Capital Futures Corp. (6024) AI Stock Analysis

Capital Futures Corp.

(TWSE:6024)

Select Model

Rating:72Outperform

Price Target:TWD 63.00▲(12.10% Upside)

Action:initiatedcoverage

Date:11/09/26

Capital Futures scores well on fundamentals, which carry the greatest weight: accelerating revenue, four consecutive years of profit growth, ~42% net margins, a virtually debt-free balance sheet and free cash flow that nearly matches net income. Valuation adds further support, with a single-digit P/E of 8.0 and a near-5% dividend yield. The score is held back by weak near-term technicals — the shares sit below their 20-, 50- and 100-day moving averages with a negative MACD, though they remain above the 200-day average and are deeply oversold. Investors should also note margin compression, a volatile and occasionally negative core operating profit that points to dependence on interest and investment income, and inherently lumpy cash flows tied to client margin balances and market trading activity.

Positive Factors

Conservative balance sheetMinimal leverage and a materially larger equity base provide resilience through market cycles and reduce dependence on external financing. This gives Capital Futures greater flexibility to maintain operations, support client services, and absorb volatility in derivatives activity.

Negative Factors

Inconsistent operating profitabilityThe history of negative operating profit shows that reported bottom-line strength has not consistently been supported by core operations. Continued variability could make earnings less predictable and weaken the company’s ability to compound profits through different market conditions.

Capital Futures Corp. (6024) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 15.17B
Dividend Yield: 4.98%
Average Volume (3M): 275.42K
Price to Earnings (P/E): 7.9
Beta (1Y): 0.28
Revenue Growth: 28.69%
EPS Growth: 36.92%
Country: TW
Employees: 325
Sector: General
Sector Strength: 55
Industry: Financial - Capital Markets

Capital Futures Corp. Business Overview & Revenue Model

Company Description

Capital Futures Corporation primarily specializes in providing futures brokerage services across Taiwan. Expanding beyond its core offerings, the company also delivers a comprehensive suite of financial services, including futures consultation, manag...

Capital Futures Corp. Financial Statement Overview

Summary

Strong overall financial profile. Revenue jumped to roughly NT$3.19 billion from NT$2.38 billion, and net income rose for a fourth consecutive year to about NT$1.33 billion, with an exceptional ~42% net margin. The balance sheet is a standout: borrowings of only ~NT$37 million against ~NT$10.43 billion of equity (effectively debt-free), with equity compounding 64% since 2020 and ROE near 12.8%. Cash generation rebounded sharply to ~NT$2.96 billion operating cash flow and ~NT$2.91 billion free cash flow, equal to roughly 98% of net income, confirming high earnings quality. Offsetting these strengths are margin compression (net margin down from ~50% to ~42%), erratic and at times negative core operating profit that signals reliance on interest and investment income, a declining ROE, and highly volatile year-to-year cash flows driven by client margin balances.

Income Statement

79Positive

Balance Sheet

81Very Positive

Cash Flow

73Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.89B	3.19B	2.38B	1.97B	2.33B	2.22B
Gross Profit	2.29B	1.54B	1.26B	1.03B	1.21B	1.18B
EBITDA	2.20B	1.72B	1.61B	1.38B	1.04B	677.77M
Net Income	1.81B	1.33B	1.19B	1.01B	781.86M	490.04M
Balance Sheet
Total Assets	139.49B	74.11B	62.00B	49.34B	50.04B	46.61B
Cash, Cash Equivalents and Short-Term Investments	11.16B	7.92B	5.46B	6.68B	5.82B	5.72B
Total Debt	40.98M	37.24M	57.16M	89.50M	37.16M	156.91M
Total Liabilities	128.69B	63.68B	54.26B	42.16B	43.26B	40.33B
Stockholders Equity	10.79B	10.43B	7.74B	7.17B	6.78B	6.25B
Cash Flow
Free Cash Flow	3.03B	2.91B	-1.06B	1.48B	288.61M	423.26M
Operating Cash Flow	3.08B	2.96B	-1.01B	1.58B	312.65M	443.99M
Investing Cash Flow	-244.29M	-931.37M	-63.26M	-322.48M	723.00K	101.37M
Financing Cash Flow	-738.55M	1.34B	-756.97M	-666.29M	-498.37M	-527.38M

Capital Futures Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6024 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6183	76Outperform	TWD 13.34B	18.43	―	4.01%	10.41%	26.62%
TW:6021	73Outperform	TWD 15.66B	4.62	―	3.89%	425.42%	―
TW:6024	72Outperform	TWD 14.93B	7.92	―	4.98%	28.69%	36.92%
TW:6016	69Neutral	TWD 14.98B	3.30	―	0.79%	326.63%	376.35%
TW:5864	65Neutral	TWD 15.54B	2.55	―	1.59%	―	―
TW:3703	56Neutral	TWD 19.72B	8.71	―	4.40%	17.98%	267.52%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:6024 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6024	Capital Futures Corp.	56.20	11.43	25.52%
TW:3703	Continental Holdings Corp.	23.85	2.83	13.47%
TW:5864	Concord International Securities Co., Ltd	31.40	16.92	116.84%
TW:6016	Concord Securities Co., Ltd.	19.55	8.16	71.60%
TW:6021	Good Finance Securities Co Ltd	51.40	25.21	96.24%
TW:6183	Trade-Van Information Services Co.	88.50	-4.09	-4.42%

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

Capital Futures Corp. AI Stock Analysis