Airlux Electrical Co. Ltd. (4609) AI Stock Analysis

Airlux Electrical Co. Ltd.

(TPEx:4609)

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Rating:40Underperform

Price Target:TWD 4.00▼(-9.30% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weak financial performance, especially negative operating and free cash flow, continued losses, and elevated leverage. Technical momentum is also weak, while the P/E ratio offers only modest support.

Positive Factors

Revenue RecoveryRevenue growth has resumed after the steep 2022–2023 decline, suggesting demand has stabilized across the company’s electrical and electronic product activities. Although the recovery remains modest and volatile, a sustained rebound would improve operating leverage and provide a foundation for restoring profitability.

Negative Factors

Persistent Net LossesDespite improved revenue and gross margin, the company remained unprofitable in 2025, showing that the recent recovery has not yet translated into positive earnings. Continued losses can erode equity, restrict internally funded investment, and leave future results dependent on a successful and sustained operating turnaround.

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

Revenue, gross margin, and net loss improved, but persistent unprofitability, high leverage, declining equity, and negative operating and free cash flow make the financial profile weak. Cash flow is the greatest risk.

Income Statement

47Neutral

Balance Sheet

38Negative

Cash Flow

25Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4609 against its peers
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:4609	40Underperform	TWD 192.27M	-17.33	―	―	-2.11%	-3.47%
TW:1516	39Underperform	TWD 553.65M	3605.77	―	―	-10.15%	―
TW:4529	39Underperform	TWD 268.59M	-4.72	―	―	233.55%	19.08%

* General Sector Average

Performance Comparison

TW:4609 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4609	Airlux Electrical Co. Ltd.	4.41	-1.61	-26.74%
TW:1516	Falcon Power Co., Ltd.	18.75	-3.71	-16.54%
TW:4529	Electric Power Technology Limited	3.07	-0.59	-16.12%
TW:6103	Avid Electronics Corp.	31.95	-6.70	-17.34%
TW:6559	High Power Lighting Corp.	14.80	2.14	16.86%

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

Airlux Electrical Co. Ltd. AI Stock Analysis