Andes Technology Corp. AI Stock Analysis
Andes Technology Corp. (6533) AI Stock Analysis
Andes Technology Corp.
(TWSE:6533)
The score is held back primarily by deteriorating financial performance: a swing to a sizable operating and net loss in 2025, a 2.9% revenue decline, negative return on equity, and a sharp rise in debt from near-zero to roughly NT$1.48 billion. Positive operating and free cash flow plus a near-100% gross margin and a large equity cushion provide partial offset and signal that losses are largely non-cash. Technicals reinforce caution, with the price trading far below all key moving averages and a deeply negative MACD. Valuation offers little support given negative earnings and no dividend. A sustained recovery in revenue growth with contained operating expenses would be the key catalyst for improvement.
Andes Technology Corp. (6533) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 12.96B
- Dividend Yield
- ―
- Average Volume (3M)
- 2.61M
- Price to Earnings (P/E)
- -41.0
- Beta (1Y)
- 1.15
- Revenue Growth
- 20.43%
- EPS Growth
- -13.21%
- Country
- TW
- Employees
- 109
- Sector
- General
- Sector Strength
- 55
- Industry
- Semiconductors
Andes Technology Corp. Business Overview & Revenue Model
Company Description
Andes Technology Corporation specializes in the innovation, design, manufacture, and global distribution of embedded processor intellectual property (IP), along with complementary hardware/software development platforms and essential toolchains. The...
Andes Technology Corp. Financial Statement Overview
Summary
Andes Technology combines an exceptional IP-licensing gross margin (near 99.9%) and strong multi-year revenue growth with weak operating discipline. Revenue slipped 2.9% in 2025 after a 30.6% gain in 2024, and operating expenses pushed the company to an operating loss of about NT$420 million and a net loss near NT$415 million (-28.1% margin), driving return on equity to roughly -9.2%. The balance sheet remains equity-funded with NT$4.51 billion of equity, but total debt jumped from about NT$89 million to roughly NT$1.48 billion, lifting debt-to-equity to 0.33 — manageable, yet a notable policy shift for a loss-making firm. Cash flow is the relative bright spot: operating cash flow stayed positive at NT$304 million and free cash flow swung back to +NT$288 million after two heavily negative years, confirming much of the loss is non-cash amortization. However, operating cash flow has declined two years running and earnings consistency is poor.
Income Statement
38NegativeBalance Sheet
63PositiveCash Flow
57Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.82B | 1.48B | 1.38B | 1.06B | 931.82M | 819.78M |
| Gross Profit | 1.65B | 1.48B | 1.38B | 1.06B | 931.09M | 818.31M |
| EBITDA | 373.14M | 183.04M | 483.18M | 175.53M | 579.21M | 326.58M |
| Net Income | -251.76M | -415.26M | 1.89M | -101.72M | 355.94M | 161.66M |
Balance Sheet | ||||||
| Total Assets | 6.06B | 6.39B | 5.30B | 5.34B | 5.42B | 5.03B |
| Cash, Cash Equivalents and Short-Term Investments | 979.09M | 1.64B | 2.08B | 2.97B | 4.10B | 4.18B |
| Total Debt | 1.44B | 1.48B | 88.60M | 110.62M | 87.64M | 96.72M |
| Total Liabilities | 1.77B | 1.88B | 480.43M | 525.05M | 434.89M | 257.89M |
| Stockholders Equity | 4.28B | 4.51B | 4.82B | 4.81B | 4.99B | 4.77B |
Cash Flow | ||||||
| Free Cash Flow | -123.36M | 287.67M | -785.18M | -862.95M | 261.45M | 89.94M |
| Operating Cash Flow | 243.88M | 303.69M | 372.17M | -69.13M | 718.12M | 311.30M |
| Investing Cash Flow | -1.57B | -2.45B | -153.32M | -2.04B | -468.94M | -225.29M |
| Financing Cash Flow | 978.53M | 1.48B | -35.48M | -102.41M | -163.64M | 3.39B |
Andes Technology Corp. Peers Comparison
Overall Rating
TW:620262Neutral
TW:243661Neutral
TW:240146Neutral- TW:653346Neutral
TW:809642Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6202 | 62Neutral | TWD 10.46B | 27.56 | ― | 1.48% | 15.45% | 170.25% |
| TW:2436 | 61Neutral | TWD 11.00B | 9.01 | ― | 3.57% | 25.84% | 214.39% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2401 | 46Neutral | TWD 12.89B | 221.88 | ― | ― | 5.96% | ― |
| TW:6533 | 46Neutral | TWD 12.68B | -41.00 | ― | ― | 20.43% | -13.21% |
| TW:8096 | 42Neutral | TWD 10.41B | 21.18 | ― | 0.68% | 16.50% | 33.43% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6533 | Andes Technology Corp. | 234.00 | -9.66 | -3.97% | |
| TW:2401 | Sunplus Technology Co., Ltd. | 21.70 | 0.60 | 2.84% | |
| TW:2436 | Weltrend Semiconductor, Inc. | 54.80 | 8.02 | 17.14% | |
| TW:6202 | Holtek Semiconductor Inc. | 46.10 | 7.27 | 18.72% | |
| TW:7913 | QBit Semiconductor Ltd. | 230.50 | -298.50 | -56.43% | |
| TW:8096 | CoAsia Electronics Corp. | 73.50 | 17.88 | 32.14% |
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