GoMax Electronics, Inc. (6512) AI Stock Analysis

GoMax Electronics, Inc.

(TPEx:6512)

Select Model

Rating:43Neutral

Price Target:TWD 19.50▼(-2.26% Downside)

Action:initiatedcoverage

Date:11/09/26

GoMax Electronics scores low primarily because of persistent operating losses and a shrinking top line — revenue has declined for three consecutive years and sits about 46% below its 2022 peak, producing a NT$19.7 million net loss in 2025 and a negative P/E with no dividend support. Offsetting this, the balance sheet is a genuine fortress: essentially no debt, equity funding over 90% of assets, and 2025 brought early signs of stabilization through a multi-year-high 24.4% gross margin, a narrower loss and positive free cash flow. Technicals add little support, with the price trading below all major moving averages and a negative MACD, although a deeply depressed stochastic hints at short-term selling exhaustion. The result is a financially safe but operationally challenged profile that requires evidence of revenue recovery before the score can improve.

Positive Factors

Conservative Balance SheetExtremely low leverage and substantial capitalization reduce solvency risk during downturns and preserve financial flexibility. This structure can help the company endure weak operating periods, support necessary investment, and avoid the refinancing pressure that often constrains smaller businesses.

Negative Factors

Persistent LossesRecurring net and operating losses show that the business has not yet established dependable profitability after the profitable 2022 period. Continued losses can erode returns on the strong capital base, limit reinvestment capacity, and make earnings recovery dependent on sustained operational improvement.

GoMax Electronics, Inc. (6512) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 503.94M
Dividend Yield: ―
Average Volume (3M): 7,526
Price to Earnings (P/E): -15.3
Beta (1Y): 0.18
Revenue Growth: -51.46%
EPS Growth: -136.41%
Country: TW
Employees: 63
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

GoMax Electronics, Inc. Business Overview & Revenue Model

Company Description

Established in 2006 and operating from Zhubei, Taiwan, GoMax Electronics Co., Ltd. specializes in the engineering, production, and distribution of advanced audio and video systems. Their comprehensive product line features a variety of series, includ...

GoMax Electronics, Inc. Financial Statement Overview

Summary

A debt-free balance sheet (debt-to-equity under 1%, equity funding ~92% of assets, Balance Sheet Score 71) is the clear strength and gives GoMax ample staying power. Cash flow improved in 2025, with operating cash flow rising to NT$11.3 million and free cash flow turning positive at NT$9.2 million (Cash Flow Score 54), though history shows high volatility. The dominant weakness is the income statement (Score 27): revenue has fallen three straight years to NT$180 million, down roughly 46% from the 2022 peak, with a NT$19.7 million net loss and negative operating margins. Gross margin expansion to a multi-year high of 24.4% and a narrowing loss are encouraging, but profitability remains negative and accumulated losses continue to erode equity.

Income Statement

27Negative

Balance Sheet

71Positive

Cash Flow

54Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	132.22M	180.40M	196.34M	239.51M	333.97M	199.79M
Gross Profit	27.47M	44.08M	41.85M	45.13M	73.76M	33.58M
EBITDA	-37.38M	-15.68M	-20.65M	-21.29M	27.00M	-33.49M
Net Income	-32.97M	-19.73M	-23.81M	-24.53M	22.50M	-37.66M
Balance Sheet
Total Assets	356.13M	384.08M	416.30M	445.06M	468.22M	465.99M
Cash, Cash Equivalents and Short-Term Investments	221.67M	236.27M	230.82M	230.11M	224.67M	205.61M
Total Debt	322.00K	642.00K	5.17M	104.00K	721.00K	1.33M
Total Liabilities	24.63M	29.63M	42.41M	52.42M	49.52M	70.35M
Stockholders Equity	331.50M	354.45M	373.89M	392.64M	418.70M	395.65M
Cash Flow
Free Cash Flow	-11.72M	9.21M	-3.90M	10.44M	6.95M	-63.42M
Operating Cash Flow	-8.97M	11.31M	1.97M	11.64M	9.21M	-60.58M
Investing Cash Flow	-4.20M	-2.56M	-5.90M	-1.19M	-2.26M	-2.84M
Financing Cash Flow	-631.00K	-4.53M	3.53M	-3.44M	-650.00K	-660.00K

GoMax Electronics, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6512 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6294	60Neutral	TWD 696.76M	10.03	―	11.21%	-12.40%	-35.00%
TW:8176	59Neutral	TWD 580.85M	33.71	―	―	-46.30%	-54.49%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2321	44Neutral	TWD 459.68M	33.14	―	―	2.67%	―
TW:6103	44Neutral	TWD 417.67M	-13565.22	―	0.61%	-4.14%	-100.17%
TW:6512	43Neutral	TWD 503.94M	-15.26	―	―	-51.46%	-136.41%
TW:3672	35Underperform	TWD 458.89M	-6.54	―	―	-24.99%	15.20%

* General Sector Average

Performance Comparison

TW:6512 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6512	GoMax Electronics, Inc.	19.95	-1.20	-5.67%
TW:2321	Tecom Co., Ltd.	28.50	-4.78	-14.36%
TW:3672	Connection Technology Systems, Inc.	11.25	-1.80	-13.79%
TW:6103	Avid Electronics Corp.	30.70	-7.95	-20.57%
TW:6294	Tekom Technologies, Inc.	26.75	-16.88	-38.69%
TW:8176	Z-Com, Inc.	10.30	-2.59	-20.09%

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

GoMax Electronics, Inc. AI Stock Analysis