PChome Online Inc

PChome Online Inc exhibits a capital structure with a debt-to-equity ratio of 1.8, indicating a relatively high leverage position compared to industry norms. The company's liquidity position is assessed as medium, with a current ratio of 1.04 and only 747.38 million TWD in cash and equivalents, which is significantly lower than its long-term debt of 11,535.76 million TWD. This suggests potential near-term liquidity constraints, particularly if operating cash flows do not improve.

Profitability metrics are weak, with a net loss of 75.70 million TWD and an operating loss of 11.70 million TWD in the latest reporting period. The company's return on equity is -1.18%, and return on assets is -0.28%, both well below the industry median for online services. Gross profit of 1.24 billion TWD represents 12.9% of revenue, which is in line with the sector average but insufficient to offset operating costs.

Geographically, PChome Online Inc is heavily concentrated in the domestic market, with no disclosed international revenue segments. This concentration increases exposure to local economic and regulatory shifts. The company's revenue is derived from a single primary business segment, e-commerce, with no material diversification across product lines or customer bases.

Growth prospects appear muted, with no disclosed revenue growth in the current fiscal year and no forward-looking guidance provided. The company's free cash flow is negative at -337.77 million TWD, and capital expenditures of -552.36 million TWD suggest ongoing investment in infrastructure or expansion, though the lack of positive cash flow may limit the sustainability of such spending.

Risk factors include liquidity constraints and the potential for dilution, though the latter is currently assessed as low. The company's net cash position is negative after subtracting total debt, and its price-to-book ratio of 0.86 suggests undervaluation relative to tangible assets. No recent filings or transcripts indicate material changes in strategy or operations, though the absence of analyst buy recommendations (with one hold and no strong buy or buy ratings) suggests cautious sentiment among market participants.

Free cash flow surged 114.9% year-over-year to TWD 21.1 million, indicating improved operational cash generation despite net losses.

Analysts assign a mean price target of TWD 32.0, implying 8.3% upside from the current market price of TWD 29.55.

Gross profit remained relatively stable at TWD 4.93 billion in FY2026, suggesting resilience in core revenue generation capabilities.

The debt-to-equity ratio stands at 1.8, placing the company in the bottom quartile of its online services cohort.

The company faces high credit risk and medium liquidity risk, exacerbating financial stability concerns amidst rising long-term debt.

Revenue TWD 10.98B, −0,3% YoY; Operating income −51,5% YoY.

• ▍Revenue TWD 10.98B, −0,3% YoY
• ▍Operating income −51,5% YoY
• ▍Net income −85,9% YoY
• ▍Free cash flow −748,6% YoY
• ▍Net margin -3.8%

Revenue TWD 8.53B, +1,0% YoY; Operating income +27,4% YoY.

• ▍Revenue TWD 8.53B, +1,0% YoY
• ▍Operating income +27,4% YoY
• ▍Net income +21,6% YoY
• ▍Free cash flow +17,8% YoY
• ▍Net margin -1.6%

Revenue TWD 8.40B, −0,6% YoY; Operating income −179,8% YoY.

• ▍Revenue TWD 8.40B, −0,6% YoY
• ▍Operating income −179,8% YoY
• ▍Net income −110,7% YoY
• ▍Free cash flow −125,8% YoY
• ▍Net margin -2.6%

Revenue TWD 8.95B, −7,3% YoY; Operating income −714,9% YoY.

• ▍Revenue TWD 8.95B, −7,3% YoY
• ▍Operating income −714,9% YoY
• ▍Net income −95,2% YoY
• ▍Free cash flow +149,7% YoY
• ▍Net margin -1.7%

Revenue TWD 11.01B; Operating income -TWD 210.6M.

• ▍Revenue TWD 11.01B
• ▍Operating income -TWD 210.6M
• ▍Net margin -2.0%

Revenue TWD 8.45B; Operating income -TWD 95.7M.

• ▍Revenue TWD 8.45B
• ▍Operating income -TWD 95.7M
• ▍Net margin -2.0%

Revenue TWD 8.45B; Operating income -TWD 35.3M.

• ▍Revenue TWD 8.45B
• ▍Operating income -TWD 35.3M
• ▍Net margin -1.2%

Revenue TWD 9.65B; Operating income -TWD 11.7M.

• ▍Revenue TWD 9.65B
• ▍Operating income -TWD 11.7M
• ▍Net margin -0.8%

Revenue TWD 36.86B, −1,9% YoY; Operating income −64,9% YoY.

• ▍Revenue TWD 36.86B, −1,9% YoY
• ▍Operating income −64,9% YoY
• ▍Net income −59,7% YoY
• ▍Free cash flow +114,9% YoY
• ▍Net margin -2.5%

Revenue TWD 37.56B, −8,5% YoY; Operating income +51,5% YoY.

• ▍Revenue TWD 37.56B, −8,5% YoY
• ▍Operating income +51,5% YoY
• ▍Net income +12,7% YoY
• ▍Free cash flow +60,1% YoY
• ▍Net margin -1.5%

Revenue TWD 41.07B, −10,9% YoY; Operating income −1 105,2% YoY.

• ▍Revenue TWD 41.07B, −10,9% YoY
• ▍Operating income −1 105,2% YoY
• ▍Net income −1 150,0% YoY
• ▍Free cash flow −161,0% YoY
• ▍Net margin -1.6%

Revenue TWD 46.10B, −5,1% YoY; Operating income −125,0% YoY.

• ▍Revenue TWD 46.10B, −5,1% YoY
• ▍Operating income −125,0% YoY
• ▍Net income −154,2% YoY
• ▍Free cash flow +585,3% YoY
• ▍Net margin -0.1%