PAPAGO Inc. (3632) AI Stock Analysis

PAPAGO Inc.

(TPEx:3632)

Select Model

Rating:45Neutral

Price Target:TWD 11.50▲(5.02% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by declining revenue, persistent losses, and weak technical trends. Improved cash flow and manageable balance-sheet leverage provide limited support, while the negative P/E and absent dividend yield further weaken the investment profile.

Positive Factors

Improved Balance SheetDeleveraging from 2020 levels and maintaining positive equity provide greater resilience than the company previously had. This improves financial flexibility and reduces balance-sheet stress, supporting continued operations while management works to restore sustainable profitability.

Negative Factors

Revenue Contraction and Renewed LossesShrinking revenue combined with renewed net and operating losses signals weakened demand or operating leverage and reduces confidence in near-term earnings durability. Continued contraction could make fixed costs harder to absorb and limit the company’s ability to reinvest in growth.

PAPAGO Inc. (3632) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 136.71M
Dividend Yield: ―
Average Volume (3M): 15.71K
Price to Earnings (P/E): -14.5
Beta (1Y): 0.18
Revenue Growth: -8.69%
EPS Growth: 52.53%
Country: TW
Employees: 176
Sector: General
Sector Strength: 55
Industry: Software - Application

PAPAGO Inc. Business Overview & Revenue Model

Company Description

Papago Inc., headquartered in Taipei, Taiwan, is a company with a global presence that specializes in creating and distributing both software and hardware for satellite navigation systems. Its comprehensive product offerings include advanced facial r...

PAPAGO Inc. Financial Statement Overview

Summary

Fundamentals are weak overall: revenue declined sharply and net losses widened. Positive operating and free cash flow, plus manageable but rising leverage, provide partial support.

Income Statement

32Negative

Balance Sheet

58Neutral

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	283.23M	264.91M	371.64M	393.41M	379.05M	351.46M
Gross Profit	158.36M	146.34M	214.79M	230.21M	186.13M	94.18M
EBITDA	12.16M	7.39M	10.33M	27.83M	17.03M	18.17M
Net Income	-8.19M	-15.59M	-11.98M	4.43M	2.88M	-28.91M
Balance Sheet
Total Assets	343.24M	324.74M	328.82M	377.59M	386.40M	422.20M
Cash, Cash Equivalents and Short-Term Investments	8.04M	28.07M	19.29M	69.65M	75.15M	72.89M
Total Debt	150.11M	116.55M	105.60M	123.29M	136.35M	144.39M
Total Liabilities	215.85M	190.40M	179.61M	204.56M	217.99M	248.15M
Stockholders Equity	115.78M	119.94M	135.48M	148.00M	146.03M	142.35M
Cash Flow
Free Cash Flow	-16.47M	10.68M	-5.74M	24.41M	-12.01M	-36.95M
Operating Cash Flow	-10.18M	18.34M	1.86M	28.28M	-5.50M	-29.89M
Investing Cash Flow	-11.91M	-7.94M	-39.13M	45.00K	769.00K	280.74M
Financing Cash Flow	6.56M	-5.48M	-13.77M	-33.87M	6.97M	-267.22M

PAPAGO Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3632 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3632	45Neutral	TWD 264.00M	-14.50	―	―	-8.69%	52.53%
TW:6103	44Neutral	TWD 417.67M	-13478.26	―	0.61%	-4.14%	-100.17%
TW:6512	43Neutral	TWD 503.94M	-10.00	―	―	-51.46%	-136.41%

* General Sector Average

Performance Comparison

TW:3632 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3632	PAPAGO Inc.	10.95	-6.89	-38.63%
TW:5248	Pixon Technologies Corporation	19.10	-4.00	-17.32%
TW:6103	Avid Electronics Corp.	31.95	-6.70	-17.34%
TW:6512	GoMax Electronics, Inc.	19.90	-0.75	-3.63%
TW:6565	ThroughTek Co., Ltd.	14.50	-6.15	-29.78%
TW:7558	Bryton, Inc.	17.50	7.65	77.68%

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

PAPAGO Inc. AI Stock Analysis