Walrus Pump Co Ltd (6982) AI Stock Analysis

Walrus Pump Co Ltd

(TPEx:6982)

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Rating:34Underperform

Price Target:TWD 32.00▼(-15.57% Downside)

Action:initiatedcoverage

Date:11/09/26

Walrus Pump scores poorly, driven primarily by deteriorating fundamentals: margins have collapsed to near-breakeven, debt rose over 50% to fund an aggressive capacity expansion, and free cash flow turned sharply negative at NT$-549 million, leaving the company dependent on external financing. Technicals reinforce the caution, with the price trading far below all key moving averages and negative MACD momentum, though extremely low RSI and Stochastic readings indicate heavily oversold conditions. Valuation offers limited support — earnings are negative on a P/E basis, and while the 4.57% dividend yield is appealing, its sustainability is uncertain given weak cash generation. The investment case rests on whether the new capacity delivers a revenue and margin recovery; until then, risk remains elevated.

Positive Factors

Diversified Pump ApplicationsWalrus Pump serves several end markets and offers water-supply, drainage, sewage, and related pumping systems. This breadth can diversify demand across customer groups and applications, supporting longer-term resilience and reducing reliance on a single product or sector.

Negative Factors

Severe Cash Flow DeteriorationThe sharp decline in operating cash generation and deeply negative free cash flow weaken internally funded growth and increase reliance on financing. The 2025 outflow was a major step-change, creating a durable liquidity and capital-allocation risk until cash conversion improves.

Walrus Pump Co Ltd (6982) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.54B
Dividend Yield: 4.21%
Average Volume (3M): 21.64K
Price to Earnings (P/E): -100.8
Beta (1Y): 0.73
Revenue Growth: 7.75%
EPS Growth: -120.77%
Country: TW
Employees: 428
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

Walrus Pump Co Ltd Business Overview & Revenue Model

Company Description

Established in 1967 and based in New Taipei City, Taiwan, Walrus Pump Co., Ltd. is actively involved in the full lifecycle of water pumps, from initial research and development through to manufacturing, sales, and after-sales service. For residential...

Walrus Pump Co Ltd Financial Statement Overview

Summary

All three statements point to significant strain. Revenue has plateaued near NT$1.6 billion (+0.3%) after double-digit growth, while margins collapsed — gross margin fell to 24.2%, operating margin to 1.8%, and net margin to just 0.14%, cutting net income from NT$101 million to NT$2.3 million. The balance sheet is more stretched, with total debt up ~52% to NT$1.51 billion, equity down to NT$909 million, debt-to-equity rising to 1.66x, and ROE evaporating to 0.25%. Cash flow is the weakest link: operating cash flow fell to NT$11.8 million from NT$218.5 million, and free cash flow was deeply negative at NT$-549 million, forcing reliance on external borrowing to fund the capacity build-out. Mitigating factors include continued (if minimal) profitability, a growing asset base, and operating cash flow still exceeding net income, suggesting earnings are not inflated.

Income Statement

29Negative

Balance Sheet

36Negative

Cash Flow

21Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.78B	1.62B	1.61B	1.40B	1.39B	1.39B
Gross Profit	379.18M	391.11M	463.73M	389.51M	373.91M	349.74M
EBITDA	116.35M	115.36M	200.60M	155.91M	159.51M	167.11M
Net Income	-15.08M	2.31M	101.16M	73.20M	76.82M	75.82M
Balance Sheet
Total Assets	2.96B	2.75B	2.39B	1.99B	1.67B	1.26B
Cash, Cash Equivalents and Short-Term Investments	240.16M	183.49M	264.85M	272.36M	182.97M	91.83M
Total Debt	1.56B	1.51B	998.35M	1.09B	825.24M	550.60M
Total Liabilities	2.09B	1.84B	1.43B	1.36B	1.05B	923.99M
Stockholders Equity	873.15M	908.83M	956.11M	636.68M	620.74M	332.46M
Cash Flow
Free Cash Flow	-205.42M	-548.68M	-99.10M	-122.63M	-348.61M	16.54M
Operating Cash Flow	120.35M	11.78M	218.52M	201.39M	-52.83M	66.70M
Investing Cash Flow	-341.03M	-581.59M	-267.26M	-339.62M	-324.74M	16.51M
Financing Cash Flow	50.51M	473.60M	90.05M	212.15M	438.14M	-112.84M

Walrus Pump Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6982 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1541	64Neutral	TWD 1.52B	11.19	―	2.59%	-30.14%	21.52%
TW:1540	59Neutral	TWD 1.50B	14.26	―	5.75%	-11.52%	60.68%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6843	54Neutral	TWD 1.28B	20.74	―	5.19%	11.54%	-21.16%
TW:1570	49Neutral	TWD 1.57B	57.42	―	3.24%	-19.79%	-53.42%
TW:6982	34Underperform	TWD 1.54B	-100.83	―	4.21%	7.75%	-120.77%

* General Sector Average

Performance Comparison

TW:6982 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6982	Walrus Pump Co Ltd	37.90	-25.82	-40.52%
TW:1343	Sun Rise E&T Corp.	33.35	-2.30	-6.45%
TW:1540	Roundtop Machinery Industries Co., Ltd	17.40	-4.16	-19.29%
TW:1541	Chang Type Industrial Co., Ltd.	19.70	-4.85	-19.76%
TW:1570	De Poan Pneumatic Corp.	30.90	1.55	5.28%
TW:6843	JDV Control Valves Co., Ltd.	38.50	-16.33	-29.78%

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

Walrus Pump Co Ltd AI Stock Analysis