Airlux Electrical Co. Ltd. AI Stock Analysis
Airlux Electrical Co. Ltd. (4609) AI Stock Analysis
Airlux Electrical Co. Ltd.
(TPEx:4609)
The score is held down primarily by weak fundamentals: persistent net losses, a deepening cash burn (free cash flow negative in five of the last six years) and a leveraged, shrinking balance sheet with debt at 1.85x equity. Technicals reinforce the caution, with the price below all major moving averages and negative MACD momentum. Valuation offers no offset, as a 20.9x P/E and no dividend provide little support for an unprofitable business. The positives — two years of revenue growth, gross margin expansion to roughly 26%, positive EBITDA and a sharply narrower loss — show a genuine turnaround underway, but until operating cash flow turns positive the investment case remains speculative.
Airlux Electrical Co. Ltd. (4609) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 211.45M
- Dividend Yield
- ―
- Average Volume (3M)
- 9,822
- Price to Earnings (P/E)
- -17.3
- Beta (1Y)
- 0.23
- Revenue Growth
- -2.11%
- EPS Growth
- -3.47%
- Country
- TW
- Employees
- 150
- Sector
- General
- Sector Strength
- 55
- Industry
- Consumer Electronics
Airlux Electrical Co. Ltd. Business Overview & Revenue Model
Company Description
Airlux Electrical Co., Ltd., established in 1976 and headquartered in Taoyuan City, Taiwan, is a company primarily focused on the global production and distribution of various electrical appliances, including its operations within China. Its comprehe...
Airlux Electrical Co. Ltd. Financial Statement Overview
Summary
Airlux remains a fragile, speculative turnaround. Revenue grew about 24% to roughly NT$166 million and gross margin expanded strongly to 25.7%, narrowing the net loss to just NT$5.0 million with positive EBITDA — real progress. However, the company is still unprofitable, sales are less than a third of the 2021 peak, and leverage has risen to 1.85x debt-to-equity as equity shrank roughly 30% since 2020. The biggest concern is cash: operating cash flow worsened to negative NT$34.6 million and free cash flow was negative NT$37.7 million, the fifth negative year in six, leaving the business dependent on existing liquidity or outside funding.
Income Statement
33NegativeBalance Sheet
28NegativeCash Flow
15Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 169.41M | 166.00M | 134.19M | 98.11M | 173.84M | 550.20M |
| Gross Profit | 35.56M | 42.67M | 23.35M | 14.76M | 13.71M | 66.23M |
| EBITDA | -10.66M | 18.48M | 1.74M | -11.23M | 33.24M | 9.54M |
| Net Income | 9.10M | -5.00M | -22.33M | -37.49M | 3.83M | -18.50M |
Balance Sheet | ||||||
| Total Assets | 618.82M | 602.62M | 638.51M | 662.34M | 737.71M | 831.96M |
| Cash, Cash Equivalents and Short-Term Investments | 283.36M | 260.84M | 298.96M | 333.51M | 367.30M | 220.03M |
| Total Debt | 269.01M | 264.77M | 266.65M | 267.72M | 281.93M | 290.75M |
| Total Liabilities | 487.94M | 459.41M | 483.88M | 494.01M | 533.80M | 649.05M |
| Stockholders Equity | 130.87M | 143.21M | 154.63M | 168.33M | 203.90M | 182.90M |
Cash Flow | ||||||
| Free Cash Flow | 1.21M | -37.74M | -34.29M | -22.91M | 144.65M | -112.68M |
| Operating Cash Flow | 4.45M | -34.56M | -30.86M | -17.87M | 150.74M | -104.09M |
| Investing Cash Flow | -3.17M | -1.21M | -2.94M | -2.62M | 4.20M | 3.12M |
| Financing Cash Flow | -1.67M | -1.29M | -6.23M | -11.75M | -10.86M | -3.31M |
Airlux Electrical Co. Ltd. Peers Comparison
Overall Rating
TW:610344Neutral
TW:151639Underperform
TW:452939Underperform- TW:460939Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6103 | 44Neutral | TWD 417.67M | -13478.26 | ― | 0.61% | -4.14% | -100.17% |
| TW:1516 | 39Underperform | TWD 553.65M | 3605.77 | ― | ― | -10.15% | ― |
| TW:4529 | 39Underperform | TWD 268.59M | -4.72 | ― | ― | 233.55% | 19.08% |
| TW:4609 | 39Underperform | TWD 192.27M | -17.33 | ― | ― | -2.11% | -3.47% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:4609 | Airlux Electrical Co. Ltd. | 4.41 | -1.60 | -26.62% | |
| TW:1516 | Falcon Power Co., Ltd. | 18.75 | -4.11 | -18.00% | |
| TW:4529 | Electric Power Technology Limited | 3.07 | -0.57 | -15.64% | |
| TW:6103 | Avid Electronics Corp. | 31.95 | -6.70 | -17.34% | |
| TW:6559 | High Power Lighting Corp. | 14.80 | 2.14 | 16.86% |
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