Azion Corporation (6148) AI Stock Analysis

Azion Corporation

(TPEx:6148)

Select Model

Rating:52Neutral

Price Target:TWD 43.00▼(-18.71% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by weak financial fundamentals, particularly poor cash flow and margin compression, which are the most significant risk factors. Strong technical momentum provides a notable positive counterbalance, but a very high P/E ratio adds valuation risk. The company's stable balance sheet prevents a lower score, but the inability to convert sales growth into cash is a primary concern.

Positive Factors

Manageable LeverageDebt-to-equity staying around 0.38–0.43 during 2023–2025, after higher leverage in 2021, indicates manageable balance-sheet risk. Stable equity alongside asset growth preserves financing flexibility, allowing the company to support operations and investment without excessive reliance on debt.

Negative Factors

Uneven Revenue GrowthRevenue has been uneven, including a 10.3% decline in the reported growth measure and sharp year-to-year swings. Such inconsistency makes demand and planning less predictable, can limit operating leverage, and reduces confidence that earnings can compound smoothly over the next several quarters.

Azion Corporation (6148) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.47B
Dividend Yield: 2.33%
Average Volume (3M): 7.17M
Price to Earnings (P/E): 47.4
Beta (1Y): 0.07
Revenue Growth: -10.30%
EPS Growth: 5.81%
Country: TW
Employees: 80
Sector: General
Sector Strength: 55
Industry: Information Technology Services

Azion Corporation Business Overview & Revenue Model

Company Description

Azion Corporation, based in Taipei, Taiwan, offers a diverse array of services encompassing information technology, communications, networking, telecommunications, broadband connectivity, traffic management engineering, and cloud-based applications....

Azion Corporation Financial Statement Overview

Summary

Financial performance is mixed. Revenue rebounded strongly in 2025, but this is overshadowed by deteriorating gross and net profit margins and alarmingly weak cash flow generation. The balance sheet is stable, but declining ROE and poor cash conversion indicate low earnings quality.

Income Statement

45Neutral

Balance Sheet

65Positive

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	788.08M	903.90M	754.58M	885.04M	504.49M	631.84M
Gross Profit	176.88M	202.98M	175.47M	235.29M	149.97M	161.15M
EBITDA	66.19M	77.75M	103.76M	113.05M	60.90M	71.26M
Net Income	50.34M	63.47M	71.96M	76.03M	37.89M	44.74M
Balance Sheet
Total Assets	1.19B	1.30B	1.17B	1.21B	976.42M	1.15B
Cash, Cash Equivalents and Short-Term Investments	395.05M	388.67M	399.68M	453.21M	332.68M	466.64M
Total Debt	276.56M	260.83M	237.59M	223.21M	147.91M	333.82M
Total Liabilities	633.93M	696.58M	564.13M	622.55M	440.28M	604.82M
Stockholders Equity	556.44M	605.70M	606.36M	591.08M	536.14M	546.26M
Cash Flow
Free Cash Flow	105.19M	25.69M	9.78M	58.84M	103.83M	73.60M
Operating Cash Flow	110.62M	34.08M	14.08M	68.71M	110.94M	77.09M
Investing Cash Flow	-11.35M	-8.95M	17.17M	-19.63M	9.09M	-23.99M
Financing Cash Flow	-40.43M	-40.74M	-74.40M	61.51M	-244.60M	61.14M

Azion Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6148 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4905	56Neutral	TWD 2.28B	6.40	―	1.90%	26.29%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6148	52Neutral	TWD 2.40B	47.39	―	2.33%	-10.30%	5.81%
TW:6216	50Neutral	TWD 1.79B	885.71	―	5.54%	-25.98%	-97.11%
TW:3027	47Neutral	TWD 1.99B	-15.56	―	―	-41.51%	-102.45%
TW:5484	33Underperform	TWD 2.06B	22.77	―	―	77.09%	―

* General Sector Average

Performance Comparison

TW:6148 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6148	Azion Corporation	52.90	15.00	39.59%
TW:3027	Billion Electric Co., Ltd.	15.25	-8.60	-36.06%
TW:3097	Partner Tech Corp.	22.15	-2.53	-10.26%
TW:4905	Tainet Communication System Corp.	79.00	12.03	17.97%
TW:5484	EverFocus Electronics Co. Ltd.	30.90	-5.90	-16.03%
TW:6216	DrayTek Corporation	18.60	-7.33	-28.26%

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

Azion Corporation AI Stock Analysis