Airoha Technology Corp. (6526) AI Stock Analysis

Airoha Technology Corp.

(TWSE:6526)

Select Model

Rating:63Neutral

Price Target:TWD 665.00▼(-8.40% Downside)

Action:initiatedcoverage

Date:11/09/26

Airoha earns a moderately above-average score driven by strong fundamentals: a near debt-free balance sheet, expanding gross margins, growing revenue and free cash flow that covers about three-quarters of net income. These strengths are tempered by eroding operating leverage, softer year-over-year cash flow and the semiconductor sector's inherent cyclicality. The main drag on the score is technical: the stock has broken below its 20-, 50- and 100-day moving averages with negative MACD momentum, leaving the 200-day average as the last line of support, though oversold RSI and Stochastic readings suggest selling pressure may be nearing exhaustion. A P/E of 33.5 is a further headwind, only partly offset by a 2.16% dividend yield.

Positive Factors

Fabless connectivity and audio focusA focused fabless model lets Airoha concentrate resources on connectivity and audio innovation while avoiding ownership of manufacturing facilities. Its SoC exposure to Bluetooth audio, TWS earbuds, and wireless headsets provides participation in established device categories and supports scalable product development.

Negative Factors

Choppy revenue growthThe alternating revenue declines and rebound indicate that demand remains cyclical and top-line momentum is not yet dependable. This volatility can make capacity planning, investment pacing, and earnings forecasting more difficult, even when the company maintains healthy margins and profitability.

Airoha Technology Corp. (6526) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 121.27B
Dividend Yield: 1.97%
Average Volume (3M): 1.17M
Price to Earnings (P/E): 36.5
Beta (1Y): 1.49
Revenue Growth: 9.57%
EPS Growth: 8.00%
Country: TW
Employees: 397
Sector: General
Sector Strength: 55
Industry: Semiconductors

Airoha Technology Corp. Business Overview & Revenue Model

Company Description

Airoha Technology Corp. is a Taiwanese enterprise that focuses on developing sophisticated system-on-chip (SoC) solutions for the wireless and high-speed networking industries. Their extensive product line features integrated circuits for Bluetooth w...

Airoha Technology Corp. Financial Statement Overview

Summary

Airoha combines solid growth with an exceptionally conservative capital structure. Revenue grew about 9% to roughly NT$20.9 billion in 2025 and gross margin expanded to 51.9%, well above the 35.5% posted in 2020, while net income rose to NT$2.90 billion. The balance sheet is the standout: total debt of only NT$223 million against NT$19.3 billion of equity leaves the company effectively debt-free, with equity funding about 69% of assets and ROE of 15.0%. Cash generation remains healthy, with operating cash flow of NT$4.1 billion (1.4x net income) and free cash flow of NT$3.0 billion, confirming good earnings quality. Offsetting these strengths, operating margin compressed to 13.9% from 16.5% as R&D and operating costs outgrew sales, operating and free cash flow both dipped year over year, and the business remains cyclical, as shown by the 28% revenue decline in 2023 before the 41% rebound in 2024.

Income Statement

73Positive

Balance Sheet

86Very Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.93B	20.93B	19.12B	13.58B	18.78B	17.73B
Gross Profit	11.47B	10.87B	10.00B	6.32B	9.04B	8.53B
EBITDA	4.07B	4.10B	4.12B	1.99B	4.33B	4.28B
Net Income	3.00B	2.90B	2.69B	969.31M	2.89B	1.94B
Balance Sheet
Total Assets	30.72B	28.22B	27.11B	20.05B	17.07B	16.66B
Cash, Cash Equivalents and Short-Term Investments	13.58B	12.74B	12.09B	9.56B	5.12B	5.52B
Total Debt	191.14M	223.17M	241.44M	163.64M	3.79B	89.01M
Total Liabilities	9.53B	6.54B	6.15B	3.59B	8.40B	5.68B
Stockholders Equity	18.85B	19.35B	18.56B	16.46B	8.67B	10.39B
Cash Flow
Free Cash Flow	2.45B	3.02B	3.29B	1.86B	1.35B	1.58B
Operating Cash Flow	3.41B	4.11B	5.09B	3.85B	2.63B	1.99B
Investing Cash Flow	-1.35B	-1.29B	-1.53B	-1.35B	-1.76B	-287.71M
Financing Cash Flow	-2.16B	-2.16B	-800.65M	2.98B	-2.27B	-729.75M

Airoha Technology Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6526 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5269	81Outperform	TWD 83.43B	11.49	―	4.03%	5.30%	51.53%
TW:3006	77Outperform	TWD 64.15B	3.33	―	0.44%	272.74%	―
TW:6531	75Outperform	TWD 118.72B	42.00	―	0.96%	91.95%	230.68%
TW:6526	63Neutral	TWD 114.91B	36.53	―	1.97%	9.57%	8.00%
TW:6285	59Neutral	TWD 92.58B	15.99	―	2.25%	29.79%	88.44%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4919	38Underperform	TWD 46.82B	-30.29	―	0.39%	0.34%	-40.27%

* General Sector Average

Performance Comparison

TW:6526 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6526	Airoha Technology Corp.	726.00	269.66	59.09%
TW:3006	Elite Semiconductor Microelectronics Technology Inc.	235.00	140.15	147.75%
TW:4919	Nuvoton Technology Corporation	107.00	52.00	94.55%
TW:5269	Asmedia Technology Inc.	1195.00	-79.41	-6.23%
TW:6285	WNC Corporation	194.50	93.21	92.02%
TW:6531	AP Memory Technology Corp.	733.00	329.27	81.56%

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

Airoha Technology Corp. AI Stock Analysis