Makalot Industrial Co Ltd

Makalot Industrial Co Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.17 and a current ratio of 1.86, indicating adequate short-term liquidity coverage. The company holds TWD 10.3 billion in cash and equivalents against TWD 23.6 billion in long-term debt, resulting in a net cash position that is negative after subtracting total debt, which contributes to a medium liquidity risk assessment. The market capitalization stands at TWD 54.9 billion, with an enterprise value-to-EBITDA multiple of 12.56 and an EV-to-revenue multiple of 1.68.

Profitability metrics demonstrate strong operational efficiency, with a return on equity of 24.33% and a return on assets of 14.29%. The company generated TWD 3.6 billion in net income on TWD 34.4 billion in revenue, yielding a net margin of approximately 10.5%. Operating income reached TWD 4.7 billion, reflecting a robust operating margin. While free cash flow was negative at TWD -411 million due to capital expenditures of TWD 717 million, operating cash flow remained healthy at TWD 4.1 billion.

Revenue concentration and geographic exposure details are not provided in the available data, preventing a specific analysis of segment or regional risk. The company's total assets amount to TWD 23.9 billion, with total liabilities at TWD 9.9 billion and total equity at TWD 14.0 billion. The price-to-book ratio is 3.91, aligning with the price-to-tangible-book ratio, suggesting no significant intangible asset premium.

Growth trajectory analysis is limited by the absence of historical period data in the input. Without multi-year revenue or net income trends, it is not possible to assess the company's growth momentum or cyclicality from the provided snapshot. The current valuation multiples, including a P/E of 16.07, reflect the market's current expectations for future earnings stability.

Risk factors include a medium liquidity risk rating and a low dilution risk. The key flag notes that net cash is negative after subtracting total debt, which may constrain financial flexibility during periods of stress. The company has 246.7 million shares outstanding, with no difference between basic and diluted shares, indicating no immediate dilutive securities in the current period.

Recent analyst observations indicate a positive sentiment, with a mean recommendation of 2.19 (on a scale where 1 is strong buy). The mean price target is TWD 278.91, representing a potential upside from the current market price of TWD 222.50. There are 4 strong-buy and 7 buy ratings, compared to 3 hold ratings, suggesting broad analyst confidence in the company's near-term prospects.

Analysts project 31.6% upside to a mean target price of TWD 278.9, reflecting strong buy consensus.

Net income CAGR of 8.0% over four years demonstrates consistent long-term earnings growth trajectory.

Debt-to-equity ratio of 0.17 is well below the cohort median of 0.4, signaling low financial leverage risk.

Free cash flow turned negative to TWD -411 million in FY2026, reversing previous positive generation trends.

Cash conversion ratio of 1.19 falls below the cohort median of 1.2, suggesting weaker cash generation quality.

Medium liquidity risk flag indicates potential challenges in meeting short-term financial obligations efficiently.

Revenue TWD 8.90B, −10,3% YoY; Operating income −12,8% YoY.

• ▍Revenue TWD 8.90B, −10,3% YoY
• ▍Operating income −12,8% YoY
• ▍Net income −15,5% YoY
• ▍Free cash flow −4,8% YoY
• ▍Net margin 12.1%

Revenue TWD 7.93B, −9,5% YoY; Operating income −13,9% YoY.

• ▍Revenue TWD 7.93B, −9,5% YoY
• ▍Operating income −13,9% YoY
• ▍Net income −10,2% YoY
• ▍Free cash flow +202,7% YoY
• ▍Net margin 11.0%

Revenue TWD 8.89B, −15,1% YoY; Operating income −31,3% YoY.

• ▍Revenue TWD 8.89B, −15,1% YoY
• ▍Operating income −31,3% YoY
• ▍Net income −26,6% YoY
• ▍Free cash flow −157,6% YoY
• ▍Net margin 9.7%

Revenue TWD 7.69B, −0,1% YoY; Operating income −15,9% YoY.

• ▍Revenue TWD 7.69B, −0,1% YoY
• ▍Operating income −15,9% YoY
• ▍Net income −28,3% YoY
• ▍Free cash flow −32,6% YoY
• ▍Net margin 8.0%

Revenue TWD 9.92B; Operating income TWD 1.58B.

• ▍Revenue TWD 9.92B
• ▍Operating income TWD 1.58B
• ▍Net margin 12.8%

Revenue TWD 8.76B; Operating income TWD 1.24B.

• ▍Revenue TWD 8.76B
• ▍Operating income TWD 1.24B
• ▍Net margin 11.1%

Revenue TWD 10.46B; Operating income TWD 1.59B.

• ▍Revenue TWD 10.46B
• ▍Operating income TWD 1.59B
• ▍Net margin 11.2%

Revenue TWD 7.69B; Operating income TWD 1.12B.

• ▍Revenue TWD 7.69B
• ▍Operating income TWD 1.12B
• ▍Net margin 11.2%

Revenue TWD 34.43B, −3,1% YoY; Operating income −11,7% YoY.

• ▍Revenue TWD 34.43B, −3,1% YoY
• ▍Operating income −11,7% YoY
• ▍Net income −12,2% YoY
• ▍Free cash flow +76,3% YoY
• ▍Net margin 10.5%

Revenue TWD 35.52B, +9,4% YoY; Operating income +9,5% YoY.

• ▍Revenue TWD 35.52B, +9,4% YoY
• ▍Operating income +9,5% YoY
• ▍Net income +3,1% YoY
• ▍Free cash flow −392,3% YoY
• ▍Net margin 11.6%

Revenue TWD 32.46B, +1,2% YoY; Operating income +9,2% YoY.

• ▍Revenue TWD 32.46B, +1,2% YoY
• ▍Operating income +9,2% YoY
• ▍Net income +13,6% YoY
• ▍Free cash flow −57,6% YoY
• ▍Net margin 12.3%

Revenue TWD 32.08B, +10,9% YoY; Operating income +31,1% YoY.

• ▍Revenue TWD 32.08B, +10,9% YoY
• ▍Operating income +31,1% YoY
• ▍Net income +32,4% YoY
• ▍Free cash flow +62,7% YoY
• ▍Net margin 11.0%