AIC, Inc. (3693) AI Stock Analysis

AIC, Inc.

(TPEx:3693)

Select Model

Rating:53Neutral

Price Target:TWD 521.00▼(-24.16% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is weighed down significantly by extremely poor technical momentum and a high valuation that is unsupported by declining fundamentals. The stock is in a clear downtrend with bearish indicators. The company's primary strength is its rock-solid balance sheet and strong cash flow generation, which provide a financial buffer but are not enough to offset the near-term operational and market headwinds.

Positive Factors

Conservative balance sheetDebt-to-equity of about 0.09 and equity of roughly 5.2B against 7.7B of assets indicate a conservative capital structure. Lower leverage than 2022–2023 reduces balance-sheet risk and preserves flexibility to fund operations or growth without relying heavily on borrowing.

Negative Factors

Recent revenue contractionRevenue fell about 7.9% in 2025 year over year, and the reported revenue-growth measure is negative. A shrinking top line can weaken operating leverage, reduce investment capacity, and make it harder to sustain recent scale unless growth reaccelerates.

AIC, Inc. (3693) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 30.78B
Dividend Yield: 1.16%
Average Volume (3M): 1.87M
Price to Earnings (P/E): 44.6
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

Financial performance is mixed. The balance sheet is a fortress with a 0.09 debt-to-equity ratio, and cash flow has surged, with free cash flow exceeding TWD 1.1B. However, the income statement shows significant pressure from a 7.9% revenue decline and margin compression, dragging the overall score down.

Income Statement

45Neutral

Balance Sheet

78Positive

Cash Flow

72Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3693 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3617	73Outperform	TWD 25.35B	12.18	―	3.70%	4.07%	17.47%
TW:6206	73Outperform	TWD 16.67B	12.53	―	4.85%	11.63%	24.44%
TW:3515	67Neutral	TWD 25.26B	11.21	―	5.56%	24.91%	21.18%
TW:6166	56Neutral	TWD 20.34B	15.92	―	1.33%	31.89%	141.45%
TW:6579	56Neutral	TWD 23.05B	11.77	―	2.79%	27.97%	109.74%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3693	53Neutral	TWD 29.32B	44.58	―	1.16%	-20.76%	-34.98%

* General Sector Average

Performance Comparison

TW:3693 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3693	AIC, Inc.	687.00	359.29	109.63%
TW:3515	ASRock Incorporation	198.00	-64.55	-24.58%
TW:3617	CyberPower Systems, Inc.	268.50	69.32	34.80%
TW:6166	Adlink Technology Inc.	90.10	33.80	60.04%
TW:6206	Flytech Technology Co. Ltd.	113.50	18.35	19.29%
TW:6579	AAEON Technology Inc.	134.50	20.65	18.14%

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

AIC, Inc. AI Stock Analysis