Evergreen Steel Corporation (2211) AI Stock Analysis

Evergreen Steel Corporation

(TWSE:2211)

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Rating:68.6Neutral

Price Target:TWD 82.00▲(5.13% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score reflects a strong fundamental company under significant near-term market pressure. The company's financial performance is excellent, anchored by a fortress-like balance sheet and surging profitability, and its valuation is compelling with a low P/E and a very high dividend yield. However, these strengths are heavily offset by extremely weak technical momentum, with the stock trading below all major moving averages and showing deeply oversold signals. The primary risk is that the market is pricing in a cyclical downturn that has not yet appeared in the financials.

Positive Factors

Conservative Balance SheetLow leverage and a growing equity base give Evergreen financial resilience through steel-cycle swings. Limited debt should reduce financing pressure and preserve capacity to fund operations, investment, or shareholder returns while profitability normalizes.

Negative Factors

Cyclical Margin CompressionMargins peaked in 2023 and compressed through 2024–2025 despite revenue growth, showing that earnings are sensitive to steel pricing, spreads, and costs. This cyclicality can limit the durability of profitability and make future earnings less predictable across the business cycle.

Evergreen Steel Corporation (2211) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 32.87B
Dividend Yield: 8.33%
Average Volume (3M): 726.35K
Price to Earnings (P/E): 10.6
Beta (1Y): 0.16
Revenue Growth: 5.27%
EPS Growth: -13.78%
Country: TW
Employees: 588
Sector: General
Sector Strength: 55
Industry: Steel

Evergreen Steel Corporation Business Overview & Revenue Model

Company Description

Evergreen Steel Corporation, headquartered in Taipei City, Taiwan, specializes in the manufacturing and distribution of various steel products. Established in 1982, the company was originally known as Evergreen Development Corporation before adopting...

Evergreen Steel Corporation Financial Statement Overview

Summary

Strong financial health with a pristine balance sheet (debt-to-equity of 0.10), robust profitability recovery (net margin of 23.4%), and surging free cash flow (+180% in 2025). The primary risk is the inherent cyclicality of the steel industry, which has caused historical volatility in revenue and cash flow.

Income Statement

72Positive

Balance Sheet

85Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.48B	15.32B	12.92B	11.09B	11.44B	13.61B
Gross Profit	4.06B	4.22B	3.47B	3.90B	2.95B	2.36B
EBITDA	3.32B	4.28B	4.13B	5.27B	3.83B	2.37B
Net Income	3.08B	3.59B	2.55B	3.67B	2.59B	1.28B
Balance Sheet
Total Assets	41.80B	39.45B	40.69B	35.94B	31.79B	34.49B
Cash, Cash Equivalents and Short-Term Investments	4.96B	4.60B	4.91B	6.31B	4.89B	4.35B
Total Debt	2.68B	2.74B	2.88B	2.86B	3.36B	4.16B
Total Liabilities	10.70B	8.50B	8.90B	8.12B	7.04B	8.20B
Stockholders Equity	27.67B	27.32B	28.34B	24.31B	21.61B	23.21B
Cash Flow
Free Cash Flow	2.44B	2.49B	1.26B	2.78B	1.21B	-55.36M
Operating Cash Flow	2.96B	2.92B	2.67B	4.02B	2.11B	1.59B
Investing Cash Flow	789.88M	-508.28M	39.53M	261.92M	-2.90B	-742.59M
Financing Cash Flow	-2.68B	-2.47B	-3.74B	-2.81B	-1.97B	-751.68M

Evergreen Steel Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2211 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2015	69Neutral	TWD 36.18B	14.88	―	5.25%	-11.85%	4.31%
TW:2211	69Neutral	TWD 31.98B	10.58	―	8.33%	5.27%	-13.78%
TW:9958	63Neutral	TWD 19.51B	10.11	―	6.19%	35.63%	31.07%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2023	43Neutral	TWD 25.68B	-9.76	―	―	-9.27%	9.28%
TW:2014	39Underperform	TWD 21.68B	-78.50	―	―	-17.47%	84.17%
TW:2208	25Underperform	TWD 21.35B	42.72	―	―	-11.51%	―

* General Sector Average

Performance Comparison

TW:2211 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2211	Evergreen Steel Corporation	78.00	-23.48	-23.14%
TW:2014	Chung Hung Steel Corporation	14.90	0.00	0.00%
TW:2015	Feng Hsin Steel Co. Ltd.	62.80	1.62	2.64%
TW:2023	Yieh Phui Enterprise Co., Ltd.	14.45	-0.35	-2.36%
TW:2208	CSBC Corp. Taiwan	16.80	-2.80	-14.29%
TW:9958	Century Iron & Steel Industrial Co., Ltd.	71.20	-59.53	-45.54%

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 10, 2026

Evergreen Steel Corporation AI Stock Analysis