ICARES Medicus Inc (6612) AI Stock Analysis

ICARES Medicus Inc

(TPEx:6612)

Select Model

Rating:45.2Neutral

Price Target:TWD 67.00▼(-2.19% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by negative cash flow, deteriorating profitability, and weak earnings quality. Technical momentum is subdued and the elevated P/E with a minimal dividend yield offers limited valuation support, despite strong revenue growth and a relatively solid balance sheet.

Positive Factors

Revenue GrowthStrong 2025 revenue expansion indicates growing demand for ICARES Medicus products and broader commercial traction. If maintained, this top-line momentum can improve operating leverage, support investment in ophthalmology products, and strengthen the company’s position across Taiwan and international markets.

Negative Factors

Profitability CollapseThe sharp decline in net income and near-elimination of net margin materially weakens earnings quality despite strong revenue growth. Such a drop reduces internal funding capacity, limits resilience if performance remains pressured, and makes future growth more dependent on restoring profitability.

ICARES Medicus Inc (6612) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.32B
Dividend Yield: 0.44%
Average Volume (3M): 32.56K
Price to Earnings (P/E): 33.2
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

Strong revenue growth and a reasonably solid balance sheet are outweighed by sharply weaker margins, minimal net income, very low return on equity, and persistently negative operating and free cash flow.

Income Statement

45Neutral

Balance Sheet

68Positive

Cash Flow

20Very Negative

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6612 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1777	76Outperform	TWD 3.34B	10.11	―	5.35%	-1.07%	10.62%
TW:1786	64Neutral	TWD 3.89B	26.80	―	3.67%	-2.25%	-15.57%
TW:6569	56Neutral	TWD 3.44B	18.64	―	3.77%	3.93%	28.67%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6612	45Neutral	TWD 3.60B	33.24	―	0.44%	12.00%	2.68%
TW:4120	40Underperform	TWD 3.85B	-6.75	―	8.91%	3.77%	-78.32%
TW:6875	37Underperform	TWD 3.24B	-9.23	―	―	-69.26%	-24.53%

* General Sector Average

Performance Comparison

TW:6612 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6612	ICARES Medicus Inc	68.50	-9.76	-12.47%
TW:1777	SYN-TECH Chemical & Pharmaceutical Co. Ltd.	74.80	1.04	1.41%
TW:1786	SciVision Biotech Inc.	52.00	-20.06	-27.83%
TW:4120	Orient Europharma Co., Ltd.	44.90	3.01	7.18%
TW:6569	Onyx Healthcare, Inc.	79.60	-26.95	-25.29%
TW:6875	Pharmosa Biopharm Inc.	25.25	-24.25	-48.99%

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

ICARES Medicus Inc AI Stock Analysis