CALIN Technology Co., Ltd. (4976) AI Stock Analysis

CALIN Technology Co., Ltd.

(TWSE:4976)

Select Model

Rating:37Underperform

Price Target:TWD 27.00▼(-18.55% Downside)

Action:initiatedcoverage

Date:11/10/26

The stock scores at the lowest possible level, reflecting a deeply troubled company. The most significant factor is the catastrophic financial performance, marked by chronic operating losses and cash burn, which is only partially offset by a low-debt balance sheet. This is compounded by uniformly bearish technicals and a negative P/E ratio with no dividend. The company is fundamentally unprofitable and under severe market pressure.

Positive Factors

Low Financial LeverageThe modest debt burden gives CALIN greater financial flexibility than a highly leveraged business, reducing interest and refinancing pressure. This balance-sheet cushion can help preserve strategic options and provide some capacity to withstand continued operating volatility.

Negative Factors

Sharp Profitability DeteriorationThe latest results show severe deterioration in the core earnings engine, with revenue contraction accompanied by negative gross margin and a substantially deeper net loss. Persistent negative margins can erode financial resources and make a durable recovery dependent on major operating improvement.

CALIN Technology Co., Ltd. (4976) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.77B
Dividend Yield: ―
Average Volume (3M): 3.21M
Price to Earnings (P/E): -12.7
Beta (1Y): 1.10
Revenue Growth: -7.21%
EPS Growth: -68.39%
Country: TW
Employees: 617
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

CALIN Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Calin Technology Co., Ltd., established in 2002 and based in Taichung, Taiwan, is a leading manufacturer and supplier specializing in high-precision optical lenses and their various components. The company's extensive product line covers a wide range...

CALIN Technology Co., Ltd. Financial Statement Overview

Summary

Financial performance is critically weak. The income statement shows persistent and deepening losses with negative gross margins, indicating the company sells products below cost. Cash flow is also deeply negative, with operations burning cash. The only support comes from a conservative, low-debt balance sheet, but overall financial health is severely distressed.

Income Statement

18Very Negative

Balance Sheet

72Positive

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.02B	1.02B	1.13B	923.30M	1.14B	1.62B
Gross Profit	-273.56M	-96.42M	17.70M	-128.50M	-79.08M	148.32M
EBITDA	-292.22M	-124.79M	102.40M	-92.33M	41.95M	175.65M
Net Income	-364.96M	-260.68M	-78.66M	-261.74M	-127.03M	6.03M
Balance Sheet
Total Assets	2.35B	2.61B	3.00B	3.12B	3.34B	3.63B
Cash, Cash Equivalents and Short-Term Investments	744.75M	957.08M	1.24B	1.26B	1.42B	1.64B
Total Debt	92.14M	128.28M	281.26M	403.45M	380.89M	429.19M
Total Liabilities	328.94M	377.35M	492.94M	609.68M	597.69M	760.88M
Stockholders Equity	2.02B	2.24B	2.50B	2.51B	2.75B	2.87B
Cash Flow
Free Cash Flow	-195.09M	-103.48M	71.54M	-186.48M	-162.53M	-60.49M
Operating Cash Flow	-149.63M	-56.45M	121.60M	-52.65M	43.81M	100.09M
Investing Cash Flow	-43.82M	-49.25M	-50.24M	-133.78M	-206.82M	-160.44M
Financing Cash Flow	-120.01M	-175.27M	-102.10M	27.06M	-50.74M	1.33B

CALIN Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4976 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4933	70Outperform	TWD 3.63B	6.06	―	6.58%	-7.35%	59.06%
TW:4974	64Neutral	TWD 4.55B	12.88	―	6.25%	-18.51%	-25.78%
TW:3530	62Neutral	TWD 3.67B	16.81	―	1.71%	34.89%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4935	52Neutral	TWD 3.94B	28.23	―	3.33%	-24.80%	-49.71%
TW:3630	45Neutral	TWD 4.73B	-16.28	―	―	14.51%	-252.10%
TW:4976	37Underperform	TWD 4.53B	-12.66	―	―	-7.21%	-68.39%

* General Sector Average

Performance Comparison

TW:4976 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4976	CALIN Technology Co., Ltd.	33.15	1.75	5.57%
TW:3530	Silicon Optronics, Inc.	45.50	-13.85	-23.33%
TW:3630	Newmax Technology Co., Ltd.	23.15	-4.75	-17.03%
TW:4933	Ubright Optronics Corporation	43.50	-12.39	-22.16%
TW:4935	Global Lighting Technologies Inc.	29.05	-11.72	-28.75%
TW:4974	Asia Tech Image Inc.	61.40	-5.98	-8.87%

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 10, 2026

CALIN Technology Co., Ltd. AI Stock Analysis