Good Way Technology Co., Ltd. (3272) AI Stock Analysis

Good Way Technology Co., Ltd.

(TPEx:3272)

Select Model

Rating:39Underperform

Price Target:$11.00▲(0.00% Upside)

Action:initiatedcoverage

Date:11/09/26

Good Way Technology scores at the low end of the range, driven primarily by a deteriorating financial profile: shrinking revenue, a third consecutive annual loss with negative operating and EBITDA margins, equity down 38% in a year, leverage up to 2.52x, and a second straight year of negative free cash flow. Technicals reinforce the caution, with the price below all major moving averages and negative MACD, though extremely oversold RSI and Stochastic readings hint at scope for a short-term bounce. Valuation provides no support given negative earnings and no dividend. A sustained recovery in gross margin and a return to positive cash generation would be needed before the outlook improves.

Positive Factors

Historical ProfitabilityEarlier profitability shows the business has demonstrated an ability to generate earnings under favorable operating conditions. That history provides a foundation for a potential recovery if revenue and margins stabilize, although recent losses indicate the capability is not currently being sustained.

Negative Factors

Profitability and Revenue DeclineA multi-year shift from profits to sizable losses indicates that the current business model is not sustaining prior earnings power. Contracting revenue, negative operating profitability, and a -15.7% net margin also reduce internal funding capacity and make a durable recovery dependent on reversing both demand and margin pressure.

Good Way Technology Co., Ltd. (3272) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 670.90M
Dividend Yield: ―
Average Volume (3M): 58.75K
Price to Earnings (P/E): -1.3
Beta (1Y): 0.76
Revenue Growth: -11.96%
EPS Growth: -68.38%
Country: TW
Employees: 379
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Good Way Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Globally, Good Way Technology Co., Ltd. specializes in the design, production, and distribution of USB and personal computer peripheral devices. Its extensive product portfolio features various docking stations, such as cutting-edge USB4, Thunderbolt...

Good Way Technology Co., Ltd. Financial Statement Overview

Summary

All three statements point to severe stress. Revenue has more than halved since 2022 to NT$2.94 billion, and 2025 brought the largest loss yet (NT$461.8 million, a -15.7% net margin) with gross margin thinning to 8.1% and even EBITDA negative. Shareholders' equity fell 38% to NT$966 million while debt rose to NT$2.44 billion, lifting debt-to-equity to 2.52x from 1.35x and leaving equity funding only ~21% of assets. Cash flow offers little relief: operating cash flow was -NT$37.9 million and free cash flow -NT$328.1 million, a second straight year of cash burn likely funded by debt. The slight 2025 revenue uptick, narrower operating cash outflow and still-sizeable asset base are modest offsets against clear solvency and refinancing risk.

Income Statement

12Very Negative

Balance Sheet

23Negative

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.77B	2.94B	2.78B	3.03B	6.80B	4.68B
Gross Profit	147.13M	238.97M	312.00M	70.59M	816.78M	471.01M
EBITDA	-326.66M	-255.45M	-10.73M	-202.72M	479.63M	208.66M
Net Income	-582.35M	-461.80M	-192.69M	-372.88M	225.20M	31.66M
Balance Sheet
Total Assets	4.66B	4.64B	4.82B	4.22B	6.42B	5.44B
Cash, Cash Equivalents and Short-Term Investments	644.51M	576.07M	935.22M	994.27M	550.37M	319.50M
Total Debt	2.70B	2.44B	2.10B	1.73B	1.97B	1.52B
Total Liabilities	3.78B	3.67B	3.27B	2.66B	4.40B	3.58B
Stockholders Equity	882.91M	966.19M	1.55B	1.56B	2.02B	1.85B
Cash Flow
Free Cash Flow	-495.06M	-328.08M	-457.01M	905.29M	-130.46M	-858.37M
Operating Cash Flow	-411.35M	-37.87M	-129.17M	926.75M	-3.49M	-179.29M
Investing Cash Flow	89.82M	-393.25M	-542.03M	-76.07M	-134.93M	-755.49M
Financing Cash Flow	158.47M	215.66M	333.90M	-361.12M	354.16M	572.81M

Good Way Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3272 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4554	63Neutral	TWD 750.86M	8.90	―	2.00%	17.49%	245.73%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8107	46Neutral	TWD 832.50M	8.79	―	9.01%	-27.02%	294.03%
TW:3272	39Underperform	TWD 691.22M	-1.27	―	―	-11.96%	-68.38%
TW:6109	38Underperform	TWD 800.09M	-10.86	―	―	19.88%	48.32%
TW:2064	32Underperform	TWD 766.23M	562.50	―	―	8.38%	―

* General Sector Average

Performance Comparison

TW:3272 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3272	Good Way Technology Co., Ltd.	11.00	-9.90	-47.37%
TW:2064	Camellia Metal Co., Ltd.	11.25	-1.25	-10.00%
TW:2245	Nww Manufacturing Co. Ltd.	22.90	-2.44	-9.64%
TW:4554	Orange Electronic Co Ltd	25.00	-1.93	-7.17%
TW:6109	Atech OEM Inc.	8.96	-3.17	-26.12%
TW:8107	Tayih Kenmos Auto Parts Co., Ltd.	11.10	-3.35	-23.18%

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

Good Way Technology Co., Ltd. AI Stock Analysis