TM Technology Inc. (5468) AI Stock Analysis

TM Technology Inc.

(TPEx:5468)

Select Model

Rating:44Neutral

Price Target:TWD 18.00▼(-12.20% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by persistent unprofitability and negative cash flow, despite improved revenue growth and a materially stronger balance sheet. Weak technical momentum and the negative P/E ratio provide additional downside factors.

Positive Factors

Revenue ReboundThe 2025 revenue rebound shows that TM Technology can regain demand after a weaker period, supporting its role in semiconductor manufacturing and engineering services. If this recovery persists, higher scale could improve operating leverage and provide a foundation for restoring profitability.

Negative Factors

Recent Net LossThe move from prior profitability to a sizable net loss weakens earnings quality and reduces the company’s ability to reinvest from internally generated profits. Unless profitability recovers, continued losses could erode equity, limit strategic flexibility, and keep financial performance fragile.

TM Technology Inc. (5468) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.09B
Dividend Yield: ―
Average Volume (3M): 192.58K
Price to Earnings (P/E): -57.6
Beta (1Y): 0.93
Revenue Growth: 64.37%
EPS Growth: -90.30%
Country: TW
Employees: 37
Sector: General
Sector Strength: 55
Industry: Semiconductors

TM Technology Inc. Business Overview & Revenue Model

Company Description

TM Technology, Inc. functions as a fabless integrated circuit (IC) enterprise, focusing on the development, production, and distribution of diverse IC chips, their components, and associated items. Its product range includes LED drivers specifically...

TM Technology Inc. Financial Statement Overview

Summary

Revenue growth and a stronger balance sheet are offset by persistent losses, negative EBITDA, and negative operating and free cash flow. The component score reflects the approximate average of the income statement, balance sheet, and cash flow scores.

Income Statement

38Negative

Balance Sheet

68Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	192.26M	165.03M	120.57M	116.44M	159.81M	143.50M
Gross Profit	61.00M	46.89M	34.53M	17.49M	55.65M	57.73M
EBITDA	22.37M	-14.56M	3.15M	-37.38M	7.23M	16.51M
Net Income	-12.80M	-26.38M	-4.78M	-46.25M	-3.19M	4.99M
Balance Sheet
Total Assets	692.74M	792.24M	676.49M	574.96M	546.12M	274.05M
Cash, Cash Equivalents and Short-Term Investments	76.25M	160.19M	66.86M	114.67M	125.46M	39.04M
Total Debt	103.95M	212.82M	361.46M	260.94M	197.22M	58.22M
Total Liabilities	129.13M	236.68M	394.07M	287.75M	212.66M	80.31M
Stockholders Equity	563.61M	555.57M	282.42M	287.20M	333.46M	193.74M
Cash Flow
Free Cash Flow	8.81M	-56.95M	-148.25M	-76.06M	-196.25M	-14.82M
Operating Cash Flow	9.83M	-55.91M	-147.34M	-74.89M	-192.96M	1.65M
Investing Cash Flow	-1.21M	-1.01M	2.15M	-4.17M	-2.64M	-15.19M
Financing Cash Flow	41.87M	150.24M	100.38M	65.27M	282.01M	12.35M

TM Technology Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5468 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:6573	51Neutral	TWD 1.03B	8.72	―	―	-15.11%	―
TW:5468	44Neutral	TWD 1.08B	-57.65	―	―	64.37%	-90.30%
TW:5488	43Neutral	TWD 989.13M	-300.57	―	0.57%	10.71%	-129.15%
TW:3434	42Neutral	TWD 1.04B	53.24	―	4.17%	-18.46%	-26.00%
TW:5344	42Neutral	TWD 1.01B	278.38	―	―	7.10%	44.74%

* General Sector Average

Performance Comparison

TW:5468 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5468	TM Technology Inc.	20.50	0.55	2.76%
TW:3434	Acula Technology Corp.	28.75	-3.65	-11.26%
TW:3678	Ushine Photonics Corporation	44.45	8.49	23.61%
TW:5344	Vate Technology Co., Ltd.	12.75	-3.95	-23.65%
TW:5488	Sunf Pu Technology Co. Ltd.	10.55	0.99	10.36%
TW:6573	HY Electronic (Cayman) Limited	12.65	-4.90	-27.92%

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

TM Technology Inc. AI Stock Analysis