Ever Ohms Technology Co. Ltd. (6834) AI Stock Analysis

Ever Ohms Technology Co. Ltd.

(TWSE:6834)

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Rating:44Neutral

Price Target:TWD 86.00▼(-17.70% Downside)

Action:initiatedcoverage

Date:11/09/26

Ever Ohms Technology scores in the lower band primarily because profitability and cash generation remain weak and unpredictable: despite record revenue of NT$1.43B, net income declined, operating margin halved to 3.1%, return on equity sits near 3%, and heavy capital spending cut free cash flow to just NT$9.1M. A solidly capitalised balance sheet with modest 0.36x leverage provides downside protection and is the company's main strength, though rising debt and falling equity returns temper that view. Technical signals add further caution, with the price trading well below its 20-, 50- and 100-day averages amid negative MACD momentum, even as oversold readings hint at a possible near-term bounce. Valuation compounds the risk, as a 41.4x P/E and a slim 0.44% dividend yield leave little margin for error until margins and returns on the expanded asset base show sustained improvement.

Positive Factors

Return to ProfitabilityReturning from a loss in 2023 to positive net income in both 2024 and 2025 indicates that the business retains earnings power through a recovery cycle. This improves internal funding capacity and provides a stronger base for rebuilding margins, even though the recovery still requires proof of durability.

Negative Factors

Weak Free Cash FlowNear-breakeven free cash flow in 2025, after stronger generation in 2024, indicates that reported profits are not consistently converting into discretionary cash. Persistent volatility can constrain reinvestment, debt reduction, and shareholder returns while increasing execution risk during the next business cycle.

Ever Ohms Technology Co. Ltd. (6834) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.32B
Dividend Yield: 0.37%
Average Volume (3M): 7.17M
Price to Earnings (P/E): 35.1
Beta (1Y): 1.40
Revenue Growth: 47.04%
EPS Growth: 875.06%
Country: TW
Employees: 404
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Ever Ohms Technology Co. Ltd. Business Overview & Revenue Model

Company Description

Ever Ohms Technology Co.,Ltd. operates internationally, focusing on the research, development, manufacturing, and global sale of electronic components. The company's primary offerings include a wide array of chip resistors and resistor networks. Addi...

Ever Ohms Technology Co. Ltd. Financial Statement Overview

Summary

A conservatively funded balance sheet (score 63) is the clear strength: equity of NT$1.43B supports roughly two-thirds of the NT$2.23B asset base and debt-to-equity is a manageable 0.36x. However, debt has climbed from NT$35M in 2020 to NT$510M, equity has drifted down from its 2022 peak, and return on equity has fallen to just 3.1%. Earnings quality is the main drag (income statement score 41): revenue rebounded to a multi-year high of NT$1.43B, yet gross margin slipped to 16.1% and net income fell to NT$44.4M from NT$56.8M, with operating margin halving to 3.1% — evidence of cost pressure, weak operating leverage and heavy depreciation. Cash flow (score 44) is positive but thin: operating cash flow of NT$129M covers net income 2.9x, but dropped sharply from NT$231M and capital intensity left free cash flow at only NT$9.1M, following negative free cash flow in three of the prior five years.

Income Statement

41Neutral

Balance Sheet

63Positive

Cash Flow

44Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.70B	1.43B	1.27B	942.80M	1.10B	1.27B
Gross Profit	343.15M	229.79M	224.76M	24.59M	251.87M	379.87M
EBITDA	338.01M	217.47M	242.88M	37.31M	266.19M	340.03M
Net Income	203.81M	44.40M	56.77M	-96.12M	104.23M	179.22M
Balance Sheet
Total Assets	2.60B	2.23B	2.14B	2.05B	2.15B	2.00B
Cash, Cash Equivalents and Short-Term Investments	420.87M	391.80M	384.30M	361.29M	394.45M	333.28M
Total Debt	569.26M	510.24M	416.19M	431.34M	291.78M	283.83M
Total Liabilities	1.06B	795.26M	672.63M	639.64M	543.51M	612.20M
Stockholders Equity	1.54B	1.43B	1.46B	1.41B	1.61B	1.39B
Cash Flow
Free Cash Flow	-1.50M	9.09M	129.07M	-62.72M	-42.36M	2.15M
Operating Cash Flow	83.20M	129.04M	231.29M	37.19M	284.80M	184.61M
Investing Cash Flow	-74.45M	-173.81M	-189.19M	-168.21M	-330.90M	-180.77M
Financing Cash Flow	17.01M	51.07M	-17.24M	36.31M	106.99M	184.72M

Ever Ohms Technology Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6834 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8109	71Outperform	TWD 9.89B	14.80	―	3.64%	32.66%	44.89%
TW:2420	70Outperform	TWD 7.68B	10.62	―	5.85%	5.40%	31.54%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3015	55Neutral	TWD 8.02B	21.21	―	5.12%	-5.43%	17.09%
TW:2375	54Neutral	TWD 10.60B	24.40	―	1.18%	6.76%	20.62%
TW:6284	54Neutral	TWD 9.52B	22.94	―	2.95%	-4.53%	-44.11%
TW:6834	44Neutral	TWD 9.54B	35.12	―	0.37%	47.04%	875.06%

* General Sector Average

Performance Comparison

TW:6834 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6834	Ever Ohms Technology Co. Ltd.	104.50	77.18	282.53%
TW:2375	Kaimei Electronic Corporation	101.50	4.85	5.02%
TW:2420	Zippy Technology Corp	51.30	2.63	5.40%
TW:3015	FSP Technology Inc.	42.95	-10.82	-20.13%
TW:6284	INPAQ Technology Co., Ltd	64.00	-18.90	-22.80%
TW:8109	P-DUKE Technology Co. Ltd	123.50	27.96	29.26%

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 Ohms Technology Co. Ltd. AI Stock Analysis