Mildex Optical Inc. AI Stock Analysis
Mildex Optical Inc. (4729) AI Stock Analysis
Mildex Optical Inc.
(TPEx:4729)
Mildex scores below average, driven primarily by weak financial performance: operating and net margins hover barely above breakeven, return on equity is near 1%, and debt still exceeds equity by roughly 1.4x. Strong cash conversion — free cash flow several times reported net income — and three years of gross margin expansion provide some support, but free cash flow has declined for three consecutive years. Technicals compound the caution, with the share price below all major moving averages and a negative MACD signalling a sustained downtrend, albeit with deeply oversold readings. Valuation adds little comfort, as a 38.8x P/E on depressed earnings leaves no margin of safety and no dividend is paid. A sustained margin recovery and rebound in free cash flow would be the key signals of a genuine turnaround.
Mildex Optical Inc. (4729) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 1.35B
- Dividend Yield
- ―
- Average Volume (3M)
- 120.41K
- Price to Earnings (P/E)
- 37.7
- Beta (1Y)
- 0.64
- Revenue Growth
- 3.32%
- EPS Growth
- 82.70%
- Country
- TW
- Employees
- 628
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
Mildex Optical Inc. Business Overview & Revenue Model
Company Description
Mildex Optical Inc. manufactures and trades in touch panels and other products in Taiwan. It offers large size touch screens; traditional resistive touch screens; projective capacitive touch screens; resistive multi-touch screens; and sunlight readab...
Mildex Optical Inc. Financial Statement Overview
Summary
Mildex blends modest strengths with clear weaknesses. Revenue rebounded roughly 8% after two down years and gross margin expanded for a third straight year to 19.8%, but profitability is razor-thin — a 1.2% net margin, 1.2% operating margin, and return on equity near 1.2%. The balance sheet is stabilizing, with debt trimmed by about NT$147 million, yet debt-to-equity remains elevated at ~1.40x with equity funding only 36% of assets. Cash flow is the bright spot: operating cash flow of NT$134.6 million and free cash flow of NT$90.1 million far exceed net income, though free cash flow has now declined three years running from the 2022 peak.
Income Statement
38NegativeBalance Sheet
44NeutralCash Flow
58Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 1.07B | 990.16M | 1.10B | 1.37B | 1.15B |
| Gross Profit | 216.19M | 213.01M | 184.92M | 191.27M | 281.80M | 120.58M |
| EBITDA | 89.64M | 118.25M | 185.14M | 190.44M | 243.49M | 113.89M |
| Net Income | 37.86M | 12.87M | 31.14M | 26.47M | 64.53M | -129.41M |
Balance Sheet | ||||||
| Total Assets | 3.17B | 3.04B | 3.33B | 3.10B | 3.33B | 3.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 994.23M | 381.90M | 1.02B | 445.33M | 568.58M |
| Total Debt | 1.53B | 1.52B | 1.67B | 1.53B | 1.64B | 1.85B |
| Total Liabilities | 1.79B | 1.76B | 1.94B | 1.79B | 1.99B | 2.23B |
| Stockholders Equity | 1.18B | 1.09B | 1.15B | 1.09B | 1.08B | 861.30M |
Cash Flow | ||||||
| Free Cash Flow | 108.91M | 90.13M | 130.18M | 169.84M | 228.50M | -40.26M |
| Operating Cash Flow | 150.07M | 134.63M | 158.93M | 184.40M | 284.32M | -24.89M |
| Investing Cash Flow | -101.61M | 19.00M | -243.68M | 117.46M | 65.35M | -72.91M |
| Financing Cash Flow | -132.68M | 2.96M | -112.39M | -200.45M | -552.39M | 358.43M |
Mildex Optical Inc. Peers Comparison
Overall Rating
TW:523055Neutral- TW:472943Neutral
TW:351639Underperform
TW:452334Underperform
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:5230 | 55Neutral | TWD 1.74B | -86.02 | ― | 1.62% | -6.81% | 55.44% |
| TW:4729 | 43Neutral | TWD 1.32B | 37.69 | ― | ― | 3.32% | 82.70% |
| TW:3516 | 39Underperform | TWD 1.38B | 47.64 | ― | 0.86% | 8.10% | 276.21% |
| TW:4523 | 34Underperform | TWD 1.49B | 0.84 | ― | 11.51% | 19.47% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:4729 | Mildex Optical Inc. | 16.70 | -3.70 | -18.14% | |
| TW:3516 | ADO Optronic Corp. | 23.20 | 3.50 | 17.75% | |
| TW:4523 | Everbrite Technology Co., Ltd. | 22.95 | -4.42 | -16.14% | |
| TW:5230 | Ledlink Optics, Inc. | 30.85 | 14.90 | 93.40% | |
| TW:6729 | Luminescence Technology Corp. | 51.50 | 12.76 | 32.93% | |
| TW:6915 | Igiant Optics Co. Ltd. | 35.60 | 8.80 | 32.84% |
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