Ever-Clear Environmental Eng. Corp. (6624) AI Stock Analysis

Ever-Clear Environmental Eng. Corp.

(TPEx:6624)

Select Model

Rating:49Neutral

Price Target:TWD 34.00▼(-5.56% Downside)

Action:initiatedcoverage

Date:11/09/26

Ever-Clear Environmental Engineering scores below average. The main drag is weak earnings power: revenue fell about 11%, net margin compressed to roughly 1.3%, and return on equity dropped to about 1.5%, yet the stock trades at roughly 60x earnings with a slim 0.83% dividend yield. Technicals reinforce the caution, with the price below all major moving averages and negative MACD confirming a sustained downtrend. The offsetting strength is a de-risked balance sheet — leverage cut to about 0.25 debt-to-equity alongside a growing equity base — plus positive free cash flow that exceeds reported net income and requires minimal capital spending. That financial resilience provides downside protection, but until revenue stabilizes and margins recover, the risk-reward remains unattractive.

Positive Factors

Lower LeverageThe substantial reduction in debt-to-equity indicates a stronger capital structure and lower balance-sheet risk. Improved leverage should preserve financial flexibility, reduce dependence on borrowing, and give Ever-Clear greater capacity to withstand weaker project activity or fund future environmental investments.

Negative Factors

Revenue and Margin PressureThe latest deterioration in revenue and net margin weakens near-term earnings power and makes results more sensitive to project mix, pricing, and cost execution. A thin margin leaves less room to absorb operating setbacks, limiting the durability of profitability over coming quarters.

Ever-Clear Environmental Eng. Corp. (6624) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 835.42M
Dividend Yield: 0.80%
Average Volume (3M): 7,510
Price to Earnings (P/E): 62.8
Beta (1Y): 0.32
Revenue Growth: -31.58%
EPS Growth: -81.33%
Country: TW
Employees: 78
Sector: General
Sector Strength: 55
Industry: Waste Management

Ever-Clear Environmental Eng. Corp. Business Overview & Revenue Model

Company Description

Ever-Clear Environmental Eng. Corp. is a Taiwanese company specializing in comprehensive industrial environmental solutions, primarily focusing on the treatment of wastewater and organic waste gases. Their services encompass the entire project lifecy...

Ever-Clear Environmental Eng. Corp. Financial Statement Overview

Summary

A financially safe but low-return profile. The balance sheet is the clear strength (score 68): debt has been cut to roughly NT$125 million from NT$333 million in 2023 while equity grew to about NT$497 million, leaving a conservative debt-to-equity ratio near 0.25. Cash flow (57) is positive with free cash flow of roughly NT$40 million exceeding net income and almost no capital spending, though the multi-year pattern is highly volatile. The income statement (44) is the weak link: revenue fell about 11% to roughly NT$575 million after years of growth, net income slipped to roughly NT$7.5 million, and net margin thinned to just 1.3%, pushing return on equity down to about 1.5%. The gross-margin rebound to 18.5% and a doubling of EBIT are encouraging signs of cost control, but earnings quality remains thin and project-dependent.

Income Statement

44Neutral

Balance Sheet

68Positive

Cash Flow

57Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	533.94M	574.88M	640.21M	518.88M	460.18M	356.76M
Gross Profit	98.91M	106.35M	92.38M	103.14M	105.56M	70.50M
EBITDA	21.51M	28.16M	35.34M	44.49M	39.60M	16.01M
Net Income	12.14M	7.50M	14.51M	21.61M	24.52M	736.00K
Balance Sheet
Total Assets	768.52M	921.99M	975.74M	936.36M	905.47M	824.84M
Cash, Cash Equivalents and Short-Term Investments	77.63M	140.76M	125.60M	46.43M	76.70M	62.73M
Total Debt	107.87M	124.76M	195.82M	333.36M	266.31M	344.75M
Total Liabilities	268.53M	421.85M	529.14M	607.76M	566.08M	526.45M
Stockholders Equity	497.46M	497.50M	444.96M	328.60M	339.39M	298.39M
Cash Flow
Free Cash Flow	47.50M	39.92M	120.34M	-102.84M	118.46M	447.00K
Operating Cash Flow	47.78M	40.21M	131.73M	-98.51M	119.51M	1.71M
Investing Cash Flow	53.53M	-3.00M	-14.95M	28.16M	-38.81M	-16.71M
Financing Cash Flow	-87.68M	-26.57M	-32.24M	34.65M	-68.08M	35.08M

Ever-Clear Environmental Eng. Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6624 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8423	62Neutral	TWD 727.91M	16.50	―	3.97%	0.28%	66.15%
TW:7715	59Neutral	TWD 759.95M	38.36	―	19.94%	-44.65%	-84.66%
TW:4530	57Neutral	TWD 909.19M	-169.33	―	―	74.08%	93.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6624	49Neutral	TWD 784.64M	62.79	―	0.80%	-31.58%	-81.33%
TW:6971	48Neutral	TWD 986.03M	10.67	―	5.88%	―	―

* General Sector Average

Performance Comparison

TW:6624 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6624	Ever-Clear Environmental Eng. Corp.	36.00	1.24	3.57%
TW:4530	Tianyi Water Energy Solutions Inc.	25.40	-3.76	-12.88%
TW:6723	JG Environmental Technology Co., Ltd.	27.85	-12.76	-31.42%
TW:6971	Hui Min Environmental Tech Corp.	25.50	-6.35	-19.94%
TW:7715	Yuh Shan Environmental Engineering Co., Ltd.	24.00	-4.18	-14.85%
TW:8423	Polygreen Resources Co., Ltd.	17.65	0.77	4.56%

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

Ever-Clear Environmental Eng. Corp. AI Stock Analysis