Force-MOS Technology Co., Ltd. (4923) AI Stock Analysis

Force-MOS Technology Co., Ltd.

(TPEx:4923)

Select Model

Rating:38Underperform

Price Target:TWD 37.00▼(-17.59% Downside)

Action:initiatedcoverage

Date:11/09/26

Force-MOS scores near the bottom of the range. The decisive factor is financial deterioration: three consecutive years of margin compression have turned modest revenue growth into widening operating and net losses, while operating cash outflows of roughly NT$138 million are being funded by debt that tripled in a year, cutting equity by about 30% and driving ROE to -43%. Technicals reinforce the caution, with the price below all key moving averages and a sharply negative MACD, though oversold RSI and Stochastic readings hint at potential short-term stabilization. Valuation provides no offset — a 26.8 P/E against loss-making earnings and no dividend. Low capital intensity, positive gross profit and recovering revenue are the main offsets, but a re-rating likely requires evidence of cost control and a cyclical recovery in semiconductor pricing.

Positive Factors

Revenue RecoveryThe return to positive and accelerating revenue growth indicates that demand for the company’s power semiconductor products has improved after a weak period. Sustained top-line recovery could provide a foundation for operating leverage and earnings normalization if profitability stabilizes.

Negative Factors

Sustained LossesRecent losses and a deeply negative 2025 net margin show that revenue recovery has not translated into sustainable earnings. Continued unprofitability can limit internally funded investment, weaken returns, and leave results vulnerable until margins recover materially.

Force-MOS Technology Co., Ltd. (4923) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.58B
Dividend Yield: ―
Average Volume (3M): 851.74K
Price to Earnings (P/E): 27.9
Beta (1Y): 1.17
Revenue Growth: 27.13%
EPS Growth: ―
Country: TW
Employees: 49
Sector: General
Sector Strength: 55
Industry: Semiconductors

Force-MOS Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Force MOS Technology Co., LTD. is a semiconductor company primarily focused on the creation, refinement, and distribution of MOSFETs and analog integrated circuits. Its market presence extends across both Taiwan and mainland China. The company's dive...

Force-MOS Technology Co., Ltd. Financial Statement Overview

Summary

Financials are the dominant weakness. Despite ~10% revenue growth to roughly NT$899 million, gross margin has eroded three straight years (32.5% in 2022 to 22.6% latest), driving an operating loss of about NT$181 million (-20.1% margin) and a net loss near NT$172 million, more than double the prior year. Cash flow is worse: operating cash outflow of roughly NT$138 million and negative free cash flow of about NT$140 million, with minimal capex — meaning the burn comes from core operations. The balance sheet, once nearly debt-free, is deteriorating fast: equity fell ~30% to NT$402 million while total debt tripled to NT$261 million, lifting debt-to-equity to 0.65 and pushing ROE to about -43%. Mitigating factors are still-positive gross profit, improving top-line momentum, low capital intensity and a solvent (if shrinking) equity base, but the overall profile is high-risk.

Income Statement

21Negative

Balance Sheet

38Negative

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.01B	899.10M	815.07M	738.52M	1.10B	1.11B
Gross Profit	247.79M	203.27M	193.94M	200.98M	356.81M	309.12M
EBITDA	-32.54M	-158.32M	-49.48M	36.34M	240.10M	187.35M
Net Income	-26.95M	-172.36M	-77.07M	6.50M	176.15M	139.90M
Balance Sheet
Total Assets	885.97M	828.67M	821.96M	859.78M	995.69M	775.43M
Cash, Cash Equivalents and Short-Term Investments	214.00M	175.09M	144.35M	230.93M	339.95M	252.63M
Total Debt	184.08M	261.35M	85.87M	14.89M	23.19M	43.08M
Total Liabilities	352.47M	426.47M	247.41M	117.94M	176.95M	227.75M
Stockholders Equity	533.50M	402.20M	574.55M	741.83M	818.74M	547.68M
Cash Flow
Free Cash Flow	-25.01M	-140.02M	-12.29M	-5.54M	62.30M	111.55M
Operating Cash Flow	-20.71M	-137.86M	-6.17M	5.46M	93.68M	113.64M
Investing Cash Flow	-3.93M	-2.88M	-8.36M	-11.00M	-72.56M	-4.11M
Financing Cash Flow	118.07M	170.85M	-73.25M	-102.33M	66.22M	-20.10M

Force-MOS Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4923 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:5228	45Neutral	TWD 1.70B	15.54	―	―	58.70%	―
TW:3066	44Neutral	TWD 1.64B	3.30	―	―	28.37%	―
TW:8084	39Underperform	TWD 1.44B	-5.43	―	―	-18.92%	-229.71%
TW:2434	38Underperform	TWD 1.71B	-96.35	―	―	8.72%	-411.56%
TW:4923	38Underperform	TWD 1.63B	27.91	―	―	27.13%	―

* General Sector Average

Performance Comparison

TW:4923 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4923	Force-MOS Technology Co., Ltd.	44.90	15.90	54.83%
TW:2434	Mospec Semiconductor Corp.	46.25	15.90	52.39%
TW:3066	Taiwan Oasis Technology Co., Ltd.	19.80	5.60	39.44%
TW:5228	Max Echo Technology Corp	44.75	25.45	131.87%
TW:6787	Kingray Technology Co., Ltd.	17.50	-7.89	-31.07%
TW:8084	Chip Hope Co., Ltd.	8.24	-41.56	-83.45%

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

Force-MOS Technology Co., Ltd. AI Stock Analysis