D 
Dawushan Farm Technology Co 6952.TW · TWD
Consumer Staples · Taiwan Stock Exchange · 🇹🇼 Taiwan
39.95
+0.88%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.94bn
FY2020FY2025
Net income
−TWD 72.5m
FY2020FY2025
Free cash flow
−TWD 457.4m
FY2020FY2025
Shareholders' equity
TWD 1.43bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | TWD 1.94bn | TWD 1.22bn | TWD 1.15bn | TWD 1.19bn | TWD 753.4m | TWD 649.4m |
| Gross profit | TWD 310.9m | TWD 315.7m | TWD 196.2m | TWD 207.1m | TWD 166.3m | TWD 157.6m |
| Research and development | TWD 33.5m | TWD 10.3m | TWD 13.5m | TWD 12.7m | TWD 9.7m | TWD 6.8m |
| Operating income | −TWD 57.3m | TWD 134.3m | TWD 137.3m | TWD 190.6m | TWD 57.7m | TWD 115.8m |
| Net income | −TWD 72.5m | TWD 94.8m | TWD 72.1m | TWD 160.0m | TWD 38.1m | TWD 90.8m |
| Diluted earnings per share | -1.26 | 1.35 | 1.17 | 2.75 | 0.65 | 1.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | TWD 3.83bn | TWD 2.38bn | TWD 2.26bn | TWD 1.98bn | TWD 1.58bn | TWD 1.35bn |
| Cash and short-term investments | TWD 191.5m | TWD 257.3m | TWD 363.5m | TWD 174.1m | TWD 127.9m | TWD 179.9m |
| Total liabilities | TWD 2.06bn | TWD 567.6m | TWD 918.6m | TWD 912.6m | TWD 665.6m | TWD 471.9m |
| Debt | TWD 1.69bn | TWD 795.3m | TWD 694.6m | TWD 672.6m | TWD 351.0m | TWD 340.0m |
| Shareholders' equity | TWD 1.43bn | TWD 1.71bn | TWD 1.29bn | TWD 1.06bn | TWD 902.8m | TWD 864.7m |
| Shares outstanding | 58m | 70m | 61m | 58m | 58m | 58m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | TWD 120.9m | TWD 226.3m | TWD 173.4m | TWD 187.6m | TWD 110.5m | TWD 201.5m |
| Capital spending | −TWD 578.3m | −TWD 295.1m | −TWD 133.2m | −TWD 468.0m | −TWD 136.6m | −TWD 39.6m |
| Free cash flow | −TWD 457.4m | −TWD 68.9m | TWD 40.2m | −TWD 280.4m | −TWD 26.1m | TWD 161.9m |
| Dividends paid | −TWD 209.7m | −TWD 68.3m | −TWD 55.0m | −TWD 3.4m | — | — |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 561.8m | TWD 548.9m | TWD 545.2m | TWD 440.9m | TWD 224.0m | TWD 293.3m | TWD 299.1m | TWD 288.1m |
| Gross profit | TWD 67.6m | TWD 75.5m | TWD 81.6m | TWD 69.1m | TWD 37.0m | TWD 72.9m | TWD 99.9m | TWD 72.3m |
| Operating income | −TWD 21.5m | TWD 89.8m | −TWD 5.9m | −TWD 12.9m | −TWD 17.2m | TWD 43.0m | TWD 19.1m | TWD 21.6m |
| Net income | TWD 21.3m | TWD 43.2m | TWD 6.4m | −TWD 19.2m | −TWD 111.2m | TWD 17.0m | TWD 19.7m | TWD 14.7m |
| Diluted earnings per share | 0.35 | 0.75 | 0.11 | -0.33 | -1.93 | 0.24 | 0.28 | 0.21 |
| Cash from operations | TWD 45.0m | TWD 88.0m | TWD 38.0m | TWD 10.0m | −TWD 17.0m | TWD 70.0m | TWD 50.0m | TWD 32.0m |
| Capital spending | −TWD 130.0m | −TWD 157.0m | −TWD 103.0m | −TWD 134.0m | −TWD 107.0m | −TWD 73.0m | −TWD 183.0m | −TWD 34.0m |
| Free cash flow | −TWD 85.0m | −TWD 69.0m | −TWD 65.0m | −TWD 124.0m | −TWD 124.0m | −TWD 3.0m | −TWD 133.0m | −TWD 2.0m |
| Total assets | TWD 3.77bn | TWD 3.83bn | TWD 3.81bn | TWD 3.68bn | TWD 2.54bn | TWD 2.38bn | TWD 2.37bn | TWD 2.33bn |
| Cash and short-term investments | TWD 133.9m | TWD 191.5m | TWD 296.2m | TWD 253.7m | TWD 452.0m | TWD 257.3m | TWD 300.0m | TWD 433.8m |
| Debt | TWD 777.3m | TWD 1.64bn | TWD 810.6m | TWD 1.44bn | TWD 691.2m | TWD 335.6m | TWD 321.1m | TWD 287.8m |
| Shareholders' equity | TWD 1.45bn | TWD 1.43bn | TWD 1.39bn | TWD 1.38bn | TWD 1.52bn | TWD 1.71bn | TWD 1.73bn | TWD 1.71bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.0% | 25.9% | 17.1% | 17.4% | 22.1% | 24.3% |
| Operating margin | -0.9% | 10.6% | 10.1% | 16.9% | 6.9% | 18.5% |
| Net margin | -3.7% | 7.8% | 6.3% | 13.4% | 5.1% | 14.0% |
| Return on equity | -5.1% | 5.6% | 5.6% | 15.1% | 4.2% | 10.5% |
| Return on assets | -1.9% | 4.0% | 3.2% | 8.1% | 2.4% | 6.7% |
| Free cash flow yield | 30.4% | 18.5% | 12.5% | 28.2% | — | — |
| Revenue growth | 59.5% | 6.1% | -3.6% | 58.2% | 16.0% | — |
| Earnings growth | -176.5% | 31.5% | -54.9% | 319.4% | -58.0% | — |
| Current ratio | 0.63x | 2.14x | 1.69x | 1.45x | 0.74x | 1.27x |
| Debt to equity | 1.13x | 0.20x | 0.54x | 0.63x | 0.38x | 0.14x |
| Equity ratio | 37.3% | 71.8% | 56.9% | 53.4% | 57.0% | 64.0% |
| Interest coverage | -0.87x | 13.87x | 8.33x | 26.81x | 12.26x | 20.84x |
| R&D as a share of sales | 1.7% | 0.8% | 1.2% | 1.1% | 1.3% | 1.0% |
| Buybacks as a share of market value | 18.3% | -14.6% | -5.6% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.7% | 24.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.8% | 18.7% | 19.6% | — |
| Operating margin | 2.4% | 7.4% | 8.4% | — |
| Net margin | 0.7% | 4.6% | 5.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -34.7 | 36.5 | 61.7 |
| Price to sales | 1.3 | 2.8 | 3.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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