Userjoy Technology Co., Ltd. (3546) AI Stock Analysis

Userjoy Technology Co., Ltd.

(TPEx:3546)

Select Model

Rating:53Neutral

Price Target:TWD 72.00▼(-2.96% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a significant deterioration in profitability, with net margins falling sharply despite historically high gross margins. This earnings risk is the primary concern. Technicals reinforce the negative outlook, with the stock trading below all major moving averages and exhibiting weak momentum. Positively, the valuation is not stretched, and the dividend yield offers some support, but these factors are secondary to the fundamental earnings pressure.

Positive Factors

Moderate leverage and financial flexibilityModerate leverage and a sizable equity base provide Userjoy with financial flexibility relative to its obligations. This supports resilience through operating volatility and preserves capacity to fund products, technology, or other strategic priorities over the next several quarters.

Negative Factors

Material margin and earnings deteriorationThe steep decline in net income and net margin shows that the business is currently converting revenue into earnings much less effectively. Persistent compression would weaken reinvestment capacity, reduce returns on equity, and make future profitability more sensitive to cost or demand changes.

Userjoy Technology Co., Ltd. (3546) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.54B
Dividend Yield: 2.72%
Average Volume (3M): 125.21K
Price to Earnings (P/E): 15.4
Beta (1Y): 0.09
Revenue Growth: 29.99%
EPS Growth: 67.81%
Country: TW
Employees: 436
Sector: General
Sector Strength: 55
Industry: Electronic Gaming & Multimedia

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

Company Description

USERJOY Technology Co., Ltd. focuses on the creation, development, and global sale of interactive entertainment software for online and mobile platforms, both within Taiwan and across international markets. The company's diverse game offerings includ...

Userjoy Technology Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed. Exceptional gross margins above 89% indicate strong pricing power, but a sharp drop in net margin to 8% and rising debt levels signal increasing risk. Cash flow has recovered well, but earnings volatility and declining profitability weigh on the score.

Income Statement

45Neutral

Balance Sheet

65Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.72B	1.42B	1.39B	1.37B	1.58B	1.70B
Gross Profit	1.50B	1.27B	1.36B	1.30B	1.47B	1.62B
EBITDA	406.71M	214.57M	400.60M	325.75M	395.41M	407.53M
Net Income	293.05M	115.07M	294.32M	214.46M	323.65M	289.76M
Balance Sheet
Total Assets	2.52B	2.43B	2.36B	1.96B	1.92B	1.92B
Cash, Cash Equivalents and Short-Term Investments	1.29B	1.25B	1.37B	1.34B	1.52B	1.40B
Total Debt	349.37M	353.24M	380.98M	8.42M	9.42M	11.10M
Total Liabilities	941.22M	909.33M	727.72M	423.23M	404.33M	464.73M
Stockholders Equity	1.57B	1.52B	1.63B	1.54B	1.51B	1.46B
Cash Flow
Free Cash Flow	186.72M	200.17M	-166.41M	183.21M	351.07M	315.07M
Operating Cash Flow	389.69M	275.11M	252.28M	212.64M	388.96M	354.97M
Investing Cash Flow	-152.97M	136.34M	-395.90M	9.23M	-365.46M	5.98M
Financing Cash Flow	-251.22M	-237.05M	149.06M	-276.80M	-252.26M	-225.20M

Userjoy Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3546 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:7738	77Outperform	TWD 4.36B	12.34	―	6.27%	―	―
TW:6486	67Neutral	TWD 4.17B	9.34	―	7.24%	71.13%	74.02%
TW:5203	66Neutral	TWD 3.85B	17.32	―	7.26%	-1.72%	-18.77%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6902	54Neutral	TWD 4.55B	27.07	―	―	25.77%	―
TW:3546	53Neutral	TWD 4.51B	15.44	―	2.72%	29.99%	67.81%
TW:8044	29Underperform	TWD 4.35B	-5.98	―	―	4.49%	19.29%

* General Sector Average

Performance Comparison

TW:3546 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3546	Userjoy Technology Co., Ltd.	74.20	5.51	8.01%
TW:5203	Cyberlink Corp.	51.20	-43.66	-46.03%
TW:6486	Interactive Digital Technologies Inc	82.70	13.09	18.81%
TW:6902	Gogolook Co., Ltd.	124.00	52.90	74.40%
TW:7738	Eastern Union Interactive Corp.	156.00	-32.10	-17.07%
TW:8044	PChome Online, Inc.	22.65	-7.50	-24.88%

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

Userjoy Technology Co., Ltd. AI Stock Analysis