Test Research, Inc. AI Stock Analysis
Test Research, Inc. (3030) AI Stock Analysis
Test Research, Inc.
(TWSE:3030)
Test Research earns an above-average score driven primarily by exceptional financial quality: record revenue and profits, high-50s gross margins, a virtually debt-free balance sheet, rising ROE and expanding free cash flow. Valuation adds support, with a modest 14.6x P/E and a 3.48% dividend yield. The main drag is the technical picture — the share price sits well below all key moving averages with a deeply negative MACD, reflecting strong recent selling pressure, though momentum readings are now at oversold extremes. Investors should also note the company's demonstrated cyclicality, as seen in the 2023 revenue and earnings contraction, and cash conversion that currently trails reported profits.
Test Research, Inc. (3030) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 53.98B
- Dividend Yield
- 3.10%
- Average Volume (3M)
- 1.39M
- Price to Earnings (P/E)
- 16.6
- Beta (1Y)
- 1.24
- Revenue Growth
- 31.61%
- EPS Growth
- 40.48%
- Country
- TW
- Employees
- 790
- Sector
- General
- Sector Strength
- 55
- Industry
- Industrial - Machinery
Test Research, Inc. Business Overview & Revenue Model
Company Description
Test Research, Inc. (TRI) is a global enterprise that designs, engineers, manufactures, services, and distributes automated inspection and testing machinery. Its operations span across Asia, the Americas, Europe, and other international markets. The...
Test Research, Inc. Financial Statement Overview
Summary
Outstanding fundamentals. Revenue hit a record NT$8.47 billion in 2025 (+33% after a 43% rebound in 2024), with gross margin near 58%, operating margin of 35.3% and net margin of 29.3%. Net income more than doubled in two years to NT$2.48 billion, while the balance sheet is effectively debt-free (debt/equity under 1%) with equity funding 79% of assets and ROE of 25.8%. Free cash flow nearly doubled to NT$1.43 billion on light capex. Offsets are clear cyclicality — revenue fell 34% in the 2023 downturn — and cash conversion below 1x net income as working capital builds to support rapid growth.
Income Statement
86Very PositiveBalance Sheet
93Very PositiveCash Flow
74Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.54B | 8.47B | 6.36B | 4.44B | 6.71B | 5.61B |
| Gross Profit | 5.64B | 4.94B | 3.78B | 2.63B | 3.85B | 3.05B |
| EBITDA | 3.91B | 3.19B | 2.38B | 1.40B | 2.60B | 1.70B |
| Net Income | 3.12B | 2.48B | 1.84B | 1.00B | 1.92B | 1.19B |
Balance Sheet | ||||||
| Total Assets | 14.81B | 12.16B | 10.14B | 8.91B | 9.17B | 8.01B |
| Cash, Cash Equivalents and Short-Term Investments | 2.42B | 1.58B | 1.32B | 1.35B | 1.43B | 1.42B |
| Total Debt | 67.22M | 68.18M | 46.71M | 66.69M | 62.36M | 87.19M |
| Total Liabilities | 5.08B | 2.55B | 1.86B | 1.72B | 1.91B | 1.91B |
| Stockholders Equity | 9.73B | 9.60B | 8.28B | 7.19B | 7.27B | 6.10B |
Cash Flow | ||||||
| Free Cash Flow | 1.46B | 1.43B | 770.64M | 1.00B | 787.28M | 436.28M |
| Operating Cash Flow | 1.72B | 1.72B | 1.16B | 1.88B | 1.47B | 591.41M |
| Investing Cash Flow | -153.38M | -96.94M | -369.93M | -1.06B | -754.49M | -108.46M |
| Financing Cash Flow | -1.21B | -1.20B | -814.70M | -1.10B | -813.90M | -806.65M |
Test Research, Inc. Peers Comparison
Overall Rating
TW:356373Outperform- TW:303071Outperform
TW:246766Neutral
TW:313166Neutral
TW:341363Neutral
TW:358359Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3563 | 73Outperform | TWD 38.70B | 32.65 | ― | 2.15% | 16.99% | 26.72% |
| TW:3030 | 71Outperform | TWD 53.27B | 16.57 | ― | 3.10% | 31.61% | 40.48% |
| TW:2467 | 66Neutral | TWD 50.73B | 25.46 | ― | 1.74% | 71.68% | 144.03% |
| TW:3131 | 66Neutral | TWD 49.68B | 28.86 | ― | 2.70% | 37.72% | 73.19% |
| TW:3413 | 63Neutral | TWD 28.73B | 12.62 | ― | 4.24% | 16.87% | -12.76% |
| TW:3583 | 59Neutral | TWD 40.40B | 28.85 | ― | 2.41% | 7.90% | 44.45% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3030 | Test Research, Inc. | 225.50 | 76.31 | 51.14% | |
| TW:2467 | C Sun Mfg. Ltd. | 315.50 | 141.16 | 80.96% | |
| TW:3131 | Grand Process Technology Corporation | 1705.00 | 325.39 | 23.59% | |
| TW:3413 | Foxsemicon Integrated Technology Inc. | 259.00 | -43.10 | -14.27% | |
| TW:3563 | MACHVISION, Inc. | 605.00 | 156.78 | 34.98% | |
| TW:3583 | Scientech Corporation | 486.50 | 164.99 | 51.32% |
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