AIC, Inc. AI Stock Analysis
AIC, Inc. (3693) AI Stock Analysis
AIC, Inc.
(TPEx:3693)
AIC earns a middling score. Its greatest strength is financial resilience: minimal debt, a rapidly built equity base, and free cash flow that nearly doubled to NT$1.12B with cash conversion well ahead of reported profit. That is tempered by a deteriorating income statement — revenue down for a second straight year and margins compressing, dragging return on equity to 12.8%. Technicals are the main drag, with the stock trading below all major moving averages and negative MACD momentum, though oversold RSI and stochastic readings indicate the selling is already extended. Valuation adds further caution, as a P/E near 37 prices in a growth recovery that has yet to materialize, with only a 1.56% yield as compensation. Stabilization in revenue and gross margin would be the key catalyst for an improved score.
AIC, Inc. (3693) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 29.32B
- Dividend Yield
- 1.29%
- Average Volume (3M)
- 1.78M
- Price to Earnings (P/E)
- 42.8
- Beta (1Y)
- 1.31
- Revenue Growth
- -20.76%
- EPS Growth
- -34.98%
- Country
- TW
- Employees
- 280
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
AIC, Inc. Business Overview & Revenue Model
Company Description
Headquartered in Taoyuan City, Taiwan, AIC Inc. is a global technology provider that specializes in server and storage solutions, serving clients across the United States, Asia, and Europe. The company offers a comprehensive range of products, includ...
AIC, Inc. Financial Statement Overview
Summary
A strong balance sheet (83) and solid cash generation (79) outweigh a softening income statement (62). Equity has more than tripled since 2020 to NT$5.21B and funds roughly two-thirds of assets, while debt-to-equity of just 0.09 leaves ample flexibility. Free cash flow nearly doubled to NT$1.12B and operating cash flow covered net income about 2.5x, pointing to high-quality earnings conversion. Offsetting this, revenue has now declined two years running to NT$7.52B, gross margin eased to 27.1%, net margin to 8.9%, and return on equity slipped to 12.8% from 21.5%, suggesting pricing and mix pressure in a cyclical hardware market.
Income Statement
62PositiveBalance Sheet
83Very PositiveCash Flow
79Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.31B | 7.52B | 8.54B | 8.79B | 5.51B | 3.46B |
| Gross Profit | 1.89B | 2.03B | 2.70B | 2.49B | 1.48B | 761.82M |
| EBITDA | 838.01M | 1.07B | 1.57B | 1.40B | 760.10M | 282.10M |
| Net Income | 651.03M | 666.18M | 1.09B | 927.76M | 455.39M | 118.43M |
Balance Sheet | ||||||
| Total Assets | 10.04B | 7.74B | 8.04B | 6.89B | 5.11B | 3.16B |
| Cash, Cash Equivalents and Short-Term Investments | 1.76B | 2.55B | 2.02B | 1.62B | 600.85M | 268.38M |
| Total Debt | 470.84M | 481.70M | 257.81M | 1.43B | 1.07B | 488.65M |
| Total Liabilities | 4.71B | 2.47B | 3.00B | 4.07B | 2.99B | 1.46B |
| Stockholders Equity | 5.25B | 5.21B | 5.04B | 2.82B | 2.12B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 174.49M | 1.12B | 434.95M | 983.50M | -117.32M | -161.03M |
| Operating Cash Flow | 1.05B | 1.67B | 757.63M | 1.77B | -56.46M | -78.65M |
| Investing Cash Flow | -866.99M | -493.15M | -303.77M | -772.83M | -44.20M | -80.33M |
| Financing Cash Flow | -523.21M | -611.94M | -97.41M | 27.90M | 402.72M | -117.50M |
AIC, Inc. Peers Comparison
Overall Rating
TW:361773Outperform
TW:620673Outperform
TW:351567Neutral- TW:369358.5Neutral
TW:616656Neutral
TW:657956Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3617 | 73Outperform | TWD 24.35B | 11.88 | ― | 3.87% | 4.07% | 17.47% |
| TW:6206 | 73Outperform | TWD 16.31B | 12.64 | ― | 4.82% | 11.63% | 24.44% |
| 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% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3693 | AIC, Inc. | 620.00 | 285.38 | 85.29% | |
| TW:3515 | ASRock Incorporation | 203.50 | -66.67 | -24.68% | |
| TW:3617 | CyberPower Systems, Inc. | 257.00 | 54.96 | 27.20% | |
| TW:6166 | Adlink Technology Inc. | 90.90 | 33.32 | 57.85% | |
| TW:6206 | Flytech Technology Co. Ltd. | 114.00 | 17.61 | 18.27% | |
| 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