U 
United Renewable Energy Co 3576.TW · TWD
Information Technology · Taiwan Stock Exchange · 🇹🇼 Taiwan
17.90
+0.56%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 3.05bn
FY2016FY2025
Net income
−TWD 1.25bn
FY2016FY2025
Free cash flow
−TWD 1.49bn
FY2016FY2025
Shareholders' equity
TWD 10.38bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 3.05bn | TWD 5.78bn | TWD 12.52bn | TWD 18.81bn | TWD 14.30bn | TWD 12.51bn | TWD 18.14bn | TWD 12.98bn | TWD 10.25bn | TWD 16.54bn |
| Gross profit | −TWD 663.8m | TWD 638.0m | −TWD 1.77bn | TWD 2.14bn | TWD 728.8m | −TWD 932.7m | −TWD 982.5m | −TWD 738.6m | −TWD 1.96bn | −TWD 1.91bn |
| Research and development | TWD 67.6m | TWD 82.5m | TWD 88.1m | TWD 70.4m | TWD 101.4m | TWD 176.9m | TWD 218.7m | TWD 211.7m | TWD 266.2m | TWD 364.3m |
| Operating income | −TWD 1.53bn | −TWD 231.6m | −TWD 3.38bn | TWD 1.01bn | −TWD 906.8m | −TWD 5.05bn | −TWD 4.89bn | TWD 399.9m | −TWD 3.57bn | −TWD 6.00bn |
| Net income | −TWD 1.25bn | −TWD 2.13bn | −TWD 3.89bn | TWD 993.6m | −TWD 1.34bn | −TWD 6.16bn | −TWD 5.77bn | −TWD 468.3m | −TWD 4.15bn | −TWD 6.31bn |
| Diluted earnings per share | -0.78 | -1.31 | -2.39 | 0.61 | -0.88 | -3.83 | -4.01 | -0.81 | -7.17 | -10.91 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 24.05bn | TWD 27.63bn | TWD 28.74bn | TWD 34.23bn | TWD 31.22bn | TWD 32.46bn | TWD 47.23bn | TWD 58.29bn | TWD 34.25bn | TWD 36.85bn |
| Cash and short-term investments | TWD 5.78bn | TWD 7.65bn | TWD 6.85bn | TWD 5.54bn | TWD 6.36bn | TWD 6.18bn | TWD 6.49bn | TWD 9.69bn | TWD 4.43bn | TWD 8.16bn |
| Total liabilities | TWD 13.63bn | TWD 16.31bn | TWD 15.63bn | TWD 17.13bn | TWD 15.38bn | TWD 17.44bn | TWD 25.74bn | TWD 32.48bn | TWD 22.91bn | TWD 20.18bn |
| Debt | TWD 9.76bn | TWD 12.25bn | TWD 12.24bn | TWD 13.28bn | TWD 9.82bn | TWD 13.66bn | TWD 21.96bn | TWD 26.63bn | TWD 17.55bn | TWD 16.05bn |
| Shareholders' equity | TWD 10.38bn | TWD 11.29bn | TWD 12.75bn | TWD 16.46bn | TWD 15.13bn | TWD 14.26bn | TWD 20.72bn | TWD 24.91bn | TWD 11.08bn | TWD 16.06bn |
| Shares outstanding | 1,591m | 1,627m | 1,627m | 1,627m | 1,530m | 1,610m | 1,439m | 582m | 580m | 578m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 808.1m | TWD 1.53bn | TWD 4.22bn | −TWD 960.5m | TWD 1.34bn | TWD 2.22bn | −TWD 1.22bn | −TWD 981.3m | TWD 433.9m | −TWD 1.21bn |
| Capital spending | −TWD 680.1m | −TWD 1.35bn | −TWD 2.02bn | −TWD 2.72bn | −TWD 685.4m | −TWD 254.7m | −TWD 692.0m | −TWD 2.55bn | −TWD 4.16bn | −TWD 3.38bn |
| Free cash flow | −TWD 1.49bn | TWD 178.8m | TWD 2.20bn | −TWD 3.68bn | TWD 650.3m | TWD 1.96bn | −TWD 1.92bn | −TWD 3.53bn | −TWD 3.73bn | −TWD 4.59bn |
| Dividends paid | — | — | −TWD 162.7m | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 758.1m | TWD 520.0m | TWD 619.0m | TWD 743.8m | TWD 704.8m | TWD 978.9m | TWD 1.59bn | TWD 1.33bn |
| Gross profit | −TWD 51.8m | −TWD 322.0m | −TWD 116.2m | −TWD 277.4m | −TWD 219.3m | −TWD 50.9m | TWD 614.6m | TWD 19.3m |
| Operating income | −TWD 263.1m | −TWD 482.9m | −TWD 391.0m | −TWD 473.8m | −TWD 359.8m | −TWD 251.7m | TWD 159.9m | −TWD 688.9m |
| Net income | −TWD 229.5m | TWD 1.75bn | −TWD 226.3m | −TWD 411.3m | −TWD 430.6m | −TWD 179.1m | −TWD 214.5m | −TWD 803.8m |
| Diluted earnings per share | -0.14 | 1.09 | -0.14 | -0.26 | -0.27 | -0.11 | -0.13 | -0.49 |
| Cash from operations | — | −TWD 120.0m | −TWD 110.0m | −TWD 41.0m | −TWD 173.0m | −TWD 298.0m | TWD 219.0m | TWD 194.0m |
| Capital spending | — | −TWD 70.0m | −TWD 95.0m | −TWD 137.0m | −TWD 225.0m | −TWD 229.0m | −TWD 220.0m | −TWD 189.0m |
| Free cash flow | — | −TWD 190.0m | −TWD 205.0m | −TWD 178.0m | −TWD 398.0m | −TWD 527.0m | −TWD 1.0m | TWD 5.0m |
| Total assets | — | TWD 25.51bn | TWD 24.05bn | TWD 24.61bn | TWD 25.90bn | TWD 26.01bn | TWD 27.63bn | TWD 30.33bn |
| Cash and short-term investments | — | TWD 7.31bn | TWD 5.78bn | TWD 6.16bn | TWD 6.66bn | TWD 6.65bn | TWD 7.65bn | TWD 9.43bn |
| Debt | — | TWD 8.49bn | TWD 9.87bn | TWD 9.93bn | TWD 10.61bn | TWD 10.10bn | TWD 10.43bn | TWD 12.35bn |
| Shareholders' equity | — | TWD 13.08bn | TWD 10.38bn | TWD 10.40bn | TWD 10.66bn | TWD 11.12bn | TWD 11.29bn | TWD 11.55bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -21.8% | 11.0% | -14.1% | 11.4% | 5.1% | -7.5% |
| Operating margin | -50.2% | -4.0% | -27.0% | 5.3% | -6.3% | -40.4% |
| Net margin | -40.9% | -36.9% | -31.1% | 5.3% | -9.4% | -49.3% |
| Return on equity | -12.0% | -18.9% | -30.5% | 6.0% | -8.9% | -43.2% |
| Return on assets | -5.2% | -7.7% | -13.5% | 2.9% | -4.3% | -19.0% |
| Free cash flow yield | -0.4% | 9.7% | 21.0% | 5.9% | 7.2% | 8.4% |
| Revenue growth | -47.3% | -53.8% | -33.5% | 31.5% | 14.3% | -31.0% |
| Earnings growth | -41.6% | -45.1% | -491.4% | -174.1% | -78.2% | 6.8% |
| Current ratio | 0.88x | 1.51x | 1.11x | 1.90x | 1.93x | 1.25x |
| Debt to equity | 0.94x | 0.92x | 0.83x | 0.72x | 0.61x | 0.91x |
| Equity ratio | 43.2% | 40.9% | 44.4% | 48.1% | 48.5% | 43.9% |
| Interest coverage | -4.14x | -0.52x | -9.64x | 3.63x | -2.32x | -7.75x |
| R&D as a share of sales | 2.2% | 1.4% | 0.7% | 0.4% | 0.7% | 1.4% |
| Buybacks as a share of market value | 2.2% | 0.0% | -0.0% | -6.4% | 5.0% | -11.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -45.5% | -24.6% | -18.0% |
| Operating income | — | -21.3% | 1.6% |
| Net income | — | -27.4% | -1.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.3% | 0.9% | 0.2% | -3.3% |
| Operating margin | -19.9% | -10.3% | -15.1% | -17.3% |
| Net margin | -38.3% | -15.6% | -20.6% | -21.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.0 | -7.7 | -6.2 | 33.8 | -24.9 | -6.5 | -3.3 | -16.9 | -3.3 | -2.4 |
| Price to sales | 4.5 | 2.8 | 1.9 | 1.8 | 2.3 | 3.2 | 1.1 | 0.6 | 1.4 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 Jul 2023.
| FY2023 | FY2015 | FY2014 | FY2011 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.343 | 0.508 | 7.232 | 1.475 | 0.257 |
- 1000-to-565.812 reverse split · 9 Aug 2021
- 1.051-for-1 split · 19 May 2011
- 1.11-for-1 split · 31 Jul 2009
- 1.18-for-1 split · 14 Aug 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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