Neousys Technology, Inc. (6922) AI Stock Analysis

Neousys Technology, Inc.

(TPEx:6922)

Select Model

Rating:58Neutral

Price Target:TWD 171.00▼(-7.07% Downside)

Action:initiatedcoverage

Date:11/09/26

Neousys scores in the middle of the range. Fundamentals are mixed: revenue growth and 40%+ gross margins are genuine strengths, but margin compression, a slight decline in net income, and especially weak cash generation — with negative free cash flow in two consecutive years and a jump in debt-to-equity to about 0.58 — temper financial quality. Technicals are the biggest drag, with the stock trading below all major moving averages and a negative MACD confirming a downtrend, albeit at deeply oversold levels. Valuation provides the main offset, with a moderate 17.9x P/E and an attractive ~2.9% dividend yield. The score would improve if capital spending starts converting into stronger cash flow and the price trend stabilises.

Positive Factors

Rugged edge-computing specializationThe company serves demanding industrial, transportation, surveillance, and machine-vision environments where reliable operation and flexible integration are important. Its rugged, fanless and accelerator-ready designs support a specialized position that can remain relevant as computing moves closer to operating equipment.

Negative Factors

Weak cash conversionOperating cash flow materially trails reported earnings, showing that accounting profitability is not translating efficiently into cash. Persistently weak conversion can constrain internally funded expansion, increase dependence on financing, and make the company less resilient if working-capital needs or investment remain elevated.

Neousys Technology, Inc. (6922) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.97B
Dividend Yield: 2.62%
Average Volume (3M): 160.89K
Price to Earnings (P/E): 15.7
Beta (1Y): 1.11
Revenue Growth: 34.63%
EPS Growth: 57.37%
Country: TW
Employees: 203
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Neousys Technology, Inc. Business Overview & Revenue Model

Company Description

Neousys Technology Inc. is a company that specializes in the design and manufacturing of highly durable, industrial-grade embedded computer systems. Their comprehensive product portfolio spans a variety of specialized computing solutions: Industrial...

Neousys Technology, Inc. Financial Statement Overview

Summary

Neousys combines solid revenue growth (roughly NT$715m in 2020 to NT$1.64bn in 2025, +14% in the latest year) and durable gross margins above 40% with a 15.9% operating margin, supporting an income statement score of 70. However, margins compressed (gross 43.4%→40.8%, operating 17.6%→15.9%) and net income slipped to about NT$187m, signalling stalled bottom-line growth. The balance sheet (64) remains adequately capitalised, with equity funding over half of assets and a 17.8% ROE, but borrowings surged from under NT$50m in 2023 to NT$604m in 2025, lifting debt-to-equity to about 0.58. Cash flow is the clear weak link (36): operating cash flow fell to roughly NT$91m, converting only about half of net income, with free cash flow negative for two straight years amid a heavy capex cycle, though the 2025 burn narrowed sharply.

Income Statement

70Positive

Balance Sheet

64Positive

Cash Flow

36Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	1.94B	1.64B	1.45B	1.05B	1.28B	976.88M
Gross Profit	796.47M	670.19M	627.30M	455.50M	535.96M	400.21M
EBITDA	148.38M	292.14M	285.76M	165.82M	270.00M	178.49M
Net Income	260.16M	186.89M	193.75M	104.86M	178.26M	125.62M
Balance Sheet
Total Assets	2.42B	2.00B	1.80B	1.11B	920.13M	692.56M
Cash, Cash Equivalents and Short-Term Investments	559.61M	387.21M	473.89M	563.84M	458.38M	236.41M
Total Debt	594.40M	604.17M	535.04M	48.71M	29.69M	22.04M
Total Liabilities	1.34B	955.34M	831.13M	251.84M	285.75M	285.58M
Stockholders Equity	1.08B	1.05B	967.02M	854.38M	634.37M	406.99M
Cash Flow
Free Cash Flow	-97.01M	-131.50M	-488.24M	164.85M	198.64M	87.42M
Operating Cash Flow	105.74M	90.69M	154.20M	40.11M	204.63M	95.50M
Investing Cash Flow	-158.16M	-153.12M	-582.07M	-105.53M	-5.23M	-11.54M
Financing Cash Flow	-59.19M	-56.38M	393.31M	82.48M	21.99M	-67.41M

Neousys Technology, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6922 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3356	58Neutral	TWD 4.41B	4.77	―	8.95%	-1.81%	529.31%
TW:6922	58Neutral	TWD 5.00B	15.74	―	2.62%	34.63%	57.37%
TW:5474	57Neutral	TWD 4.98B	22.17	―	3.13%	17.43%	-6.13%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8076	49Neutral	TWD 5.00B	129.28	―	3.90%	31.21%	―
TW:2405	44Neutral	TWD 4.75B	688.12	―	0.72%	9.38%	―
TW:2417	43Neutral	TWD 4.64B	23.77	―	0.76%	9.30%	―

* General Sector Average

Performance Comparison

TW:6922 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6922	Neousys Technology, Inc.	184.00	-7.40	-3.86%
TW:2405	Shuttle Inc.	13.90	-4.04	-22.54%
TW:2417	AVerMedia Technologies, Inc.	32.80	-3.96	-10.76%
TW:3356	GeoVision, Inc.	65.50	15.47	30.93%
TW:5474	Yuan High-Tech Development Co., Ltd.	128.00	-28.68	-18.30%
TW:8076	Firich Enterprises Co. Ltd.	17.95	-5.62	-23.84%

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

Neousys Technology, Inc. AI Stock Analysis