Tul Corporation (6150) AI Stock Analysis

Tul Corporation

(TPEx:6150)

Select Model

Rating:52Neutral

Price Target:TWD 63.00▼(-22.79% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score of 52 reflects a company in transition with significant risks. The primary concern is the severe disconnect between reported profitability and actual cash generation, with negative operating cash flow posing a sustainability risk. This is compounded by weak technicals, as the stock trades below key moving averages with bearish momentum. Positively, the income statement shows a strong revenue turnaround and the valuation is reasonable, but these factors are overshadowed by the cash flow and technical headwinds.

Positive Factors

Revenue ReboundThe return to revenue growth indicates that the business regained some demand or market traction after the 2024 decline. If maintained, renewed top-line expansion can support operating leverage, improve resource utilization, and provide a foundation for rebuilding earnings over the next several quarters.

Negative Factors

Negative Cash GenerationNegative operating and free cash flow make the earnings recovery less durable because reported profits are not translating into cash generation. Continued cash burn could constrain investment, require tighter working-capital management, or increase reliance on external financing over the next several quarters.

Tul Corporation (6150) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.95B
Dividend Yield: 0.74%
Average Volume (3M): 909.98K
Price to Earnings (P/E): 20.0
Beta (1Y): 1.15
Revenue Growth: -14.14%
EPS Growth: 2476.20%
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

Financial performance is mixed. The income statement shows a strong revenue recovery (+61%) and a return to profitability, but net margins are razor-thin at 1.7%. The balance sheet is stable with manageable leverage, but the cash flow statement is a major concern, showing deeply negative operating and free cash flow despite the reported profit, indicating poor cash conversion.

Income Statement

58Neutral

Balance Sheet

62Positive

Cash Flow

35Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6150 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3287	70Outperform	TWD 2.99B	8.63	―	2.18%	20.68%	―
TW:3669	61Neutral	TWD 2.78B	11.77	―	3.38%	9.13%	395.29%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6150	52Neutral	TWD 3.79B	20.05	―	0.74%	-14.14%	2476.20%
TW:3024	41Neutral	TWD 3.23B	189.19	―	1.85%	-63.48%	-92.73%
TW:3047	41Neutral	TWD 3.02B	-15.27	―	2.21%	-32.95%	-101.63%

* General Sector Average

Performance Comparison

TW:6150 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6150	Tul Corporation	81.60	14.75	22.07%
TW:3024	Action Electronics Co., Ltd	11.90	1.19	11.14%
TW:3047	Edimax Technology Co., Ltd.	13.90	-3.15	-18.48%
TW:3287	KWorld Computer Co., Ltd.	68.80	39.81	137.32%
TW:3669	Aver Information Inc.	29.55	2.20	8.03%
TW:7939	GIGAIPC Co Ltd	149.50	-151.00	-50.25%

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

Tul Corporation AI Stock Analysis