BTL, Inc. AI Stock Analysis
BTL, Inc. (6840) AI Stock Analysis
BTL, Inc.
(TPEx:6840)
BTL earns a below-average score. Fundamentals are the largest driver and are mixed: a solid balance sheet (equity funding ~60% of assets, debt-to-equity 0.54) and improving revenue, margins and operating cash flow are weighed against thin profitability (5.3% net margin, 4.6% ROE), past earnings volatility and negative free cash flow caused by a heavy investment cycle. Technicals compound the caution, with the share price well below all major moving averages and negative MACD momentum. Valuation adds further pressure, as a 29x P/E looks expensive against current earnings power, with only a 1.64% dividend yield as support. A sustained margin recovery and a turn to positive free cash flow would be the key catalysts for improvement.
BTL, Inc. (6840) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 2.04B
- Dividend Yield
- 1.47%
- Average Volume (3M)
- 433.25K
- Price to Earnings (P/E)
- 40.5
- Beta (1Y)
- 1.25
- Revenue Growth
- 13.53%
- EPS Growth
- 65.33%
- Country
- TW
- Employees
- 122
- Sector
- General
- Sector Strength
- 55
- Industry
- Specialty Business Services
BTL, Inc. Business Overview & Revenue Model
Company Description
BTL, Inc. provides testing and certification services for electronic products. Its products include mobile communications, BQB, Sar/Ota, IoT, EMC, RF, telecom, safety and new energy. It offers certifications for electromagnetic compatibility (EMC), r...
BTL, Inc. Financial Statement Overview
Summary
A blend of the Income Statement (57), Balance Sheet (68) and Cash Flow (52) scores points to a company in recovery with a sound capital structure but unproven earnings power. Revenue has grown to NT$909.1M with gross margin improving for three straight years to 41.2% and net income rebounding to NT$48.0M after a 2023 loss. Operating cash flow nearly doubled to NT$170.5M, roughly 3.6x net income, confirming good earnings quality. Offsetting this, net margin (5.3%) and ROE (4.6%) remain far below 2021-2022 levels, earnings have been volatile, and heavy capital spending (~NT$197M) left free cash flow negative at -NT$26.2M. The balance sheet is the anchor: equity funds about 60% of assets with debt-to-equity of a modest 0.54.
Income Statement
57NeutralBalance Sheet
68PositiveCash Flow
52Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 961.85M | 909.14M | 838.24M | 702.81M | 888.20M | 825.06M |
| Gross Profit | 383.43M | 374.46M | 315.50M | 230.01M | 438.97M | 437.85M |
| EBITDA | 233.23M | 204.16M | 165.76M | 66.87M | 272.72M | 246.07M |
| Net Income | 66.05M | 47.96M | 15.50M | -53.45M | 134.92M | 129.16M |
Balance Sheet | ||||||
| Total Assets | 1.84B | 1.76B | 1.68B | 1.51B | 1.38B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 207.04M | 260.02M | 371.80M | 234.01M | 241.26M | 357.94M |
| Total Debt | 587.82M | 571.20M | 543.34M | 553.62M | 463.45M | 434.07M |
| Total Liabilities | 764.41M | 710.67M | 669.99M | 704.59M | 627.26M | 603.67M |
| Stockholders Equity | 1.08B | 1.05B | 1.01B | 808.61M | 753.41M | 673.23M |
Cash Flow | ||||||
| Free Cash Flow | -10.89M | -26.23M | 13.12M | -127.83M | -74.47M | 157.15M |
| Operating Cash Flow | 179.04M | 170.53M | 94.49M | 33.19M | 170.44M | 224.79M |
| Investing Cash Flow | -147.75M | -114.25M | -118.19M | -135.04M | -150.85M | -128.36M |
| Financing Cash Flow | -35.95M | -86.04M | 138.05M | 127.91M | -59.67M | -35.37M |
BTL, Inc. Peers Comparison
Overall Rating
TW:652773Outperform
TW:411662Neutral- TW:684051Neutral
TW:655847Neutral
TW:679640Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6527 | 73Outperform | TWD 1.86B | 12.15 | ― | 3.98% | -1.23% | 10.20% |
| TW:4116 | 62Neutral | TWD 1.82B | 2.38 | ― | 4.91% | 3.85% | 786.65% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6840 | 51Neutral | TWD 2.09B | 40.48 | ― | 1.47% | 13.53% | 65.33% |
| TW:6558 | 47Neutral | TWD 1.81B | -10.57 | ― | 1.55% | -10.07% | -349.71% |
| TW:6796 | 40Underperform | TWD 2.04B | 123.00 | ― | 0.51% | 12.26% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6840 | BTL, Inc. | 68.00 | 10.10 | 17.45% | |
| TW:4116 | BenQ Medical Technology Corp. | 40.70 | -3.48 | -7.87% | |
| TW:6527 | Crystalvue Medical Co Ltd | 72.90 | -5.63 | -7.16% | |
| TW:6558 | SYNergy ScienTech Corp. | 19.45 | -19.00 | -49.41% | |
| TW:6796 | Medimaging Integrated Solution Inc. | 49.20 | -40.22 | -44.98% | |
| TW:7881 | Eyecare Tech, Inc. | 73.20 | -35.89 | -32.90% |
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