Excelsior Medical Co., Ltd. AI Stock Analysis
Excelsior Medical Co., Ltd. (4104) AI Stock Analysis
Excelsior Medical Co., Ltd.
(TWSE:4104)
Excelsior Medical scores in the middle of the range. The dominant driver is financial performance: a conservatively financed balance sheet and six consecutive years of profit growth with stable ~21% gross and ~9% net margins are offset by a sharp swing to negative operating and free cash flow alongside a 50%+ rise in borrowings, plus multi-year operating margin compression from about 13.6% to 8.4%. Valuation lifts the score, with an undemanding 14.6x P/E and a near-6% dividend yield providing income appeal, though cash-flow volatility is a watch item for payout sustainability. Technicals are the weakest leg, with the price below its 20-, 50- and 200-day averages and subdued momentum readings. Overall: a low-risk, low-growth, income-oriented holding whose re-rating hinges on cash conversion normalising.
Excelsior Medical Co., Ltd. (4104) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 13.62B
- Dividend Yield
- 5.97%
- Average Volume (3M)
- 154.59K
- Price to Earnings (P/E)
- 14.6
- Beta (1Y)
- 0.04
- Revenue Growth
- 11.09%
- EPS Growth
- 7.11%
- Country
- TW
- Employees
- 774
- Sector
- General
- Sector Strength
- 55
- Industry
- Medical - Distribution
Excelsior Medical Co., Ltd. Business Overview & Revenue Model
Company Description
Excelsior Medical Co., Ltd. operates as a distributor of a diverse range of healthcare technology and products throughout various Asian nations, specifically Taiwan, mainland China, Japan, South Korea, Malaysia, and the Philippines. Its extensive por...
Excelsior Medical Co., Ltd. Financial Statement Overview
Summary
A tale of two halves. The balance sheet (72) is the clear strength: equity of roughly NT$9.19bn funds about half of total assets, debt-to-equity sits at a conservative 0.24, and shareholders' equity has grown every year. The income statement (68) shows dependable, if modest, performance — revenue up to NT$8.79bn with steady ~21% gross and ~9% net margins and six straight years of rising net income — but growth has cooled to ~3% and operating margin has compressed from about 13.6% to 8.4%, with EBITDA margin slipping to 11.8%. Cash flow (30) is the material weakness: despite record net income of NT$805.9m, operating cash flow swung to roughly negative NT$1.19bn and free cash flow to negative NT$1.27bn, a working-capital-driven burn that coincided with borrowings jumping over 50%. Light capital intensity and low solvency risk partly offset this, but erratic cash conversion and modest ~8.8% ROE cap the score.
Income Statement
68PositiveBalance Sheet
72PositiveCash Flow
30Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.21B | 8.79B | 8.54B | 8.23B | 7.19B | 6.57B |
| Gross Profit | 1.96B | 1.87B | 1.78B | 1.67B | 1.51B | 1.37B |
| EBITDA | 1.15B | 1.04B | 1.18B | 968.56M | 1.20B | 1.09B |
| Net Income | 894.47M | 805.86M | 771.26M | 746.61M | 667.45M | 607.15M |
Balance Sheet | ||||||
| Total Assets | 21.16B | 18.98B | 20.37B | 18.08B | 16.48B | 15.11B |
| Cash, Cash Equivalents and Short-Term Investments | 4.43B | 3.46B | 4.95B | 3.41B | 3.23B | 3.77B |
| Total Debt | 2.41B | 2.16B | 1.43B | 1.44B | 808.45M | 762.39M |
| Total Liabilities | 7.95B | 7.25B | 9.01B | 7.17B | 6.19B | 5.36B |
| Stockholders Equity | 9.81B | 9.19B | 8.97B | 8.61B | 8.20B | 7.74B |
Cash Flow | ||||||
| Free Cash Flow | 420.88M | -1.27B | 2.35B | -35.54M | 464.62M | 776.29M |
| Operating Cash Flow | 520.04M | -1.19B | 2.47B | 107.10M | 637.13M | 945.05M |
| Investing Cash Flow | 774.62M | -117.73M | -65.57M | -158.46M | -690.00M | 144.13M |
| Financing Cash Flow | -277.20M | 20.30M | -955.96M | -104.51M | -633.89M | -593.91M |
Excelsior Medical Co., Ltd. Peers Comparison
Overall Rating
TW:671273Outperform
TW:473668Neutral
TW:411461Neutral- TW:410460.5Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6712 | 73Outperform | TWD 14.92B | 30.86 | ― | 2.14% | 13.26% | -15.91% |
| TW:4736 | 68Neutral | TWD 13.26B | 5.04 | ― | 3.90% | -0.47% | 45.76% |
| TW:4114 | 61Neutral | TWD 14.97B | 17.66 | ― | 3.06% | 11.40% | 9.36% |
| TW:4104 | 61Neutral | TWD 13.58B | 14.58 | ― | 5.97% | 11.09% | 7.11% |
| 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:4104 | Excelsior Medical Co., Ltd. | 72.00 | -5.81 | -7.47% | |
| TW:4114 | Synmosa Biopharma Corp | 27.75 | -1.98 | -6.67% | |
| TW:4736 | Taidoc Technology Corporation | 130.00 | 21.96 | 20.33% | |
| TW:6712 | Ever Supreme Bio Technology Co., Ltd. | 148.00 | -3.92 | -2.58% | |
| TW:6748 | ACRO Biomedical Co., Ltd. | 169.50 | 109.24 | 181.29% | |
| TW:7780 | Daiken Biomedical Co., Ltd. | 15.10 | -2.05 | -11.97% |
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