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Thermaltake Technology Co., Ltd. (3540) AI Stock Analysis

TW:3540

Thermaltake Technology Co., Ltd.

(TPEx:3540)

Select Model
Rating:45Neutral
Price Target:TWD 20.00â–¼(-4.99% Downside)
Action:initiatedcoverage
Date:11/10/26

The score is primarily constrained by weak cash generation, increased leverage, and low profitability. Technical momentum is also unfavorable, while the moderate P/E and modest dividend yield offer only limited support.

Positive Factors
Revenue RecoveryThe 2025 revenue rebound shows the company can regain demand after a weaker year, supporting business resilience over the next several quarters. Continued recovery would improve operating leverage, reinforce channel presence, and provide a foundation for rebuilding earnings.
Negative Factors
Volatile Cash GenerationRepeated operating cash flow weakness and negative free cash flow show that reported earnings have not consistently converted into liquidity. This can constrain internal funding for product development and working capital, while increasing dependence on external financing if cash demands persist.

Thermaltake Technology Co., Ltd. (3540) vs. SPDR S&P 500 ETF (SPY)

-40%-30%-20%-10%0%10%20%TW:3540-30.36%SPY+10.92%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 1.77B
Dividend Yield
1.22%
Average Volume (3M)
587.02K
Price to Earnings (P/E)
47.2
Beta (1Y)
1.00
Revenue Growth
-1.69%
EPS Growth
280.47%
Country
TW
Employees
400
Sector
General
Sector Strength
55
Industry
Computer Hardware

Thermaltake Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Thermaltake Technology Co., Ltd. is a global company that specializes in a diverse array of products spanning the entertainment, e-sports, technology, and lifestyle markets, serving customers both in Taiwan and internationally. The company's offering...

Thermaltake Technology Co., Ltd. Financial Statement Overview

Summary

Revenue recovered and the company returned to profitability, but thin margins, rising leverage, weak ROE, and negative free cash flow materially weaken financial quality.

Income Statement

58Neutral

Balance Sheet

48Neutral

Cash Flow

25Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue4.83B5.14B3.98B4.38B3.19B4.24B
Gross Profit1.30B1.62B1.19B1.36B972.70M1.45B
EBITDA297.21M324.00M134.62M344.63M226.25M427.62M
Net Income63.97M53.76M-97.65M100.34M30.72M217.18M
Balance Sheet
Total Assets5.63B5.73B5.21B4.63B4.31B4.15B
Cash, Cash Equivalents and Short-Term Investments796.70M738.96M728.56M716.48M1.14B827.19M
Total Debt2.64B2.83B2.63B1.94B1.94B1.62B
Total Liabilities3.71B3.98B3.44B2.81B2.57B2.47B
Stockholders Equity1.98B1.80B1.81B1.84B1.74B1.67B
Cash Flow
Free Cash Flow-151.73M-8.33M-366.28M-107.17M70.77M-503.91M
Operating Cash Flow-114.77M28.97M-334.51M-47.72M118.03M-468.99M
Investing Cash Flow-69.48M-58.72M-82.40M-89.03M-62.55M-47.77M
Financing Cash Flow136.76M57.62M385.98M-279.71M121.73M72.98M

Thermaltake Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:3540 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2432TW:243266NeutralTWD 1.70B10.70―6.18%57.95%51.30%
TW:3206TW:320656NeutralTWD 1.85B14.83―4.78%-0.47%1.25%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:3285TW:328553NeutralTWD 1.89B26.41―1.13%25.00%430.27%
TW:3540TW:354045NeutralTWD 1.74B47.23―1.22%-1.69%280.47%
TW:1587TW:158739UnderperformTWD 1.60B90.68―2.51%13.58%-152.92%
TW:8085TW:808532UnderperformTWD 1.73B-10.16――0.80%-102.86%

* General Sector Average

Performance Comparison

-50%0%50%TW:3540TW:1587TW:2432TW:3206TW:3285TW:8085Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:3540 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:3540Thermaltake Technology Co., Ltd.21.05-9.52-31.13%
TW:1587Cryomax Cooling System Corp.19.95-22.15-52.61%
TW:2432Acer Gadget Inc27.500.712.63%
TW:3206Kingstate Electronics Corp.31.40-0.49-1.53%
TW:3285Microtips Technology Inc.44.2017.1063.07%
TW:8085Forward Electronics Co., Ltd.12.35-5.80-31.96%
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 10, 2026