Taiwan FamilyMart Co., Ltd. (5903) AI Stock Analysis

Taiwan FamilyMart Co., Ltd.

(TPEx:5903)

Select Model

Rating:55Neutral

Price Target:TWD 187.00▲(1.63% Upside)

Action:initiatedcoverage

Date:11/09/26

Taiwan FamilyMart scores in the middle of the range. Its core strength is consistent, substantial cash generation — NT$10.4 billion of operating cash flow and NT$6.1 billion of free cash flow — paired with record revenue of NT$110.0 billion and remarkably stable gross margins, which underpins a 3.56% dividend yield and gives the stock a defensive, low-volatility character. The main drags are a sharp earnings decline (net income down ~55% to NT$1.70 billion, operating margin down to 1.7%) and a heavily leveraged, equity-light balance sheet with debt at 3.9x a shrinking NT$9.4 billion equity base. Technicals add a modest headwind, with the price below all key moving averages and negative MACD, while a 22.4x P/E looks full against falling earnings. The result is a stock better suited to income-oriented investors comfortable with low growth and high leverage than to those seeking capital appreciation.

Positive Factors

Steady Revenue and Gross MarginSteady revenue expansion alongside a stable gross margin indicates resilient demand and consistent store-level economics. This combination gives the company a dependable operating base and supports continued reinvestment, even though bottom-line profitability has recently weakened.

Negative Factors

High Financial LeverageDebt materially exceeds the company’s equity base, leaving less financial flexibility if margins or cash generation deteriorate. Elevated leverage can increase exposure to financing costs and restrict the company’s ability to fund expansion or absorb prolonged operating pressure.

Taiwan FamilyMart Co., Ltd. (5903) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 40.96B
Dividend Yield: 3.53%
Average Volume (3M): 20.14K
Price to Earnings (P/E): 22.6
Beta (1Y): -0.01
Revenue Growth: 6.93%
EPS Growth: 8.29%
Country: TW
Employees: 4,374
Sector: General
Sector Strength: 55
Industry: Department Stores

Taiwan FamilyMart Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan FamilyMart Co., Ltd. specializes in the operation and management of convenience stores, serving customers both in Taiwan and internationally. The company provides a comprehensive suite of services, including inventory management, digital infor...

Taiwan FamilyMart Co., Ltd. Financial Statement Overview

Summary

A mixed picture. Cash generation is the clear strength (score 74): operating cash flow of NT$10.4 billion far exceeds net income, and free cash flow remained solid at NT$6.1 billion, comfortably supporting dividends, store investment and debt service. The income statement (56) shows dependable growth — revenue reached a record NT$110.0 billion, up ~4.7% year-over-year and ~32% over five years — with very stable gross margins near 36%, but profitability is thin and deteriorating: operating margin fell to 1.7% from 4.9% and net income more than halved to NT$1.70 billion. The balance sheet is the weakest pillar (42), with equity of just NT$9.4 billion against NT$37.0 billion of debt (3.9x), leaving a slim cushion even though much of the leverage is lease-related; ROE remains healthy at 18% but is down from 37%.

Income Statement

56Neutral

Balance Sheet

42Neutral

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	114.31B	110.04B	105.10B	99.61B	90.74B	83.66B
Gross Profit	40.64B	39.70B	38.39B	36.36B	32.91B	30.21B
EBITDA	11.94B	11.60B	14.41B	11.03B	9.93B	9.22B
Net Income	1.75B	1.70B	3.80B	1.61B	1.84B	1.34B
Balance Sheet
Total Assets	81.64B	81.32B	79.73B	75.45B	73.59B	67.61B
Cash, Cash Equivalents and Short-Term Investments	9.58B	8.02B	8.97B	7.43B	7.41B	7.53B
Total Debt	34.55B	36.99B	35.06B	34.80B	34.76B	32.81B
Total Liabilities	71.71B	70.68B	68.19B	66.84B	65.71B	60.61B
Stockholders Equity	8.77B	9.40B	10.23B	7.50B	7.19B	6.34B
Cash Flow
Free Cash Flow	7.49B	6.10B	7.31B	6.46B	5.61B	1.85B
Operating Cash Flow	11.34B	10.39B	12.21B	11.40B	10.24B	8.63B
Investing Cash Flow	-3.48B	-3.76B	-2.90B	-4.77B	-4.31B	-5.45B
Financing Cash Flow	-7.48B	-7.54B	-7.72B	-6.96B	-6.36B	-5.23B

Taiwan FamilyMart Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5903 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1232	74Outperform	TWD 25.44B	15.23	―	4.53%	13.49%	29.82%
TW:1215	68Neutral	TWD 30.51B	13.27	―	6.67%	4.50%	-22.41%
TW:1227	57Neutral	TWD 23.66B	19.00	―	5.22%	3.12%	-6.89%
TW:1210	56Neutral	TWD 42.11B	12.18	―	6.04%	7.54%	7.51%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5903	55Neutral	TWD 41.07B	22.58	―	3.53%	6.93%	8.29%
TW:2903	51Neutral	TWD 29.72B	14.29	―	5.88%	-0.95%	0.72%

* General Sector Average

Performance Comparison

TW:5903 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5903	Taiwan FamilyMart Co., Ltd.	184.00	-0.91	-0.49%
TW:1210	Great Wall Enterprise Co., Ltd.	49.70	-0.13	-0.27%
TW:1215	Charoen Pokphand Enterprise (Taiwan) Co., Ltd.	105.00	-23.37	-18.20%
TW:1227	Standard Foods Corporation	25.65	-3.92	-13.24%
TW:1232	TTET Union Corporation	159.00	22.37	16.37%
TW:2903	Far Eastern Department Stores Ltd.	21.25	-0.07	-0.35%

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

Taiwan FamilyMart Co., Ltd. AI Stock Analysis