AIC, Inc. (3693) AI Stock Analysis

AIC, Inc.

(TPEx:3693)

Select Model

Rating:65Neutral

Price Target:TWD 551.00▼(-19.21% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by the strong balance sheet and improved cash generation. Recent operating deterioration, bearish technical trends, and a demanding P/E ratio materially reduce the overall score.

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: 1.17%
Average Volume (3M): 1.82M
Price to Earnings (P/E): 45.9
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

Strong balance sheet and materially improved cash generation support the score, while declining 2025 revenue, earnings, margins, and return on equity weigh on performance.

Income Statement

62Positive

Balance Sheet

85Very Positive

Cash Flow

78Positive

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 24.35B	12.11	―	3.71%	4.07%	17.47%
TW:6206	73Outperform	TWD 16.31B	12.80	―	4.72%	11.63%	24.44%
TW:3515	67Neutral	TWD 25.14B	11.57	―	5.38%	24.91%	21.20%
TW:3693	65Neutral	TWD 26.65B	45.88	―	1.17%	-20.76%	-34.98%
TW:6166	56Neutral	TWD 19.80B	16.47	―	1.28%	31.89%	141.45%
TW:6579	56Neutral	TWD 22.88B	12.07	―	2.76%	27.97%	109.74%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:3693 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3693	AIC, Inc.	682.00	354.29	108.11%
TW:3515	ASRock Incorporation	204.50	-58.05	-22.11%
TW:3617	CyberPower Systems, Inc.	267.50	68.32	34.30%
TW:6166	Adlink Technology Inc.	93.40	37.10	65.91%
TW:6206	Flytech Technology Co. Ltd.	116.50	21.35	22.44%
TW:6579	AAEON Technology Inc.	136.00	22.15	19.45%

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