ICARES Medicus Inc AI Stock Analysis
ICARES Medicus Inc (6612) AI Stock Analysis
ICARES Medicus Inc
(TPEx:6612)
The score is held back primarily by weak earnings quality and cash generation: despite strong revenue growth, gross margin has fallen 20 points in two years, net profit has evaporated to near breakeven, and the company has burned operating and free cash flow for three straight years while taking on close to NT$875 million of new debt. The balance sheet still provides a buffer with equity covering nearly 60% of assets and moderate leverage, but returns on invested capital have fallen to almost zero. Technicals add little support, with price below its short-term moving averages and negative MACD momentum, though it remains above longer-term averages. A P/E near 35 paired with a 0.44% dividend yield leaves little valuation cushion. Key watch points are gross margin stabilization and a return to positive operating cash flow.
ICARES Medicus Inc (6612) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 3.55B
- Dividend Yield
- 0.44%
- Average Volume (3M)
- 32.66K
- Price to Earnings (P/E)
- 35.2
- Beta (1Y)
- 0.29
- Revenue Growth
- 12.00%
- EPS Growth
- 2.68%
- Country
- TW
- Employees
- 77
- Sector
- General
- Sector Strength
- 55
- Industry
- Medical - Instruments & Supplies
ICARES Medicus Inc Business Overview & Revenue Model
Company Description
ICARES Medicus, Inc. operates as a dedicated nano-medical materials company, engaging in the entire lifecycle from innovation and production to global distribution of advanced ophthalmic medical materials. Its core offerings encompass a range of ocul...
ICARES Medicus Inc Financial Statement Overview
Summary
Mixed-to-weak fundamentals. Revenue growth is exceptional — more than tripling since 2020 with ~32% growth in the latest year — but profitability has deteriorated sharply: gross margin fell from ~82% to 59% in two years, operating margin compressed from 28% to 11%, and net income collapsed from NT$103 million to NT$3 million (0.3% net margin). The balance sheet is still adequately capitalized (equity funds ~58% of assets, debt-to-equity 0.48), but total debt ballooned from NT$6 million in 2022 to roughly NT$875 million, while return on equity fell to a negligible 0.2%. Cash flow is the weakest pillar, with three consecutive years of negative operating cash flow (-NT$59 million latest) and deeply negative free cash flow, meaning expansion is being funded externally rather than internally. EBITDA of NT$278 million (25% margin) and a history of positive free cash flow through 2022 provide some offset.
Income Statement
49NeutralBalance Sheet
57NeutralCash Flow
23Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21B | 1.13B | 859.79M | 605.45M | 511.85M | 393.92M |
| Gross Profit | 683.39M | 668.18M | 599.73M | 482.40M | 417.44M | 322.88M |
| EBITDA | 312.47M | 278.34M | 269.39M | 164.19M | 174.42M | 105.87M |
| Net Income | 45.40M | 3.07M | 103.12M | 97.73M | 128.91M | 58.60M |
Balance Sheet | ||||||
| Total Assets | 3.20B | 3.18B | 3.01B | 1.91B | 1.04B | 965.87M |
| Cash, Cash Equivalents and Short-Term Investments | 663.65M | 783.24M | 750.15M | 968.44M | 426.88M | 373.63M |
| Total Debt | 823.32M | 873.21M | 894.86M | 121.64M | 6.16M | 17.51M |
| Total Liabilities | 1.21B | 1.21B | 1.25B | 239.80M | 105.65M | 144.96M |
| Stockholders Equity | 1.90B | 1.83B | 1.66B | 1.58B | 878.75M | 746.78M |
Cash Flow | ||||||
| Free Cash Flow | 32.89M | -108.35M | -167.54M | -102.26M | 94.88M | 32.09M |
| Operating Cash Flow | 21.48M | -58.83M | -10.82M | -25.79M | 128.92M | 38.57M |
| Investing Cash Flow | -52.22M | 63.27M | -550.60M | -527.58M | -202.56M | -6.60M |
| Financing Cash Flow | -206.17M | 24.93M | 612.48M | 656.10M | -23.89M | 46.57M |
ICARES Medicus Inc Peers Comparison
Overall Rating
TW:177776.3Outperform
TW:178664Neutral
TW:656956Neutral- TW:661243Neutral
TW:412040Underperform
TW:687537Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:1777 | 76Outperform | TWD 3.34B | 9.97 | ― | 5.35% | -1.07% | 10.62% |
| TW:1786 | 64Neutral | TWD 3.89B | 21.40 | ― | 3.67% | -2.25% | -15.57% |
| TW:6569 | 56Neutral | TWD 3.44B | 18.73 | ― | 3.73% | 3.93% | 28.67% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6612 | 43Neutral | TWD 3.60B | 35.22 | ― | 0.44% | 12.00% | 2.68% |
| TW:4120 | 40Underperform | TWD 3.85B | -6.67 | ― | 9.02% | 3.77% | -78.32% |
| TW:6875 | 37Underperform | TWD 3.24B | -9.12 | ― | ― | -69.26% | -24.53% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6612 | ICARES Medicus Inc | 69.40 | -10.30 | -12.93% | |
| TW:1777 | SYN-TECH Chemical & Pharmaceutical Co. Ltd. | 74.80 | 0.94 | 1.28% | |
| TW:1786 | SciVision Biotech Inc. | 52.00 | -27.90 | -34.92% | |
| TW:4120 | Orient Europharma Co., Ltd. | 44.35 | 1.41 | 3.27% | |
| TW:6569 | Onyx Healthcare, Inc. | 80.40 | -29.03 | -26.53% | |
| TW:6875 | Pharmosa Biopharm Inc. | 25.05 | -24.95 | -49.90% |
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