ECOVE Environment Corp (6803) AI Stock Analysis

ECOVE Environment Corp

(TPEx:6803)

Select Model

Rating:52Neutral

Price Target:TWD 256.00▲(0.59% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by significant financial and technical headwinds. The most impactful factor is the severe deterioration in cash flow generation and rising leverage, which undermines the company's financial health. This is compounded by a strongly bearish technical picture, with the stock in a clear downtrend and deeply oversold. A low P/E ratio and high dividend yield provide some valuation support, but the dividend's sustainability is questionable given weak cash flows, limiting the positive impact on the overall score.

Positive Factors

Revenue GrowthConsistent revenue expansion, including a major acceleration in 2025, indicates strong demand for the company’s environmental services. Sustained growth can expand operating scale, support reinvestment in resource-recovery capabilities, and strengthen the company’s position in a structurally relevant industry.

Negative Factors

Weaker Cash GenerationThe sharp decline in operating and free cash flow reduces the company’s ability to fund obligations, investment, and shareholder returns internally. Although free cash flow remained about 84% of net income, weaker cash conversion and coverage create a more persistent financial constraint.

ECOVE Environment Corp (6803) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 18.45B
Dividend Yield: 6.20%
Average Volume (3M): 67.09K
Price to Earnings (P/E): 13.7
Beta (1Y): 0.12
Revenue Growth: 1.48%
EPS Growth: 3.15%
Country: TW
Employees: 1,078
Sector: General
Sector Strength: 55
Industry: Waste Management

ECOVE Environment Corp Business Overview & Revenue Model

Company Description

ECOVE Environment Corp., established in Taipei, Taiwan, in 1994, and previously known as KD Holding Corp., functions as a subsidiary of CTCI Corporation. The company delivers comprehensive engineering and environmental solutions to both governmental...

ECOVE Environment Corp Financial Statement Overview

Summary

Financial performance is mixed. Strong double-digit revenue growth is offset by compressing margins (gross margin down to 19.3%), a sharp 43% decline in operating cash flow, and a doubling of debt, which elevates financial risk. The weak cash conversion ratio of 0.19 is a significant concern.

Income Statement

65Positive

Balance Sheet

55Neutral

Cash Flow

40Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.69B	9.66B	8.53B	7.63B	7.03B	5.96B
Gross Profit	1.83B	1.86B	1.73B	1.62B	1.59B	1.44B
EBITDA	2.31B	2.39B	2.24B	2.11B	1.91B	1.65B
Net Income	1.35B	1.34B	1.26B	1.16B	1.05B	910.82M
Balance Sheet
Total Assets	18.10B	16.81B	13.35B	13.08B	13.29B	12.28B
Cash, Cash Equivalents and Short-Term Investments	2.84B	2.99B	3.00B	3.10B	3.39B	2.86B
Total Debt	4.85B	5.10B	2.37B	2.30B	2.67B	2.85B
Total Liabilities	10.51B	9.10B	5.95B	6.27B	6.86B	6.39B
Stockholders Equity	6.85B	7.08B	6.74B	6.32B	5.93B	5.46B
Cash Flow
Free Cash Flow	397.41M	836.38M	1.55B	1.95B	1.62B	1.97B
Operating Cash Flow	733.13M	999.39M	1.75B	2.24B	2.04B	2.01B
Investing Cash Flow	-244.63M	-2.19B	-406.86M	-559.12M	-857.03M	-1.14B
Financing Cash Flow	-429.41M	1.63B	-999.01M	-1.63B	-790.42M	-188.78M

ECOVE Environment Corp Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6803 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:9930	69Neutral	TWD 14.27B	13.27	―	6.97%	-2.13%	-14.04%
TW:2543	57Neutral	TWD 15.06B	10.89	―	5.01%	30.85%	-14.12%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6803	52Neutral	TWD 18.26B	13.74	―	6.20%	1.48%	3.15%
TW:2515	41Neutral	TWD 18.32B	22.48	―	―	1.46%	4.78%
TW:6443	33Underperform	TWD 14.38B	-4.48	―	―	-54.72%	-212.42%

* General Sector Average

Performance Comparison

TW:6803 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6803	ECOVE Environment Corp	254.50	-27.33	-9.70%
TW:2515	BES Engineering Corp.	10.50	-5.21	-33.17%
TW:2543	Hwang Chang General Contractor Co., Ltd.	30.50	-29.80	-49.42%
TW:6443	TSEC Corporation	27.60	14.20	105.97%
TW:7786	Dong Fang Offshore Co., Ltd.	108.00	-74.16	-40.71%
TW:9930	CHC Resources Corporation	57.40	-8.32	-12.66%

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

ECOVE Environment Corp AI Stock Analysis