BenQ Medical Technology Corp. (4116) AI Stock Analysis

BenQ Medical Technology Corp.

(TPEx:4116)

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Rating:62Neutral

Price Target:TWD 43.00▲(5.01% Upside)

Action:initiatedcoverage

Date:11/09/26

BenQ Medical Technology scores in the moderate range. The financial profile dominates the result: rapid revenue growth and strong free cash flow generation are offset by very thin net margins (about 1.5%), falling returns on equity and a debt-heavy balance sheet with debt-to-equity at 1.77, leaving limited financial flexibility. Valuation provides meaningful support, with a very low 2.43 P/E and a near-5% dividend yield, while technicals show the stock holding above its 50-, 100- and 200-day averages with positive MACD, albeit with softer short-term momentum. The investment case hinges on management converting its larger revenue base into higher margins and using improving cash flow to reduce debt. No earnings call or corporate event data was available, so those components were excluded and their weight redistributed.

Positive Factors

Revenue ScalingThe substantial multi-year expansion in revenue indicates that BenQ Medical Technology has scaled its commercial base and continued growing into 2025. A larger revenue platform can support broader market reach and provide a foundation for improving operating leverage if profitability stabilizes.

Negative Factors

Thinning ProfitabilityThe decline in net margin shows that strong revenue growth has not translated into equally durable earnings power. Thin profitability leaves less room to absorb cost pressure, limits retained earnings, and makes future results more sensitive to operating changes unless margins recover.

BenQ Medical Technology Corp. (4116) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.81B
Dividend Yield: 4.88%
Average Volume (3M): 68.42K
Price to Earnings (P/E): 2.4
Beta (1Y): 0.31
Revenue Growth: 3.85%
EPS Growth: 786.65%
Country: TW
Employees: 405
Sector: General
Sector Strength: 55
Industry: Medical - Instruments & Supplies

BenQ Medical Technology Corp. Business Overview & Revenue Model

Company Description

BenQ Medical Technology Corporation operates as a multifaceted entity in the healthcare sector, providing a comprehensive range of services for medical equipment and consumables. This includes their manufacturing, assembly, maintenance, and repair, a...

BenQ Medical Technology Corp. Financial Statement Overview

Summary

Mixed quality. Revenue has nearly quadrupled since 2020 to about NT$5.25 billion and gross margin is recovering to 32.2%, but scale is not reaching the bottom line: net margin has compressed to roughly 1.5% and net income fell to NT$78 million from NT$180 million in 2022, with operating margin down to 6.5% (Income Statement: 52). The balance sheet is the main weakness, as debt-funded expansion lifted total debt to NT$1.99 billion against a flat NT$1.13 billion equity base, driving debt-to-equity to 1.77 and halving ROE to 6.9% (Balance Sheet: 40). Cash flow is the offset, with operating cash flow of NT$359 million and free cash flow surging to NT$260 million at a healthy 72% conversion, though coverage of obligations has weakened to 0.16 (Cash Flow: 62).

Income Statement

52Neutral

Balance Sheet

40Negative

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.44B	5.25B	4.77B	4.54B	2.95B	1.46B
Gross Profit	1.69B	1.69B	1.45B	1.34B	860.25M	512.28M
EBITDA	622.85M	611.55M	618.82M	624.71M	476.65M	166.74M
Net Income	117.69M	78.17M	104.83M	114.58M	180.24M	28.84M
Balance Sheet
Total Assets	5.52B	5.45B	5.27B	4.71B	3.40B	1.96B
Cash, Cash Equivalents and Short-Term Investments	1.03B	1.24B	1.19B	1.15B	839.46M	421.27M
Total Debt	2.00B	1.99B	1.91B	1.57B	852.11M	491.75M
Total Liabilities	3.24B	3.12B	2.97B	2.53B	1.66B	855.51M
Stockholders Equity	1.10B	1.13B	1.12B	1.10B	1.20B	1.04B
Cash Flow
Free Cash Flow	342.96M	259.51M	46.74M	308.88M	318.72M	91.09M
Operating Cash Flow	404.12M	358.75M	222.22M	442.35M	378.77M	121.35M
Investing Cash Flow	-237.48M	-79.76M	-133.22M	-278.98M	-103.99M	-98.77M
Financing Cash Flow	-201.72M	-191.20M	-61.38M	-312.56M	2.43M	92.15M

BenQ Medical Technology Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4116 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5315	75Outperform	TWD 1.85B	10.48	―	9.20%	2.53%	3.36%
TW:6527	73Outperform	TWD 1.86B	12.26	―	3.91%	-1.23%	10.20%
TW:4116	62Neutral	TWD 1.82B	2.41	―	4.88%	3.85%	786.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6840	51Neutral	TWD 1.95B	29.03	―	1.58%	10.93%	1245.34%
TW:6796	40Underperform	TWD 2.04B	127.00	―	0.49%	12.26%	―

* General Sector Average

Performance Comparison

TW:4116 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4116	BenQ Medical Technology Corp.	40.95	-3.23	-7.31%
TW:5315	United Radiant Technology Corporation	17.40	-4.93	-22.08%
TW:6527	Crystalvue Medical Co Ltd	74.20	-4.33	-5.51%
TW:6796	Medimaging Integrated Solution Inc.	50.80	-38.62	-43.19%
TW:6840	BTL, Inc.	63.40	5.50	9.51%
TW:7881	Eyecare Tech, Inc.	71.50	-37.59	-34.46%

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

BenQ Medical Technology Corp. AI Stock Analysis