TSEC Corporation AI Stock Analysis
TSEC Corporation (6443) AI Stock Analysis
TSEC Corporation
(TWSE:6443)
TSEC scores poorly, driven mainly by a severe financial deterioration: revenue down about 80% from its 2022 peak, negative gross margins, a NT$3.20 billion net loss and shareholders' equity nearly halved in a single year, which doubled leverage to a 0.69 debt-to-equity ratio. The partial offsets are positive operating and free cash flow, suggesting much of the loss was non-cash, and moderate absolute debt that management is reducing. Technically the stock is consolidating just above its short-term averages but remains far below its 100- and 200-day averages with a negative MACD, and valuation provides no cushion given negative earnings and no dividend. Without a recovery in solar pricing and volumes, risk to the remaining equity buffer stays elevated.
TSEC Corporation (6443) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 14.46B
- Dividend Yield
- ―
- Average Volume (3M)
- 8.23M
- Price to Earnings (P/E)
- -4.5
- Beta (1Y)
- 0.70
- Revenue Growth
- -54.72%
- EPS Growth
- -212.42%
- Country
- TW
- Employees
- 856
- Sector
- General
- Sector Strength
- 55
- Industry
- Solar
TSEC Corporation Business Overview & Revenue Model
Company Description
TSEC Corporation specializes in the solar energy sector, focusing on the development, manufacturing, and global distribution of photovoltaic cells and modules. Its market reach spans key regions including Taiwan, Japan, the United States, Europe, and...
TSEC Corporation Financial Statement Overview
Summary
Financials are very weak. Revenue has collapsed roughly 80% from its 2022 peak to NT$1.8 billion, gross margin turned deeply negative (-75%) and the net loss widened to NT$3.20 billion (-175% net margin), scoring the income statement at just 8. The balance sheet (30) retains a moderate equity base of NT$3.64 billion and modest debt of NT$2.52 billion, but equity was nearly halved in one year and debt-to-equity doubled to 0.69, with ROE at -88%. Cash flow (45) is the relative bright spot: operating cash flow stayed positive at NT$311 million and free cash flow improved to NT$173 million, implying much of the loss was non-cash, though cash generation continues to shrink year after year.
Income Statement
8Very NegativeBalance Sheet
30NegativeCash Flow
45Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.83B | 4.52B | 8.26B | 9.01B | 6.16B |
| Gross Profit | -1.32B | -1.38B | 318.98M | 1.27B | 676.54M | 411.26M |
| EBITDA | -2.35B | -2.23B | 191.10M | 1.43B | 847.43M | 659.56M |
| Net Income | -3.15B | -3.20B | -600.25M | 527.27M | 189.65M | 46.32M |
Balance Sheet | ||||||
| Total Assets | 6.33B | 6.63B | 10.32B | 12.07B | 11.31B | 10.23B |
| Cash, Cash Equivalents and Short-Term Investments | 466.51M | 663.49M | 750.27M | 1.33B | 962.73M | 1.06B |
| Total Debt | 2.61B | 2.52B | 2.58B | 3.03B | 3.43B | 3.16B |
| Total Liabilities | 2.99B | 2.98B | 3.49B | 4.42B | 5.16B | 5.10B |
| Stockholders Equity | 3.33B | 3.64B | 6.83B | 7.65B | 6.15B | 5.13B |
Cash Flow | ||||||
| Free Cash Flow | -22.68M | 173.36M | 61.23M | 167.93M | -1.13B | -431.12M |
| Operating Cash Flow | 50.44M | 311.19M | 712.25M | 1.37B | 172.79M | 500.91M |
| Investing Cash Flow | 1.97M | 25.29M | -628.51M | -1.53B | -1.45B | -1.33B |
| Financing Cash Flow | -65.64M | -348.29M | -656.63M | 516.27M | 1.06B | 259.75M |
TSEC Corporation Peers Comparison
Overall Rating
TW:497154Neutral
TW:369148Neutral
TW:476842Neutral- TW:644333Underperform
TW:234030Underperform
TW:314928Underperform
Financial Indicators
| 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:4971 | 54Neutral | TWD 18.06B | 92.53 | ― | 0.21% | 31.28% | ― |
| TW:3691 | 48Neutral | TWD 14.40B | 45.60 | ― | ― | 88.10% | ― |
| TW:4768 | 42Neutral | TWD 14.22B | -493.44 | ― | 0.29% | 118.90% | -282.44% |
| TW:6443 | 33Underperform | TWD 14.38B | -4.48 | ― | ― | -54.72% | -212.42% |
| TW:2340 | 30Underperform | TWD 17.77B | -23.63 | ― | ― | 5.05% | 34.85% |
| TW:3149 | 28Underperform | TWD 17.75B | -32.84 | ― | ― | 7.57% | 16.45% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6443 | TSEC Corporation | 27.60 | 14.20 | 105.97% | |
| TW:2340 | Taiwan-Asia Semiconductor Corporation | 42.30 | 16.65 | 64.91% | |
| TW:3149 | G-Tech Optoelectronics Corporation | 68.20 | 33.36 | 95.74% | |
| TW:3691 | Giga Solar Materials Corp. | 135.50 | 69.36 | 104.86% | |
| TW:4768 | Ingentec Corporation | 289.00 | 64.49 | 28.72% | |
| TW:4971 | IntelliEPI Inc. (Cayman) | 407.00 | 238.36 | 141.34% |
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