United Renewable Energy Co., Ltd. AI Stock Analysis
United Renewable Energy Co., Ltd. (3576) AI Stock Analysis
United Renewable Energy Co., Ltd.
(TWSE:3576)
The score is weighed down primarily by a high-risk financial profile: collapsing revenue, negative gross margins, persistent losses in five of the last six years, rising leverage above 1.0x equity, and a renewed cash burn that could require external funding if solar pricing stays depressed. Valuation offers little support, with an elevated P/E of 34 against loss-making operations and no dividend. The main offset is technical: the stock is trading above all key moving averages with neutral RSI and low volatility, suggesting stable near-term price support even as fundamental visibility remains poor.
United Renewable Energy Co., Ltd. (3576) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 27.65B
- Dividend Yield
- ―
- Average Volume (3M)
- 15.68M
- Price to Earnings (P/E)
- 26.6
- Beta (1Y)
- 0.33
- Revenue Growth
- -32.61%
- EPS Growth
- ―
- Country
- TW
- Employees
- 1,450
- Sector
- General
- Sector Strength
- 55
- Industry
- Solar
United Renewable Energy Co., Ltd. Business Overview & Revenue Model
Company Description
United Renewable Energy Co., Ltd. specializes in the research, development, production, and sale of photovoltaic cells, modules, and silicon wafers. Its global reach includes key markets such as Taiwan, India, Germany, and the United States. The comp...
United Renewable Energy Co., Ltd. Financial Statement Overview
Summary
Financials are under severe stress. Revenue has collapsed more than 80% from its 2022 peak to roughly NT$3.0 billion, and the company now sells at a negative gross margin (-22%) with an operating margin near -50% and a net loss of about NT$1.25 billion. The balance sheet is deteriorating as accumulated losses cut equity from NT$16.5 billion to NT$10.4 billion while debt of about NT$11.5 billion pushes debt-to-equity to 1.11x — nearly four times annual revenue. Cash flow has swung back to a burn, with roughly -NT$808 million from operations and -NT$1.49 billion free cash flow. Mitigating factors are a still-sizeable asset base, positive equity, narrowing losses versus 2020 and 2023 extremes, and proven profitability in the 2022 upcycle.
Income Statement
9Very NegativeBalance Sheet
28NegativeCash Flow
20Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.64B | 3.05B | 5.78B | 12.52B | 18.81B | 14.30B |
| Gross Profit | -767.31M | -663.75M | 638.01M | -1.77B | 2.14B | 728.82M |
| EBITDA | -913.76M | -633.63M | -197.83M | -2.11B | 2.55B | 252.19M |
| Net Income | 878.85M | -1.25B | -2.13B | -3.89B | 993.64M | -1.34B |
Balance Sheet | ||||||
| Total Assets | 24.18B | 24.05B | 27.63B | 28.74B | 34.23B | 31.22B |
| Cash, Cash Equivalents and Short-Term Investments | 6.11B | 5.78B | 7.65B | 6.85B | 5.54B | 6.36B |
| Total Debt | 5.38B | 11.48B | 12.25B | 12.24B | 13.28B | 9.82B |
| Total Liabilities | 11.25B | 13.63B | 16.31B | 15.63B | 17.13B | 15.38B |
| Stockholders Equity | 12.90B | 10.38B | 11.29B | 12.75B | 16.46B | 15.13B |
Cash Flow | ||||||
| Free Cash Flow | -716.43M | -1.49B | 178.84M | 2.41B | -3.68B | 650.29M |
| Operating Cash Flow | -382.69M | -808.09M | 1.53B | 4.43B | -960.46M | 1.34B |
| Investing Cash Flow | 3.12B | -160.06M | 935.61M | -2.91B | -1.79B | 32.36M |
| Financing Cash Flow | -3.16B | -820.72M | -246.20M | -1.66B | 2.16B | -950.34M |
United Renewable Energy Co., Ltd. Peers Comparison
Overall Rating
TW:617660Neutral
TW:802857Neutral
TW:242652Neutral
TW:371448Neutral
TW:160947Neutral- TW:357644Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6176 | 60Neutral | TWD 26.93B | 9.50 | ― | 9.91% | -11.20% | -42.48% |
| TW:8028 | 57Neutral | TWD 37.35B | 36.07 | ― | 1.30% | 24.28% | 51.82% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2426 | 52Neutral | TWD 24.74B | 129.15 | ― | 0.12% | 5.26% | ― |
| TW:3714 | 48Neutral | TWD 38.16B | -138.29 | ― | 5.97% | 4.37% | ― |
| TW:1609 | 47Neutral | TWD 25.02B | 12.21 | ― | 2.17% | 16.53% | 42.90% |
| TW:3576 | 44Neutral | TWD 28.22B | 26.59 | ― | ― | -32.61% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3576 | United Renewable Energy Co., Ltd. | 17.75 | 11.20 | 170.99% | |
| TW:1609 | Ta Ya Electric Wire & Cable Co., Ltd. | 32.20 | -8.94 | -21.73% | |
| TW:2426 | Tyntek Corporation | 82.40 | 66.47 | 417.26% | |
| TW:3714 | Ennostar Inc. | 96.15 | 39.16 | 68.71% | |
| TW:6176 | Radiant Opto-Electronics Corp. | 80.70 | -79.28 | -49.56% | |
| TW:8028 | Phoenix Silicon International Corp. | 207.50 | 47.93 | 30.04% |
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