Greenfiltec Ltd. (6823) AI Stock Analysis

Greenfiltec Ltd.

(TPEx:6823)

Select Model

Rating:37Underperform

Price Target:TWD 48.00▼(-8.05% Downside)

Action:initiatedcoverage

Date:11/10/26

The stock scores at the absolute minimum of 37, reflecting a convergence of severe risks. The most significant factor is the dire financial performance, marked by collapsing margins, heavy losses, and negative cash flows that threaten the company's viability. This is compounded by a bearish technical trend with the price below all key moving averages and weak momentum. The negative P/E ratio further underscores the lack of earnings power. The company is in a state of financial distress with no positive signals to offset the risks.

Positive Factors

Revenue ReboundThe 2025 revenue rebound indicates that demand or commercial activity has stabilized after prior deterioration. While growth alone has not restored profitability, a firmer top line provides a foundation for operating leverage, better capacity utilization, and potential recovery if margins improve.

Negative Factors

Persistent Losses and Weak MarginsSeverely compressed gross margin and a deeply negative net margin show that the recent revenue rebound is not translating into earnings. The decline from roughly 29–32% gross margins in 2020–2022 suggests profitability has structurally weakened, leaving the turnaround unproven.

Greenfiltec Ltd. (6823) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.72B
Dividend Yield: ―
Average Volume (3M): 68.14K
Price to Earnings (P/E): -5.2
Beta (1Y): 0.66
Revenue Growth: 10.22%
EPS Growth: -89.58%
Country: TW
Employees: 194
Sector: General
Sector Strength: 55
Industry: Industrial - Pollution & Treatment Controls

Greenfiltec Ltd. Business Overview & Revenue Model

Company Description

Greenfiltec Ltd. is a Taiwan-based company, established in 2014 and headquartered in Taoyuan City, that provides advanced solutions for the prevention and control of airborne molecular contaminants (AMC) to the semiconductor and panel industries worl...

Greenfiltec Ltd. Financial Statement Overview

Summary

Financial health is critically poor. The income statement shows a severe profitability collapse with gross margins falling to 5.3% and deep net losses. The balance sheet is strained by ballooning debt and a debt-to-equity ratio above 1.15, while operating and free cash flows are deeply negative, indicating unsustainable cash burn.

Income Statement

18Very Negative

Balance Sheet

22Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	683.39M	635.18M	446.85M	472.32M	1.08B	828.91M
Gross Profit	-74.39M	33.94M	-439.00K	108.97M	318.66M	238.07M
EBITDA	-189.75M	-73.89M	-105.39M	3.99M	159.17M	140.04M
Net Income	-328.60M	-210.49M	-162.30M	-24.23M	107.79M	96.99M
Balance Sheet
Total Assets	1.22B	1.22B	1.28B	1.36B	1.07B	774.06M
Cash, Cash Equivalents and Short-Term Investments	122.64M	161.08M	125.37M	384.57M	303.86M	134.48M
Total Debt	579.63M	576.83M	702.16M	610.60M	166.16M	175.05M
Total Liabilities	719.77M	721.41M	803.50M	727.72M	381.64M	375.12M
Stockholders Equity	495.52M	498.25M	467.83M	613.06M	690.78M	398.94M
Cash Flow
Free Cash Flow	-207.16M	-67.48M	-333.42M	-275.11M	-182.00K	-57.44M
Operating Cash Flow	-178.87M	-34.49M	-135.10M	13.11M	196.73M	21.22M
Investing Cash Flow	-15.72M	-50.38M	-194.75M	-288.67M	-198.91M	-88.15M
Financing Cash Flow	154.04M	120.78M	66.64M	356.32M	175.56M	106.20M

Greenfiltec Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6823 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1735	53Neutral	TWD 1.92B	18.19	―	3.40%	1.82%	133.47%
TW:6823	37Underperform	TWD 1.73B	-5.19	―	―	10.22%	-89.58%

* General Sector Average

Performance Comparison

TW:6823 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6823	Greenfiltec Ltd.	52.20	-28.30	-35.16%
TW:1735	Evermore Chemical Industry Co., Ltd.	19.10	4.77	33.24%
TW:6887	BORETECH Resource Recovery Engineering Co Ltd	26.25	-33.45	-56.03%
TW:7507	Enrestec, Inc.	17.05	-23.95	-58.41%
TW:7857	AsWater Advanced Envirotech Ltd	24.20	-18.01	-42.67%
TW:7914	Solming Green Energy Co., Ltd.	30.90	-8.70	-21.97%

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

Greenfiltec Ltd. AI Stock Analysis