Taiwan Biomaterial Co., Ltd. AI Stock Analysis
Taiwan Biomaterial Co., Ltd. (6649) AI Stock Analysis
Taiwan Biomaterial Co., Ltd.
(TPEx:6649)
The score is anchored by solid financial performance: a breakout 2025 with revenue doubling, a swing to a 26.7% net margin, strong free cash flow conversion, and a fortress balance sheet carrying almost no debt. Those strengths are tempered by a volatile multi-year track record, losses in four of the past six years, and margin compression that leaves the durability of the turnaround unproven. Technicals are the main drag, with the price below all key moving averages and negative MACD, though an RSI near 30 indicates the shares are oversold. Valuation is mixed: a high 46.6 P/E demands continued execution, while a 2.90% dividend yield offers some support.
Taiwan Biomaterial Co., Ltd. (6649) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 1.50B
- Dividend Yield
- 2.79%
- Average Volume (3M)
- 40.31K
- Price to Earnings (P/E)
- 45.9
- Beta (1Y)
- 0.25
- Revenue Growth
- -24.55%
- EPS Growth
- -85.90%
- Country
- TW
- Employees
- 46
- Sector
- General
- Sector Strength
- 55
- Industry
- Medical - Devices
Taiwan Biomaterial Co., Ltd. Business Overview & Revenue Model
Company Description
Taiwan Biomaterial Co., Ltd., established in 2010 and based in Zhubei, Taiwan, focuses on the innovation, development, and commercialization of medical devices throughout Taiwan. Their product offerings include Foamagen, a pioneering dural substitute...
Taiwan Biomaterial Co., Ltd. Financial Statement Overview
Summary
Fiscal 2025 marked a strong inflection: revenue more than doubled to NT$220.4 million, operating profit swung from a NT$11.2 million loss to NT$60.8 million, and net margin reached 26.7%. The balance sheet is the standout, with debt-to-equity of just 0.08 and equity funding roughly 87% of assets, leaving ample flexibility. Cash flow also improved sharply, with free cash flow of NT$47.3 million covering 97% of net income on minimal capex. Offsetting these strengths are consistency concerns: losses in four of the past six years, highly volatile revenue, negative free cash flow in four of six years, gross margin compression from 64.7% to 55.9%, and a modest 8.6% return on equity relative to a heavy equity base.
Income Statement
71PositiveBalance Sheet
82Very PositiveCash Flow
64Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 182.32M | 220.40M | 96.57M | 72.84M | 127.31M | 41.67M |
| Gross Profit | 93.77M | 123.10M | 57.31M | 47.12M | 76.09M | 21.09M |
| EBITDA | 37.98M | 76.30M | 15.99M | 9.71M | 51.63M | -35.35M |
| Net Income | 33.16M | 58.93M | -1.73M | -10.13M | 33.76M | -47.44M |
Balance Sheet | ||||||
| Total Assets | 731.12M | 789.95M | 704.56M | 716.28M | 735.31M | 553.79M |
| Cash, Cash Equivalents and Short-Term Investments | 246.77M | 355.90M | 312.84M | 304.18M | 332.65M | 152.65M |
| Total Debt | 52.07M | 52.59M | 56.99M | 60.70M | 68.51M | 79.64M |
| Total Liabilities | 87.27M | 104.86M | 78.39M | 88.38M | 88.89M | 130.89M |
| Stockholders Equity | 643.85M | 685.09M | 626.16M | 627.89M | 646.42M | 422.89M |
Cash Flow | ||||||
| Free Cash Flow | -40.82M | 47.33M | 13.78M | -13.38M | -2.45M | -61.71M |
| Operating Cash Flow | -33.92M | 48.77M | 18.43M | -10.16M | 35.02M | -32.01M |
| Investing Cash Flow | 27.53M | 6.95M | 20.53M | 13.98M | -120.55M | 48.34M |
| Financing Cash Flow | -44.77M | -2.66M | -5.29M | -15.29M | 177.03M | 4.51M |
Taiwan Biomaterial Co., Ltd. Peers Comparison
Overall Rating
TW:316471Outperform
TW:473567Neutral- TW:664964Neutral
TW:643138Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3164 | 71Outperform | TWD 1.44B | 20.68 | ― | 4.78% | 1.32% | 80.16% |
| TW:4735 | 67Neutral | TWD 1.40B | 6.07 | ― | 10.32% | 4.61% | 207.89% |
| TW:6649 | 64Neutral | TWD 1.51B | 45.87 | ― | 2.79% | -24.55% | -85.90% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6431 | 38Underperform | TWD 1.45B | -7.50 | ― | ― | -14.57% | 13.16% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6649 | Taiwan Biomaterial Co., Ltd. | 35.65 | -13.98 | -28.16% | |
| TW:3164 | GenMont Biotech, Inc. | 16.75 | -0.96 | -5.41% | |
| TW:4735 | Avita Corporation | 35.95 | 6.30 | 21.26% | |
| TW:6431 | Kuangli Bio-Tech Holdings Co., Ltd. | 14.55 | -1.75 | -10.74% | |
| TW:6864 | Anti-Microbial Savior BioteQ Co., Ltd. | 36.70 | -44.20 | -54.64% | |
| TW:7806 | Gin Hwa Biotech, Inc. | 49.40 | -9.82 | -16.58% |
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