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Analog Integrations Corporation (6291) AI Stock Analysis

TW:6291

Analog Integrations Corporation

(TPEx:6291)

Select Model
Rating:60Neutral
Price Target:TWD 290.00â–¼(-6.75% Downside)
Action:initiatedcoverage
Date:11/09/26

Analog Integrations scores moderately. The main support comes from healthy fundamentals: double-digit revenue growth, expanding margins, a conservatively financed balance sheet with debt-to-equity of 0.22, and roughly 19.8% return on equity. Offsetting this is a sharply negative technical picture — the stock sits well below all major moving averages with strongly negative MACD momentum — which is the biggest near-term risk. Valuation is fair at a 25.4x P/E with a 2.17% dividend yield, while inconsistent cash conversion (operating cash flow covering only ~71% of net income) and semiconductor cyclicality temper the outlook.

Positive Factors
Profitability and Revenue RecoveryThe return to revenue growth alongside strong gross and operating margins indicates meaningful earnings power in the company’s analog and mixed-signal portfolio. If these margins remain resilient through normal semiconductor cycles, profitability can support reinvestment and strengthen its position with electronics customers.
Negative Factors
Operating Cash Flow VolatilityThe sharp decline in operating cash flow and weaker conversion from profits create uncertainty around the timing and quality of internally generated funds. Even with positive free cash flow, recurring swings could constrain investment capacity and make the business less resilient during weaker semiconductor demand periods.

Analog Integrations Corporation (6291) vs. SPDR S&P 500 ETF (SPY)

-100%0%100%200%300%400%TW:6291+111.72%SPY+14.28%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 8.93B
Dividend Yield
1.93%
Average Volume (3M)
1.03M
Price to Earnings (P/E)
24.3
Beta (1Y)
1.28
Revenue Growth
35.76%
EPS Growth
169.17%
Country
TW
Employees
216
Sector
General
Sector Strength
55
Industry
Semiconductors

Analog Integrations Corporation Business Overview & Revenue Model

Company Description

Analog Integrations Corporation (AIC), established in H1992 and headquartered in Hsinchu, Taiwan, operates as a fabless semiconductor company. Its core business involves the design, development, testing, and global marketing of a diverse portfolio of...

Analog Integrations Corporation Financial Statement Overview

Summary

Solid fundamentals overall. Revenue rebounded about 17% to roughly NT$2.13 billion with gross margin improving to 35.0% and operating margin to 17.7%, and sales have more than doubled since 2020. The balance sheet is the strongest pillar: debt-to-equity of just 0.22, equity funding nearly 60% of assets, and return on equity near 19.8%. Cash flow is the weak link — operating cash flow fell more than half to NT$196 million and converted at only ~71% of net income as working capital absorbed cash, and free cash flow has been lumpy year to year. Net margin also slipped to 13.0% from 14.1%, and profitability remains below the 2023 cycle peak, underscoring the sector's cyclicality.

Income Statement

73Positive

Balance Sheet

78Positive

Cash Flow

62Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue2.53B2.13B1.82B2.17B1.42B1.04B
Gross Profit970.65M744.09M568.98M795.05M462.25M276.62M
EBITDA638.41M437.23M331.72M609.74M273.72M127.57M
Net Income486.62M277.17M257.53M433.38M180.44M37.76M
Balance Sheet
Total Assets2.40B2.39B2.16B2.07B1.46B1.09B
Cash, Cash Equivalents and Short-Term Investments474.45M710.85M692.40M816.89M648.24M296.17M
Total Debt321.46M303.42M318.01M168.51M74.29M526.05M
Total Liabilities880.44M895.69M694.10M643.94M402.16M880.63M
Stockholders Equity1.42B1.40B1.36B1.43B1.06B204.57M
Cash Flow
Free Cash Flow158.62M180.49M398.04M201.84M223.74M-27.46M
Operating Cash Flow175.65M196.02M435.57M222.33M235.42M-22.45M
Investing Cash Flow-17.32M-19.70M-24.03M-25.35M-97.35M-65.81M
Financing Cash Flow-291.63M-137.44M-641.10M-19.71M219.56M59.28M

Analog Integrations Corporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:6291 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:8109TW:810971OutperformTWD 9.89B14.80―3.64%32.66%44.89%
TW:6291TW:629160NeutralTWD 9.32B24.34―1.93%35.76%169.17%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:3312TW:331248NeutralTWD 7.53B10.42―3.10%17.75%197.11%
TW:3228TW:322844NeutralTWD 8.63B-63.66――4.58%9.27%

* General Sector Average

Performance Comparison

0%100%200%300%400%TW:6291TW:3228TW:3312TW:4925TW:6907TW:8109Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:6291 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:6291Analog Integrations Corporation311.00156.25100.97%
TW:3228RDC Semiconductor Co. Ltd.121.50-18.50-13.21%
TW:3312GMI Technology, Inc.41.951.092.66%
TW:4925JMicron Technology Corporation101.5066.97193.91%
TW:6907Artery Technology Corporation123.5074.84153.82%
TW:8109P-DUKE Technology Co. Ltd123.5027.9629.26%
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 09, 2026