L 
Loyalty Founder Enterprise Co 5465.TWO · TWD
Information Technology · Taipei Exchange · 🇹🇼 Taiwan
35.10
+7.83%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 5.45bn
FY2016FY2025
Net income
TWD 190.1m
FY2016FY2025
Free cash flow
−TWD 616.6m
FY2016FY2025
Shareholders' equity
TWD 2.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 5.45bn | TWD 4.49bn | TWD 5.44bn | TWD 4.28bn | TWD 5.50bn | TWD 6.12bn | TWD 5.01bn | TWD 3.83bn | TWD 1.76bn | TWD 2.02bn |
| Gross profit | TWD 710.2m | TWD 680.6m | TWD 697.2m | TWD 658.0m | TWD 721.3m | TWD 688.3m | TWD 777.3m | TWD 544.9m | TWD 408.1m | TWD 411.4m |
| Research and development | TWD 73.4m | TWD 79.4m | TWD 65.3m | TWD 61.8m | TWD 154.9m | TWD 128.9m | TWD 76.3m | TWD 68.7m | TWD 49.0m | TWD 55.9m |
| Operating income | TWD 368.8m | TWD 342.6m | TWD 388.8m | TWD 418.6m | TWD 304.0m | TWD 279.5m | TWD 137.3m | TWD 77.7m | TWD 154.1m | TWD 102.2m |
| Net income | TWD 190.1m | TWD 269.0m | TWD 289.4m | TWD 299.0m | TWD 203.1m | TWD 188.0m | TWD 150.9m | TWD 62.0m | TWD 98.7m | TWD 100.7m |
| Diluted earnings per share | 1.29 | 1.82 | 1.95 | 2.02 | 1.38 | 1.15 | 0.92 | 0.38 | 0.67 | 0.76 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 5.61bn | TWD 5.04bn | TWD 4.87bn | TWD 4.11bn | TWD 4.31bn | TWD 5.77bn | TWD 5.19bn | TWD 5.64bn | TWD 2.50bn | TWD 2.20bn |
| Cash and short-term investments | — | — | TWD 905.1m | TWD 709.6m | TWD 496.8m | TWD 1.46bn | — | — | — | TWD 1.02bn |
| Total liabilities | TWD 2.62bn | TWD 2.03bn | TWD 2.06bn | TWD 1.39bn | TWD 1.80bn | TWD 3.13bn | TWD 2.62bn | TWD 3.14bn | TWD 842.3m | TWD 613.5m |
| Debt | — | TWD 40.8m | TWD 70.6m | TWD 56.1m | TWD 42.5m | TWD 174.5m | TWD 192.6m | TWD 229.9m | — | TWD 64.1m |
| Shareholders' equity | TWD 2.40bn | TWD 2.46bn | TWD 2.34bn | TWD 2.31bn | TWD 2.15bn | TWD 2.31bn | TWD 2.27bn | TWD 2.22bn | TWD 1.66bn | TWD 1.59bn |
| Shares outstanding | 148m | 148m | 148m | 148m | 148m | 164m | 164m | 164m | 147m | 133m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 515.4m | TWD 497.4m | TWD 454.1m | TWD 444.8m | −TWD 407.6m | TWD 1.61bn | TWD 546.3m | −TWD 373.5m | TWD 56.6m | TWD 252.1m |
| Capital spending | −TWD 101.2m | −TWD 77.3m | −TWD 39.8m | −TWD 73.4m | −TWD 144.2m | −TWD 706.4m | −TWD 307.1m | −TWD 290.4m | −TWD 400.5m | −TWD 90.1m |
| Free cash flow | −TWD 616.6m | TWD 420.1m | TWD 414.3m | TWD 371.4m | −TWD 551.8m | TWD 903.0m | TWD 239.2m | −TWD 663.9m | −TWD 343.9m | TWD 162.0m |
| Dividends paid | −TWD 265.8m | −TWD 221.5m | −TWD 221.5m | −TWD 169.8m | −TWD 188.7m | −TWD 164.1m | −TWD 44.3m | −TWD 44.3m | −TWD 44.3m | −TWD 38.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 937.1m | TWD 1.07bn | TWD 1.04bn | TWD 1.30bn | TWD 1.55bn | TWD 1.57bn | TWD 1.24bn | TWD 896.9m |
| Gross profit | TWD 180.0m | TWD 156.0m | TWD 150.3m | TWD 159.7m | TWD 165.2m | TWD 235.0m | TWD 192.7m | TWD 155.9m |
| Operating income | TWD 90.2m | TWD 76.9m | TWD 69.8m | TWD 76.8m | TWD 73.4m | TWD 148.7m | TWD 105.2m | TWD 71.2m |
| Net income | TWD 86.4m | TWD 58.1m | −TWD 11.8m | TWD 103.2m | TWD 5.8m | TWD 93.0m | TWD 74.2m | TWD 52.4m |
| Diluted earnings per share | 0.59 | 0.39 | -0.08 | 0.70 | 0.04 | 0.63 | 0.50 | 0.35 |
| Cash from operations | TWD 183.0m | TWD 546.0m | TWD 88.0m | −TWD 131.0m | −TWD 267.0m | −TWD 205.0m | TWD 70.0m | TWD 462.0m |
| Capital spending | −TWD 48.0m | −TWD 7.0m | −TWD 5.0m | −TWD 66.0m | −TWD 19.0m | −TWD 10.0m | −TWD 15.0m | −TWD 15.0m |
| Free cash flow | TWD 135.0m | TWD 539.0m | TWD 83.0m | −TWD 197.0m | −TWD 286.0m | −TWD 215.0m | TWD 55.0m | TWD 447.0m |
| Total assets | TWD 4.90bn | TWD 5.02bn | TWD 5.61bn | TWD 5.25bn | TWD 5.00bn | TWD 5.73bn | TWD 5.04bn | TWD 4.18bn |
| Shareholders' equity | TWD 2.48bn | TWD 2.53bn | TWD 2.40bn | TWD 2.29bn | TWD 2.08bn | TWD 2.61bn | TWD 2.46bn | TWD 2.41bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.0% | 15.2% | 12.8% | 15.4% | 13.1% | 11.3% |
| Operating margin | 5.4% | 8.3% | 7.1% | 9.8% | 5.5% | 4.6% |
| Net margin | 3.5% | 6.0% | 5.3% | 7.0% | 3.7% | 3.1% |
| Return on equity | 7.9% | 10.9% | 12.4% | 13.0% | 9.5% | 8.1% |
| Return on assets | 3.4% | 5.3% | 5.9% | 7.3% | 4.7% | 3.3% |
| Free cash flow yield | — | 10.2% | 8.7% | 9.2% | -4.7% | 37.1% |
| Revenue growth | 21.6% | -17.5% | 26.9% | -22.0% | -10.1% | 22.1% |
| Earnings growth | -29.3% | -7.0% | -3.2% | 47.2% | 8.0% | 24.5% |
| Current ratio | 1.86x | 2.04x | 1.96x | 2.27x | 1.77x | 1.40x |
| Debt to equity | — | — | 0.02x | 0.01x | 0.01x | 0.06x |
| Equity ratio | 42.8% | 48.8% | 48.0% | 56.1% | 49.8% | 40.0% |
| Interest coverage | 47.05x | 42.82x | 154.05x | 214.56x | 82.14x | 72.00x |
| R&D as a share of sales | 1.3% | 1.8% | 1.2% | 1.4% | 2.8% | 2.1% |
| Buybacks as a share of market value | — | 0.3% | -0.5% | 0.0% | 10.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.4% | -2.3% | 8.3% |
| Operating income | -4.1% | 5.7% | 39.3% |
| Net income | -14.0% | 0.2% | 16.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.0% | 14.0% | 13.3% | 14.4% |
| Operating margin | 7.2% | 7.7% | 6.7% | 5.6% |
| Net margin | 4.6% | 5.3% | 4.6% | 4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.6 | 20.8 | 23.7 | 9.6 | 12.1 | 18.7 | 16.8 | 49.4 | 38.4 | 19.3 |
| Price to sales | 0.8 | 1.3 | 1.3 | 0.7 | 0.5 | 0.6 | 0.5 | 0.8 | 2.1 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 10 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Paid in the year | 1.80 | 1.50 | 1.50 | 1.15 |
- 1000-to-900 reverse split · 9 Dec 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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