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Leadtek Research Inc. (2465) AI Stock Analysis

TW:2465

Leadtek Research Inc.

(TWSE:2465)

Select Model
Rating:60Neutral
Price Target:TWD 119.00â–¼(-20.40% Downside)
Action:initiatedcoverage
Date:11/10/26

The overall score of 60 reflects a company in transition. The primary strength is a pristine balance sheet following a successful financial stabilization. Strong technical momentum also supports the stock in the near term. However, these positives are significantly offset by a weak fundamental growth picture—declining revenue and extremely thin profitability—and a very high P/E ratio that leaves little room for error. The company has averted crisis but has yet to demonstrate a return to sustainable growth.

Positive Factors
DeleveragingSharp deleveraging materially strengthens Leadtek’s financial flexibility and reduces balance-sheet pressure. Lower leverage can support continued investment in graphics solutions, improve resilience during demand weakness, and reduce the risk that financing constraints limit strategic options over the next several quarters.
Negative Factors
Thin and Fragile ProfitabilityThe return to profit remains vulnerable because revenue declined and margins are still thin relative to earlier stronger years. Limited earnings cushioning leaves results sensitive to changes in demand and pricing, making it harder for Leadtek to sustain profitability through a weaker operating environment.

Leadtek Research Inc. (2465) vs. SPDR S&P 500 ETF (SPY)

-50%0%50%100%150%200%TW:2465+176.85%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 15.41B
Dividend Yield
―
Average Volume (3M)
5.25M
Price to Earnings (P/E)
55.8
Beta (1Y)
1.03
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

Financial performance is mixed. The balance sheet is a major strength (Score 78) after significant deleveraging, with debt nearly eliminated. However, the income statement (Score 45) shows razor-thin profitability and declining revenue, while cash flow (Score 55) has turned positive but is volatile and declining. The overall picture is of a stabilized but not yet thriving company.

Income Statement

45Neutral

Balance Sheet

78Positive

Cash Flow

55Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue6.95B4.44B4.30B4.28B5.31B8.82B
Gross Profit630.82M388.38M368.03M628.28M606.81M1.57B
EBITDA328.94M137.47M-346.89M-43.53M-126.30M602.92M
Net Income254.86M36.45M-441.21M-159.73M-195.71M435.26M
Balance Sheet
Total Assets2.38B1.50B2.97B2.61B2.03B2.01B
Cash, Cash Equivalents and Short-Term Investments718.08M460.74M466.80M381.69M319.22M534.84M
Total Debt194.65M36.26M573.56M447.63M902.78M603.83M
Total Liabilities1.01B412.66M2.38B1.60B1.52B1.26B
Stockholders Equity1.36B1.09B584.16M1.01B510.13M753.55M
Cash Flow
Free Cash Flow-20.04M23.95M-69.92M-85.94M-386.44M102.60M
Operating Cash Flow-2.54M53.46M-40.14M-52.29M-361.70M121.85M
Investing Cash Flow-10.87M8.44M10.60M-36.75M-81.99M-9.88M
Financing Cash Flow166.97M-66.60M135.96M170.95M196.34M70.14M

Leadtek Research Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:2465 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:3088TW:308867NeutralTWD 12.32B12.87―2.63%35.40%73.91%
TW:6245TW:624564NeutralTWD 12.61B17.60―4.29%11.74%8.17%
TW:2465TW:246560NeutralTWD 12.78B55.78――61.25%―
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:5386TW:538652NeutralTWD 10.20B3.06―0.79%223.02%1417.06%
TW:8050TW:805051NeutralTWD 9.99B12.97―4.15%17.15%104.20%
TW:3701TW:370150NeutralTWD 13.61B-24.81―0.35%-16.41%-435.36%

* General Sector Average

Performance Comparison

0%200%400%600%TW:2465TW:3088TW:3701TW:5386TW:6245TW:8050Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:2465 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:2465Leadtek Research Inc.149.5090.80154.68%
TW:3088Axiomtek Co Ltd111.5037.4050.48%
TW:3701FIC Global, Inc.63.2030.8095.06%
TW:5386Albatron Technology Co., Ltd189.50140.10283.58%
TW:6245Lanner Electronics Inc.88.5020.5130.17%
TW:8050iBASE Technology Inc.51.806.8415.21%
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