Excelsior Medical Co., Ltd. (4104) AI Stock Analysis

Excelsior Medical Co., Ltd.

(TWSE:4104)

Select Model

Rating:61Neutral

Price Target:TWD 76.00▲(5.56% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by the sharp deterioration in cash flow and weakening operating momentum. Attractive valuation and a strong balance sheet provide meaningful support, but technical trends remain soft.

Positive Factors

Steady Revenue GrowthThe multi-year increase in revenue indicates that Excelsior has continued expanding its business base rather than relying on a single period of exceptional demand. Even with slower growth in 2024–2025, the established upward trajectory supports durable market activity and provides a foundation for future earnings.

Negative Factors

Sharp Cash-Flow DeteriorationThe abrupt reversal from strong cash generation to negative operating and free cash flow raises concerns about earnings conversion and near-term funding flexibility. If the deterioration persists, the company may have less internally generated cash available for investment, debt management, and shareholder distributions.

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

Profitable operations, improving gross margin, and low leverage support the score, but sharply negative operating and free cash flow, weaker operating margins, and slowing revenue growth are significant risks.

Income Statement

75Positive

Balance Sheet

82Very Positive

Cash Flow

25Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4104 against its peers
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

TW:4104 and its peers over the selected period
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	-1.94	-6.53%
TW:4736	Taidoc Technology Corporation	130.00	21.53	19.84%
TW:6712	Ever Supreme Bio Technology Co., Ltd.	148.00	-5.31	-3.46%
TW:6748	ACRO Biomedical Co., Ltd.	169.50	111.12	190.35%
TW:7780	Daiken Biomedical Co., Ltd.	15.10	-2.15	-12.45%

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

Excelsior Medical Co., Ltd. AI Stock Analysis