S 
Shui-Mu International Co 8443.TW · TWD
Consumer Discretionary · Taiwan Stock Exchange · 🇹🇼 Taiwan
10.95
+0.46%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.12bn
FY2016FY2025
Net income
−TWD 97.3m
FY2016FY2025
Free cash flow
TWD 106.8m
FY2016FY2025
Shareholders' equity
TWD 667.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.12bn | TWD 1.14bn | TWD 1.18bn | TWD 1.24bn | TWD 1.08bn | TWD 1.37bn | TWD 1.58bn | TWD 1.63bn | TWD 1.61bn | TWD 1.92bn |
| Gross profit | TWD 631.8m | TWD 621.3m | TWD 690.1m | TWD 578.1m | TWD 492.1m | TWD 627.1m | TWD 905.2m | TWD 1.00bn | TWD 939.5m | TWD 1.08bn |
| Research and development | TWD 10.4m | TWD 11.4m | TWD 13.7m | TWD 11.3m | TWD 14.3m | TWD 14.7m | TWD 9.4m | TWD 6.1m | TWD 3.9m | TWD 5.2m |
| Operating income | −TWD 109.5m | −TWD 71.5m | TWD 3.8m | −TWD 131.3m | −TWD 235.4m | −TWD 207.7m | −TWD 55.4m | TWD 17.4m | −TWD 78.4m | TWD 753,000 |
| Net income | −TWD 97.3m | −TWD 48.5m | TWD 17.0m | −TWD 210.6m | −TWD 260.7m | −TWD 187.8m | −TWD 53.8m | TWD 15.0m | −TWD 58.4m | TWD 15.1m |
| Diluted earnings per share | -1.47 | -0.72 | 0.25 | -3.15 | -3.90 | -2.81 | -0.81 | 0.22 | -0.87 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 1.60bn | TWD 1.71bn | TWD 1.76bn | TWD 1.75bn | TWD 1.98bn | TWD 2.34bn | TWD 2.68bn | TWD 2.20bn | TWD 2.30bn | TWD 2.44bn |
| Cash and short-term investments | TWD 294.8m | TWD 338.6m | TWD 365.8m | TWD 202.5m | TWD 252.5m | TWD 309.7m | TWD 413.1m | TWD 580.6m | TWD 532.1m | TWD 734.0m |
| Total liabilities | TWD 930.4m | TWD 934.8m | TWD 927.3m | TWD 933.0m | TWD 959.3m | TWD 1.05bn | TWD 1.19bn | TWD 630.5m | TWD 731.9m | TWD 821.6m |
| Debt | TWD 405.7m | TWD 419.6m | TWD 411.5m | TWD 402.6m | TWD 431.6m | TWD 575.6m | TWD 626.8m | TWD 10.0m | TWD 1.2m | TWD 1.9m |
| Shareholders' equity | TWD 667.0m | TWD 777.6m | TWD 831.8m | TWD 814.8m | TWD 1.02bn | TWD 1.29bn | TWD 1.49bn | TWD 1.57bn | TWD 1.57bn | TWD 1.62bn |
| Shares outstanding | 66m | 67m | 67m | 67m | 67m | 67m | 67m | 67m | 67m | 67m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 138.8m | TWD 127.5m | TWD 318.4m | TWD 89.3m | TWD 142.3m | TWD 172.6m | TWD 280.0m | −TWD 55.3m | TWD 14.4m | TWD 243.8m |
| Capital spending | −TWD 32.0m | −TWD 16.6m | −TWD 11.0m | −TWD 18.8m | −TWD 24.5m | −TWD 75.0m | −TWD 119.0m | −TWD 59.7m | −TWD 96.2m | −TWD 113.1m |
| Free cash flow | TWD 106.8m | TWD 111.0m | TWD 307.4m | TWD 70.5m | TWD 117.8m | TWD 97.7m | TWD 161.1m | −TWD 115.0m | −TWD 81.8m | TWD 130.7m |
| Dividends paid | −TWD 13.4m | — | — | — | −TWD 10.0m | −TWD 10.0m | −TWD 18.7m | −TWD 18.7m | −TWD 20.0m | −TWD 100.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 235.0m | TWD 285.1m | TWD 293.8m | TWD 258.5m | TWD 265.4m | TWD 300.2m | TWD 319.5m | TWD 269.6m |
| Gross profit | TWD 125.6m | TWD 156.5m | TWD 155.9m | TWD 144.5m | TWD 151.7m | TWD 179.7m | TWD 166.3m | TWD 137.6m |
| Operating income | −TWD 49.4m | −TWD 33.6m | −TWD 30.1m | −TWD 48.1m | −TWD 33.1m | TWD 3.0m | −TWD 6.5m | −TWD 34.3m |
| Net income | −TWD 15.9m | −TWD 24.7m | −TWD 21.2m | −TWD 43.1m | −TWD 34.0m | TWD 958,000 | −TWD 6.9m | −TWD 26.3m |
| Diluted earnings per share | -0.24 | -0.37 | -0.32 | -0.65 | -0.51 | 0.01 | -0.10 | -0.39 |
| Cash from operations | TWD 8.0m | TWD 37.0m | TWD 60.0m | TWD 10.0m | TWD 15.0m | TWD 52.0m | TWD 42.0m | TWD 14.0m |
| Capital spending | −TWD 1.0m | — | −TWD 19.0m | −TWD 9.0m | −TWD 2.0m | — | −TWD 6.0m | −TWD 5.0m |
| Free cash flow | TWD 7.0m | — | TWD 41.0m | TWD 1.0m | TWD 13.0m | — | TWD 36.0m | TWD 9.0m |
| Total assets | TWD 1.52bn | TWD 1.54bn | TWD 1.60bn | TWD 1.67bn | TWD 1.73bn | TWD 1.76bn | TWD 1.71bn | TWD 1.75bn |
| Cash and short-term investments | TWD 301.4m | TWD 297.5m | TWD 294.8m | TWD 268.7m | TWD 329.9m | TWD 352.9m | TWD 338.6m | TWD 336.4m |
| Debt | TWD 96.5m | TWD 128.3m | TWD 102.1m | TWD 140.5m | TWD 141.5m | TWD 136.6m | TWD 126.3m | TWD 126.1m |
| Shareholders' equity | TWD 626.4m | TWD 642.3m | TWD 667.0m | TWD 688.2m | TWD 731.2m | TWD 778.5m | TWD 777.6m | TWD 784.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.4% | -3.9% | -6.7% |
| Operating income | -5.9% | -12.0% | — |
| Net income | -22.7% | -12.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 55.6% | 53.9% | 51.1% | 54.7% |
| Operating margin | -8.0% | -6.6% | -10.6% | -4.8% |
| Net margin | -6.5% | -7.3% | -11.1% | -4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.5 | -15.8 | 47.5 | -3.5 | -3.1 | -4.3 | -13.8 | 53.1 | -16.0 | 78.2 |
| Price to sales | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.6 | 0.5 | 0.5 | 0.6 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 7 Jul 2025.
| FY2025 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.15 | 0.15 | 0.28 | 0.14 | 0.30 | 1.50 | 1.73 |
- 1.431-for-1 split · 19 Dec 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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