Iron Force Industrial Co., Ltd. (2228) AI Stock Analysis

Iron Force Industrial Co., Ltd.

(TWSE:2228)

Select Model

Rating:62Neutral

Price Target:TWD 71.00▲(5.19% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by a strong, low-leverage balance sheet, positive cash generation, and an attractive dividend yield. However, deteriorating profitability and broadly bearish technical momentum limit the overall rating.

Positive Factors

Conservative Balance SheetVery low leverage gives Iron Force financial flexibility to withstand weaker operating conditions and continue funding its business without excessive refinancing pressure. The sizable equity base also provides resilience and supports future investment or shareholder distributions.

Negative Factors

Revenue ContractionRecent revenue contraction signals weaker demand or reduced business momentum and limits the company’s ability to spread costs across a growing sales base. If the decline persists, it could constrain operating leverage and make a return to prior profitability levels more difficult.

Iron Force Industrial Co., Ltd. (2228) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.29B
Dividend Yield: 6.67%
Average Volume (3M): 149.65K
Price to Earnings (P/E): 17.4
Beta (1Y): 0.64
Revenue Growth: -2.44%
EPS Growth: -43.17%
Country: TW
Employees: 2,192
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Iron Force Industrial Co., Ltd. Business Overview & Revenue Model

Company Description

Iron Force Industrial Co., Ltd., together with its subsidiaries, manufactures and trades in airbag inflators for automotive safety systems in Taiwan and internationally. Its auto parts include airbag inflators and precision metal parts for automotive...

Iron Force Industrial Co., Ltd. Financial Statement Overview

Summary

Strong balance sheet with low leverage and positive operating and free cash flow support the score, but declining revenue, sharply lower net income and margins, reduced ROE, and weaker cash conversion weigh on performance.

Income Statement

58Neutral

Balance Sheet

88Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.88B	4.95B	5.04B	4.89B	4.37B	3.68B
Gross Profit	1.08B	1.17B	1.25B	1.21B	1.14B	817.74M
EBITDA	518.19M	655.65M	1.04B	767.23M	831.56M	469.75M
Net Income	323.88M	418.00M	731.03M	513.82M	452.59M	238.58M
Balance Sheet
Total Assets	6.94B	6.73B	6.85B	6.14B	6.11B	5.42B
Cash, Cash Equivalents and Short-Term Investments	1.83B	1.11B	1.29B	1.67B	1.73B	1.56B
Total Debt	398.70M	407.17M	319.95M	423.88M	814.79M	729.95M
Total Liabilities	1.99B	1.71B	1.60B	1.77B	1.95B	1.63B
Stockholders Equity	4.95B	5.03B	5.25B	4.36B	4.16B	3.80B
Cash Flow
Free Cash Flow	455.71M	448.76M	330.07M	1.09B	47.93M	133.47M
Operating Cash Flow	589.10M	618.34M	474.66M	1.29B	196.58M	315.36M
Investing Cash Flow	-147.06M	212.09M	-1.28B	-208.47M	-162.85M	-173.35M
Financing Cash Flow	-734.70M	-729.03M	-102.34M	-699.62M	-72.18M	-84.67M

Iron Force Industrial Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2228 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2221	69Neutral	TWD 6.43B	53.96	―	0.99%	18.85%	87.57%
TW:3310	62Neutral	TWD 4.74B	16.88	―	5.53%	19.95%	5.00%
TW:2228	62Neutral	TWD 5.39B	17.44	―	6.67%	-2.44%	-43.17%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4533	44Neutral	TWD 5.25B	50.08	―	0.60%	-0.25%	42.76%
TW:2236	36Underperform	TWD 5.90B	-12.88	―	0.33%	88.01%	-191.43%

* General Sector Average

Performance Comparison

TW:2228 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2228	Iron Force Industrial Co., Ltd.	67.50	-18.42	-21.44%
TW:2221	Tachia Yung Ho Machine Industry Co., Ltd.	152.00	124.41	450.86%
TW:2236	Patec Precision Industry Co., Ltd.	92.90	9.42	11.28%
TW:3310	Chialin Precision Industrial Co., Ltd.	63.30	3.07	5.10%
TW:4533	Shieh Yih Machinery Industry Co., Ltd.	29.40	8.95	43.74%
TW:7736	HUSHAN Autoparts, Inc.	67.30	-21.63	-24.32%

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

Iron Force Industrial Co., Ltd. AI Stock Analysis