Evergreen Aviation Technologies Corporation (2645) AI Stock Analysis

Evergreen Aviation Technologies Corporation

(TWSE:2645)

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Rating:69Neutral

Price Target:TWD 161.00▼(-1.53% Downside)

Action:initiatedcoverage

Date:11/09/26

Evergreen Aviation Technologies scores well primarily on fundamentals: growing revenue, expanding operating margins, a sharply improved debt-to-equity ratio of 0.54x, rising ROE of 15.1%, and nearly doubled free cash flow that comfortably funds capex and dividends. Valuation is supportive, with a moderate 19.6x P/E and a 3.4% dividend yield backed by strong cash generation. The main drag is technical: the stock trades well below all key moving averages with negative MACD and deeply depressed momentum readings, signalling an entrenched downtrend that tempers the otherwise solid financial picture. Secondary risks include thin gross margins near 20% and flat total assets that may limit future capacity-driven growth.

Positive Factors

Revenue and Margin ExpansionThe sharp 2025 revenue acceleration, alongside stronger gross and operating margins, indicates improved scale and operating execution. If retained, this combination can strengthen earnings capacity, support reinvestment in aerospace services, and improve resilience across the next several quarters.

Negative Factors

Substantial Absolute DebtAlthough leverage has improved, the remaining debt balance is still substantial and leaves the company exposed to funding-cost changes and business swings. This can constrain capital allocation and increase pressure on cash generation if aerospace demand or operating performance weakens.

Evergreen Aviation Technologies Corporation (2645) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 61.24B
Dividend Yield: 3.06%
Average Volume (3M): 1.89M
Price to Earnings (P/E): 20.9
Beta (1Y): 0.84
Revenue Growth: 10.42%
EPS Growth: 77.82%
Country: TW
Employees: 3,221
Sector: General
Sector Strength: 55
Industry: Aerospace & Defense

Evergreen Aviation Technologies Corporation Business Overview & Revenue Model

Company Description

Evergreen Aviation Technologies Corporation specializes in providing comprehensive aircraft maintenance solutions to various airline operators, serving both the Taiwanese domestic market and international clients. Its wide range of services includes...

Evergreen Aviation Technologies Corporation Financial Statement Overview

Summary

Strong across all three statements. Revenue rose to NT$18.18 billion in FY2025 (+12% YoY, ~90% cumulative over four years), with operating margin expanding to 16.5% and net income up 11% to NT$2.04 billion. The balance sheet has been de-risked for five straight years, with debt down to NT$7.32 billion and debt-to-equity improving to 0.54x while ROE climbed to 15.1%. Cash flow is the standout: operating cash flow nearly doubled to NT$3.52 billion and free cash flow reached NT$3.01 billion, with consistently high cash conversion. Offsetting factors are thin gross margins near 20%, a slight slippage in net margin, flat total assets that may cap capacity-led growth, and historical year-to-year cash flow volatility.

Income Statement

82Very Positive

Balance Sheet

80Positive

Cash Flow

84Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.28B	18.18B	16.28B	14.78B	11.85B	9.62B
Gross Profit	3.95B	3.58B	3.12B	2.64B	1.90B	1.59B
EBITDA	4.72B	3.76B	3.16B	2.68B	2.13B	2.06B
Net Income	2.94B	2.04B	1.84B	1.83B	1.58B	880.78M
Balance Sheet
Total Assets	26.45B	23.52B	23.00B	23.01B	21.77B	22.45B
Cash, Cash Equivalents and Short-Term Investments	5.96B	5.32B	4.47B	5.33B	4.24B	6.01B
Total Debt	7.07B	7.32B	7.72B	8.24B	9.30B	11.28B
Total Liabilities	13.03B	9.96B	9.76B	10.05B	10.86B	12.72B
Stockholders Equity	13.41B	13.56B	13.24B	12.96B	10.91B	9.73B
Cash Flow
Free Cash Flow	2.41B	3.01B	1.58B	1.81B	1.08B	1.31B
Operating Cash Flow	3.00B	3.52B	1.87B	2.06B	1.24B	1.55B
Investing Cash Flow	-510.58M	-516.50M	63.58M	61.13M	-187.36M	-298.08M
Financing Cash Flow	-2.08B	-2.16B	-2.79B	-1.04B	-2.82B	-2.31B

Evergreen Aviation Technologies Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2645 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3005	77Outperform	TWD 66.83B	12.65	―	6.34%	8.59%	8.19%
TW:2645	69Neutral	TWD 61.24B	20.85	―	3.06%	10.42%	77.82%
TW:6670	66Neutral	TWD 36.24B	10.59	―	6.15%	1.20%	-8.30%
TW:3450	59Neutral	TWD 53.83B	75.61	―	0.27%	-1.56%	-16.64%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:7610	54Neutral	TWD 72.59B	39.61	―	0.03%	―	―
TW:2634	39Underperform	TWD 51.43B	26.25	―	1.42%	2.58%	141.02%

* General Sector Average

Performance Comparison

TW:2645 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2645	Evergreen Aviation Technologies Corporation	163.50	22.99	16.36%
TW:2634	Aerospace Industrial Development Corp.	54.60	4.28	8.51%
TW:3005	Getac Holdings Corporation	107.00	-21.26	-16.57%
TW:3450	Elite Advanced Laser Corporation	369.50	113.51	44.34%
TW:6670	Fusheng Precision Co. Ltd.	260.00	17.80	7.35%
TW:7610	LIANYOU METALS CO.,LTD.	1245.00	1157.11	1316.46%

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

Evergreen Aviation Technologies Corporation AI Stock Analysis