Taiwan Union Technology Corp

The company maintains a strong liquidity position, with cash and equivalents of TWD 2.69 billion and a current ratio of 2.3, indicating a solid ability to meet short-term obligations. However, its price-to-book ratio of 41.88 and price-to-earnings ratio of 1,044.67 suggest a highly elevated valuation relative to book value and earnings, which may reflect speculative investor sentiment or limited near-term earnings visibility.

Profitability metrics show a return on equity (ROE) of 4.01% and return on assets (ROA) of 2.25%, both below the industry median for semiconductor firms, which typically exhibit ROE in the 10-15% range. Gross profit of TWD 1.01 billion and operating income of TWD 564.5 million indicate a relatively narrow margin structure, with operating margins at 12.7% and net margins at 10.2%, which are below the industry average of 18-22%.

The company operates as a single business segment, with no disclosed geographic revenue breakdown, but its customer base is likely concentrated in the Asia-Pacific region, where semiconductor demand is most active. This lack of geographic diversification may expose the firm to regional economic or regulatory risks, though no specific concentration risks are flagged in the risk assessment.

Outlook data is not available for the current or next fiscal year, but historical revenue of TWD 4.43 billion suggests a stable but non-explosive growth trajectory. Analysts have assigned a mean price target of TWD 742, significantly below the current market price of TWD 1,635, indicating a bearish consensus.

Risk factors include a low liquidity risk rating and no immediate dilution pressure, with shares outstanding unchanged at 288.7 million for both basic and diluted shares. However, the company reported negative operating cash flow of TWD -86.6 million, which may signal near-term operational challenges or capital reallocation.

Recent filings and transcripts are not available in the provided data, but the absence of filing-based liquidity or dilution flags suggests no material near-term risks have been disclosed.

Revenue surged 31.5% year-over-year to TWD 30.3 billion in FY2026, demonstrating strong top-line growth momentum.

Net income expanded 30.9% to TWD 3.4 billion in FY2026, reflecting robust profitability expansion alongside revenue growth.

Cash conversion ratio of -0.19 falls into the bottom quartile of the semiconductor cohort, indicating poor earnings quality.

Long-term debt increased to TWD 8.4 billion in FY2026, nearly tripling from FY2024 levels and raising leverage concerns.

Return on invested capital of 4.1% remains modest, suggesting limited value creation relative to the capital employed.

Revenue TWD 9.12B, +44,6% YoY; Operating income +38,4% YoY.

• ▍Revenue TWD 9.12B, +44,6% YoY
• ▍Operating income +38,4% YoY
• ▍Net income +53,6% YoY
• ▍Free cash flow +184,9% YoY
• ▍Net margin 11.9%

Revenue TWD 8.06B, +21,8% YoY; Operating income +30,6% YoY.

• ▍Revenue TWD 8.06B, +21,8% YoY
• ▍Operating income +30,6% YoY
• ▍Net income +33,0% YoY
• ▍Free cash flow −28,1% YoY
• ▍Net margin 12.4%

Revenue TWD 6.78B, +18,9% YoY; Operating income −1,6% YoY.

• ▍Revenue TWD 6.78B, +18,9% YoY
• ▍Operating income −1,6% YoY
• ▍Net income −6,0% YoY
• ▍Free cash flow −22,8% YoY
• ▍Net margin 9.6%

Revenue TWD 6.37B, +43,7% YoY; Operating income +65,7% YoY.

• ▍Revenue TWD 6.37B, +43,7% YoY
• ▍Operating income +65,7% YoY
• ▍Net income +48,7% YoY
• ▍Free cash flow −13,7% YoY
• ▍Net margin 10.5%

Revenue TWD 6.31B; Operating income TWD 932.2M.

• ▍Revenue TWD 6.31B
• ▍Operating income TWD 932.2M
• ▍Net margin 11.2%

Revenue TWD 6.62B; Operating income TWD 969.2M.

• ▍Revenue TWD 6.62B
• ▍Operating income TWD 969.2M
• ▍Net margin 11.4%

Revenue TWD 5.70B; Operating income TWD 866.0M.

• ▍Revenue TWD 5.70B
• ▍Operating income TWD 866.0M
• ▍Net margin 12.2%

Revenue TWD 4.43B; Operating income TWD 564.5M.

• ▍Revenue TWD 4.43B
• ▍Operating income TWD 564.5M
• ▍Net margin 10.2%

Revenue TWD 30.34B, +31,5% YoY; Operating income +30,4% YoY.

• ▍Revenue TWD 30.34B, +31,5% YoY
• ▍Operating income +30,4% YoY
• ▍Net income +30,9% YoY
• ▍Free cash flow −89,0% YoY
• ▍Net margin 11.2%

Revenue TWD 23.07B, +44,2% YoY; Operating income +137,2% YoY.

• ▍Revenue TWD 23.07B, +44,2% YoY
• ▍Operating income +137,2% YoY
• ▍Net income +216,3% YoY
• ▍Free cash flow +279,5% YoY
• ▍Net margin 11.3%

Revenue TWD 16.00B, −13,4% YoY; Operating income −6,2% YoY.

• ▍Revenue TWD 16.00B, −13,4% YoY
• ▍Operating income −6,2% YoY
• ▍Net income −34,7% YoY
• ▍Free cash flow −4 718,4% YoY
• ▍Net margin 5.1%

Revenue TWD 18.47B, −12,6% YoY; Operating income −37,1% YoY.

• ▍Revenue TWD 18.47B, −12,6% YoY
• ▍Operating income −37,1% YoY
• ▍Net income −33,0% YoY
• ▍Free cash flow −101,3% YoY
• ▍Net margin 6.8%