the company

Country: CanadaPrice: $0.10Market Cap: $5.6M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 9

NEUTRAL / FAIL

Median fair value

$0.02

-80.0% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Graham, Buffett and Lynch object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #1044 (Top 33.7%)	NEUTRAL	PASS	PASS	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	BUY	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)			N/A	N/A	N/A	N/A			N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+28.6%	+0.0%	N/A	N/A	N/A	N/A	-400.0%	-400.0%	N/A	N/A	-400.0%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Graham, Buffett and Lynch object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.02, IC: N/A
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.02
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.27
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.02
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.02
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=N/A (no interest expense), D/EBITDA=0.2x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.02
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0156; #705/4210 (top 16.7%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 10.0x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -27.5% vs Rev: 1.0%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-0.05 (2015) -> $0.01 (2025)
✓DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency3/11 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-1.0%
✗Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 42.4% -> 41.1%, operating margin 2.1% -> 4.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR-0.7%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 8✗ 27▾
15 of 16 flag KIQSF's profitability — Graham, Buffett, Lynch +12 more
Net income / market capitalization+7.97%; #996/6340 (top 15.7%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)2/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Net Income Positive (10+ years)3/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-31.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)4.1% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$0.5M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 10.0x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE9.6%
✗Lynch> 15%
EBIT / Enterprise Value8.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.4%, ROC=10.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets8.18%
✓PiotroskiROA > 0
ROA Change YoY-70.35% -> 8.18% (delta: +78.53%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=2.00%, ROA=8.18%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY43.9% -> 41.1%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue4.5%
✗Dreman>= 8%
Net Income / Shareholders' Equity9.6%
✗Dreman> 12%
Margin of SafetyP/E=10.0x, P/B=1.2x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-41.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency3/11 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue4.1%
✗Ackman>= 15%
Net Income / Shareholders Equity9.6%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend2.1% (2023) -> 4.1% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 42.4% -> 41.1%, operating margin 2.1% -> 4.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+81.05%; #243/3702 (top 6.6%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+9.57%; #1872/5226 (top 35.8%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2594; #4481/5884 (top 76.2%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years2/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation models20% pass✓ 1✗ 4▾
Models split on KIQSF at $0.10 — fair values range $0.02–$0.14
Graham fair value$0.14
✓Graham+28.6% margin vs $0.10
Buffett fair value$0.10
✗Buffett0.0% margin vs $0.10
Munger fair value$0.02
✗Munger-400.0% margin vs $0.10
Pabrai fair value$0.02
✗Pabrai-400.0% margin vs $0.10
Ackman fair value$0.02
✗Ackman-400.0% margin vs $0.10
Valuation23% pass✓ 11✗ 17▾
10 of 13 flag KIQSF's valuation — Graham, Lynch, Greenblatt +7 more
Price / Book Value per Share1.2x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+7.97%; #996/6340 (top 15.7%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.2x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 10.0x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value8.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.4%, ROC=10.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS10.0x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)50.6x
✗Dreman< 8x
Valuation ReasonablenessP/E=10.0x, OE Yield=8.4%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=10.0x, FCF Yield=1.9%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=10.0x, P/B=1.2x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share50.6x
✗Ackman<= 25
Price vs. Trailing Low125% of trailing low ($0.08)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.8336; #1841/6449 (top 28.5%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS10.0x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.18x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-63.6%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+1.9223; #1123/5247 (top 21.4%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+1.95%; #2259/4519 (top 50.0%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+0.00%; #2690/6202 (top 43.4%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts23% pass✓ 3✗ 10▾
Split decision: 9 FAIL · 4 NEUTRAL · 2 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (3/7)✗GreenblattRank #1044•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (5/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)✓AsnessBUY (Rank #630/2370 (Top 26.6%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag KIQSF's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio4.27
✓Graham>= 2.0
ROIC (3-5 yr avg)-5.9%
✗Buffett> 10%
ROIC - WACC-15.9%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)10.7%
✗Greenblatt> 25%
Current Ratio Change YoY1.93 -> 4.27
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY1.63x -> 1.97x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities4.27
✓Dreman> 1.5
Return on Invested Capital7.4%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=2.0%; FY2024: ROIC=-15.2%; FY2025: ROIC=7.4%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC7.4% (RR=100% x ROIC=7.4%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 7.4%)
✗SleepROIC > 12% in a majority of years
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag KIQSF's cash flow — Piotroski, Dreman, Marks +3 more
Free Cash Flow Proxy$0.5M
✓BuffettPositive and growing
FCF Positive and Growing$0.1M
✓LynchPositive and growing
Operating Cash Flow$0.1M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=2.00%, ROA=8.18%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)50.6x
✗Dreman< 8x
P/E or FCF YieldP/E=10.0x, FCF Yield=1.9%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive4/11 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap2.0%
✗Ackman>= 4%
Price / FCF per Share50.6x
✗Ackman<= 25
Positive Operating Cash Flow frequency4/11 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$0.1M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+1.95%; #2259/4519 (top 50.0%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Shipbuilding, Railroad Equipment

SIC Sector: Transportation Equipment

Size: Micro Cap($5.6M)

Revenue: $10.8M+1.0% YoY

Net Income: $447397.00+109.7% YoY

Financial Snapshot

Operating Margin4.1%

Return on Equity9.6%

Debt / Equity0.02

Current Ratio4.27

EPS (Diluted)$0.01

Shares Retired−0.3% / −1.6% 2y

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Shareholder Return

Fiscal 2025

Issued 0.3% of shares last year, 1.6% issued over two.

Buybacks: —
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-03-30	FY 2024 Sources 20-F · 2025-04-09	FY 2023 Sources 20-F · 2024-04-04	FY 2022 Sources 20-F · 2023-04-06	FY 2021 Sources 20-F/A · 2022-04-07
Market Cap	$5.6Mcurrent	$5.5Mest.	$9.3Mest.	$16.8Mest.	$23.9Mest.
Revenue	$10.8M↑1%	$10.7M↓1%	$10.8M↓1%	$10.9M↑47%	$7.4M
Operating Income	$443.7K↑153%	-$833.9K↓475%	$222.2K↓24%	$292.3K↑110%	-$3.1M
Net Income	$447.4K↑110%	-$4.6M↓120%	-$2.1M↓55%	-$1.4M↑51%	-$2.8M
EPS (Diluted)	$0.01↑113%	$-0.08↓100%	$-0.04↓100%	$-0.02↑60%	$-0.05
Gross Margin	41.1%↓6%	43.9%↑4%	42.4%↓6%	44.9%↑4%	43.0%
Operating Margin	4.1%↑153%	-7.8%↓480%	2.1%↓23%	2.7%↑106%	-41.2%
ROE	9.6%↑109%	-109.3%↓353%	-24.1%↓92%	-12.6%↑45%	-22.9%
Total Debt	$72.9K↓37%	$115.9K↑597%	$16.6K↓89%	$146.7K↓49%	$287.7K
Shareholders' Equity	$4.7M↑11%	$4.2M↓52%	$8.7M↓19%	$10.8M↓11%	$12.1M
Current Ratio	4.27↑121%	1.93↓68%	6.11↓2%	6.26↓23%	8.16
Debt / Equity	0.02↓43%	0.03↑1337%	0.00↓86%	0.01↓43%	0.02
Operating Cash Flow	$109.3K↑128%	-$393.9K↓43%	-$275.3K↓188%	$314.4K↑117%	-$1.8M
Free Cash Flow	$109.3K↑127%	-$405.2K↓47%	-$275.3K↓188%	$314.4K↑116%	-$2.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Shipbuilding, Railroad Equipment

KIQSF vs Peers — Financial Grading

Revenue$10.8MBottom 25%

Net Income$447397.00Bottom 25%

ROE9.6%Median

D/E0.02Top 25%

Op. Margin4.1%Bottom 25%

Curr. Ratio4.27Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
GENERAL DYNAMICS CORPGD	$98.2B	$363.46	$52.5B	$4.2B	16.4%	0.31	10.2%	1.44	3/9	5/9	5/7	1/3	F-Score 7	4/11
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPWAB	$50.0B	$297.96	$11.2B	$1.2B	10.5%	0.50	16.1%	1.11	3/9	2/9	3/7	1/3	F-Score 5	4/11
HUNTINGTON INGALLS INDUSTRIES, INC.HII	$12.1B	$306.24	$12.5B	$605.0M	11.9%	0.53	5.3%	1.13	3/9	4/9	1/7	0/3	F-Score 7	5/11
TRINITY INDUSTRIES INCTRN	$2.4B	$30.54	$2.2B	$253.1M	23.5%	5.05	30.1%	—	2/9	2/9	5/7	0/3	F-Score 7	6/11
GREENBRIER COMPANIES INCGBX	$1.3B	$41.40	$3.2B	$204.1M	13.3%	1.14	11.1%	—	4/9	1/9	2/7	1/3	F-Score 7	4/11
MasterCraft Boat Holdings, Inc.MCFT	$529.0M	$21.89	$284.2M	$7.0M	3.8%	0.00	4.0%	1.86	2/9	4/9	3/7	0/3	F-Score 5	2/11
MALIBU BOATS, INC.MBUU	$388.3M	$19.76	$807.6M	$14.9M	2.9%	0.03	2.7%	1.63	3/9	3/9	1/7	0/3	F-Score 7	4/11
MARINE PRODUCTS CORPMPX	$280.0M	$8.18	$244.4M	$11.4M	9.1%	—	5.7%	5.37	3/9	2/9	1/7	0/3	F-Score 5	3/11