Tul Corporation AI Stock Analysis
Tul Corporation (6150) AI Stock Analysis
Tul Corporation
(TPEx:6150)
Tul Corporation scores in the below-average range, driven primarily by weak financial quality. While FY2025 marked a genuine turnaround — revenue up about 61% and a return to profitability after three loss years — the company still burned cash at the operating level (-NT$135 million) and generated negative free cash flow, meaning reported profits were not converted into cash. Leverage has climbed sharply (debt-to-equity 0.84 versus 0.17 in 2021) as past losses eroded equity, leaving limited financial cushion in a highly cyclical end market with thin margins. Technicals add little support, with the price below its 20-, 50- and 100-day moving averages and neutral-to-weak momentum readings. A reasonable 15.8 P/E and a small ~1.0% dividend yield provide modest offset, but investors would need to see sustained positive cash generation and margin stability before the recovery can be considered durable.
Tul Corporation (6150) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 3.30B
- Dividend Yield
- 0.86%
- Average Volume (3M)
- 642.86K
- Price to Earnings (P/E)
- 18.5
- Beta (1Y)
- 0.96
- Revenue Growth
- 3.74%
- EPS Growth
- ―
- Country
- TW
- Employees
- 5,472
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
Tul Corporation Business Overview & Revenue Model
Company Description
TUL Corporation engages in the manufacture of computer graphics card worldwide. The company offers gaming graphics cards, customized graphics cards for industrial control, SoC motherboards and systems, thunderbolt devices, and FPGA solutions. It also...
Tul Corporation Financial Statement Overview
Summary
Mixed fundamentals. The income statement (56) is the bright spot: FY2025 revenue surged about 61% to NT$7.57 billion and the company returned to profit (NT$127 million) after three loss-making years, with gross margin nearly doubling to 7.8%. However, margins remain thin versus the 2021 peak and the business is highly cyclical. The balance sheet (50) is adequate but weakening — equity funds only 39% of assets and debt-to-equity has risen from 0.17 in 2021 to 0.84, though ROE turned positive at 8.0%. Cash flow (26) is the main red flag: operating cash flow was negative at -NT$135 million and free cash flow -NT$150 million despite positive earnings, as working capital absorbed profits — a pattern seen in four of the last six years, forcing reliance on debt.
Income Statement
56NeutralBalance Sheet
50NeutralCash Flow
26Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.34B | 7.57B | 4.70B | 5.41B | 4.93B | 8.79B |
| Gross Profit | 713.88M | 587.09M | 187.51M | 174.23M | 204.75M | 1.87B |
| EBITDA | 340.64M | 267.34M | -105.20M | -94.42M | -35.41M | 1.39B |
| Net Income | 196.99M | 127.37M | -198.00M | -137.28M | -86.28M | 1.08B |
Balance Sheet | ||||||
| Total Assets | 3.84B | 4.07B | 3.85B | 4.26B | 3.68B | 5.53B |
| Cash, Cash Equivalents and Short-Term Investments | 656.46M | 666.35M | 567.25M | 614.72M | 566.69M | 1.72B |
| Total Debt | 910.46M | 1.34B | 1.04B | 1.07B | 639.25M | 416.54M |
| Total Liabilities | 2.13B | 2.48B | 2.40B | 2.64B | 1.90B | 3.10B |
| Stockholders Equity | 1.70B | 1.59B | 1.45B | 1.62B | 1.77B | 2.43B |
Cash Flow | ||||||
| Free Cash Flow | -88.35M | -150.46M | -3.07M | -407.16M | -788.08M | 614.13M |
| Operating Cash Flow | -46.81M | -135.01M | 49.74M | -350.85M | -584.88M | 1.22B |
| Investing Cash Flow | -36.87M | -30.81M | -85.45M | 63.10M | -118.14M | -820.74M |
| Financing Cash Flow | -147.85M | 268.09M | -15.11M | 438.64M | -321.83M | 631.21M |
Tul Corporation Peers Comparison
Overall Rating
TW:328770Outperform
TW:366961Neutral- TW:615048Neutral
TW:302441Neutral
TW:304741Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3287 | 70Outperform | TWD 3.48B | 9.70 | ― | 1.89% | 20.68% | ― |
| TW:3669 | 61Neutral | TWD 2.77B | 10.12 | ― | 3.35% | 9.13% | 395.29% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6150 | 48Neutral | TWD 3.38B | 18.50 | ― | 0.86% | 3.74% | ― |
| TW:3024 | 41Neutral | TWD 3.24B | 308.71 | ― | 1.88% | -63.48% | -92.67% |
| TW:3047 | 41Neutral | TWD 2.99B | -14.89 | ― | 2.23% | -32.95% | -101.63% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6150 | Tul Corporation | 70.00 | -1.80 | -2.51% | |
| TW:3024 | Action Electronics Co., Ltd | 11.70 | 0.70 | 6.34% | |
| TW:3047 | Edimax Technology Co., Ltd. | 13.40 | -5.80 | -30.21% | |
| TW:3287 | KWorld Computer Co., Ltd. | 79.20 | 48.62 | 159.03% | |
| TW:3669 | Aver Information Inc. | 29.85 | 1.52 | 5.38% | |
| TW:7939 | GIGAIPC Co Ltd | 154.50 | -146.00 | -48.59% |
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