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Federal 2102.TW · TWD

Consumer Discretionary · Taiwan Stock Exchange · 🇹🇼 Taiwan

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15.15

+1.68%

Close of 9 Nov 2026, in TWD

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At a glance

Figures in TWD, from our data supplier.

FY2025

Revenue

TWD 265.9m

FY2016FY2025

Net income

TWD 2.88bn

FY2016FY2025

Free cash flow

−TWD 266.5m

FY2016FY2025

Shareholders' equity

TWD 9.65bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueTWD 265.9mTWD 267.4mTWD 478.4mTWD 1.62bnTWD 1.56bnTWD 5.70bnTWD 4.54bnTWD 5.01bnTWD 5.59bnTWD 5.33bn
Gross profitTWD 54.2mTWD 17.4m−TWD 296.7m−TWD 31.1m−TWD 734.8mTWD 1.30bnTWD 685.8mTWD 347.3mTWD 689.9mTWD 986.6m
Research and developmentTWD 8.1mTWD 24.1mTWD 49.6mTWD 79.1mTWD 126.8mTWD 123.8mTWD 109.8mTWD 122.1mTWD 88.5mTWD 95.3m
Operating incomeTWD 3.00bn−TWD 375.0m−TWD 1.63bn−TWD 1.28bn−TWD 2.24bnTWD 217.8m−TWD 584.1m−TWD 865.7m−TWD 666.0mTWD 59.1m
Net incomeTWD 2.88bn−TWD 465.2m−TWD 1.73bn−TWD 1.36bn−TWD 2.35bnTWD 111.5m−TWD 660.8m−TWD 1.23bn−TWD 698.1m−TWD 9.3m
Diluted earnings per share6.46-1.01-3.76-2.95-5.180.23-1.46-2.67-1.52-0.02

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsTWD 12.29bnTWD 13.42bnTWD 13.78bnTWD 10.02bnTWD 11.57bnTWD 14.58bnTWD 13.60bnTWD 14.20bnTWD 15.40bnTWD 14.20bn
Cash and short-term investmentsTWD 2.92bnTWD 831.9mTWD 1.08bnTWD 1.20bnTWD 1.39bnTWD 1.89bnTWD 1.38bnTWD 1.19bnTWD 842.6mTWD 1.12bn
Total liabilitiesTWD 2.64bnTWD 6.68bnTWD 6.59bnTWD 6.04bnTWD 6.26bnTWD 7.03bnTWD 6.28bnTWD 6.17bnTWD 6.35bnTWD 4.35bn
DebtTWD 58.5mTWD 4.51bnTWD 4.35bnTWD 5.01bnTWD 5.20bnTWD 5.05bnTWD 4.73bnTWD 4.69bnTWD 4.59bnTWD 2.57bn
Shareholders' equityTWD 9.65bnTWD 6.74bnTWD 7.19bnTWD 3.98bnTWD 5.31bnTWD 7.54bnTWD 7.32bnTWD 8.03bnTWD 9.04bnTWD 9.85bn
Shares outstanding447m460m460m460m454m481m451m458m459m458m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations−TWD 256.8m−TWD 210.2m−TWD 450.5m−TWD 63.7m−TWD 761.8mTWD 594.0mTWD 467.0mTWD 402.2m−TWD 661.3mTWD 914.8m
Capital spending−TWD 9.8m−TWD 23.8m−TWD 129.8m−TWD 25.5m−TWD 373.6m−TWD 282.9m−TWD 245.0m−TWD 367.9m−TWD 1.08bn−TWD 584.3m
Free cash flow−TWD 266.5m−TWD 233.9m−TWD 580.3m−TWD 89.2m−TWD 1.14bnTWD 311.0mTWD 222.1mTWD 34.3m−TWD 1.74bnTWD 330.5m
Dividends paid————−TWD 9.5m−TWD 9.5m−TWD 9.5m−TWD 9.5m−TWD 47.3m−TWD 92.8m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueTWD 48.6mTWD 41.1mTWD 65.7mTWD 62.3mTWD 61.9mTWD 75.9mTWD 77.7mTWD 75.8m
Gross profit−TWD 1.7m−TWD 6.5mTWD 15.2mTWD 17.4mTWD 6.0mTWD 15.7mTWD 3.2mTWD 6.8m
Operating income−TWD 42.6m−TWD 46.8mTWD 3.97bnTWD 82.4m−TWD 974.2m−TWD 70.4m−TWD 58.6m−TWD 49.3m
Net income−TWD 46.6mTWD 5.8mTWD 3.90bnTWD 71.5m−TWD 1.01bn−TWD 84.0m−TWD 181.1m−TWD 125.8m
Diluted earnings per share-0.100.018.730.16-2.25-0.19-0.39-0.27
Cash from operations−TWD 45.0m−TWD 89.0m−TWD 145.0m−TWD 51.0m−TWD 29.0m−TWD 30.0m−TWD 170.0m−TWD 44.0m
Capital spending—−TWD 1.0m——−TWD 1.0m−TWD 9.0m−TWD 19.0m−TWD 3.0m
Free cash flow—−TWD 90.0m——−TWD 30.0m−TWD 39.0m−TWD 189.0m−TWD 47.0m
Total assetsTWD 12.05bnTWD 12.17bnTWD 12.29bnTWD 12.60bnTWD 12.58bnTWD 13.43bnTWD 13.42bnTWD 13.59bn
Cash and short-term investmentsTWD 2.74bnTWD 2.56bnTWD 2.92bnTWD 821.8mTWD 876.8mTWD 801.7mTWD 831.9mTWD 959.3m
DebtTWD 313,000TWD 29.1mTWD 117.0mTWD 4.42bnTWD 4.49bnTWD 4.53bnTWD 4.51bnTWD 4.36bn
Shareholders' equityTWD 9.61bnTWD 9.68bnTWD 9.65bnTWD 5.71bnTWD 5.62bnTWD 6.69bnTWD 6.74bnTWD 6.93bn

Financial ratios

Data as of 7 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Gross margin20.4%6.5%-62.0%-1.9%-47.1%22.8%
Operating margin1135.0%-130.4%-340.6%-79.0%-143.3%3.8%
Net margin1085.1%-174.0%-361.5%-83.9%-150.5%2.0%
Return on equity29.9%-6.9%-24.1%-34.1%-44.3%1.5%
Return on assets23.5%-3.5%-12.6%-13.5%-20.3%0.8%
Free cash flow yield-3.3%-2.5%-4.2%-0.5%-5.2%11.0%
Revenue growth-0.6%-44.1%-70.4%3.5%-72.6%25.6%
Earnings growth-720.1%-73.1%27.5%-42.3%-2208.0%-116.9%
Current ratio10.77x1.06x1.71x2.54x2.76x2.00x
Debt to equity0.01x0.67x0.60x1.25x0.98x0.67x
Equity ratio78.5%50.2%52.2%39.7%45.9%51.8%
Interest coverage32.36x-3.69x-16.46x-16.42x-35.16x3.36x
R&D as a share of sales3.0%9.0%10.4%4.9%8.1%2.2%
Buybacks as a share of market value2.8%0.0%0.0%-1.3%5.7%-6.6%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue-45.2%-45.8%-28.4%
Operating income—69.0%16.5%
Net income—91.7%18.1%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin13.4%-9.7%3.1%12.9%
Operating margin492.8%-10.6%-23.3%-9.8%
Net margin453.7%-25.4%-29.4%-13.1%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings3.0-18.7-5.2-6.8-5.685.0-9.5-4.1-8.9-639.0
Price to sales32.932.618.95.78.41.71.41.01.11.1

Dividends and splits

Per share, in the currency the company pays

Paid for 0 years. Last went ex-dividend on 9 Nov 2021.

FY2021FY2017FY2016FY2015FY2014FY2013FY2012FY2011
Paid in the year0.020.100.1960.1450.1790.0850.040.038
  • 1.02-for-1 split · 2 Aug 2016
  • 1.015-for-1 split · 30 Jul 2015
  • 27-for-25 split · 29 Jul 2014
  • 21-for-20 split · 19 Jul 2013
  • 1.065-for-1 split · 31 Jul 2012
  • 1.045-for-1 split · 7 Sept 2011

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.