ASRock Incorporation AI Stock Analysis
ASRock Incorporation (3515) AI Stock Analysis
ASRock Incorporation
(TWSE:3515)
ASRock scores moderately above average. Its greatest strengths are a fortress balance sheet with virtually no debt, 15.7% ROE, and rapid revenue and earnings expansion driven by server/AI-related demand, complemented by an attractive valuation at 13.3x earnings and a 5.5% dividend yield. These positives are tempered by declining margins, uneven cash conversion (operating cash flow below net income) and the inherent cyclicality of the hardware business. The main drag is technical: the share price sits below all key moving averages with negative MACD momentum, suggesting the market is currently discounting the growth story and that near-term price weakness may persist.
ASRock Incorporation (3515) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 25.26B
- Dividend Yield
- 5.41%
- Average Volume (3M)
- 577.38K
- Price to Earnings (P/E)
- 13.1
- Beta (1Y)
- 0.90
- Revenue Growth
- 24.91%
- EPS Growth
- 21.20%
- Country
- TW
- Employees
- 600
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
ASRock Incorporation Business Overview & Revenue Model
Company Description
ASROCK Incorporation, a Taiwan-based enterprise, is a key player in the production and sale of motherboards. The company's comprehensive product range also includes graphics cards, various networking solutions, compact and industrial personal compute...
ASRock Incorporation Financial Statement Overview
Summary
A strong balance sheet (84) anchors the score: ASRock is effectively debt-free (debt/equity ~0.005), equity has compounded to NT$12.0bn, and ROE improved to 15.7%. The income statement (70) shows explosive growth — revenue nearly doubled to NT$47.8bn in 2025 and net income rose 46% — but margin quality is deteriorating, with net margin compressing to 3.9% and operating margin to 5.9%, indicating growth is being bought at thinner per-unit economics in a cyclical hardware business. Cash flow (62) is the weakest link: free cash flow recovered to a positive NT$1.07bn after a negative 2024, yet operating cash flow covered only about two-thirds of net income as working capital absorbs the revenue surge.
Income Statement
70PositiveBalance Sheet
84Very PositiveCash Flow
62Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.83B | 47.84B | 25.65B | 18.99B | 17.12B | 19.76B |
| Gross Profit | 42.17B | 41.36B | 4.87B | 3.83B | 3.70B | 5.56B |
| EBITDA | 3.50B | 3.04B | 2.14B | 1.41B | 1.57B | 3.16B |
| Net Income | 1.91B | 1.89B | 1.29B | 919.04M | 1.07B | 2.38B |
Balance Sheet | ||||||
| Total Assets | 31.68B | 27.13B | 19.64B | 14.38B | 14.77B | 15.89B |
| Cash, Cash Equivalents and Short-Term Investments | 4.79B | 7.73B | 4.76B | 4.92B | 3.93B | 3.49B |
| Total Debt | 1.52B | 63.16M | 477.47M | 142.11M | 696.77M | 91.02M |
| Total Liabilities | 16.60B | 12.03B | 9.28B | 5.49B | 5.87B | 7.11B |
| Stockholders Equity | 11.62B | 11.99B | 9.30B | 8.12B | 8.19B | 8.27B |
Cash Flow | ||||||
| Free Cash Flow | -4.81B | 1.07B | -294.75M | 2.59B | 1.04B | 971.19M |
| Operating Cash Flow | -4.67B | 1.27B | 922.43M | 2.64B | 1.14B | 1.02B |
| Investing Cash Flow | -212.87M | -499.06M | -406.63M | -1.50B | 868.78M | -516.84M |
| Financing Cash Flow | 3.70B | 1.95B | -264.77M | -1.68B | -1.03B | -953.23M |
ASRock Incorporation Peers Comparison
Overall Rating
- TW:351567Neutral
TW:369358.5Neutral
TW:616656Neutral
TW:657956Neutral
TW:236254Neutral
TW:238854Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3515 | 67Neutral | TWD 25.14B | 13.11 | ― | 5.41% | 24.91% | 21.20% |
| TW:3693 | 59Neutral | TWD 26.65B | 42.76 | ― | 1.29% | -20.76% | -34.98% |
| TW:6166 | 56Neutral | TWD 19.80B | 17.67 | ― | 1.32% | 31.89% | 141.45% |
| TW:6579 | 56Neutral | TWD 22.88B | 13.42 | ― | 2.78% | 27.97% | 109.74% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2362 | 54Neutral | TWD 23.62B | 6.85 | ― | 4.81% | -0.99% | 91.52% |
| TW:2388 | 54Neutral | TWD 31.52B | 33.10 | ― | 0.09% | -2.83% | 4352.20% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3515 | ASRock Incorporation | 203.50 | -66.67 | -24.68% | |
| TW:2362 | Clevo Co. | 41.60 | 1.04 | 2.56% | |
| TW:2388 | VIA Technologies, Inc. | 56.70 | 4.93 | 9.53% | |
| TW:3693 | AIC, Inc. | 620.00 | 285.38 | 85.29% | |
| TW:6166 | Adlink Technology Inc. | 90.90 | 33.32 | 57.85% | |
| TW:6579 | AAEON Technology Inc. | 135.00 | 19.19 | 16.57% |
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