National Petroleum Co., Ltd. (9937) AI Stock Analysis

National Petroleum Co., Ltd.

(TWSE:9937)

Select Model

Rating:58Neutral

Price Target:TWD 57.00▲(5.36% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by balance-sheet strength and a solid dividend yield, but declining revenue, weaker margins, reduced cash-flow momentum, and technically weak price positioning materially limit the outlook.

Positive Factors

Improved Balance SheetThe sharp reduction in leverage lowers balance-sheet risk and should preserve financing flexibility across the next several quarters. A stronger equity base and less debt dependence can support investment and resilience, even if operating conditions remain pressured.

Negative Factors

Stalled RevenueRecent revenue contraction indicates that the company is not currently expanding its top line, following stronger growth in 2021–2022. A stagnant or declining revenue base can limit operating leverage and make sustained earnings growth more difficult.

National Petroleum Co., Ltd. (9937) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 16.53B
Dividend Yield: 4.07%
Average Volume (3M): 35.48K
Price to Earnings (P/E): 20.9
Beta (1Y): 0.10
Revenue Growth: 2.10%
EPS Growth: 6.61%
Country: TW
Employees: 57,000
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

National Petroleum Co., Ltd. Business Overview & Revenue Model

Company Description

National Petroleum Co., Ltd. engages in the gas stations business in Taiwan. The company sells gasoline, lubricant, and diesel fuel. It offers car wash services. National Petroleum Co., Ltd. was founded in 1977 and is based in Taipei City, Taiwan.

National Petroleum Co., Ltd. Financial Statement Overview

Summary

Financial health is moderate: a strong balance sheet with lower debt and higher equity is offset by declining revenue, weaker margins, and deteriorating operating and free cash flow.

Income Statement

55Neutral

Balance Sheet

78Positive

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.89B	22.54B	24.03B	24.54B	24.16B	21.20B
Gross Profit	2.11B	2.20B	2.77B	2.73B	2.58B	2.57B
EBITDA	1.34B	1.36B	1.56B	1.60B	1.57B	1.69B
Net Income	795.48M	730.02M	738.10M	782.95M	724.83M	810.74M
Balance Sheet
Total Assets	12.95B	12.03B	12.47B	12.41B	12.28B	12.78B
Cash, Cash Equivalents and Short-Term Investments	1.37B	430.21M	537.75M	691.78M	778.01M	1.09B
Total Debt	2.14B	2.17B	4.29B	4.15B	4.05B	4.63B
Total Liabilities	7.41B	6.20B	6.77B	6.87B	6.93B	7.42B
Stockholders Equity	5.54B	5.82B	5.70B	5.55B	5.35B	5.33B
Cash Flow
Free Cash Flow	1.76B	846.72M	798.02M	1.11B	1.37B	1.69B
Operating Cash Flow	1.83B	969.38M	1.17B	1.45B	1.56B	2.02B
Investing Cash Flow	-50.45M	-89.57M	-245.78M	-449.91M	-422.08M	-356.44M
Financing Cash Flow	-996.37M	-1.04B	-1.08B	-1.06B	-1.42B	-1.51B

National Petroleum Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9937 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:9908	70Outperform	TWD 14.35B	12.80	―	4.19%	0.38%	30.67%
TW:2072	69Neutral	TWD 19.87B	15.71	―	12.89%	―	―
TW:9937	58Neutral	TWD 16.60B	20.94	―	4.07%	2.10%	6.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2103	50Neutral	TWD 19.40B	8.40	―	1.13%	9.79%	2185.39%
TW:1313	40Underperform	TWD 15.17B	78.33	―	0.85%	-0.93%	―
TW:1312	30Underperform	TWD 19.04B	-3.05	―	―	40.97%	-18.15%

* General Sector Average

Performance Comparison

TW:9937 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9937	National Petroleum Co., Ltd.	54.10	-0.98	-1.79%
TW:1312	Grand Pacific Petrochemical Corp.	12.55	1.55	14.09%
TW:1313	UPC Technology Corporation	11.75	1.34	12.88%
TW:2072	Century Energy Co., Ltd.	101.50	-89.78	-46.94%
TW:2103	TSRC Corporation	23.85	9.29	63.79%
TW:9908	Great Taipei Gas Corporation	28.65	-0.19	-0.67%

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

National Petroleum Co., Ltd. AI Stock Analysis