Ezfly International Travel Agent Co., Ltd. (2734) AI Stock Analysis

Ezfly International Travel Agent Co., Ltd.

(TPEx:2734)

Select Model

Rating:48Neutral

Price Target:TWD 13.00▼(-6.81% Downside)

Action:initiatedcoverage

Date:11/09/26

Ezfly scores below average, driven mainly by weak profitability: the company swung to an NT$81 million net loss in FY2025 despite improving gross margins, and it has been unprofitable in four of the last six years with revenue still well short of 2023 levels. This is partly offset by a genuinely strong balance sheet — debt-to-equity of just 0.11 and nearly two-thirds equity funding — plus a sharp rebound in operating and free cash flow, which limits near-term financial risk. Technicals add pressure, with the stock trading below all major moving averages and a negative MACD confirming a sustained downtrend. Valuation offers no support, as the P/E is negative and no dividend is paid. The key question is whether margin gains and positive cash flow prove durable enough to restore operating profitability.

Positive Factors

Revenue RecoveryThe recovery and continued revenue growth indicate that Ezfly’s travel-agency offering is regaining demand and maintaining market activity. A larger revenue base can support operating leverage, strengthen customer relationships, and provide a foundation for improved earnings if execution remains consistent.

Negative Factors

Unstable ProfitabilityThe renewed net loss shows that revenue recovery has not translated reliably into bottom-line earnings. Weak operating profitability limits retained cash, reduces confidence in sustainable earnings power, and leaves results vulnerable to modest changes in demand, pricing, or operating costs.

Ezfly International Travel Agent Co., Ltd. (2734) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 775.87M
Dividend Yield: ―
Average Volume (3M): 50.98K
Price to Earnings (P/E): -17.2
Beta (1Y): 0.29
Revenue Growth: 32.47%
EPS Growth: 81.75%
Country: TW
Employees: 235
Sector: General
Sector Strength: 55
Industry: Travel Services

Ezfly International Travel Agent Co., Ltd. Business Overview & Revenue Model

Company Description

Ezfly International Travel Agent Co., Ltd., a company founded in 1988 and based in Taipei, Taiwan, functions as a leading online platform for travel reservations and ticketing within Taiwan. Through its digital channels, including the ezfly.com websi...

Ezfly International Travel Agent Co., Ltd. Financial Statement Overview

Summary

A mixed financial profile. The balance sheet is the clear strength (score 66): debt was slashed to about NT$72 million, debt-to-equity is a conservative 0.11, and roughly 63% of assets are equity-funded, leaving minimal solvency risk. Cash flow also improved markedly (score 60), with operating cash flow swinging to +NT$94 million and free cash flow to +NT$79 million, enough to fund the large debt paydown — though operating cash flow has been negative in three of the last six years and the 2025 gain may be working-capital driven. The income statement is the weak link (score 36): revenue of about NT$1.64 billion remains far below the 2023 peak, the company posted an operating loss of roughly NT$16 million despite gross margin improving to 12.8%, and the bottom line swung to an NT$81 million loss from a NT$43 million profit, with losses in four of the last six years.

Income Statement

36Negative

Balance Sheet

66Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.86B	1.64B	1.60B	2.15B	435.56M	198.26M
Gross Profit	265.14M	210.51M	167.61M	300.54M	97.69M	40.02M
EBITDA	13.72M	3.66M	69.82M	45.82M	-33.04M	-56.88M
Net Income	-44.88M	-81.42M	43.32M	23.87M	-47.42M	-71.84M
Balance Sheet
Total Assets	1.12B	1.03B	1.22B	1.16B	776.44M	547.36M
Cash, Cash Equivalents and Short-Term Investments	415.30M	397.54M	509.71M	456.82M	400.14M	274.61M
Total Debt	56.01M	71.83M	220.97M	265.35M	243.48M	242.74M
Total Liabilities	463.04M	378.98M	493.58M	746.10M	441.30M	295.51M
Stockholders Equity	654.06M	653.01M	727.01M	321.90M	289.96M	236.36M
Cash Flow
Free Cash Flow	55.33M	78.75M	-151.14M	43.51M	12.73M	-60.07M
Operating Cash Flow	102.64M	93.86M	-141.73M	57.82M	14.91M	-54.94M
Investing Cash Flow	-82.89M	-37.90M	-253.13M	-44.37M	-31.36M	1.56M
Financing Cash Flow	-26.86M	-164.59M	496.17M	57.07M	131.80M	160.08M

Ezfly International Travel Agent Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2734 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8077	64Neutral	TWD 886.61M	5.96	―	4.95%	3.19%	40.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3252	51Neutral	TWD 735.37M	-250.00	―	―	-6.31%	17.70%
TW:2734	48Neutral	TWD 770.14M	-17.24	―	―	32.47%	81.75%
TW:2736	39Underperform	TWD 786.93M	-6.39	―	―	13.62%	-10.62%
TW:4806	36Underperform	TWD 755.18M	-28.56	―	―	102.99%	-54.69%

* General Sector Average

Performance Comparison

TW:2734 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2734	Ezfly International Travel Agent Co., Ltd.	13.95	-5.95	-29.90%
TW:2736	HOYA Resort Hotel Group	9.86	-5.89	-37.40%
TW:3252	Haiwan International Development Co., Ltd.	14.65	-4.65	-24.09%
TW:4806	Kuei Tien Cultural & Creative Entertainment	11.10	-8.91	-44.53%
TW:8077	Green World Hotels Co., Ltd.	40.00	-3.47	-7.99%

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

Ezfly International Travel Agent Co., Ltd. AI Stock Analysis