Bull Will Co., Ltd. (6259) AI Stock Analysis

Bull Will Co., Ltd.

(TPEx:6259)

Select Model

Rating:54Neutral

Price Target:TWD 22.50▼(-11.24% Downside)

Action:initiatedcoverage

Date:11/09/26

Bull Will earns a below-average score. The strongest support comes from an essentially debt-free balance sheet with equity funding about 80% of assets, providing a solid cushion against this cyclical industry, alongside a revenue and profit rebound in the latest year. However, profitability remains thin (4.0% net margin, 4.8% ROE) and free cash flow has now declined for three consecutive years, raising questions about the durability of the recovery. Technicals are the biggest drag: the stock sits well below all key moving averages with negative MACD, though oversold RSI and Stochastic readings suggest selling pressure may be stretched. A fair P/E of 15.5 and a modest 1.57% dividend yield offer some offsetting value, but not enough to lift the overall profile above neutral.

Positive Factors

Sustained ProfitabilityThe return to sustained profitability across 2022–2025 indicates a meaningful improvement from near break-even performance in 2021. Continued positive earnings provide internal resources for operations and investment, while establishing a more durable earnings base than the company previously demonstrated.

Negative Factors

Revenue VolatilityThe pronounced swings in revenue show that growth has not followed a consistent upward path. A sharp decline in 2023 and another reduction in 2024 make future sales visibility less dependable, increasing the risk that earnings performance will remain uneven over the next several quarters.

Bull Will Co., Ltd. (6259) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 681.76M
Dividend Yield: 1.38%
Average Volume (3M): 316.10K
Price to Earnings (P/E): 16.6
Beta (1Y): 0.85
Revenue Growth: 27.94%
EPS Growth: 342.29%
Country: TW
Employees: 180
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Bull Will Co., Ltd. Business Overview & Revenue Model

Company Description

Established in 1993 and headquartered in Taipei City, Taiwan, Bull Will Co., Ltd. operates as a manufacturer, distributor, and agent for an extensive range of electronic components. The company's diverse product portfolio encompasses various transfor...

Bull Will Co., Ltd. Financial Statement Overview

Summary

A mixed picture anchored by a very strong balance sheet (score 80): total debt slashed to NT$6.5 million, debt-to-equity near 0.02, and equity funding about 80% of assets, giving low financial risk. The income statement (score 52) shows a genuine rebound — revenue up roughly 19% to NT$456.5 million and net income up about 49% to NT$18.4 million — but margins stay thin (22.5% gross, 4.0% net), gross margin compressed year over year, and multi-year earnings are volatile. Cash flow (score 50) is the weak link: operating cash flow fell to NT$14.1 million and free cash flow dropped roughly 55% to NT$13.5 million, a third straight annual decline, though capex is minimal and earnings convert to cash almost fully. Returns on equity remain modest at 4.8%.

Income Statement

52Neutral

Balance Sheet

80Positive

Cash Flow

50Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	575.73M	456.53M	382.34M	432.49M	604.53M	371.18M
Gross Profit	127.78M	102.92M	91.04M	105.50M	111.84M	71.23M
EBITDA	32.46M	19.98M	21.71M	33.81M	35.49M	7.94M
Net Income	41.95M	18.43M	12.33M	23.69M	21.01M	532.00K
Balance Sheet
Total Assets	599.30M	482.62M	529.48M	445.63M	469.21M	426.38M
Cash, Cash Equivalents and Short-Term Investments	199.52M	206.83M	272.20M	181.54M	180.63M	100.67M
Total Debt	9.91M	6.54M	90.80M	34.70M	59.62M	46.19M
Total Liabilities	178.69M	97.40M	172.48M	107.32M	146.72M	141.12M
Stockholders Equity	419.82M	384.53M	350.89M	326.98M	306.49M	244.72M
Cash Flow
Free Cash Flow	766.00K	13.54M	30.06M	32.96M	62.98M	-17.55M
Operating Cash Flow	11.21M	14.08M	30.21M	33.75M	66.77M	-15.54M
Investing Cash Flow	-9.32M	17.73M	-36.16M	-2.97M	-2.23M	43.76M
Financing Cash Flow	-54.73M	-74.99M	58.71M	-34.08M	16.25M	45.91M

Bull Will Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6259 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6259	54Neutral	TWD 702.81M	16.61	―	1.38%	27.94%	342.29%
TW:2424	44Neutral	TWD 709.06M	-7.32	―	―	-12.97%	8.82%
TW:3259	40Underperform	TWD 669.83M	-3.87	―	―	17.28%	5.27%
TW:1516	39Underperform	TWD 553.65M	3605.77	―	―	-10.15%	―
TW:6210	36Underperform	TWD 655.40M	-10.22	―	―	37.29%	52.12%
TW:3043	32Underperform	TWD 715.20M	-10.54	―	―	-16.13%	-785.36%

* General Sector Average

Performance Comparison

TW:6259 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6259	Bull Will Co., Ltd.	25.35	9.77	62.73%
TW:1516	Falcon Power Co., Ltd.	18.75	-4.11	-18.00%
TW:2424	Lung Hwa Electronics Co., Ltd.	11.95	-27.85	-69.97%
TW:3043	Powercom Co., Ltd.	18.25	-4.35	-19.25%
TW:3259	Solid State System Co., Ltd.	9.18	-14.32	-60.94%
TW:6210	Kintech Electronics Co., Ltd.	18.60	-0.50	-2.62%

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

Bull Will Co., Ltd. AI Stock Analysis