FSTR is a portfolio transformation and simplification story, where much of the heavy lifting is already complete. New management (as of 2021) defined which of the company's businesses were foundations for growth and which would be “returns” (i.e., managed for cash flow), and has prioritized capital accordingly. FSTR's growth businesses (Rail Tech and Precast Concrete) comprised 41% of 2024 sales (up from 24% of total sales in 2021). For 2Q:25, we model EPS rose 73% year over year to $0.45, on a projected 2% revenue increase to $144 million. We will look for any update on customer-driven delays in the Rail Distribution business unit (which comprises 2/3rds of Rail, Technologies and Services (RTS) segment sales, and 40% of FSTR's overall sales). Our moderate risk rating balances FSTR's modestly leveraged balance sheet and ongoing material weakness in reporting controls, with its capital-light model and a structurally improving free cash flow profile. Our $33 price target continues to be based on 15x our 2026 EPS estimate of $2.20.