BenQ Materials Corp. (8215) AI Stock Analysis

BenQ Materials Corp.

(TWSE:8215)

Select Model

Rating:32Underperform

Price Target:TWD 21.50▼(-13.48% Downside)

Action:initiatedcoverage

Date:11/09/26

BenQ Materials scores poorly, driven primarily by deteriorating fundamentals: three straight years of gross margin compression, a swing to a NT$726 million TTM net loss, debt that has more than quintupled since 2021 to NT$11.06 billion, and shrinking equity producing a -14.9% ROE. Technicals reinforce the caution, with the stock trading below all major moving averages and a negative MACD indicating a sustained downtrend, though oversold RSI and Stochastic readings suggest selling may be extended. Valuation offers no cushion given negative earnings and only a modest 1.28% dividend yield. The main mitigating factors are positive operating cash flow of NT$448 million, still-positive EBITDA, stabilizing revenue, and a sharply narrowing free cash outflow as the heavy capex cycle ends — signals worth monitoring alongside gross margin recovery and debt reduction for any turnaround.

Positive Factors

Strong TTM Revenue GrowthThe 202.1% TTM revenue increase shows that BenQ Materials is gaining substantial sales volume across its materials activities. If retained, this expanded revenue base can improve operating scale, deepen customer relationships, and create a foundation for restoring profitability as demand and product mix develop.

Negative Factors

Elevated LeverageDebt has risen materially while equity has trended down, lifting debt-to-equity to approximately 2.34x from roughly 0.41–0.47x in 2021–2022. This weakens financial flexibility, raises financing sensitivity, and limits the company’s room to absorb prolonged losses or fund expansion internally.

BenQ Materials Corp. (8215) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.16B
Dividend Yield: 1.21%
Average Volume (3M): 1.68M
Price to Earnings (P/E): -11.0
Beta (1Y): 0.77
Revenue Growth: 1.47%
EPS Growth: -10391.82%
Country: TW
Employees: 1,715
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

BenQ Materials Corp. Business Overview & Revenue Model

Company Description

BenQ Materials Corporation, an enterprise based in Taoyuan, Taiwan, specializes in the development and distribution of advanced material science products. The company's diverse product portfolio features a range of functional films, including crucial...

BenQ Materials Corp. Financial Statement Overview

Summary

Fundamentals are weak across all three statements. Gross margin has compressed for three consecutive years (19.8% in 2022 to 13.4% TTM), pushing the company from a NT$199 million profit in 2024 to a NT$726 million TTM loss with a -4.5% operating margin. The balance sheet is stretched: total debt has risen from NT$2.05 billion in 2021 to NT$11.06 billion, debt-to-equity sits at 2.34, equity has eroded to NT$4.72 billion and ROE is -14.9%. Cash flow is the relative bright spot — operating cash flow remains positive at NT$448 million and EBITDA is still positive at NT$512 million, confirming losses are largely depreciation-driven, while free cash outflow has narrowed sharply from -NT$1.91 billion in 2024 to -NT$248 million as the capex cycle winds down. Revenue stabilization (+2% TTM) offers modest support, but leverage and negative returns dominate.

Income Statement

24Negative

Balance Sheet

28Negative

Cash Flow

31Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.71B	17.85B	18.59B	17.13B	15.54B	16.48B
Gross Profit	2.51B	2.58B	3.36B	3.18B	3.08B	3.06B
EBITDA	512.09M	780.70M	1.49B	1.65B	1.37B	1.59B
Net Income	-726.06M	-364.46M	199.21M	414.35M	1.30B	971.55M
Balance Sheet
Total Assets	23.69B	23.22B	22.63B	20.56B	13.70B	12.51B
Cash, Cash Equivalents and Short-Term Investments	865.18M	985.35M	808.10M	1.44B	777.05M	426.61M
Total Debt	11.06B	10.62B	8.80B	6.72B	2.84B	2.05B
Total Liabilities	16.51B	15.66B	14.32B	11.80B	7.45B	7.35B
Stockholders Equity	4.72B	5.13B	5.72B	5.80B	6.05B	5.04B
Cash Flow
Free Cash Flow	-248.18M	-1.17B	-1.91B	-459.21M	-827.47M	368.51M
Operating Cash Flow	448.49M	451.97M	556.99M	1.09B	389.26M	1.01B
Investing Cash Flow	-1.14B	-1.83B	-1.78B	-4.02B	82.48M	-645.77M
Financing Cash Flow	681.76M	1.41B	1.26B	2.89B	-102.98M	-213.19M

BenQ Materials Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8215 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6861	63Neutral	TWD 7.45B	22.89	―	1.10%	40.99%	129.85%
TW:3645	59Neutral	TWD 7.63B	26.45	―	2.11%	-4.08%	94.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8942	52Neutral	TWD 7.77B	7.30	―	2.56%	-40.13%	47.76%
TW:8215	32Underperform	TWD 8.10B	-11.01	―	1.21%	1.47%	-10391.82%

* General Sector Average

Performance Comparison

TW:8215 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8215	BenQ Materials Corp.	24.85	5.00	25.17%
TW:3645	Taimide Tech, Inc.	56.80	0.07	0.12%
TW:6861	InnoCare Optoelectronics Corp.	181.50	122.49	207.58%
TW:6947	Techzone Technology Materials Co. Ltd.	62.80	-13.60	-17.80%
TW:7717	Lightel Corp	430.00	261.13	154.63%
TW:8942	Xxentria Technology Materials Co.,Ltd	39.00	3.00	8.34%

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

BenQ Materials Corp. AI Stock Analysis