BenQ Materials Corp. (8215) AI Stock Analysis

BenQ Materials Corp.

(TWSE:8215)

Select Model

Rating:38Underperform

Price Target:TWD 22.00▼(-13.73% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is deeply bearish, driven primarily by a distressed financial profile marked by losses, high leverage, and cash burn. This is compounded by weak technicals showing the stock in a clear downtrend across all timeframes. The negative P/E ratio further confirms a lack of earnings power, leaving no fundamental or technical support for the stock.

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 8.18B
Dividend Yield: 1.18%
Average Volume (3M): 1.69M
Price to Earnings (P/E): -11.2
Beta (1Y): 0.78
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

Financial health is critically weak. The income statement shows a swing to net losses with compressing margins, the balance sheet is highly leveraged with a debt-to-equity ratio of 2.34 and eroding equity, and free cash flow is persistently negative, indicating an unsustainable reliance on external financing.

Income Statement

28Negative

Balance Sheet

22Negative

Cash Flow

15Very Negative

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 7.49B	24.07	―	1.03%	40.99%	129.85%
TW:3645	59Neutral	TWD 7.45B	24.93	―	2.22%	-4.08%	94.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8942	52Neutral	TWD 7.73B	7.94	―	2.56%	-40.13%	47.76%
TW:8215	38Underperform	TWD 7.97B	-11.23	―	1.18%	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.	25.50	5.84	29.74%
TW:3645	Taimide Tech, Inc.	54.10	0.33	0.60%
TW:6861	InnoCare Optoelectronics Corp.	193.50	136.58	239.93%
TW:6947	Techzone Technology Materials Co. Ltd.	61.20	-16.00	-20.72%
TW:7717	Lightel Corp	489.50	320.63	189.86%
TW:8942	Xxentria Technology Materials Co.,Ltd	39.00	2.90	8.05%

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