T 
Teco Image Systems Co.,ltd 5438.TWO · TWD
Information Technology · Taipei Exchange · 🇹🇼 Taiwan
18.25
-3.18%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.30bn
FY2016FY2025
Net income
TWD 40.7m
FY2016FY2025
Free cash flow
TWD 2.8m
FY2016FY2025
Shareholders' equity
TWD 3.33bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.30bn | TWD 1.33bn | TWD 1.20bn | TWD 1.72bn | TWD 1.77bn | TWD 1.28bn | TWD 1.77bn | TWD 2.16bn | TWD 2.35bn | TWD 2.43bn |
| Gross profit | TWD 199.4m | TWD 237.1m | TWD 184.7m | TWD 256.5m | TWD 299.6m | TWD 234.3m | TWD 354.4m | TWD 498.2m | TWD 610.6m | TWD 662.0m |
| Research and development | TWD 89.8m | TWD 96.3m | TWD 96.2m | TWD 104.5m | TWD 127.3m | TWD 120.8m | TWD 147.3m | TWD 170.6m | TWD 198.8m | TWD 228.0m |
| Operating income | TWD 55.5m | TWD 99.6m | TWD 8.7m | TWD 96.4m | TWD 58.9m | −TWD 79.1m | TWD 55.4m | TWD 115.6m | TWD 155.2m | TWD 167.2m |
| Net income | TWD 40.7m | TWD 86.9m | TWD 7.1m | TWD 64.4m | TWD 51.8m | TWD 799,000 | TWD 49.5m | TWD 160.5m | TWD 220.8m | TWD 179.0m |
| Diluted earnings per share | 0.36 | 0.77 | 0.06 | 0.57 | 0.46 | 0.01 | 0.44 | 1.43 | 1.96 | 1.59 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 3.98bn | TWD 3.81bn | TWD 3.15bn | TWD 3.02bn | TWD 3.16bn | TWD 2.38bn | TWD 2.47bn | TWD 2.51bn | TWD 2.82bn | TWD 2.79bn |
| Cash and short-term investments | — | — | — | — | — | — | — | — | — | TWD 1.09bn |
| Total liabilities | TWD 653.2m | TWD 600.9m | TWD 621.2m | TWD 941.6m | TWD 939.4m | TWD 676.6m | TWD 660.2m | TWD 767.4m | TWD 868.8m | TWD 997.9m |
| Shareholders' equity | TWD 3.33bn | TWD 3.21bn | TWD 2.53bn | TWD 2.08bn | TWD 2.22bn | TWD 1.70bn | TWD 1.81bn | TWD 1.75bn | TWD 1.95bn | TWD 1.79bn |
| Shares outstanding | 113m | 113m | 113m | 113m | 113m | 113m | 113m | 113m | 113m | 113m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 19.3m | TWD 26.6m | −TWD 27.7m | −TWD 38.2m | −TWD 83.5m | TWD 27.0m | TWD 52.8m | TWD 154.7m | TWD 109.5m | TWD 182.0m |
| Capital spending | −TWD 16.5m | −TWD 19.3m | −TWD 14.7m | −TWD 24.7m | −TWD 17.6m | −TWD 6.8m | −TWD 15.0m | −TWD 26.1m | −TWD 4.6m | −TWD 15.4m |
| Free cash flow | TWD 2.8m | TWD 7.3m | −TWD 42.4m | −TWD 63.0m | −TWD 101.1m | TWD 20.2m | TWD 37.8m | TWD 128.6m | TWD 104.8m | TWD 166.6m |
| Dividends paid | −TWD 73.1m | −TWD 56.3m | −TWD 57.4m | −TWD 46.1m | −TWD 11.3m | −TWD 49.5m | −TWD 118.2m | −TWD 168.8m | −TWD 135.0m | −TWD 135.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 209.6m | TWD 166.0m | TWD 271.8m | TWD 304.8m | TWD 420.9m | TWD 300.1m | TWD 381.3m | TWD 388.2m |
| Gross profit | TWD 29.6m | TWD 17.0m | TWD 40.6m | TWD 47.5m | TWD 64.9m | TWD 46.4m | TWD 67.9m | TWD 65.5m |
| Operating income | −TWD 33.5m | −TWD 39.3m | −TWD 8.4m | — | TWD 10.2m | TWD 11.8m | — | — |
| Net income | −TWD 28.5m | −TWD 19.0m | −TWD 16.2m | TWD 50.4m | −TWD 4.1m | TWD 10.6m | TWD 36.1m | TWD 64.0m |
| Diluted earnings per share | -0.25 | -0.17 | -0.14 | 0.45 | -0.04 | 0.09 | 0.32 | 0.57 |
| Cash from operations | −TWD 21.0m | −TWD 24.0m | TWD 21.0m | TWD 71.0m | −TWD 44.0m | −TWD 28.0m | TWD 26.0m | TWD 10.0m |
| Capital spending | −TWD 2.0m | −TWD 2.0m | −TWD 2.0m | — | −TWD 4.0m | −TWD 9.0m | −TWD 5.0m | −TWD 3.0m |
| Free cash flow | −TWD 23.0m | −TWD 26.0m | TWD 19.0m | — | −TWD 48.0m | −TWD 37.0m | TWD 21.0m | TWD 7.0m |
| Total assets | TWD 3.69bn | TWD 3.38bn | TWD 3.98bn | TWD 4.25bn | TWD 3.43bn | TWD 3.41bn | TWD 3.81bn | TWD 3.61bn |
| Shareholders' equity | TWD 3.24bn | TWD 2.94bn | TWD 3.33bn | TWD 3.55bn | TWD 2.65bn | TWD 2.79bn | TWD 3.21bn | TWD 2.85bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.4% | 17.8% | 15.4% | 14.9% | 16.9% | 18.3% |
| Operating margin | 4.6% | 7.8% | 1.1% | 5.7% | -1.4% | -6.2% |
| Net margin | 3.1% | 6.5% | 0.6% | 3.7% | 2.9% | 0.1% |
| Return on equity | 1.2% | 2.7% | 0.3% | 3.1% | 2.3% | 0.0% |
| Return on assets | 1.0% | 2.3% | 0.2% | 2.1% | 1.6% | 0.0% |
| Free cash flow yield | — | 2.4% | -0.7% | -0.7% | -3.5% | 1.8% |
| Revenue growth | -2.7% | 11.5% | -30.5% | -2.7% | 38.7% | -27.8% |
| Earnings growth | -53.2% | 1120.8% | -88.9% | 24.2% | 6386.4% | -98.4% |
| Current ratio | 2.06x | 2.00x | 1.70x | 1.26x | 1.10x | 1.53x |
| Equity ratio | 83.6% | 84.2% | 80.3% | 68.8% | 70.3% | 71.5% |
| Interest coverage | 11.59x | 15.55x | 2.11x | 14.13x | -6.19x | -40.90x |
| R&D as a share of sales | 6.9% | 7.2% | 8.0% | 6.1% | 7.2% | 9.5% |
| Buybacks as a share of market value | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.0% | 0.3% | -6.4% |
| Operating income | -16.8% | — | -7.7% |
| Net income | -14.2% | 119.5% | -13.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.6% | 15.8% | 16.4% | 21.0% |
| Operating margin | 5.9% | 4.7% | 2.8% | 4.3% |
| Net margin | 4.8% | 3.6% | 2.9% | 5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 64.8 | 35.7 | 269.6 | 29.3 | 36.9 | — | 31.0 | 9.8 | 8.5 | 8.3 |
| Price to sales | 2.0 | 2.3 | 1.6 | 1.1 | 1.1 | 1.1 | 0.9 | 0.7 | 0.8 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 1 Aug 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Paid in the year | 0.65 | 0.50 | 0.51 | 0.41 |
- 106.49-for-100 split · 18 Jul 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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