BTL, Inc. (6840) AI Stock Analysis

BTL, Inc.

(TPEx:6840)

Select Model

Rating:60Neutral

Price Target:TWD 64.00▼(-5.88% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by earnings recovery and a stable balance sheet, but constrained by inconsistent free cash flow, weak technical momentum, and a relatively demanding P/E valuation. Earnings-call and corporate-event factors were excluded because no relevant data was provided.

Positive Factors

Revenue RecoveryThe rebound in revenue over two consecutive years indicates improving demand and execution after the 2023 decline. Continued top-line recovery can expand operating leverage, support reinvestment, and provide a stronger foundation for rebuilding the company’s longer-term earnings capacity.

Negative Factors

Negative Free Cash FlowRepeated negative free cash flow shows that improving accounting earnings are not yet consistently translating into discretionary cash. Capital spending or working-capital needs are consuming funds, which can limit financial flexibility and constrain the company’s ability to self-fund growth.

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

Earnings recovered, with 8.5% revenue growth and improved net and EBIT margins, while the balance sheet remained stable with moderate leverage. However, profitability remains below historical peaks and negative, volatile free cash flow limits financial quality.

Income Statement

72Positive

Balance Sheet

74Positive

Cash Flow

55Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6840 against its peers
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%
TW:6840	60Neutral	TWD 2.09B	40.48	―	1.47%	13.53%	65.33%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
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

TW:6840 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6840	BTL, Inc.	68.00	10.89	19.07%
TW:4116	BenQ Medical Technology Corp.	40.70	-2.63	-6.06%
TW:6527	Crystalvue Medical Co Ltd	72.90	-5.53	-7.05%
TW:6558	SYNergy ScienTech Corp.	19.45	-18.05	-48.13%
TW:6796	Medimaging Integrated Solution Inc.	49.20	-39.14	-44.31%
TW:7881	Eyecare Tech, Inc.	73.20	-35.89	-32.90%

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

BTL, Inc. AI Stock Analysis