Enlight Corporation (2438) AI Stock Analysis

Enlight Corporation

(TWSE:2438)

Select Model

Rating:40Underperform

Price Target:TWD 16.00▼(-6.16% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is driven primarily by severe financial weakness, including operating losses, negative cash flow, high leverage, and declining equity. Bearish technical trends and an unfavorable loss-based valuation reinforce the risk, while oversold momentum indicators provide only limited support.

Positive Factors

Gross Margin ImprovementGross margin rose from about 17% to 35% in 2025, showing that product-level economics improved materially. If sustained, this gives the company more contribution per unit of revenue and a foundation for recovery, although operating losses mean the benefit is not yet flowing through.

Negative Factors

Sustained LossesSizable losses from 2022 through 2025 show that the business has not converted revenue into sustainable earnings. The deeply negative 2025 net margin and continuing operating losses weaken internal funding capacity and make a durable profitability recovery essential.

Enlight Corporation (2438) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.21B
Dividend Yield: ―
Average Volume (3M): 102.95K
Price to Earnings (P/E): -6.2
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

Financial performance is severely weak: profitability is negative, debt is high relative to equity, and operating and free cash flow are substantially negative. The component score is set at the minimum permitted level.

Income Statement

15Very Negative

Balance Sheet

25Negative

Cash Flow

10Very Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2438 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6154	56Neutral	TWD 1.09B	12.28	―	3.74%	3.43%	163.60%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3308	45Neutral	TWD 1.16B	12.02	―	―	13.86%	79.78%
TW:6680	40Underperform	TWD 1.23B	52.20	―	6.02%	11.10%	-7.06%
TW:2438	40Underperform	TWD 1.28B	-6.20	―	―	13.98%	-72.71%
TW:6441	39Underperform	TWD 1.10B	-3.42	―	―	-58.51%	-17.09%

* General Sector Average

Performance Comparison

TW:2438 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2438	Enlight Corporation	17.05	-5.85	-25.55%
TW:3308	Bestec Power Electronics Co., Ltd	19.00	3.70	24.18%
TW:6154	Sunfar Computer Co., Ltd.	13.65	0.44	3.35%
TW:6441	Ibase Solution Co., Ltd	20.25	-2.70	-11.76%
TW:6680	SINTRONES Technology Corp.	49.20	-19.54	-28.43%
TW:7801	Asustor, Inc.	80.20	-22.87	-22.19%

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

Enlight Corporation AI Stock Analysis