TTFB Co. Ltd. (2729) AI Stock Analysis

TTFB Co. Ltd.

(TPEx:2729)

Select Model

Rating:54Neutral

Price Target:TWD 148.00▲(1.37% Upside)

Action:initiatedcoverage

Date:11/09/26

Mixed financials with revenue gains limited by leverage and margin pressure are the primary factors, followed by weak technical momentum; valuation offers support via yield.

Positive Factors

Multi-year revenue growthThe company has expanded revenue substantially over several years, demonstrating established demand for its restaurant and beverage concepts. Continued, albeit modest, growth in 2024–2025 supports the durability of its operating platform and provides a base for future scale.

Negative Factors

Sustained margin compressionThe sharp decline in net margin shows that revenue growth is translating into less profit for each dollar of sales. Because gross margin stayed broadly stable, pressure appears concentrated in labor, rent, and other operating expenses, making profitability recovery important to durable earnings strength.

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

Solid revenue growth offset by margin compression, rising debt over 3 billion with debt-to-equity above 1.2, and volatile low free cash flow.

Income Statement

65Positive

Balance Sheet

45Neutral

Cash Flow

50Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2729 against its peers
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	54Neutral	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

TW:2729 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2729	TTFB Co. Ltd.	146.00	-26.80	-15.51%
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	-0.73	-5.76%
TW:4205	Chung Hwa Food Industrial Co., Ltd.	64.50	-16.52	-20.39%
TW:9943	Holiday Entertainment Co., Ltd.	49.35	-7.50	-13.19%

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

TTFB Co. Ltd. AI Stock Analysis