Shuttle Inc. AI Stock Analysis
Shuttle Inc. (2405) AI Stock Analysis
Shuttle Inc.
(TWSE:2405)
Shuttle Inc. scores poorly overall, driven primarily by deteriorating profitability: three consecutive years of operating losses, margin compression, and a NT$68.9m net loss in 2025 on a revenue base that has been flat for six years. Compounding this, the stock is in a persistent downtrend, trading below all major moving averages with negative MACD momentum. Valuation offers little support, as negative earnings render the P/E meaningless and the 0.80% dividend yield is slim relative to the risk. The key offset is a fortress-like balance sheet — minimal leverage, equity funding nearly 80% of assets, and positive (if thin) free cash flow — which materially limits solvency risk and gives management runway to attempt a turnaround. Until margins and profits recover, however, the fundamental and technical picture remains unfavorable.
Shuttle Inc. (2405) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 4.81B
- Dividend Yield
- 0.72%
- Average Volume (3M)
- 975.54K
- Price to Earnings (P/E)
- 688.1
- Beta (1Y)
- 0.79
- Revenue Growth
- 9.38%
- EPS Growth
- ―
- Country
- TW
- Employees
- 1,827
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
Shuttle Inc. Business Overview & Revenue Model
Company Description
Shuttle Inc. is a global technology firm specializing in the design, manufacture, and worldwide distribution of compact computing solutions and related peripherals. Its flagship "XPC" line features a diverse array of small form factor (SFF) personal...
Shuttle Inc. Financial Statement Overview
Summary
A classic 'strong balance sheet, weak earnings' profile. The balance sheet is excellent (score 76): debt-to-equity of just 0.09, equity funding ~79% of assets, and a NT$3.48bn capital cushion that can absorb years of losses. However, the income statement is the major drag (score 29): revenue has been flat for six years, gross margin compressed from ~41% to 36.8%, operating results have been negative for three straight years, and the company swung to a NT$68.9m net loss in 2025 with EBITDA collapsing to roughly breakeven. Cash flow (score 43) remains positive but thin and erratic, with FCF of only NT$22.8m in 2025 and minimal capex suggesting limited reinvestment for growth. The balance sheet is buying time rather than creating value.
Income Statement
29NegativeBalance Sheet
76PositiveCash Flow
43Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.80B | 1.74B | 1.67B | 1.71B | 1.73B | 1.84B |
| Gross Profit | 668.38M | 640.13M | 684.29M | 696.77M | 698.59M | 718.65M |
| EBITDA | 63.95M | -1.37M | 117.13M | 124.81M | 138.04M | 348.90M |
| Net Income | -8.48M | -68.87M | 10.80M | 12.37M | 55.08M | 195.53M |
Balance Sheet | ||||||
| Total Assets | 4.58B | 4.39B | 4.40B | 4.49B | 4.47B | 4.60B |
| Cash, Cash Equivalents and Short-Term Investments | 651.34M | 897.40M | 963.29M | 1.33B | 1.45B | 1.72B |
| Total Debt | 479.15M | 323.20M | 256.87M | 280.80M | 291.69M | 335.41M |
| Total Liabilities | 1.03B | 794.87M | 640.42M | 661.35M | 754.79M | 973.10M |
| Stockholders Equity | 3.44B | 3.48B | 3.63B | 3.67B | 3.67B | 3.59B |
Cash Flow | ||||||
| Free Cash Flow | -257.38M | 22.80M | 26.27M | 181.31M | -318.42M | -921.18M |
| Operating Cash Flow | -246.83M | 37.92M | 35.27M | 265.27M | -283.03M | 78.33M |
| Investing Cash Flow | -154.80M | -62.54M | -286.29M | -306.67M | 253.62M | -379.08M |
| Financing Cash Flow | 140.91M | -44.59M | -127.59M | -7.79M | -58.22M | 22.51M |
Shuttle Inc. Peers Comparison
Overall Rating
TW:304671Outperform
TW:692258Neutral
TW:547457Neutral- TW:240544Neutral
TW:246039Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3046 | 71Outperform | TWD 3.92B | 10.16 | ― | 5.96% | 31.68% | 27.27% |
| TW:6922 | 58Neutral | TWD 5.00B | 15.74 | ― | 2.62% | 34.63% | 57.37% |
| TW:5474 | 57Neutral | TWD 4.98B | 22.17 | ― | 3.13% | 17.43% | -6.13% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2405 | 44Neutral | TWD 4.75B | 688.12 | ― | 0.72% | 9.38% | ― |
| TW:2460 | 39Underperform | TWD 4.59B | -17.19 | ― | ― | 29.04% | 22.27% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2405 | Shuttle Inc. | 13.90 | -4.04 | -22.54% | |
| TW:2460 | Gem Terminal Industries Co., Ltd. | 27.85 | 12.25 | 78.53% | |
| TW:3046 | Aopen Incorporated | 50.30 | 3.55 | 7.59% | |
| TW:5474 | Yuan High-Tech Development Co., Ltd. | 128.00 | -28.68 | -18.30% | |
| TW:6922 | Neousys Technology, Inc. | 184.00 | -7.40 | -3.86% | |
| TW:7821 | Mitac Digital Technology Corporation | 31.45 | -25.82 | -45.09% |
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