Federal Corp. (2102) AI Stock Analysis

Federal Corp.

(TWSE:2102)

Select Model

Rating:54Neutral

Price Target:TWD 15.00▲(0.67% Upside)

Action:initiatedcoverage

Date:11/09/26

Mixed financial performance, led by balance sheet strength but weighed down by revenue decline and negative cash flows, is the dominant factor. Bearish technical signals add pressure while low P/E offers valuation support.

Positive Factors

2025 Profitability ReboundThe sharp 2025 profitability rebound indicates that Federal can restore earnings after a difficult period. If maintained, improved gross profit and net income could support reinvestment, strengthen financial resilience, and provide a better foundation for competing in automotive components.

Negative Factors

Multi-Year Revenue ContractionPersistent revenue contraction signals weakening demand, reduced scale, or loss of business momentum rather than a temporary quarterly fluctuation. A shrinking top line can limit operating leverage, reduce investment capacity, and make the 2025 earnings rebound harder to sustain.

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

Mixed results: strong balance sheet with debt-to-equity at 0.006 and positive ROE offset by sharp revenue decline and persistently negative cash flows.

Income Statement

42Neutral

Balance Sheet

78Positive

Cash Flow

22Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2102 against its peers
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:2102	54Neutral	TWD 6.94B	1.69	―	―	-25.25%	―
TW:1522	42Neutral	TWD 7.42B	-121.64	―	5.01%	34.53%	-119.38%

* General Sector Average

Performance Comparison

TW:2102 and its peers over the selected period
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%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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

Federal Corp. AI Stock Analysis