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I

Iron Force Industrial Co 2228.TW · TWD

Consumer Discretionary · Taiwan Stock Exchange · 🇹🇼 Taiwan

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67.60

+0.60%

Close of 9 Nov 2026, in TWD

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At a glance

Figures in TWD, from our data supplier.

FY2025

Revenue

TWD 4.95bn

FY2016FY2025

Net income

TWD 418.0m

FY2016FY2025

Free cash flow

TWD 448.8m

FY2016FY2025

Shareholders' equity

TWD 5.03bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueTWD 4.95bnTWD 5.04bnTWD 4.89bnTWD 4.37bnTWD 3.68bnTWD 3.42bnTWD 4.58bnTWD 4.22bnTWD 4.33bnTWD 4.46bn
Gross profitTWD 1.17bnTWD 1.25bnTWD 1.21bnTWD 1.14bnTWD 817.7mTWD 744.7mTWD 1.26bnTWD 1.16bnTWD 1.26bnTWD 1.42bn
Research and developmentTWD 149.8mTWD 153.5mTWD 153.8mTWD 162.2mTWD 157.6mTWD 120.0mTWD 141.2mTWD 172.8mTWD 153.0mTWD 117.1m
Operating incomeTWD 453.8mTWD 527.5mTWD 560.9mTWD 630.4mTWD 238.8mTWD 215.2mTWD 753.5mTWD 528.5mTWD 651.7mTWD 881.8m
Net incomeTWD 418.0mTWD 731.0mTWD 513.8mTWD 452.6mTWD 238.6mTWD 98.9mTWD 656.3mTWD 502.1mTWD 550.2mTWD 687.7m
Diluted earnings per share5.248.896.785.723.021.268.656.617.269.09

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsTWD 6.73bnTWD 6.85bnTWD 6.14bnTWD 6.11bnTWD 5.42bnTWD 5.49bnTWD 5.09bnTWD 4.90bnTWD 4.77bnTWD 4.83bn
Cash and short-term investmentsTWD 1.11bnTWD 1.29bnTWD 1.67bnTWD 1.73bnTWD 1.56bnTWD 1.59bnTWD 1.08bnTWD 974.0mTWD 1.20bnTWD 1.42bn
Total liabilitiesTWD 1.71bnTWD 1.60bnTWD 1.77bnTWD 1.95bnTWD 1.63bnTWD 1.81bnTWD 1.15bnTWD 1.14bnTWD 1.02bnTWD 1.17bn
DebtTWD 309.2mTWD 320.0mTWD 423.9mTWD 814.8mTWD 726.4mTWD 729.9mTWD 102.2mTWD 71.1m—TWD 273.2m
Shareholders' equityTWD 5.03bnTWD 5.25bnTWD 4.36bnTWD 4.16bnTWD 3.80bnTWD 3.68bnTWD 3.94bnTWD 3.76bnTWD 3.75bnTWD 3.66bn
Shares outstanding80m82m76m79m79m79m76m76m76m76m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operationsTWD 618.3mTWD 474.7mTWD 1.29bnTWD 196.6mTWD 315.4mTWD 242.9mTWD 679.2mTWD 537.4mTWD 714.6mTWD 775.6m
Capital spending−TWD 169.6m−TWD 144.6m−TWD 198.7m−TWD 148.7m−TWD 181.9m−TWD 303.7m−TWD 419.4m−TWD 411.1m−TWD 300.4m−TWD 445.3m
Free cash flowTWD 448.8mTWD 330.1mTWD 1.09bnTWD 47.9mTWD 133.5m−TWD 60.8mTWD 259.8mTWD 126.3mTWD 414.2mTWD 330.3m
Dividends paid−TWD 715.8m−TWD 378.9m−TWD 303.1m−TWD 151.6m−TWD 79.6m−TWD 378.9m−TWD 378.9m−TWD 397.1m−TWD 359.8m−TWD 338.4m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueTWD 1.21bnTWD 1.23bnTWD 1.19bnTWD 1.25bnTWD 1.23bnTWD 1.28bnTWD 1.24bnTWD 1.36bn
Gross profitTWD 256.1mTWD 263.6mTWD 256.9mTWD 301.4mTWD 290.4mTWD 320.3mTWD 279.7mTWD 360.9m
Operating incomeTWD 86.4mTWD 103.0mTWD 80.2mTWD 112.4mTWD 121.6mTWD 139.9mTWD 102.5mTWD 159.1m
Net incomeTWD 70.1mTWD 69.2mTWD 95.2mTWD 89.3mTWD 87.1mTWD 146.4mTWD 218.0mTWD 136.1m
Diluted earnings per share0.880.871.191.121.091.832.651.66
Cash from operationsTWD 111.0m−TWD 7.0mTWD 105.0mTWD 378.0mTWD 291.0mTWD 17.0mTWD 409.0m−TWD 404.0m
Capital spending−TWD 23.0m−TWD 32.0m−TWD 33.0m−TWD 42.0m−TWD 28.0m−TWD 70.0m−TWD 27.0m−TWD 45.0m
Free cash flowTWD 88.0m−TWD 39.0mTWD 72.0mTWD 336.0mTWD 263.0m−TWD 53.0mTWD 382.0m−TWD 449.0m
Total assetsTWD 6.94bnTWD 6.82bnTWD 6.73bnTWD 6.72bnTWD 6.81bnTWD 7.09bnTWD 6.85bnTWD 6.60bn
Cash and short-term investmentsTWD 1.83bnTWD 1.04bnTWD 1.11bnTWD 1.29bnTWD 1.61bnTWD 1.54bnTWD 1.29bnTWD 1.50bn
DebtTWD 18.1mTWD 307.0mTWD 309.2mTWD 708.7mTWD 319.3mTWD 321.0mTWD 315.2mTWD 355.8m
Shareholders' equityTWD 4.95bnTWD 5.20bnTWD 5.03bnTWD 4.74bnTWD 4.44bnTWD 5.52bnTWD 5.25bnTWD 5.03bn

Financial ratios

Data as of 10 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Gross margin23.6%24.8%24.8%26.0%22.2%21.8%
Operating margin9.2%16.6%11.5%14.0%6.4%6.4%
Net margin8.4%14.5%10.5%10.3%6.5%2.9%
Return on equity8.3%13.9%11.8%10.9%6.3%2.7%
Return on assets6.2%10.7%8.4%7.4%4.4%1.8%
Free cash flow yield13.3%10.2%26.6%5.9%8.5%9.4%
Revenue growth-1.7%3.0%11.9%18.9%7.5%-25.2%
Earnings growth-42.8%42.3%13.5%89.7%141.1%-84.9%
Current ratio5.05x5.67x3.53x2.84x3.82x3.14x
Debt to equity0.06x0.06x0.10x0.20x0.19x0.20x
Equity ratio74.7%76.6%71.1%68.1%70.0%67.0%
Interest coverage41.55x61.46x55.45x73.17x33.94x46.92x
R&D as a share of sales3.0%3.0%3.1%3.7%4.3%3.5%
Buybacks as a share of market value2.9%-8.5%4.3%-0.3%-0.2%-3.7%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue4.2%7.7%2.3%
Operating income-10.4%16.1%-4.3%
Net income-2.6%33.4%-3.9%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin24.2%24.7%24.0%26.5%
Operating margin9.8%11.3%10.0%12.8%
Net margin11.5%11.0%9.3%11.4%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings20.111.113.512.723.464.313.811.816.317.9
Price to sales1.71.61.41.31.51.92.01.42.12.8

Dividends and splits

Per share, in the currency the company pays

Paid for 14 years. Last went ex-dividend on 15 Jul 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year4.509.004.9444.002.001.055.005.00

Sources and methodology

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

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