Gloria Material Technology Corp

Gloria Material Technology Corp maintains a relatively strong liquidity position, with cash and equivalents amounting to TWD 4,928.53 million, which is significantly higher than its long-term debt of TWD 12,955.33 million. The company's current ratio of 3.88 indicates a solid ability to meet short-term obligations, although its net cash position is negative after subtracting total debt, signaling potential liquidity risk.

Profitability metrics show a return on equity (ROE) of 4.1% and a return on assets (ROA) of 2.06%, both of which are below the industry median for iron and steel producers. The company's gross profit margin is 25.3%, and its operating margin is 12.9%, which are in line with the industry average but suggest limited room for margin expansion.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic and regulatory risks. The company's revenue is primarily derived from the sale of iron and steel products, with no material contribution from other business lines.

Looking ahead, the company is expected to see a modest increase in revenue, with analysts forecasting a mean price target of TWD 44.00, representing a potential upside of 22.9% from the current market price of TWD 35.8. However, the company's free cash flow of TWD 271.66 million is relatively low, and capital expenditures of TWD 1,011.04 million suggest ongoing investment in operations.

The company faces moderate liquidity risk due to its negative net cash position and a debt-to-equity ratio of 0.74, which is within acceptable limits for the industry. However, the risk assessment indicates a low probability of dilution, with no significant dilution sources identified in recent filings or disclosures.

Recent events include the publication of the latest financial results, which show a net income of TWD 715.997 million and an operating income of TWD 432.975 million. Analysts have issued a mean recommendation of 2.67, indicating a cautious outlook with no strong buy ratings.

Analysts project 23.6% upside to a consensus price target of 44.0 TWD, suggesting undervaluation relative to current market price.

Cash conversion ratio of 1.94 is above the cohort median of 0.74, indicating efficient generation of cash from earnings.

Return on equity of 4.1% exceeds the industry median of 2.3%, demonstrating superior profitability relative to shareholder equity.

The company carries a high credit risk flag, indicating significant concerns regarding its ability to meet financial obligations.

Long-term debt increased to 13.9 billion TWD in FY2026, rising alongside deteriorating cash flows and shrinking operating income.

Revenue TWD 2.88B, −5,2% YoY; Operating income −18,4% YoY.

• ▍Revenue TWD 2.88B, −5,2% YoY
• ▍Operating income −18,4% YoY
• ▍Net income −24,6% YoY
• ▍Free cash flow +102,2% YoY
• ▍Net margin 9.8%

Revenue TWD 2.81B, −7,9% YoY; Operating income −52,1% YoY.

• ▍Revenue TWD 2.81B, −7,9% YoY
• ▍Operating income −52,1% YoY
• ▍Net income +67,7% YoY
• ▍Free cash flow +34,8% YoY
• ▍Net margin 18.8%

Revenue TWD 2.66B, −12,5% YoY; Operating income −79,8% YoY.

• ▍Revenue TWD 2.66B, −12,5% YoY
• ▍Operating income −79,8% YoY
• ▍Net income −82,1% YoY
• ▍Free cash flow −182,9% YoY
• ▍Net margin 6.7%

Revenue TWD 3.06B, −9,1% YoY; Operating income −35,3% YoY.

• ▍Revenue TWD 3.06B, −9,1% YoY
• ▍Operating income −35,3% YoY
• ▍Net income −69,3% YoY
• ▍Free cash flow −188,6% YoY
• ▍Net margin 7.2%

Revenue TWD 3.04B; Operating income TWD 393.7M.

• ▍Revenue TWD 3.04B
• ▍Operating income TWD 393.7M
• ▍Net margin 12.3%

Revenue TWD 3.05B; Operating income TWD 436.8M.

• ▍Revenue TWD 3.05B
• ▍Operating income TWD 436.8M
• ▍Net margin 10.3%

Revenue TWD 3.04B; Operating income TWD 353.6M.

• ▍Revenue TWD 3.04B
• ▍Operating income TWD 353.6M
• ▍Net margin 32.6%

Revenue TWD 3.36B; Operating income TWD 433.0M.

• ▍Revenue TWD 3.36B
• ▍Operating income TWD 433.0M
• ▍Net margin 21.3%

Revenue TWD 11.56B, −10,1% YoY; Operating income −47,6% YoY.

• ▍Revenue TWD 11.56B, −10,1% YoY
• ▍Operating income −47,6% YoY
• ▍Net income −50,0% YoY
• ▍Free cash flow −229,7% YoY
• ▍Net margin 11.2%

Revenue TWD 12.86B, −4,9% YoY; Operating income −28,5% YoY.

• ▍Revenue TWD 12.86B, −4,9% YoY
• ▍Operating income −28,5% YoY
• ▍Net income +10,8% YoY
• ▍Free cash flow −392,6% YoY
• ▍Net margin 20.2%

Revenue TWD 13.53B, +9,4% YoY; Operating income −1,1% YoY.

• ▍Revenue TWD 13.53B, +9,4% YoY
• ▍Operating income −1,1% YoY
• ▍Net income +15,9% YoY
• ▍Free cash flow −74,9% YoY
• ▍Net margin 17.3%

Revenue TWD 12.37B, +41,0% YoY; Operating income +139,8% YoY.

• ▍Revenue TWD 12.37B, +41,0% YoY
• ▍Operating income +139,8% YoY
• ▍Net income +168,6% YoY
• ▍Free cash flow +217,9% YoY
• ▍Net margin 16.3%