Enlight Corporation AI Stock Analysis
Enlight Corporation (2438) AI Stock Analysis
Enlight Corporation
(TWSE:2438)
The score is driven primarily by weak financials: despite a genuine revenue rebound and a sharp gross margin recovery to 34.7%, Enlight posted a widening NT$147.8M net loss, burned NT$320.9M of free cash flow, and now carries NT$923.9M of debt against just NT$324.3M of equity (2.85x leverage, -45.6% ROE), creating real refinancing and dilution risk. Technicals add to the caution, with the price below all key moving averages and a negative MACD, though oversold RSI and Stochastic readings suggest the selling may be stretched near term. Valuation provides no cushion given negative earnings and no dividend. The result is a high-risk profile where operating improvements have yet to translate into profits or cash generation.
Enlight Corporation (2438) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 1.20B
- Dividend Yield
- ―
- Average Volume (3M)
- 106.83K
- Price to Earnings (P/E)
- -6.3
- Beta (1Y)
- 0.69
- Revenue Growth
- 13.98%
- EPS Growth
- -72.71%
- Country
- TW
- Employees
- 28
- Sector
- General
- Sector Strength
- 55
- Industry
- Electrical Equipment & Parts
Enlight Corporation Business Overview & Revenue Model
Company Description
Enlight Corporation, established in 1982 and headquartered in Taoyuan City, Taiwan, specializes in the design, manufacturing, and distribution of LED illumination products across the country. The company offers an extensive portfolio of LED lighting...
Enlight Corporation Financial Statement Overview
Summary
Enlight is an early-stage turnaround with encouraging top-line and margin recovery but very weak fundamentals overall. Revenue rebounded to NT$448.4M (+15% YoY) and gross margin improved sharply to 34.7% from negative levels in 2023, yet the operating margin remains -30.2% and the net loss widened to NT$147.8M (-33.0% net margin), marking a fourth straight loss-making year. The balance sheet is the biggest risk: debt has nearly tripled since 2022 to NT$923.9M while equity eroded to NT$324.3M, lifting leverage to 2.85x and pushing return on equity to -45.6%. Cash flow is weakest of all, with operating cash flow of -NT$244.5M and free cash flow of -NT$320.9M, leaving the company fully dependent on external financing and exposed to refinancing or dilution risk.
Income Statement
27NegativeBalance Sheet
24NegativeCash Flow
14Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 521.24M | 448.42M | 388.17M | 117.87M | 210.07M | 376.48M |
| Gross Profit | 116.67M | 155.38M | 65.92M | -23.88M | 22.10M | 94.87M |
| EBITDA | -127.31M | -94.73M | -29.05M | -32.96M | 12.65M | 72.38M |
| Net Income | -174.25M | -147.81M | -99.52M | -57.69M | -22.39M | 18.31M |
Balance Sheet | ||||||
| Total Assets | 1.78B | 1.80B | 1.64B | 1.37B | 841.74M | 984.76M |
| Cash, Cash Equivalents and Short-Term Investments | 107.06M | 89.61M | 164.47M | 195.98M | 281.16M | 296.85M |
| Total Debt | 945.50M | 923.91M | 655.68M | 518.39M | 32.26M | 79.90M |
| Total Liabilities | 1.17B | 1.24B | 911.62M | 668.18M | 59.29M | 159.38M |
| Stockholders Equity | 380.85M | 324.33M | 465.48M | 472.63M | 566.03M | 588.43M |
Cash Flow | ||||||
| Free Cash Flow | -272.21M | -320.92M | -192.20M | -112.33M | 52.56M | 52.63M |
| Operating Cash Flow | -236.99M | -244.53M | -72.20M | -101.90M | 56.68M | 65.16M |
| Investing Cash Flow | -39.40M | -116.67M | -202.03M | -93.91M | -26.44M | -41.06M |
| Financing Cash Flow | 260.76M | 255.85M | 243.72M | 218.32M | -68.25M | -31.00M |
Enlight Corporation Peers Comparison
Overall Rating
TW:615456Neutral
TW:330845Neutral
TW:668040Underperform
TW:644139Underperform- TW:243829Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6154 | 56Neutral | TWD 1.09B | 11.93 | ― | 3.75% | 3.43% | 163.60% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:3308 | 45Neutral | TWD 1.16B | 12.62 | ― | ― | 31.63% | 274.35% |
| TW:6680 | 40Underperform | TWD 1.23B | 52.20 | ― | 6.02% | 11.10% | -7.06% |
| TW:6441 | 39Underperform | TWD 1.10B | -4.32 | ― | ― | -58.51% | -17.09% |
| TW:2438 | 29Underperform | TWD 1.28B | -6.29 | ― | ― | 13.98% | -72.71% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2438 | Enlight Corporation | 17.30 | -5.85 | -25.27% | |
| TW:3308 | Bestec Power Electronics Co., Ltd | 19.40 | 3.70 | 23.57% | |
| TW:6154 | Sunfar Computer Co., Ltd. | 13.60 | 0.34 | 2.60% | |
| TW:6441 | Ibase Solution Co., Ltd | 20.70 | -2.40 | -10.39% | |
| TW:6680 | SINTRONES Technology Corp. | 49.20 | -21.68 | -30.58% | |
| TW:7801 | Asustor, Inc. | 79.50 | -23.57 | -22.87% |
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