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Inalways Corporation (5398) AI Stock Analysis

TW:5398

Inalways Corporation

(TPEx:5398)

Select Model
Rating:59Neutral
Price Target:TWD 16.50â–¼(-7.82% Downside)
Action:initiatedcoverage
Date:11/10/26

The score is supported by a strong, low-leverage balance sheet and recovering profitability, but is reduced by declining revenue, inconsistent cash generation, mixed technical signals, and an exceptionally high P/E ratio.

Positive Factors
Very low leverageConservative financing gives the company a substantial buffer against operating volatility and preserves flexibility to fund operations or pursue growth without heavy reliance on borrowing. Low leverage also limits interest burden and refinancing exposure over the next several quarters.
Negative Factors
Inconsistent revenue trajectoryA choppy and reduced revenue base makes it harder to establish durable operating scale and predict future earnings. Continued top-line weakness could limit margin expansion, reduce reinvestment capacity, and weaken the company’s ability to convert profitability into sustained growth.

Inalways Corporation (5398) vs. SPDR S&P 500 ETF (SPY)

-60%-40%-20%0%20%40%TW:5398-23.18%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 848.33M
Dividend Yield
―
Average Volume (3M)
123.65K
Price to Earnings (P/E)
76.7
Beta (1Y)
0.11
Revenue Growth
-16.59%
EPS Growth
-8.81%
Country
TW
Employees
110
Sector
General
Sector Strength
55
Industry
Medical - Pharmaceuticals

Inalways Corporation Business Overview & Revenue Model

Company Description

Mediera Corporation, a Taiwanese enterprise, operates across two primary sectors: the production of electronic and power supply components, and medical biotechnology. Within its medical biotechnology division, the company provides a range of products...

Inalways Corporation Financial Statement Overview

Summary

Strong balance sheet with very low leverage and improved profitability, offset by declining revenue, modest return on equity, and volatile cash generation.

Income Statement

64Positive

Balance Sheet

87Very Positive

Cash Flow

61Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue195.89M229.85M238.48M192.90M257.55M351.56M
Gross Profit57.93M85.25M84.48M33.46M65.76M117.56M
EBITDA1.79M36.74M26.32M-23.43M3.88M30.26M
Net Income4.87M17.36M10.44M-31.81M-6.79M16.21M
Balance Sheet
Total Assets570.74M600.79M651.72M556.64M608.73M647.84M
Cash, Cash Equivalents and Short-Term Investments181.80M111.61M120.36M130.59M104.73M132.01M
Total Debt8.72M12.60M30.30M11.61M21.05M21.80M
Total Liabilities52.06M70.17M103.87M52.04M69.21M84.88M
Stockholders Equity518.67M530.62M547.85M504.59M539.52M562.96M
Cash Flow
Free Cash Flow51.69M20.21M-24.73M28.51M-39.05M100.59M
Operating Cash Flow51.99M21.95M-23.58M30.62M-22.40M103.15M
Investing Cash Flow1.83M-3.50M-1.95M5.45M5.05M-116.05M
Financing Cash Flow-11.61M-17.69M-23.89M-10.17M-8.64M-8.51M

Inalways Corporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:5398 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:6294TW:629460NeutralTWD 696.76M10.06―11.28%-12.40%-35.00%
TW:8176TW:817659NeutralTWD 580.85M35.14――-46.30%-54.49%
TW:5398TW:539859NeutralTWD 842.46M76.71――-16.59%-8.81%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:2314TW:231443NeutralTWD 803.61M-1.02――22.52%47.71%
TW:3499TW:349942NeutralTWD 632.16M-8.66――-25.84%-68.45%

* General Sector Average

Performance Comparison

-50%0%50%100%150%TW:5398TW:2314TW:3499TW:6294TW:6818TW:8176Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:5398 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:5398Inalways Corporation17.90-5.45-23.34%
TW:2314Microelectronics Technology Inc.6.66-17.29-72.19%
TW:3499Globalsat Worldcom Corp.11.35-2.95-20.63%
TW:6294Tekom Technologies, Inc.26.60-16.94-38.91%
TW:6818Advanced Wireless & Antenna Inc.33.50-4.32-11.42%
TW:8176Z-Com, Inc.11.30-1.47-11.50%
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