Mirle Automation Corp. (2464) AI Stock Analysis

Mirle Automation Corp.

(TWSE:2464)

Select Model

Rating:44Neutral

Price Target:TWD 131.00▼(-16.03% Downside)

Action:initiatedcoverage

Date:11/09/26

Mirle Automation scores low primarily because of deteriorating fundamentals: three consecutive years of revenue decline have pushed the company into operating and net losses, with return on equity now negative. Technicals compound the concern, as the share price sits well below its 20-, 50- and 100-day moving averages with negative MACD, leaving it near key long-term support despite oversold readings. Valuation offers no cushion, with a P/E of 342 on depressed earnings and a token 0.35% dividend yield. Partially offsetting these risks are a conservatively managed balance sheet — debt cut by roughly a third since 2023 to a 0.48 debt-to-equity ratio — and strong NT$720m free cash flow, though that cash largely reflects a working-capital unwind rather than sustainable earnings. A recovery in order intake and a return to positive operating profit are the key catalysts needed to improve this score.

Positive Factors

Cash Generation RecoveryThe sharp rebound in operating and free cash flow improves the company’s ability to fund operations, support investment, and maintain liquidity without relying as heavily on external financing. If sustained, stronger internal cash generation can provide greater resilience through the next business cycle.

Negative Factors

Revenue ContractionThe decline in revenue signals weaker demand, project activity, or customer spending across Mirle’s automation business. Sustained top-line contraction would reduce operating leverage, limit reinvestment capacity, and make it harder for the company to restore profitability over the coming quarters.

Mirle Automation Corp. (2464) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 36.04B
Dividend Yield: 0.30%
Average Volume (3M): 12.18M
Price to Earnings (P/E): 47.1
Beta (1Y): 1.59
Revenue Growth: 19.16%
EPS Growth: ―
Country: TW
Employees: 1,226
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

Mirle Automation Corp. Business Overview & Revenue Model

Company Description

Mirle Automation Corporation, founded in 1989 and headquartered in Hsinchu, Taiwan, specializes in the production and distribution of integrated automation systems and their related components. The company provides a wide array of sophisticated autom...

Mirle Automation Corp. Financial Statement Overview

Summary

A weak income statement (31) dominates: revenue has fallen for three straight years from NT$10.77bn in 2022 to NT$6.68bn in 2025, and operating leverage has flipped the company into a NT$77m operating loss and a NT$172m net loss, with ROE turning negative at -3.5%. The balance sheet (57) is steadier — debt cut to NT$2.37bn and debt-to-equity down to 0.48 — but equity is eroding as losses accumulate. Cash flow (68) is the bright spot, with NT$761m operating cash flow and NT$720m free cash flow on minimal capex, though much of it reflects a working-capital unwind from a shrinking order book rather than recurring earnings. Resilient gross margin (18.6%) offers some support, but earnings visibility remains poor until orders stabilize.

Income Statement

31Negative

Balance Sheet

57Neutral

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.35B	6.68B	7.50B	8.81B	10.77B	9.86B
Gross Profit	1.40B	1.24B	1.38B	1.52B	1.88B	2.05B
EBITDA	402.76M	89.51M	399.26M	540.81M	846.12M	837.04M
Net Income	83.12M	-172.26M	103.01M	174.97M	514.72M	527.90M
Balance Sheet
Total Assets	12.92B	11.29B	12.56B	12.04B	13.11B	11.78B
Cash, Cash Equivalents and Short-Term Investments	1.59B	2.23B	1.72B	1.42B	2.00B	3.25B
Total Debt	1.95B	2.37B	2.40B	3.61B	3.14B	1.79B
Total Liabilities	7.15B	6.29B	7.31B	7.80B	8.77B	7.57B
Stockholders Equity	5.71B	4.94B	5.18B	4.18B	4.32B	4.20B
Cash Flow
Free Cash Flow	715.53M	720.48M	936.88M	-784.15M	-1.98B	694.78M
Operating Cash Flow	757.25M	761.48M	995.31M	-662.39M	-1.46B	1.00B
Investing Cash Flow	-639.46M	-108.00M	-29.22M	-169.27M	-598.74M	-392.55M
Financing Cash Flow	-124.34M	-129.23M	-593.86M	154.98M	805.69M	-260.14M

Mirle Automation Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2464 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3563	73Outperform	TWD 38.70B	32.65	―	2.15%	16.99%	26.72%
TW:7751	67Neutral	TWD 30.52B	42.13	―	1.59%	―	―
TW:3583	59Neutral	TWD 40.40B	28.85	―	2.41%	7.90%	44.45%
TW:4576	56Neutral	TWD 22.04B	57.80	―	0.43%	33.61%	188.28%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2464	44Neutral	TWD 35.47B	47.13	―	0.30%	19.16%	―

* General Sector Average

Performance Comparison

TW:2464 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2464	Mirle Automation Corp.	156.00	91.76	142.83%
TW:3563	MACHVISION, Inc.	605.00	143.54	31.11%
TW:3583	Scientech Corporation	486.50	166.97	52.26%
TW:4576	HIWIN Mikrosystem Corp.	184.00	72.90	65.62%
TW:4585	Techman Robot, Inc.	209.50	-169.41	-44.71%
TW:7751	Horng Terng Automation Co Ltd	1135.00	688.42	154.16%

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

Mirle Automation Corp. AI Stock Analysis