We Can Medicines Co., Ltd. (6929) AI Stock Analysis

We Can Medicines Co., Ltd.

(TPEx:6929)

Select Model

Rating:40Underperform

Price Target:TWD 19.00▼(-9.31% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is very low, driven primarily by the company's deeply negative profitability and deteriorating margins, which overshadow stable cash flows. This fundamental weakness is confirmed by a bearish technical trend, with the stock trading below all major moving averages and showing weak momentum. The negative P/E ratio further underscores the lack of earnings power, making the stock highly unattractive at this time.

Positive Factors

Revenue GrowthRecent revenue growth indicates that the company is still expanding its top line despite broader profitability pressure. If this growth persists, it can provide a larger operating base for cost absorption and create an opportunity for earnings recovery when margins stabilize.

Negative Factors

Margin CompressionThe sharp gross-margin decline signals that revenue growth is currently converting less effectively into operating profit. Unless margins recover, the weaker economics can limit reinvestment capacity, prolong operating losses, and make future earnings more sensitive to cost pressures.

We Can Medicines Co., Ltd. (6929) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 953.65M
Dividend Yield: ―
Average Volume (3M): 6,981
Price to Earnings (P/E): -12.2
Beta (1Y): 0.24
Revenue Growth: -1.09%
EPS Growth: -5.06%
Country: TW
Employees: 1,020
Sector: General
Sector Strength: 55
Industry: Packaged Foods

We Can Medicines Co., Ltd. Business Overview & Revenue Model

Company Description

We Can Medicines Co., Ltd. is a Taiwan-based enterprise that manages a network of pharmacies across the island. These retail establishments offer a diverse array of health-related products, encompassing pharmaceuticals, nutritional supplements, mothe...

We Can Medicines Co., Ltd. Financial Statement Overview

Summary

Financial performance is weak. The income statement shows severe margin compression and persistent net losses, overshadowing modest revenue growth. The balance sheet is improving with lower debt, but returns are negative. Cash flow remains positive, providing a lifeline, but its growth is declining. Overall, profitability is the primary concern.

Income Statement

35Negative

Balance Sheet

45Neutral

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.21B	3.22B	3.27B	3.12B	3.30B	2.79B
Gross Profit	733.10M	747.34M	1.10B	1.02B	1.11B	916.55M
EBITDA	247.01M	252.68M	288.21M	321.25M	393.76M	266.99M
Net Income	-78.03M	-73.21M	-47.18M	14.80M	100.05M	38.79M
Balance Sheet
Total Assets	2.81B	2.98B	3.09B	2.86B	2.58B	2.21B
Cash, Cash Equivalents and Short-Term Investments	223.72M	285.75M	305.67M	160.53M	216.26M	203.36M
Total Debt	1.11B	1.20B	1.24B	1.32B	1.06B	901.50M
Total Liabilities	1.80B	1.93B	1.97B	2.04B	1.78B	1.53B
Stockholders Equity	1.01B	1.05B	1.12B	816.35M	791.69M	684.54M
Cash Flow
Free Cash Flow	259.58M	220.08M	191.44M	45.89M	223.75M	114.20M
Operating Cash Flow	296.91M	255.60M	260.68M	139.84M	346.67M	457.15M
Investing Cash Flow	-86.82M	-35.72M	-69.04M	-99.07M	-128.45M	-345.76M
Financing Cash Flow	-246.44M	-240.27M	-46.50M	-97.12M	-205.32M	-28.21M

We Can Medicines Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6929 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6929	40Underperform	TWD 953.65M	-12.22	―	―	-1.09%	-5.06%
TW:4171	40Underperform	TWD 896.99M	-40.49	―	―	11.99%	84.94%

* General Sector Average

Performance Comparison

TW:6929 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6929	We Can Medicines Co., Ltd.	20.95	-11.05	-34.53%
TW:4171	GeneReach Biotechnology Corp.	15.20	-4.85	-24.19%
TW:4194	Holy Stone Healthcare Co., Ltd.	6.25	-1.93	-23.59%
TW:6810	Bio Preventive Medicine Corp.	22.70	-1.40	-5.81%
TW:6876	LAUNXP BIOMEDICAL CO., LTD.	14.05	-9.00	-39.05%
TW:6879	Tci Gene Inc.	35.50	-3.65	-9.32%

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 10, 2026

We Can Medicines Co., Ltd. AI Stock Analysis