Leadtek Research Inc. AI Stock Analysis
Leadtek Research Inc. (2465) AI Stock Analysis
Leadtek Research Inc.
(TWSE:2465)
Leadtek scores in the middle of the range. The dominant factor is a fragile financial profile: although the company returned to profit in 2025 and now operates with virtually no debt and a much stronger equity base, margins have compressed sharply, revenue remains roughly half its 2021 peak, and both earnings and cash flow are too thin to be considered durable. Supporting the score is clearly positive technical momentum, with the price trading well above all major moving averages and a strongly positive MACD, though the stochastic reading points to a near-term extended move. Offsetting this is an expensive valuation — a P/E above 46 on razor-thin profitability and no dividend — which leaves limited downside protection should the recovery lose traction.
Leadtek Research Inc. (2465) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 14.04B
- Dividend Yield
- ―
- Average Volume (3M)
- 5.34M
- Price to Earnings (P/E)
- 50.7
- Beta (1Y)
- 1.00
- Revenue Growth
- 61.25%
- EPS Growth
- ―
- Country
- TW
- Employees
- 33,083
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
Leadtek Research Inc. Business Overview & Revenue Model
Company Description
Leadtek Research Inc. engages in design, manufacturing, and trading of communication devices, computers, communications, telecommunications, and peripheral equipment in the United States, Hong Kong, South Korea, Taiwan, Mainland China, and internatio...
Leadtek Research Inc. Financial Statement Overview
Summary
Leadtek is in the early innings of a turnaround. 2025 brought a return to profitability (NT$36 million net profit versus a NT$441 million loss), modest revenue growth to NT$4.44 billion, and positive free cash flow after three years of burn. The balance sheet is the standout: debt was cut to NT$36 million from NT$574 million and equity nearly doubled, taking debt-to-equity to 0.03 and essentially eliminating solvency risk. However, the quality of the recovery is weak — gross margin of 8.8% is far below historical levels, net margin is just 0.8%, revenue remains about half the 2021 peak, the asset base shrank by roughly half, and operating cash flow is only ~1.2% of revenue. The improvement is real but thin enough that a small cost or pricing swing could reverse it.
Income Statement
42NeutralBalance Sheet
70PositiveCash Flow
50Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.95B | 4.44B | 4.30B | 4.28B | 5.31B | 8.82B |
| Gross Profit | 630.82M | 388.38M | 368.03M | 628.28M | 606.81M | 1.57B |
| EBITDA | 328.94M | 137.47M | -346.89M | -43.53M | -126.30M | 602.92M |
| Net Income | 254.86M | 36.45M | -441.21M | -159.73M | -195.71M | 435.26M |
Balance Sheet | ||||||
| Total Assets | 2.38B | 1.50B | 2.97B | 2.61B | 2.03B | 2.01B |
| Cash, Cash Equivalents and Short-Term Investments | 718.08M | 460.74M | 466.80M | 381.69M | 319.22M | 534.84M |
| Total Debt | 194.65M | 36.26M | 573.56M | 447.63M | 902.78M | 603.83M |
| Total Liabilities | 1.01B | 412.66M | 2.38B | 1.60B | 1.52B | 1.26B |
| Stockholders Equity | 1.36B | 1.09B | 584.16M | 1.01B | 510.13M | 753.55M |
Cash Flow | ||||||
| Free Cash Flow | -20.04M | 23.95M | -69.92M | -85.94M | -386.44M | 102.60M |
| Operating Cash Flow | -2.54M | 53.46M | -40.14M | -52.29M | -361.70M | 121.85M |
| Investing Cash Flow | -10.87M | 8.44M | 10.60M | -36.75M | -81.99M | -9.88M |
| Financing Cash Flow | 166.97M | -66.60M | 135.96M | 170.95M | 196.34M | 70.14M |
Leadtek Research Inc. Peers Comparison
Overall Rating
TW:308867Neutral
TW:624564Neutral- TW:246558Neutral
TW:538652Neutral
TW:805051Neutral
TW:370150Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3088 | 67Neutral | TWD 12.32B | 12.47 | ― | 2.69% | 35.40% | 73.91% |
| TW:6245 | 64Neutral | TWD 12.61B | 19.61 | ― | 4.39% | 11.74% | 8.17% |
| TW:2465 | 58Neutral | TWD 12.78B | 50.75 | ― | ― | 61.25% | ― |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:5386 | 52Neutral | TWD 10.20B | 2.94 | ― | 0.80% | 223.02% | 1417.06% |
| TW:8050 | 51Neutral | TWD 9.99B | 12.43 | ― | 4.21% | 17.15% | 103.91% |
| TW:3701 | 50Neutral | TWD 13.61B | -23.38 | ― | 0.35% | -27.54% | -440.84% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2465 | Leadtek Research Inc. | 136.00 | 75.30 | 124.05% | |
| TW:3088 | Axiomtek Co Ltd | 109.00 | 33.43 | 44.24% | |
| TW:3701 | FIC Global, Inc. | 57.50 | 24.30 | 73.19% | |
| TW:5386 | Albatron Technology Co., Ltd | 188.50 | 139.36 | 283.62% | |
| TW:6245 | Lanner Electronics Inc. | 86.60 | 16.42 | 23.40% | |
| TW:8050 | iBASE Technology Inc. | 51.00 | 5.46 | 11.98% |
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