United Integrated Services Co Ltd

United Integrated Services Co Ltd maintains a debt-to-equity ratio of 0.66, indicating a moderate reliance on debt financing. The company's liquidity position is characterized as medium, with a current ratio of 1.2, suggesting it has sufficient short-term assets to cover its short-term liabilities, but with limited buffer. The company's cash and equivalents amount to 2,950,353,000 TWD, which is less than its long-term debt of 6,952,173,000 TWD, resulting in a net cash position that is negative after subtracting total debt.

In terms of profitability, the company's return on equity (ROE) is 11.27%, which is a strong indicator of efficient use of shareholders' equity to generate profits. However, its return on assets (ROA) is 2.29%, which is relatively low, suggesting that the company is not utilizing its assets as effectively as it could be to generate returns. The operating margin, calculated as operating income divided by revenue, is 10.62%, which is a key metric for assessing the company's operational efficiency.

The company's revenue is concentrated in a single business segment, as disclosed in its financial statements, with no significant geographic diversification reported. This concentration may expose the company to higher risks if the construction and engineering market experiences a downturn. The company's exposure to specific geographic regions is not detailed in the available data, but the lack of segmental or geographic breakdown suggests a potential concentration risk.

The company's growth trajectory is reflected in its revenue of 11,371,299,000 TWD. While the company has a positive free cash flow of 1,227,629,000 TWD, indicating that it generates more cash from operations than it spends on capital expenditures, the capital expenditure of -6,142,000 TWD suggests minimal investment in new projects or infrastructure. The outlook for the current fiscal year is not explicitly provided, but the company's financial performance indicates a stable, if not aggressive, growth strategy.

The risk assessment for United Integrated Services Co Ltd highlights a medium liquidity risk, primarily due to the company's current ratio and the negative net cash position after subtracting total debt. The dilution risk is assessed as low, with no significant dilution potential reported. The company's financial structure and the absence of dilutive events suggest that the risk of equity dilution is minimal. However, the company's reliance on debt financing and the potential for future capital raising activities could introduce dilution risk in the future.

Recent events and filings do not indicate any significant changes in the company's operations or financial strategy. The company's financial statements and analyst estimates suggest a stable business environment, with a mean price target of 665.00 TWD and a mean recommendation of 2.00, indicating a neutral to slightly positive outlook from analysts. The company's financial performance and market position are consistent with the industry norms, and there are no immediate signs of distress or significant operational changes.

Net income surged 46.5% year-over-year to TWD 9.07 billion in FY2026, demonstrating strong top-line and bottom-line growth momentum.

Operating income expanded by 60.2% year-over-year, significantly outpacing revenue growth of 39.4% and indicating improving operational efficiency.

Free cash flow increased by 63.9% year-over-year to TWD 4.01 billion, highlighting robust cash generation capabilities relative to earnings.

Revenue declined from TWD 68.89 billion in FY2024 to TWD 47.42 billion in FY2025, indicating significant volatility in top-line performance.

The debt-to-equity ratio of 0.66 is below the cohort median of 0.29, suggesting higher leverage relative to peers in the sector.

Cash conversion of 0.60 falls below the cohort median of 0.66, indicating less efficient translation of earnings into cash than peers.

The company faces medium liquidity and credit risk flags, which could constrain financial flexibility or increase borrowing costs.

Revenue TWD 20.29B, +76,2% YoY; Operating income +81,0% YoY.

• ▍Revenue TWD 20.29B, +76,2% YoY
• ▍Operating income +81,0% YoY
• ▍Net income +54,9% YoY
• ▍Free cash flow −9,6% YoY
• ▍Net margin 15.2%

Revenue TWD 20.56B, +62,6% YoY; Operating income +33,9% YoY.

• ▍Revenue TWD 20.56B, +62,6% YoY
• ▍Operating income +33,9% YoY
• ▍Net income +34,0% YoY
• ▍Free cash flow +31,1% YoY
• ▍Net margin 12.9%

Revenue TWD 19.24B, +72,5% YoY; Operating income +37,3% YoY.

• ▍Revenue TWD 19.24B, +72,5% YoY
• ▍Operating income +37,3% YoY
• ▍Net income +73,6% YoY
• ▍Free cash flow +71,2% YoY
• ▍Net margin 15.8%

Revenue TWD 14.79B, +30,0% YoY; Operating income +126,9% YoY.

• ▍Revenue TWD 14.79B, +30,0% YoY
• ▍Operating income +126,9% YoY
• ▍Net income +17,2% YoY
• ▍Free cash flow +20,6% YoY
• ▍Net margin 9.5%

Revenue TWD 11.52B; Operating income TWD 2.19B.

• ▍Revenue TWD 11.52B
• ▍Operating income TWD 2.19B
• ▍Net margin 17.3%

Revenue TWD 12.64B; Operating income TWD 2.13B.

• ▍Revenue TWD 12.64B
• ▍Operating income TWD 2.13B
• ▍Net margin 15.6%

Revenue TWD 11.15B; Operating income TWD 2.33B.

• ▍Revenue TWD 11.15B
• ▍Operating income TWD 2.33B
• ▍Net margin 15.7%

Revenue TWD 11.37B; Operating income TWD 1.21B.

• ▍Revenue TWD 11.37B
• ▍Operating income TWD 1.21B
• ▍Net margin 10.5%

Revenue TWD 66.09B, +39,4% YoY; Operating income +60,2% YoY.

• ▍Revenue TWD 66.09B, +39,4% YoY
• ▍Operating income +60,2% YoY
• ▍Net income +46,5% YoY
• ▍Free cash flow +63,9% YoY
• ▍Net margin 13.7%

Revenue TWD 47.42B, −31,2% YoY; Operating income +13,2% YoY.

• ▍Revenue TWD 47.42B, −31,2% YoY
• ▍Operating income +13,2% YoY
• ▍Net income +33,0% YoY
• ▍Free cash flow +13,1% YoY
• ▍Net margin 13.1%

Revenue TWD 68.89B, +42,9% YoY; Operating income +11,6% YoY.

• ▍Revenue TWD 68.89B, +42,9% YoY
• ▍Operating income +11,6% YoY
• ▍Net income +16,4% YoY
• ▍Free cash flow +31,2% YoY
• ▍Net margin 6.8%

Revenue TWD 48.20B, +88,2% YoY; Operating income +73,0% YoY.

• ▍Revenue TWD 48.20B, +88,2% YoY
• ▍Operating income +73,0% YoY
• ▍Net income +44,4% YoY
• ▍Free cash flow +298,0% YoY
• ▍Net margin 8.3%