A 
Aerospace Industrial Development 2634.TW · TWD
Industrials · Taiwan Stock Exchange · 🇹🇼 Taiwan
54.00
+5.26%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 35.45bn
FY2016FY2025
Net income
TWD 733.1m
FY2016FY2025
Free cash flow
−TWD 5.21bn
FY2016FY2025
Shareholders' equity
TWD 17.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 35.45bn | TWD 39.34bn | TWD 39.10bn | TWD 30.24bn | TWD 23.73bn | TWD 21.04bn | TWD 28.54bn | TWD 28.18bn | TWD 27.54bn | TWD 27.33bn |
| Gross profit | TWD 2.53bn | TWD 3.72bn | TWD 4.36bn | TWD 2.91bn | TWD 1.77bn | TWD 1.40bn | TWD 3.81bn | TWD 3.64bn | TWD 3.90bn | TWD 4.12bn |
| Research and development | TWD 537.6m | TWD 624.2m | TWD 655.7m | TWD 591.2m | TWD 544.2m | TWD 516.7m | TWD 548.3m | TWD 545.2m | TWD 407.2m | TWD 655.8m |
| Operating income | TWD 1.38bn | TWD 2.39bn | TWD 2.98bn | TWD 1.66bn | TWD 807.9m | TWD 659.6m | TWD 2.45bn | TWD 2.48bn | TWD 2.77bn | TWD 2.73bn |
| Net income | TWD 733.1m | TWD 2.17bn | TWD 2.23bn | TWD 1.63bn | TWD 558.0m | TWD 395.9m | TWD 1.87bn | TWD 2.09bn | TWD 1.75bn | TWD 2.08bn |
| Diluted earnings per share | 0.80 | 2.29 | 2.35 | 1.72 | 0.59 | 0.42 | 1.98 | 2.23 | 1.86 | 2.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 53.92bn | TWD 49.38bn | TWD 43.86bn | TWD 42.71bn | TWD 40.75bn | TWD 44.02bn | TWD 46.09bn | TWD 39.82bn | TWD 33.75bn | TWD 31.02bn |
| Cash and short-term investments | TWD 4.02bn | TWD 4.27bn | TWD 4.65bn | TWD 3.33bn | TWD 3.33bn | TWD 4.62bn | TWD 3.57bn | TWD 2.89bn | TWD 4.88bn | TWD 4.56bn |
| Total liabilities | TWD 36.08bn | TWD 31.13bn | TWD 26.76bn | TWD 26.88bn | TWD 26.42bn | TWD 30.06bn | TWD 31.36bn | TWD 25.69bn | TWD 20.65bn | TWD 18.66bn |
| Debt | TWD 25.45bn | TWD 20.79bn | TWD 15.94bn | TWD 17.78bn | TWD 19.20bn | TWD 23.51bn | TWD 24.51bn | TWD 18.36bn | TWD 13.33bn | TWD 11.12bn |
| Shareholders' equity | TWD 17.84bn | TWD 18.25bn | TWD 17.10bn | TWD 15.83bn | TWD 14.32bn | TWD 13.96bn | TWD 14.72bn | TWD 14.13bn | TWD 13.10bn | TWD 12.36bn |
| Shares outstanding | 919m | 947m | 945m | 946m | 943m | 943m | 946m | 938m | 942m | 953m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 3.88bn | −TWD 3.14bn | TWD 3.87bn | TWD 2.41bn | TWD 4.52bn | TWD 4.84bn | TWD 13.7m | −TWD 4.79bn | TWD 1.03bn | TWD 4.53bn |
| Capital spending | −TWD 1.33bn | −TWD 1.83bn | −TWD 1.16bn | −TWD 746.3m | −TWD 1.40bn | −TWD 1.96bn | −TWD 1.57bn | −TWD 765.2m | −TWD 907.4m | −TWD 3.77bn |
| Free cash flow | −TWD 5.21bn | −TWD 4.97bn | TWD 2.72bn | TWD 1.67bn | TWD 3.12bn | TWD 2.89bn | −TWD 1.55bn | −TWD 5.55bn | TWD 122.6m | TWD 764.1m |
| Dividends paid | −TWD 1.30bn | −TWD 1.34bn | −TWD 1.02bn | −TWD 329.7m | −TWD 188.4m | −TWD 1.12bn | −TWD 1.26bn | −TWD 1.06bn | −TWD 908.3m | −TWD 1.24bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 9.20bn | TWD 7.59bn | TWD 10.96bn | TWD 8.81bn | TWD 8.14bn | TWD 7.54bn | TWD 11.32bn | TWD 8.64bn |
| Gross profit | TWD 1.72bn | TWD 568.6m | TWD 956.4m | TWD 444.7m | TWD 628.5m | TWD 484.3m | TWD 955.7m | TWD 725.1m |
| Operating income | TWD 1.40bn | TWD 272.4m | TWD 589.8m | TWD 264.3m | TWD 310.0m | TWD 270.1m | TWD 466.3m | TWD 429.5m |
| Net income | TWD 965.4m | TWD 260.7m | TWD 526.1m | TWD 193.1m | −TWD 224.5m | TWD 238.4m | TWD 547.9m | TWD 245.3m |
| Diluted earnings per share | 1.02 | 0.28 | 0.57 | 0.21 | -0.24 | 0.26 | 0.58 | 0.26 |
| Cash from operations | TWD 4.89bn | TWD 2.98bn | −TWD 1.28bn | TWD 247.0m | TWD 480.0m | −TWD 3.31bn | TWD 3.22bn | −TWD 1.78bn |
| Capital spending | −TWD 210.0m | −TWD 345.0m | −TWD 170.0m | −TWD 323.0m | −TWD 368.0m | −TWD 421.0m | −TWD 629.0m | −TWD 784.0m |
| Free cash flow | TWD 4.68bn | TWD 2.63bn | −TWD 1.45bn | −TWD 76.0m | TWD 112.0m | −TWD 3.73bn | TWD 2.59bn | −TWD 2.57bn |
| Total assets | TWD 49.92bn | TWD 51.48bn | TWD 53.92bn | TWD 51.54bn | TWD 50.53bn | TWD 52.21bn | TWD 49.38bn | TWD 49.74bn |
| Cash and short-term investments | TWD 5.23bn | TWD 3.79bn | TWD 4.02bn | TWD 4.27bn | TWD 4.24bn | TWD 3.77bn | TWD 4.27bn | TWD 3.11bn |
| Debt | TWD 13.88bn | TWD 22.57bn | TWD 25.45bn | TWD 24.36bn | TWD 22.89bn | TWD 22.60bn | TWD 19.40bn | TWD 20.92bn |
| Shareholders' equity | TWD 18.37bn | TWD 18.14bn | TWD 17.84bn | TWD 17.00bn | TWD 16.72bn | TWD 18.51bn | TWD 18.25bn | TWD 17.43bn |
Financial ratios
Data as of 17 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 7.1% | 9.5% | 11.1% | 9.6% | 7.5% | 6.7% |
| Operating margin | 3.9% | 6.1% | 7.6% | 5.5% | 3.4% | 3.1% |
| Net margin | 2.1% | 5.5% | 5.7% | 5.4% | 2.4% | 1.9% |
| Return on equity | 4.1% | 11.9% | 13.0% | 10.3% | 3.9% | 2.8% |
| Return on assets | 1.4% | 4.4% | 5.1% | 3.8% | 1.4% | 0.9% |
| Free cash flow yield | -4.3% | -2.1% | 8.3% | 5.2% | 9.8% | 11.3% |
| Revenue growth | -9.9% | 0.6% | 29.3% | 27.4% | 12.8% | -26.3% |
| Earnings growth | -66.2% | -2.6% | 36.8% | 191.6% | 41.0% | -78.9% |
| Current ratio | 1.39x | 1.58x | 1.49x | 1.80x | 1.64x | 1.41x |
| Debt to equity | 1.43x | 1.06x | 0.85x | 1.03x | 1.23x | 1.56x |
| Equity ratio | 33.1% | 37.0% | 39.0% | 37.1% | 35.2% | 31.7% |
| Interest coverage | 3.40x | 9.24x | 11.47x | 10.14x | 6.06x | 3.66x |
| R&D as a share of sales | 1.5% | 1.6% | 1.7% | 2.0% | 2.3% | 2.5% |
| Buybacks as a share of market value | 2.9% | -0.2% | 0.0% | -0.2% | -0.1% | 0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.4% | 11.0% | 2.8% |
| Operating income | -6.0% | 15.8% | -4.4% |
| Net income | -23.3% | 13.1% | -9.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.4% | 9.4% | 8.8% | 10.8% |
| Operating margin | 5.0% | 5.8% | 5.2% | 6.9% |
| Net margin | 3.9% | 4.7% | 4.1% | 5.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 63.5 | 19.6 | 22.8 | 20.8 | 49.6 | 69.1 | 18.1 | 13.8 | 20.0 | 16.9 |
| Price to sales | 1.3 | 1.1 | 1.3 | 1.1 | 1.2 | 1.3 | 1.2 | 1.0 | 1.3 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 8 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.778 | 1.38 | 1.42 | 1.08 | 0.35 | 0.20 | 1.19 | 1.34 |
- 1.037-for-1 split · 21 Jul 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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