Taiwan Mask Corp. AI Stock Analysis
Taiwan Mask Corp. (2338) AI Stock Analysis
Taiwan Mask Corp.
(TWSE:2338)
Taiwan Mask scores low primarily on deteriorating fundamentals: shrinking revenue, single-digit gross margin, two straight years of losses, and high leverage at 2.6x debt-to-equity with an eroding equity base. Technicals reinforce the caution, with the stock trading well below all key moving averages and a negative MACD, despite deeply oversold RSI and Stochastic readings that could support a short-term rebound. Valuation offers little help given negative earnings and no dividend. The main positive is cash flow: NT$2.38 billion of operating cash flow and the first positive free cash flow in years have enabled meaningful debt reduction, suggesting the business is cash-sustaining while it waits for photomask demand and utilization to recover.
Taiwan Mask Corp. (2338) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 12.81B
- Dividend Yield
- ―
- Average Volume (3M)
- 7.05M
- Price to Earnings (P/E)
- -29.7
- Beta (1Y)
- 1.47
- Revenue Growth
- -15.28%
- EPS Growth
- 82.42%
- Country
- TW
- Employees
- 585
- Sector
- General
- Sector Strength
- 55
- Industry
- Semiconductors
Taiwan Mask Corp. Business Overview & Revenue Model
Company Description
Established in 1988 and headquartered in Hsinchu City, Taiwan, Taiwan Mask Corporation (TMC) is a key player in the semiconductor industry. The company primarily focuses on the research, development, manufacturing, and commercialization of critical c...
Taiwan Mask Corp. Financial Statement Overview
Summary
Fundamentals are weak overall. Revenue fell roughly 8.3% to about NT$6.04 billion, gross margin collapsed to 7.8% from 18.8%, and the company posted a second consecutive net loss, widening to NT$1.17 billion (-19.4% net margin) with an operating margin of -19.8%. The balance sheet is stretched, with NT$11.3 billion of debt against NT$4.28 billion of equity (2.6x debt-to-equity) and ROE of -27.4%, though leverage is improving from 3.3x. The clear offset is cash generation: operating cash flow of NT$2.38 billion and the first positive free cash flow (about NT$1.05 billion) in years funded roughly NT$3.3 billion of debt repayment, showing the loss is largely non-cash depreciation. Cash-sustaining but earnings-impaired.
Income Statement
22NegativeBalance Sheet
33NegativeCash Flow
64Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.87B | 6.04B | 7.56B | 7.20B | 7.74B | 6.08B |
| Gross Profit | 670.65M | 473.79M | 1.42B | 1.84B | 2.10B | 1.41B |
| EBITDA | 1.02B | 350.05M | 1.06B | 1.73B | 1.53B | 1.82B |
| Net Income | -333.19M | -1.17B | -472.52M | 366.13M | 445.63M | 886.56M |
Balance Sheet | ||||||
| Total Assets | 18.36B | 17.48B | 20.82B | 20.92B | 17.89B | 16.11B |
| Cash, Cash Equivalents and Short-Term Investments | 4.23B | 3.42B | 4.79B | 3.25B | 3.50B | 6.32B |
| Total Debt | 9.57B | 11.30B | 14.61B | 13.76B | 11.57B | 9.41B |
| Total Liabilities | 12.10B | 13.13B | 16.74B | 15.87B | 13.46B | 11.24B |
| Stockholders Equity | 6.15B | 4.28B | 4.40B | 5.12B | 4.55B | 5.10B |
Cash Flow | ||||||
| Free Cash Flow | 622.26M | 1.05B | -101.65M | -2.40B | -1.54B | -3.16B |
| Operating Cash Flow | 1.28B | 2.38B | 1.90B | 817.03M | 1.41B | -1.27B |
| Investing Cash Flow | -700.41M | -1.49B | -2.35B | -3.54B | -3.58B | -1.94B |
| Financing Cash Flow | -239.56M | -1.45B | 500.41M | 2.35B | 1.22B | 4.86B |
Taiwan Mask Corp. Peers Comparison
Overall Rating
TW:358759Neutral
TW:643852Neutral
TW:476842Neutral
TW:305540Underperform- TW:233840Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3587 | 59Neutral | TWD 13.84B | 27.88 | ― | 2.18% | -15.79% | 34.88% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6438 | 52Neutral | TWD 11.34B | 24.13 | ― | 3.62% | 18.41% | -25.67% |
| TW:4768 | 42Neutral | TWD 14.22B | -475.41 | ― | 0.29% | 118.90% | -282.44% |
| TW:3055 | 40Underperform | TWD 14.19B | -121.10 | ― | 0.38% | 3.62% | 56.40% |
| TW:2338 | 40Underperform | TWD 12.68B | -29.73 | ― | ― | -15.28% | 82.42% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2338 | Taiwan Mask Corp. | 38.35 | 2.70 | 7.57% | |
| TW:3055 | Spirox Corporation | 131.50 | 72.99 | 124.73% | |
| TW:3587 | Materials Analysis Technology Inc. | 193.00 | 6.20 | 3.32% | |
| TW:4768 | Ingentec Corporation | 295.00 | 70.49 | 31.39% | |
| TW:6438 | Symtek Automation Asia Co., Ltd. | 138.00 | 7.14 | 5.46% | |
| TW:7913 | QBit Semiconductor Ltd. | 237.50 | -291.50 | -55.10% |
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