A 
Apex International Co 4927.TW · TWD
Information Technology · Taiwan Stock Exchange · 🇹🇼 Taiwan
49.30
+9.92%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 11.61bn
FY2016FY2025
Net income
−TWD 2.02bn
FY2016FY2025
Free cash flow
−TWD 1.17bn
FY2016FY2025
Shareholders' equity
TWD 5.87bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 11.61bn | TWD 12.46bn | TWD 12.63bn | TWD 14.91bn | TWD 14.80bn | TWD 11.83bn | TWD 10.39bn | TWD 11.18bn | TWD 10.40bn | TWD 8.59bn |
| Gross profit | −TWD 149.0m | TWD 303.8m | TWD 1.03bn | TWD 2.83bn | TWD 3.12bn | TWD 2.51bn | TWD 1.97bn | TWD 1.82bn | TWD 1.08bn | TWD 1.28bn |
| Research and development | TWD 38.1m | TWD 68.8m | TWD 57.1m | TWD 53.6m | TWD 45.4m | TWD 35.1m | TWD 17.7m | TWD 17.7m | TWD 17.7m | TWD 17.7m |
| Operating income | −TWD 1.67bn | −TWD 1.48bn | −TWD 528.1m | TWD 1.15bn | TWD 1.52bn | TWD 1.26bn | TWD 934.8m | TWD 937.5m | TWD 90.9m | TWD 443.4m |
| Net income | −TWD 2.02bn | −TWD 1.79bn | −TWD 796.9m | TWD 874.5m | TWD 1.38bn | TWD 1.20bn | TWD 827.1m | TWD 829.4m | TWD 78.0m | TWD 273.1m |
| Diluted earnings per share | -8.19 | -8.83 | -4.20 | 4.60 | 7.25 | 6.31 | 4.35 | 4.80 | 0.54 | 1.91 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 19.54bn | TWD 19.44bn | TWD 18.09bn | TWD 20.02bn | TWD 19.80bn | TWD 15.27bn | TWD 11.81bn | TWD 12.14bn | TWD 11.23bn | TWD 10.90bn |
| Cash and short-term investments | TWD 715.0m | TWD 563.1m | TWD 665.5m | TWD 735.0m | TWD 669.7m | TWD 832.3m | TWD 303.4m | TWD 414.7m | TWD 247.9m | TWD 181.1m |
| Total liabilities | TWD 13.65bn | TWD 12.66bn | TWD 11.16bn | TWD 11.99bn | TWD 12.37bn | TWD 7.61bn | TWD 4.36bn | TWD 6.13bn | TWD 6.83bn | TWD 6.91bn |
| Debt | TWD 10.02bn | TWD 9.33bn | TWD 8.36bn | TWD 8.60bn | TWD 6.75bn | TWD 3.84bn | TWD 2.26bn | TWD 3.06bn | TWD 3.79bn | TWD 4.09bn |
| Shareholders' equity | TWD 5.87bn | TWD 6.76bn | TWD 6.90bn | TWD 8.00bn | TWD 7.40bn | TWD 7.62bn | TWD 7.41bn | TWD 5.98bn | TWD 4.38bn | TWD 3.97bn |
| Shares outstanding | 247m | 203m | 190m | 190m | 190m | 190m | 190m | 173m | 145m | 143m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 415.6m | −TWD 463.4m | TWD 2.17bn | TWD 1.65bn | TWD 1.13bn | TWD 1.97bn | TWD 1.29bn | TWD 860.7m | TWD 921.0m | TWD 721.2m |
| Capital spending | −TWD 756.9m | −TWD 1.34bn | −TWD 1.51bn | −TWD 2.31bn | −TWD 3.74bn | −TWD 2.07bn | −TWD 551.7m | −TWD 520.7m | −TWD 743.7m | −TWD 858.7m |
| Free cash flow | −TWD 1.17bn | −TWD 1.81bn | TWD 664.4m | −TWD 659.3m | −TWD 2.62bn | −TWD 104.3m | TWD 733.4m | TWD 340.0m | TWD 177.3m | −TWD 137.5m |
| Dividends paid | — | — | −TWD 379.9m | −TWD 759.8m | −TWD 569.8m | −TWD 569.8m | −TWD 465.2m | −TWD 465.2m | −TWD 95.6m | −TWD 306.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 2.94bn | TWD 2.76bn | TWD 2.67bn | TWD 2.91bn | TWD 2.89bn | TWD 3.14bn | TWD 3.08bn | TWD 3.43bn |
| Gross profit | −TWD 173.9m | −TWD 381.3m | −TWD 356.8m | −TWD 102.7m | TWD 122.9m | TWD 151.0m | −TWD 13.8m | TWD 13.0m |
| Operating income | −TWD 565.5m | −TWD 734.7m | −TWD 853.5m | −TWD 413.7m | −TWD 199.1m | −TWD 205.1m | −TWD 572.9m | −TWD 423.0m |
| Net income | −TWD 626.0m | −TWD 822.6m | −TWD 928.7m | −TWD 508.5m | −TWD 286.3m | −TWD 293.8m | −TWD 654.7m | −TWD 510.9m |
| Diluted earnings per share | -2.36 | -3.10 | -3.76 | -2.06 | -1.16 | -1.19 | -3.23 | -2.52 |
| Cash from operations | — | TWD 33.0m | −TWD 264.0m | −TWD 380.0m | −TWD 624.0m | TWD 849.0m | −TWD 296.0m | −TWD 615.0m |
| Capital spending | — | −TWD 228.0m | −TWD 129.0m | −TWD 87.0m | −TWD 169.0m | −TWD 371.0m | −TWD 290.0m | −TWD 139.0m |
| Free cash flow | — | −TWD 195.0m | −TWD 393.0m | −TWD 467.0m | −TWD 793.0m | TWD 478.0m | −TWD 586.0m | −TWD 754.0m |
| Total assets | — | TWD 18.88bn | TWD 19.54bn | TWD 18.85bn | TWD 18.93bn | TWD 20.15bn | TWD 19.44bn | TWD 20.70bn |
| Cash and short-term investments | — | TWD 637.8m | TWD 715.0m | TWD 582.6m | TWD 654.9m | TWD 780.0m | TWD 563.1m | TWD 687.5m |
| Debt | — | TWD 9.37bn | TWD 10.02bn | TWD 9.12bn | TWD 9.49bn | TWD 9.12bn | TWD 9.24bn | TWD 10.12bn |
| Shareholders' equity | — | TWD 4.91bn | TWD 5.87bn | TWD 6.45bn | TWD 5.91bn | TWD 6.64bn | TWD 6.76bn | TWD 6.38bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -1.3% | 2.4% | 8.1% | 19.0% | 21.1% | 21.2% |
| Operating margin | -14.1% | -11.9% | -4.2% | 7.7% | 10.3% | 10.7% |
| Net margin | -17.4% | -14.4% | -6.3% | 5.9% | 9.3% | 10.1% |
| Return on equity | -34.4% | -26.5% | -11.5% | 10.9% | 18.6% | 15.7% |
| Return on assets | -10.3% | -9.2% | -4.4% | 4.4% | 7.0% | 7.9% |
| Free cash flow yield | 2.5% | 8.0% | 35.5% | 38.3% | 47.0% | 39.0% |
| Revenue growth | -6.8% | -1.3% | -15.3% | 0.7% | 25.1% | 13.9% |
| Earnings growth | 12.9% | 124.7% | -191.1% | -36.5% | 15.0% | 44.9% |
| Current ratio | 0.59x | 0.56x | 0.82x | 1.11x | 1.02x | 1.32x |
| Debt to equity | 1.71x | 1.37x | 1.20x | 1.06x | 0.90x | 0.49x |
| Equity ratio | 30.0% | 34.8% | 38.2% | 39.9% | 37.4% | 49.9% |
| Interest coverage | -4.42x | -4.53x | -1.87x | 7.14x | 33.70x | 32.68x |
| R&D as a share of sales | 0.3% | 0.6% | 0.5% | 0.4% | 0.3% | 0.3% |
| Buybacks as a share of market value | -21.7% | -6.8% | 0.0% | 0.0% | 0.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.0% | -0.4% | 3.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.6% | 7.8% | 12.3% | 13.7% |
| Operating margin | -13.1% | -4.9% | 0.3% | 2.7% |
| Net margin | -15.8% | -7.2% | -1.5% | 1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.0 | -3.8 | -12.0 | 11.6 | 18.0 | 10.9 | 10.6 | 7.2 | 37.3 | 15.0 |
| Price to sales | 0.7 | 0.5 | 0.8 | 0.7 | 1.7 | 1.1 | 0.8 | 0.5 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Aug 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 4.00 | 3.00 | 3.00 | 2.461 | 0.738 | 2.423 | 2.421 |
- 1.032-for-1 split · 20 Jul 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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