VSO Electronics Co., Ltd. AI Stock Analysis
VSO Electronics Co., Ltd. (6913) AI Stock Analysis
VSO Electronics Co., Ltd.
(TPEx:6913)
VSO Electronics scores in the middle of the range. The primary driver is financial performance: record revenue growth and a low-leverage balance sheet are offset by stalled earnings, eroding margins and ROE, and two consecutive years of negative free cash flow caused by an aggressive capital spending program that has also lifted debt sharply. Technicals are the main near-term drag, with the share price below all key moving averages and a negative MACD pointing to a persistent downtrend. Valuation is fair rather than compelling at 20x earnings, with a ~2.05% dividend yield providing some support. A rebound in margins and a return to positive free cash flow would be the key catalysts for a higher score.
VSO Electronics Co., Ltd. (6913) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 5.73B
- Dividend Yield
- 1.91%
- Average Volume (3M)
- 495.19K
- Price to Earnings (P/E)
- 20.2
- Beta (1Y)
- 0.88
- Revenue Growth
- 25.98%
- EPS Growth
- 54.12%
- Country
- TW
- Employees
- 1,060
- Sector
- General
- Sector Strength
- 55
- Industry
- Electrical Equipment & Parts
VSO Electronics Co., Ltd. Business Overview & Revenue Model
Company Description
VSO Electronics Co., Ltd. is a company that specializes in producing both connectivity solutions and advanced functional materials. Their extensive product line includes essential cabling for industrial automation and Internet of Things (IoT) devices...
VSO Electronics Co., Ltd. Financial Statement Overview
Summary
Mixed picture. Revenue hit a record NT$2.63bn in FY2025 (+22%) with a slight gross-margin gain, and the balance sheet is conservative (debt-to-equity 0.24, equity nearly tripled since 2020). However, profits did not follow sales: operating margin fell to 10.0% from 12.1%, net income was flat at ~NT$190m, and ROE slipped to ~12% from 35% in 2022. The weakest link is cash flow — despite operating cash flow recovering to NT$202m, heavy capex (>NT$300m) left free cash flow negative for a second straight year (~NT$-105m) and drove total debt up from NT$61m to NT$371m. Sound financial foundation, but margin recovery and a return to positive free cash flow are still unproven.
Income Statement
63PositiveBalance Sheet
71PositiveCash Flow
43Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02B | 2.63B | 2.16B | 1.82B | 2.27B | 2.12B |
| Gross Profit | 851.91M | 713.70M | 567.84M | 449.65M | 790.44M | 473.54M |
| EBITDA | 433.70M | 343.33M | 323.66M | 216.67M | 490.44M | 251.47M |
| Net Income | 291.51M | 189.55M | 185.57M | 114.28M | 360.32M | 106.80M |
Balance Sheet | ||||||
| Total Assets | 3.76B | 2.91B | 2.40B | 1.88B | 1.99B | 1.51B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 732.28M | 664.06M | 632.75M | 573.80M | 402.88M |
| Total Debt | 806.24M | 371.44M | 61.09M | 205.96M | 143.80M | 150.11M |
| Total Liabilities | 1.93B | 1.25B | 818.22M | 807.64M | 863.13M | 809.46M |
| Stockholders Equity | 1.74B | 1.55B | 1.49B | 982.36M | 1.03B | 608.27M |
Cash Flow | ||||||
| Free Cash Flow | -321.00K | -105.34M | -114.01M | 214.67M | 220.49M | 144.35M |
| Operating Cash Flow | 252.12M | 201.68M | 55.14M | 288.76M | 322.25M | 209.31M |
| Investing Cash Flow | -789.58M | -354.67M | -410.47M | -180.73M | -78.60M | -168.93M |
| Financing Cash Flow | 529.39M | 179.66M | 144.36M | -113.17M | -2.33M | -63.62M |
VSO Electronics Co., Ltd. Peers Comparison
Overall Rating
TW:222862Neutral
TW:249762Neutral
TW:331062Neutral- TW:691355Neutral
TW:223636Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:2228 | 62Neutral | TWD 5.39B | 17.08 | ― | 6.81% | -2.44% | -43.17% |
| TW:2497 | 62Neutral | TWD 4.82B | 10.91 | ― | 5.46% | 2.76% | 39.47% |
| TW:3310 | 62Neutral | TWD 4.74B | 17.31 | ― | 5.39% | 19.95% | 5.00% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6913 | 55Neutral | TWD 5.82B | 20.20 | ― | 1.91% | 25.98% | 54.12% |
| TW:2236 | 36Underperform | TWD 5.90B | -12.86 | ― | 0.33% | 88.01% | -191.43% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6913 | VSO Electronics Co., Ltd. | 131.00 | 18.11 | 16.05% | |
| TW:2228 | Iron Force Industrial Co., Ltd. | 66.10 | -20.39 | -23.57% | |
| TW:2236 | Patec Precision Industry Co., Ltd. | 92.70 | 7.57 | 8.90% | |
| TW:2497 | E-Lead Electronic Co., Ltd. | 36.65 | -3.81 | -9.41% | |
| TW:3310 | Chialin Precision Industrial Co., Ltd. | 64.90 | 4.67 | 7.75% | |
| TW:6849 | Chyi Ding Technologies Co. Ltd. | 139.00 | 94.00 | 208.89% |
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