Test Research, Inc. (3030) AI Stock Analysis

Test Research, Inc.

(TWSE:3030)

Select Model

Rating:73Outperform

Price Target:TWD 224.00▼(-4.07% Downside)

Action:initiatedcoverage

Date:11/09/26

Strong financial performance with minimal leverage and solid cash flows is the primary positive driver. Weak technical indicators from the price decline below moving averages temper the score, while reasonable valuation provides support.

Positive Factors

Strong ProfitabilityThe combination of high gross, operating, and net margins indicates strong economic performance and meaningful retained profit from revenue. If sustained, this profitability can fund product development, support resilience through normal industry cycles, and strengthen the company’s competitive position over the next several quarters.

Negative Factors

Revenue VolatilityThe uneven revenue history suggests that demand and operating results can fluctuate materially across business cycles. Even with strong margins, inconsistent top-line performance can make capacity planning and earnings visibility more difficult, limiting confidence that recent profitability will compound smoothly over time.

Test Research, Inc. (3030) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 53.98B
Dividend Yield: 3.00%
Average Volume (3M): 1.38M
Price to Earnings (P/E): 16.9
Beta (1Y): 1.23
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

Healthy financial profile with exceptionally strong balance sheet, minimal debt, recovering revenues, and robust cash generation.

Income Statement

81Very Positive

Balance Sheet

94Very Positive

Cash Flow

83Very Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3030 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3563	73Outperform	TWD 38.70B	33.89	―	2.09%	16.99%	26.72%
TW:3030	73Outperform	TWD 53.27B	16.86	―	3.00%	31.61%	40.48%
TW:2467	66Neutral	TWD 50.73B	26.03	―	1.71%	71.68%	144.03%
TW:3131	66Neutral	TWD 49.68B	29.86	―	2.61%	37.72%	73.19%
TW:3413	63Neutral	TWD 28.73B	12.54	―	4.21%	16.87%	-12.76%
TW:3583	59Neutral	TWD 40.40B	27.47	―	2.33%	7.90%	44.45%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:3030 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3030	Test Research, Inc.	233.50	86.26	58.59%
TW:2467	C Sun Mfg. Ltd.	322.50	152.61	89.83%
TW:3131	Grand Process Technology Corporation	1765.00	409.94	30.25%
TW:3413	Foxsemicon Integrated Technology Inc.	261.00	-33.35	-11.33%
TW:3563	MACHVISION, Inc.	623.00	179.19	40.38%
TW:3583	Scientech Corporation	505.00	192.41	61.55%

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

Test Research, Inc. AI Stock Analysis