TTFB Co. Ltd. AI Stock Analysis
TTFB Co. Ltd. (2729) AI Stock Analysis
TTFB Co. Ltd.
(TPEx:2729)
The score is weighed down primarily by deteriorating fundamentals: flat revenue, three straight years of margin compression, a one-third drop in net income since 2023, and leverage that has doubled to 1.24x equity while free cash flow shrinks. Technicals reinforce the caution, with the stock trading below all major moving averages and a negative MACD, though oversold RSI and Stochastic readings hint at a possible near-term bounce. Valuation is mixed — a 24.4x P/E looks full against falling earnings, but a 4.8% dividend yield and low beta provide income and defensive appeal. Steady operating cash flow and consistent profitability keep the score from falling further, but a return to sales growth and better cost control is needed to improve the outlook.
TTFB Co. Ltd. (2729) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 6.30B
- Dividend Yield
- 4.75%
- Average Volume (3M)
- 30.66K
- Price to Earnings (P/E)
- 23.1
- Beta (1Y)
- 0.20
- Revenue Growth
- 5.74%
- EPS Growth
- -45.98%
- Country
- TW
- Employees
- 3,596
- Sector
- General
- Sector Strength
- 55
- Industry
- Restaurants
TTFB Co. Ltd. Business Overview & Revenue Model
Company Description
TTFB Company Limited, established in 1990 and headquartered in New Taipei City, Taiwan, manages a network of restaurants across both Taiwan and mainland China. The company's diverse operations also include the wholesale and retail trade of food and d...
TTFB Co. Ltd. Financial Statement Overview
Summary
TTFB remains profitable and cash-generative, with gross margins above 50%, operating cash flow of NT$841 million (about 2.9x net income) and double-digit ROE of 11.8%. However, the trend is deteriorating: revenue has plateaued near NT$6.1 billion (roughly +0.5% in 2025), operating margin has compressed from 9.9% to 6.6% over three years, and net income has fallen about 34% since 2023. Leverage has risen sharply, with debt-to-equity climbing from 0.58x in 2022 to 1.24x in 2025, while heavy store investment has reduced free cash flow to NT$265 million. Adequate fundamentals, but clearly trending in the wrong direction.
Income Statement
54NeutralBalance Sheet
48NeutralCash Flow
60Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.34B | 6.10B | 6.08B | 5.72B | 4.54B | 4.23B |
| Gross Profit | 3.20B | 3.11B | 3.11B | 2.99B | 2.23B | 2.10B |
| EBITDA | 1.09B | 1.03B | 1.14B | 1.21B | 742.00M | 824.52M |
| Net Income | 261.77M | 289.31M | 352.63M | 440.07M | 110.74M | 161.10M |
Balance Sheet | ||||||
| Total Assets | 6.39B | 6.34B | 5.65B | 5.29B | 4.35B | 5.34B |
| Cash, Cash Equivalents and Short-Term Investments | 321.37M | 416.35M | 321.78M | 375.66M | 396.94M | 1.32B |
| Total Debt | 3.16B | 3.02B | 2.29B | 1.69B | 1.26B | 2.51B |
| Total Liabilities | 4.12B | 3.87B | 3.05B | 2.70B | 2.18B | 3.34B |
| Stockholders Equity | 2.25B | 2.44B | 2.57B | 2.56B | 2.17B | 1.99B |
Cash Flow | ||||||
| Free Cash Flow | 208.25M | 264.96M | 81.89M | 401.71M | 211.85M | 319.27M |
| Operating Cash Flow | 846.02M | 840.68M | 836.78M | 1.04B | 578.41M | 731.79M |
| Investing Cash Flow | -647.33M | -569.56M | -797.66M | -736.58M | -186.01M | -71.18M |
| Financing Cash Flow | -342.66M | -161.94M | -136.87M | -326.42M | -1.13B | -573.27M |
TTFB Co. Ltd. Peers Comparison
Overall Rating
TW:420573Outperform
TW:270668Neutral
TW:994365Neutral- TW:272952Neutral
TW:120150Neutral
TW:121849Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:4205 | 73Outperform | TWD 6.27B | 15.44 | ― | 5.43% | 0.29% | -7.81% |
| TW:2706 | 68Neutral | TWD 6.00B | 17.83 | ― | 2.92% | 4.52% | 9.08% |
| TW:9943 | 65Neutral | TWD 6.21B | 9.28 | ― | 7.09% | -5.24% | 17.98% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2729 | 52Neutral | TWD 6.66B | 23.05 | ― | 4.75% | 5.74% | -45.98% |
| TW:1201 | 50Neutral | TWD 6.22B | 26.90 | ― | 1.72% | -4.41% | -18.82% |
| TW:1218 | 49Neutral | TWD 6.15B | -18.55 | ― | 10.31% | -11.07% | -237.67% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2729 | TTFB Co. Ltd. | 146.00 | -27.76 | -15.98% | |
| TW:1201 | Wei Chuan Foods Corp. | 12.20 | -2.60 | -17.57% | |
| TW:1218 | Taisun Enterprise Co., Ltd. | 12.80 | -4.38 | -25.50% | |
| TW:2706 | First Hotel Co., Ltd. | 12.00 | -0.78 | -6.13% | |
| TW:4205 | Chung Hwa Food Industrial Co., Ltd. | 64.50 | -16.90 | -20.76% | |
| TW:9943 | Holiday Entertainment Co., Ltd. | 49.35 | -8.34 | -14.46% |
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