Wellell Inc. (4106) AI Stock Analysis

Wellell Inc.

(TWSE:4106)

Select Model

Rating:67.5Neutral

Price Target:TWD 25.00▲(6.84% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by the conservatively financed balance sheet, strong revenue growth, positive free cash flow, and attractive valuation. Weak technical momentum and moderate profitability materially reduce the overall score. Earnings-call and corporate-event components were excluded because no usable data was provided.

Positive Factors

Conservative Balance SheetVery low leverage and a growing equity base give Wellell financial flexibility to sustain operations, absorb business volatility, and fund opportunities without relying heavily on additional borrowing. This conservative structure also reduces balance-sheet pressure over the next several quarters.

Negative Factors

Moderate ProfitabilityDespite the revenue recovery, profitability remains modest and operating margin is below its prior peak. This suggests that higher costs, pricing, or product mix may be limiting earnings conversion, leaving less room for reinvestment and making sustained profit expansion dependent on efficiency improvements.

Wellell Inc. (4106) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.36B
Dividend Yield: 4.27%
Average Volume (3M): 116.03K
Price to Earnings (P/E): 12.7
Beta (1Y): 0.28
Revenue Growth: 7.96%
EPS Growth: 86.06%
Country: TW
Employees: 535
Sector: General
Sector Strength: 55
Industry: Medical - Devices

Wellell Inc. Business Overview & Revenue Model

Company Description

Established in 1990 in New Taipei City, Taiwan, Wellell Inc. is a global enterprise active in the medical supplies sector. The company's activities span research and development, manufacturing, and the international distribution (import, export, and...

Wellell Inc. Financial Statement Overview

Summary

Strong balance sheet with low debt and improving equity, supported by 45.2% revenue growth and positive free cash flow. Moderate profitability, declining operating margins, and uneven operating cash flow limit the score.

Income Statement

73Positive

Balance Sheet

88Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.50B	2.40B	2.39B	2.65B	2.66B	2.37B
Gross Profit	1.18B	1.10B	1.07B	1.14B	1.07B	986.95M
EBITDA	312.98M	254.61M	256.03M	318.12M	305.21M	238.98M
Net Income	185.70M	121.12M	115.24M	152.17M	161.40M	102.25M
Balance Sheet
Total Assets	3.31B	3.18B	3.14B	3.22B	3.20B	3.14B
Cash, Cash Equivalents and Short-Term Investments	929.18M	838.57M	797.77M	759.31M	550.44M	598.81M
Total Debt	214.89M	248.42M	308.27M	364.55M	486.00M	546.04M
Total Liabilities	782.78M	648.37M	714.23M	883.98M	970.03M	1.08B
Stockholders Equity	2.53B	2.53B	2.42B	2.34B	2.22B	2.06B
Cash Flow
Free Cash Flow	341.09M	154.68M	152.50M	423.55M	34.15M	-33.29M
Operating Cash Flow	371.02M	207.45M	213.23M	455.66M	82.14M	19.00M
Investing Cash Flow	56.21M	26.33M	-61.53M	-52.90M	-32.90M	-15.92M
Financing Cash Flow	-227.63M	-164.41M	-152.99M	-200.38M	-145.83M	81.88M

Wellell Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4106 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4138	68Neutral	TWD 2.15B	15.50	―	7.81%	-1.10%	-16.90%
TW:4106	68Neutral	TWD 2.36B	12.70	―	4.27%	7.96%	86.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1784	52Neutral	TWD 2.38B	39.56	―	1.87%	5.41%	-19.02%

* General Sector Average

Performance Comparison

TW:4106 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4106	Wellell Inc.	23.40	2.78	13.47%
TW:1784	Bionet Corp.	47.00	-50.18	-51.64%
TW:4138	Dynamic Medical Technologies Inc.	53.80	-5.91	-9.90%
TW:6918	A Plus Biotechnology Co Ltd	74.70	-7.94	-9.60%
TW:6931	Qingsong Health Co., Ltd.	36.10	-23.92	-39.85%
TW:6934	HCmed Innovations Co., Ltd.	73.20	3.90	5.63%

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 10, 2026

Wellell Inc. AI Stock Analysis