FSP Technology Inc. (3015) AI Stock Analysis

FSP Technology Inc.

(TWSE:3015)

Select Model

Rating:55Neutral

Price Target:TWD 43.00▲(0.35% Upside)

Action:initiatedcoverage

Date:11/09/26

FSP Technology scores in the middle of the range. Its greatest strength is a fortress balance sheet with near-zero leverage and ample equity backing, supported by a return to positive free cash flow. This is offset by a materially weakened core business — multi-year revenue erosion with only a partial rebound, operating margin compressed to around 1%, and return on equity under 3%. Technicals are the biggest near-term drag, with the price trading below all major moving averages and negative MACD confirming a sustained downtrend, albeit at deeply oversold levels. Valuation provides some cushion via a 5.2% dividend yield and a moderate 16.9x P/E. The stock suits income-focused investors comfortable with cyclical risk, but a durable recovery in revenue and operating margins is needed before the earnings profile matches the quality of the balance sheet.

Positive Factors

Low leverageVery low leverage reduces financial stress and preserves borrowing capacity during a cyclical downturn. This gives FSP greater flexibility to maintain operations, fund essential investment, and withstand weaker demand without debt servicing becoming a major constraint.

Negative Factors

Multi-year revenue declineA revenue decline extending across several years points to persistent pressure on demand, pricing, or product mix rather than a temporary quarterly fluctuation. Continued contraction can reduce scale benefits, weaken customer momentum, and make earnings recovery more difficult.

FSP Technology Inc. (3015) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.04B
Dividend Yield: 5.13%
Average Volume (3M): 335.03K
Price to Earnings (P/E): 16.9
Beta (1Y): 0.94
Revenue Growth: -5.43%
EPS Growth: 17.09%
Country: TW
Employees: 778
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

FSP Technology Inc. Business Overview & Revenue Model

Company Description

FSP Technology Inc. is a global enterprise specializing in the production and distribution of power supply solutions and various electronic components, operating both in Taiwan and worldwide. Their diverse product portfolio encompasses a wide array o...

FSP Technology Inc. Financial Statement Overview

Summary

A very strong balance sheet (score 73) anchors the profile: debt-to-equity of just 5%, equity funding ~65% of the NT$19.2bn asset base, and minimal leverage risk. However, the earnings engine is weak (income statement score 43) — revenue slid from NT$16.7bn in 2021 to NT$11.6bn in 2024 before a partial rebound to NT$13.1bn, gross margin eased to 16.4%, and operating margin collapsed to roughly 1.2% from 6.1% in 2023, with net profit of NT$348m increasingly reliant on non-core items. Cash flow (score 55) improved, with operating cash flow up to NT$597m and free cash flow back in positive territory at NT$261m, but conversion of only ~44% of net income and a history of negative free cash flow in two of five years show inconsistency. Also notable: equity fell ~19% year over year and return on equity is a modest 2.8%. Net result: financially safe, but under-earning on a large capital base.

Income Statement

43Neutral

Balance Sheet

73Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.62B	13.06B	11.60B	13.18B	14.94B	16.65B
Gross Profit	2.09B	2.14B	2.02B	2.41B	2.31B	2.43B
EBITDA	760.21M	590.60M	938.75M	1.19B	1.34B	1.32B
Net Income	475.35M	348.07M	404.56M	599.24M	722.44M	754.08M
Balance Sheet
Total Assets	21.78B	19.15B	22.02B	20.42B	20.20B	21.18B
Cash, Cash Equivalents and Short-Term Investments	4.11B	4.43B	4.86B	4.92B	4.26B	3.32B
Total Debt	611.29M	630.79M	759.25M	582.62M	760.40M	944.86M
Total Liabilities	6.32B	6.20B	6.16B	5.75B	6.49B	7.63B
Stockholders Equity	15.01B	12.53B	15.45B	14.27B	13.32B	13.21B
Cash Flow
Free Cash Flow	11.96M	260.52M	-63.25M	940.29M	1.26B	-194.32M
Operating Cash Flow	617.59M	596.81M	422.41M	1.14B	1.39B	31.32M
Investing Cash Flow	-469.86M	-144.52M	66.53M	441.35M	365.86M	344.52M
Financing Cash Flow	-757.98M	-820.09M	-902.34M	-1.01B	-884.37M	-607.67M

FSP Technology Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3015 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2420	70Outperform	TWD 7.68B	10.41	―	5.96%	5.40%	31.54%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3015	55Neutral	TWD 8.02B	16.87	―	5.13%	-5.43%	17.09%
TW:8234	43Neutral	TWD 7.22B	79.36	―	0.78%	4.36%	-21.02%
TW:2457	43Neutral	TWD 7.73B	-17.50	―	―	-12.04%	-42.72%
TW:8163	41Neutral	TWD 7.03B	28.48	―	1.99%	7.26%	-0.41%
TW:3032	39Underperform	TWD 7.51B	-21.21	―	4.11%	41.24%	-89.74%

* General Sector Average

Performance Comparison

TW:3015 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3015	FSP Technology Inc.	42.85	-10.92	-20.31%
TW:2420	Zippy Technology Corp	50.30	1.63	3.35%
TW:2457	Phihong Technology Co., Ltd.	18.20	-13.35	-42.31%
TW:3032	Compucase Enterprise Co., Ltd.	66.30	-24.20	-26.74%
TW:8163	Darfon Electronics Corp	25.10	-7.57	-23.17%
TW:8234	Nexcom International Co., Ltd.	51.10	-23.24	-31.26%

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

FSP Technology Inc. AI Stock Analysis