Federal Corp. AI Stock Analysis
Federal Corp. (2102) AI Stock Analysis
Federal Corp.
(TWSE:2102)
The score is held down by weak fundamentals: revenue has shrunk more than 90% since 2020, operating earnings remain negative, and the company has burned cash for five consecutive years, with the recent swing to profit appearing non-recurring rather than operational. Technicals reinforce the caution, with price below all major moving averages and negative MACD, though deeply oversold RSI and Stochastic readings hint at scope for a short-term bounce. The optically low P/E of 1.69 is distorted by one-time gains and there is no dividend to support returns. The main offset is a transformed, near-debt-free balance sheet with equity at about 79% of assets, which removes solvency risk and buys time — but evidence of revenue stabilization and positive operating cash flow is needed before the outlook improves.
Federal Corp. (2102) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 6.87B
- Dividend Yield
- ―
- Average Volume (3M)
- 432.90K
- Price to Earnings (P/E)
- 1.7
- Beta (1Y)
- 0.28
- Revenue Growth
- -25.25%
- EPS Growth
- ―
- Country
- TW
- Employees
- 1,837
- Sector
- General
- Sector Strength
- 55
- Industry
- Auto - Parts
Federal Corp. Business Overview & Revenue Model
Company Description
Established in 1954 and based in Taoyuan City, Taiwan, Federal Corporation is a key manufacturer and distributor of tires. The company's operations extend across domestic Taiwanese markets and internationally, providing a comprehensive range of tire...
Federal Corp. Financial Statement Overview
Summary
Federal Corp. is in restructuring rather than recovery. Revenue has collapsed from roughly NT$5.70 billion in 2020 to about NT$266 million, with a further 4.3% decline last year, and operating earnings remain negative at about -NT$221 million despite a headline net profit of NT$2.88 billion that appears driven by one-time or non-operating items (Income Statement: 32). Cash generation is the weakest link, with five straight years of negative operating cash flow, worsening to roughly -NT$257 million, and free cash flow of about -NT$267 million (Cash Flow: 20). The offset is a dramatically repaired balance sheet: debt slashed to NT$59 million, debt-to-equity near zero at 0.006, and equity rebuilt to about 79% of assets, removing solvency risk and providing runway to fund the burn (Balance Sheet: 68). Net result is a weak overall profile stabilized only by capital structure.
Income Statement
32NegativeBalance Sheet
68PositiveCash Flow
20Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.79M | 265.85M | 267.38M | 478.40M | 1.62B | 1.56B |
| Gross Profit | 24.43M | 54.24M | 17.45M | -296.74M | -31.07M | -734.83M |
| EBITDA | 4.00B | 3.11B | -127.61M | -1.26B | -840.40M | -1.71B |
| Net Income | 3.93B | 2.88B | -465.15M | -1.73B | -1.36B | -2.35B |
Balance Sheet | ||||||
| Total Assets | 12.05B | 12.29B | 13.42B | 13.78B | 10.02B | 11.57B |
| Cash, Cash Equivalents and Short-Term Investments | 2.74B | 2.92B | 831.94M | 1.08B | 1.20B | 1.39B |
| Total Debt | 419.00K | 58.87M | 4.51B | 4.35B | 5.01B | 5.21B |
| Total Liabilities | 2.44B | 2.64B | 6.68B | 6.59B | 6.04B | 6.26B |
| Stockholders Equity | 9.61B | 9.65B | 6.74B | 7.19B | 3.98B | 5.31B |
Cash Flow | ||||||
| Free Cash Flow | -334.95M | -266.53M | -233.94M | -580.31M | -89.22M | -1.14B |
| Operating Cash Flow | -333.00M | -256.77M | -210.18M | -450.49M | -63.70M | -761.79M |
| Investing Cash Flow | 6.68B | 6.87B | 173.00M | 604.97M | 102.63M | 246.58M |
| Financing Cash Flow | -4.54B | -4.51B | 161.26M | -648.72M | -194.03M | 110.63M |
Federal Corp. Peers Comparison
Overall Rating
TW:211478Outperform
TW:222168.5Neutral
TW:223357Neutral
TW:225455Neutral
TW:152242Neutral- TW:210242Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:2114 | 78Outperform | TWD 6.93B | 13.34 | ― | 5.56% | 8.60% | 23.20% |
| TW:2221 | 69Neutral | TWD 6.43B | 56.44 | ― | 0.90% | 18.85% | 87.57% |
| TW:2233 | 57Neutral | TWD 6.87B | 20.10 | ― | 3.39% | -2.23% | -20.63% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2254 | 55Neutral | TWD 7.08B | -27.33 | ― | ― | -78.81% | -761.63% |
| TW:1522 | 42Neutral | TWD 7.42B | -121.64 | ― | 5.01% | 34.53% | -119.38% |
| TW:2102 | 42Neutral | TWD 6.94B | 1.69 | ― | ― | -25.25% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2102 | Federal Corp. | 14.90 | -4.35 | -22.60% | |
| TW:1522 | TYC Brother Industrial Co, Ltd. | 23.95 | -21.94 | -47.81% | |
| TW:2114 | Hsin Yung Chien Co., Ltd. | 89.90 | 4.06 | 4.72% | |
| TW:2221 | Tachia Yung Ho Machine Industry Co., Ltd. | 167.00 | 139.45 | 506.28% | |
| TW:2233 | Turvo International Co., Ltd. | 118.00 | -91.87 | -43.78% | |
| TW:2254 | Coplus Inc. | 111.50 | 53.00 | 90.60% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 09, 2026