Taiwan Biomaterial Co., Ltd. (6649) AI Stock Analysis

Taiwan Biomaterial Co., Ltd.

(TPEx:6649)

Select Model

Rating:70Outperform

Price Target:TWD 38.00▲(6.59% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong financial performance driven by profitability turnaround, clean balance sheet, and positive cash flow is the dominant positive factor. Technical weakness from downtrend and premium valuation are the main offsets.

Positive Factors

2025 Profitability RecoveryThe sharp return to profitability and renewed revenue growth show meaningful operating improvement in 2025. If the recovery persists, stronger margins can support internal investment, improve resilience, and rebuild earnings power after the prior loss-making period.

Negative Factors

Earnings VolatilityRepeated loss-making periods reduce confidence that the strong 2025 margin profile is structurally durable. Earnings volatility can make planning and resource allocation harder, while weakening visibility into the company’s normalized profitability over the next several quarters.

Taiwan Biomaterial Co., Ltd. (6649) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.49B
Dividend Yield: 2.81%
Average Volume (3M): 40.79K
Price to Earnings (P/E): 45.5
Beta (1Y): 0.26
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

Strong turnaround with revenue of 220M, 26.7% net margins, healthy 56% gross margins, and return to positive EBIT/net income. Conservative balance sheet with low 0.08 debt-to-equity and positive operating/free cash flow support the score.

Income Statement

85Very Positive

Balance Sheet

90Very Positive

Cash Flow

78Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6649 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3164	71Outperform	TWD 1.44B	23.26	―	4.78%	1.32%	80.16%
TW:6649	70Outperform	TWD 1.51B	45.55	―	2.81%	-24.55%	-85.90%
TW:4735	67Neutral	TWD 1.40B	6.03	―	10.29%	4.61%	207.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6431	38Underperform	TWD 1.45B	-7.35	―	―	-14.57%	13.16%

* General Sector Average

Performance Comparison

TW:6649 and its peers over the selected period
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%

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

Taiwan Biomaterial Co., Ltd. AI Stock Analysis