CTBC Financial Holding Co Ltd

CTBC Financial Holding Co Ltd maintains a capital structure characterized by significant leverage, with total liabilities of 8,812,743,360,000 TWD against total assets of 9,331,086,670,000 TWD. The debt-to-equity ratio stands at 1.02, reflecting long-term debt of 528,349,758,000 TWD relative to total equity of 518,343,310,000 TWD. Liquidity is assessed as medium risk, with a key flag noting that net cash is negative after subtracting total debt. The company generates operating cash flow of 6,709,387,000 TWD and free cash flow of 36,359,414,999.9999 TWD, supported by capital expenditures of -6,641,585,000 TWD.

Profitability metrics indicate a return on equity of 0.1617 and a return on assets of 0.009. The company reports net income of 80,619,233,000 TWD on revenue of 148,094,257,000 TWD. Valuation multiples include a price-to-earnings ratio of 16.41 and a price-to-book ratio of 2.65, with the market price at 69.9 TWD and a market capitalization of 1,375,479,408,300 TWD. The EV-to-revenue ratio is 12.35.

Segment and geographic revenue mix data is not present in the available input, preventing detailed analysis of revenue concentration by business line or region. The company operates as a multiline insurance and broker entity, but specific segment contributions are not disclosed in the provided financial snapshot.

Growth trajectory analysis is limited due to the absence of historical periods data in the input. Without five-year annual or eight-quarter quarterly revenue and net income trends, the company's historical growth rate and momentum cannot be quantified from the provided data.

Risk assessment highlights medium liquidity risk and low dilution risk. A key flag indicates that net cash is negative after subtracting total debt, suggesting reliance on external financing or operational cash flow to meet obligations. The shares outstanding basic and diluted are identical at 19,677,817,000.0, indicating no immediate dilutive securities in the current count.

Recent IR observations show a mean analyst price target of 60.55 TWD and a median target of 61.15 TWD, with a high target of 65.00 TWD and a low target of 55.00 TWD. The mean recommendation is 1.70, with 4 strong buys, 5 buys, and 1 hold. No specific filing, news, or transcript observations are provided in the input data.

Net income CAGR of 10.4% from 2022 to 2026 demonstrates strong and consistent profitability growth for the financial holding company.

Revenue growth of 11.0% year-over-year in 2026 signals robust top-line expansion driven by increased operating activities and fee income.

Free cash flow remains substantial at TWD 36.4 billion in 2026, providing ample liquidity for dividends and strategic investments despite slight decline.

Debt-to-equity ratio of 1.02 is in the bottom quartile of the insurance cohort, signaling significantly higher leverage and financial risk.

Cash conversion ratio of 0.08 is in the bottom quartile of the insurance cohort, highlighting poor efficiency in converting earnings to cash.

Long-term debt increased to TWD 528.3 billion in 2026, raising concerns about debt servicing costs and financial flexibility.

Revenue TWD 41.56B, +18,0% YoY; Net income +130,0% YoY.

• ▍Revenue TWD 41.56B, +18,0% YoY
• ▍Net income +130,0% YoY
• ▍Free cash flow +112,8% YoY
• ▍Net margin 55.6%

Revenue TWD 39.41B, +13,4% YoY; Net income +48,4% YoY.

• ▍Revenue TWD 39.41B, +13,4% YoY
• ▍Net income +48,4% YoY
• ▍Free cash flow +40,0% YoY
• ▍Net margin 50.4%

Revenue TWD 37.40B, +10,2% YoY; Net income +16,2% YoY.

• ▍Revenue TWD 37.40B, +10,2% YoY
• ▍Net income +16,2% YoY
• ▍Free cash flow −60,6% YoY
• ▍Net margin 66.6%

Revenue TWD 35.77B, +9,2% YoY; Net income −2,2% YoY.

• ▍Revenue TWD 35.77B, +9,2% YoY
• ▍Net income −2,2% YoY
• ▍Free cash flow −0,2% YoY
• ▍Net margin 44.5%

Revenue TWD 35.22B; Net margin 28.5%.

• ▍Revenue TWD 35.22B
• ▍Net margin 28.5%

Revenue TWD 34.77B; Net margin 38.5%.

• ▍Revenue TWD 34.77B
• ▍Net margin 38.5%

Revenue TWD 33.95B; Net margin 63.2%.

• ▍Revenue TWD 33.95B
• ▍Net margin 63.2%

Revenue TWD 32.75B; Net margin 49.7%.

• ▍Revenue TWD 32.75B
• ▍Net margin 49.7%

Revenue TWD 148.09B, +11,0% YoY; Net income +11,9% YoY.

• ▍Revenue TWD 148.09B, +11,0% YoY
• ▍Net income +11,9% YoY
• ▍Free cash flow −6,2% YoY
• ▍Net margin 54.4%

Revenue TWD 133.37B, +1,0% YoY; Net income +28,4% YoY.

• ▍Revenue TWD 133.37B, +1,0% YoY
• ▍Net income +28,4% YoY
• ▍Free cash flow −1,2% YoY
• ▍Net margin 54.0%

Revenue TWD 132.07B, +3,9% YoY; Net income +79,3% YoY.

• ▍Revenue TWD 132.07B, +3,9% YoY
• ▍Net income +79,3% YoY
• ▍Free cash flow +318,0% YoY
• ▍Net margin 42.5%

Revenue TWD 127.12B, +16,9% YoY; Net income −42,3% YoY.

• ▍Revenue TWD 127.12B, +16,9% YoY
• ▍Net income −42,3% YoY
• ▍Free cash flow −74,8% YoY
• ▍Net margin 24.6%