Ostin Technology Group Co., Ltd.

Where It Passes

Where It Falls Short

• Debt & Leverage0% pass✓ 1✗ 14▾

  No clean pass — all 12 investors flag at least one debt & leverage criterion

  LT Debt vs Net Current AssetsLT Debt $2.4M vs NCA $-21.4M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 3.66, IC: -64.0x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity3.66

  ✗Lynch< 0.33

  Cash - Long-term Debt$2.7M

  ✓LynchPositive preferred

  LT Debt / Total Assets Change3.35% -> 4.48%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.46

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity3.66

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels3.66

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-64.0x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity3.66

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-3.6624; #3996/4210 (top 94.9%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation0% pass✓ 7✗ 21▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio0.6x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-29.6%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-29.6%, ROC=-34.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)45.4x

  ✗Dreman< 8x

  Price / Book Value per Share0.6x

  ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-70.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=0.6x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low105% of trailing low ($1.61)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-102.00%; #5398/6340 (top 85.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.6924; #2232/6449 (top 34.6%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗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 Share1.13x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+175.3%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+3.9251; #645/5247 (top 12.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-70.40%; #3965/4519 (top 87.7%)

  ✗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
• Growth0% pass✓ 1✗ 12▾

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

  EPS Growth (3-yr avg, 10-yr window)-1491.8%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -42.8% vs Rev: 22.2%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$0.27 (2020) -> $-4.38 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-80.8% CAGR over 2 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency3/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-43.6%

  ✗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 3.6% -> 6.4%, operating margin -17.8% -> -22.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR-22.3%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✓ 1✗ 10▾

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

  Current Ratio0.46

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-10.3%

  ✗Buffett> 10%

  ROIC - WACC-20.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-34.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.51 -> 0.46

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.64x -> 0.75x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.46

  ✗Dreman> 1.5

  Return on Invested Capital-22.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-20.5%; FY2024: ROIC=-23.6%; FY2025: ROIC=-22.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)1/5 years above 12% (latest -22.0%)

  ✗SleepROIC > 12% in a majority of years
• Profitability6% pass✓ 4✗ 31▾

  15 of 16 flag OST's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)3/7 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-1491.8%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)3/7 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-79.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-22.9% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗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)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-147.3%

  ✗Lynch> 15%

  EBIT / Enterprise Value-29.6%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-29.6%, ROC=-34.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-19.36%

  ✗PiotroskiROA > 0

  ROA Change YoY-19.95% -> -19.36% (delta: +0.59%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=0.16%, ROA=-19.36%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY5.2% -> 6.4%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-25.9%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-147.3%

  ✗Dreman> 12%

  Margin of SafetyP/B=0.6x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-140.8% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency3/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-22.9%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-147.3%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-17.8% (2023) -> -22.9% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 3.6% -> 6.4%, operating margin -17.8% -> -22.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-102.00%; #5398/6340 (top 85.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+4.77%; #3108/3702 (top 84.0%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-147.30%; #4774/5226 (top 91.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1079; #3575/5884 (top 60.8%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/6 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2458✓PiotroskiPASS (F-Score 5)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #2025/2370 (Top 85.4%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow10% pass✓ 2✗ 10▾

  9 of 10 flag OST's cash flow — Buffett, Lynch, Dreman +6 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$-7.1M

  ✗LynchPositive and growing

  Operating Cash Flow$0.1M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=0.16%, ROA=-19.36%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)45.4x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-70.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive2/6 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-183.7%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency3/6 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-7.1M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-70.40%; #3965/4519 (top 87.7%)

  ✗OshaughnessyTop 10% of eligible cross-section