Shuttle Inc. (2405) AI Stock Analysis

Shuttle Inc.

(TWSE:2405)

Select Model

Rating:47Neutral

Price Target:TWD 12.50▼(-10.07% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained primarily by deteriorating profitability and weak cash-flow trends. A conservatively financed balance sheet provides meaningful support, but the negative earnings profile, downtrend across moving averages, negative MACD, and lack of valuation support keep the score low.

Positive Factors

Low Financial LeverageVery low leverage gives Shuttle financial resilience and reduces pressure from interest obligations or refinancing needs. The large equity base and stable assets provide flexibility to absorb operating volatility and continue funding the business while management works to restore profitability.

Negative Factors

Profitability DeteriorationThe move from prior profitability to a 2025 net loss and negative operating profit weakens earnings quality and reduces internally generated resources for reinvestment. Unless operating costs, product mix, or pricing pressure improve, losses could limit the company’s ability to compound shareholder returns.

Shuttle Inc. (2405) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.88B
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

The strong balance sheet supports the score, but the sharp shift to negative EBIT, EBITDA, and net income, together with weak and volatile cash-flow generation, materially weighs on financial performance.

Income Statement

25Negative

Balance Sheet

84Very Positive

Cash Flow

35Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2405 against its peers
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	47Neutral	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

TW:2405 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2405	Shuttle Inc.	13.90	-3.70	-21.01%
TW:2460	Gem Terminal Industries Co., Ltd.	27.85	12.40	80.26%
TW:3046	Aopen Incorporated	50.30	4.11	8.91%
TW:5474	Yuan High-Tech Development Co., Ltd.	128.00	-26.24	-17.01%
TW:6922	Neousys Technology, Inc.	184.00	-11.78	-6.02%
TW:7821	Mitac Digital Technology Corporation	31.45	-26.70	-45.91%

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

Shuttle Inc. AI Stock Analysis