F 
Forest Water Environmental Eng'G Co 8473.TW · TWD
Industrials · Taiwan Stock Exchange · 🇹🇼 Taiwan
34.90
+3.10%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 5.12bn
FY2016FY2025
Net income
TWD 461.9m
FY2016FY2025
Free cash flow
TWD 1.43bn
FY2016FY2025
Shareholders' equity
TWD 6.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 5.12bn | TWD 3.39bn | TWD 3.68bn | TWD 3.92bn | TWD 3.96bn | TWD 4.49bn | TWD 4.45bn | TWD 4.54bn | TWD 2.75bn | TWD 2.27bn |
| Gross profit | TWD 1.18bn | TWD 751.7m | TWD 619.1m | TWD 266.5m | TWD 895.7m | TWD 769.4m | TWD 927.2m | TWD 999.0m | TWD 812.6m | TWD 882.4m |
| Research and development | TWD 6.3m | — | — | TWD 483,000 | TWD 979,000 | TWD 3.0m | TWD 3.7m | TWD 5.9m | TWD 11.5m | TWD 12.8m |
| Operating income | TWD 905.2m | TWD 508.3m | TWD 407.0m | TWD 12.8m | TWD 655.6m | TWD 532.3m | TWD 691.8m | TWD 829.8m | TWD 672.5m | TWD 761.6m |
| Net income | TWD 461.9m | TWD 167.2m | TWD 39.8m | −TWD 168.9m | TWD 337.6m | TWD 264.8m | TWD 413.3m | TWD 367.2m | TWD 412.2m | TWD 488.5m |
| Diluted earnings per share | 1.59 | 0.92 | 0.23 | -1.17 | 2.17 | 1.85 | 2.84 | 2.58 | 2.89 | 3.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 16.69bn | TWD 15.68bn | TWD 15.44bn | TWD 15.38bn | TWD 15.61bn | TWD 15.96bn | TWD 14.40bn | TWD 13.46bn | TWD 11.63bn | TWD 10.17bn |
| Cash and short-term investments | TWD 3.91bn | TWD 3.38bn | TWD 2.75bn | TWD 2.30bn | TWD 2.89bn | TWD 2.52bn | TWD 1.77bn | TWD 1.30bn | TWD 1.38bn | TWD 1.89bn |
| Total liabilities | TWD 8.48bn | TWD 7.85bn | TWD 7.98bn | TWD 8.44bn | TWD 8.25bn | TWD 8.74bn | TWD 7.24bn | TWD 6.52bn | TWD 4.92bn | TWD 3.79bn |
| Debt | TWD 5.58bn | TWD 5.54bn | TWD 5.38bn | TWD 5.85bn | TWD 6.02bn | TWD 5.75bn | TWD 5.17bn | TWD 4.57bn | TWD 3.59bn | TWD 2.94bn |
| Shareholders' equity | TWD 6.83bn | TWD 6.56bn | TWD 5.79bn | TWD 5.30bn | TWD 5.73bn | TWD 5.66bn | TWD 5.68bn | TWD 5.63bn | TWD 5.53bn | TWD 5.55bn |
| Shares outstanding | 291m | 181m | 175m | 144m | 156m | 143m | 145m | 142m | 143m | 133m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 1.51bn | TWD 887.9m | TWD 566.7m | −TWD 318.4m | TWD 96.4m | TWD 563.9m | TWD 284.5m | −TWD 294.8m | TWD 85.6m | TWD 415.1m |
| Capital spending | −TWD 81.8m | −TWD 445.1m | −TWD 82.6m | −TWD 45.1m | −TWD 24.3m | −TWD 16.3m | −TWD 33.9m | −TWD 162.5m | −TWD 264.1m | −TWD 15.3m |
| Free cash flow | TWD 1.43bn | TWD 442.8m | TWD 484.1m | −TWD 363.5m | TWD 72.0m | TWD 547.6m | TWD 250.6m | −TWD 457.2m | −TWD 178.5m | TWD 399.9m |
| Dividends paid | −TWD 269.6m | −TWD 261.3m | −TWD 121.3m | −TWD 234.7m | −TWD 217.8m | −TWD 310.1m | −TWD 361.4m | −TWD 444.8m | −TWD 500.1m | −TWD 473.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.08bn | TWD 1.29bn | TWD 1.52bn | TWD 1.48bn | TWD 953.5m | TWD 1.17bn | TWD 1.17bn | TWD 797.7m |
| Gross profit | TWD 352.4m | TWD 416.2m | TWD 313.6m | TWD 249.9m | TWD 278.6m | TWD 339.8m | TWD 179.9m | TWD 96.9m |
| Operating income | TWD 282.0m | TWD 344.1m | TWD 246.8m | TWD 181.3m | TWD 201.4m | TWD 275.7m | TWD 121.5m | TWD 66.3m |
| Net income | TWD 218.7m | TWD 222.0m | TWD 90.2m | TWD 97.8m | TWD 106.7m | TWD 167.1m | TWD 6.2m | −TWD 1.4m |
| Diluted earnings per share | 1.20 | 1.22 | 0.31 | 0.34 | 0.37 | 0.57 | 0.03 | -0.01 |
| Cash from operations | −TWD 11.0m | TWD 2.0m | TWD 975.0m | TWD 579.0m | TWD 395.0m | −TWD 336.0m | TWD 749.0m | TWD 120.0m |
| Capital spending | −TWD 1.0m | −TWD 4.0m | −TWD 20.0m | −TWD 9.0m | −TWD 54.0m | −TWD 6.0m | −TWD 42.0m | −TWD 18.0m |
| Free cash flow | −TWD 12.0m | −TWD 2.0m | TWD 955.0m | TWD 570.0m | TWD 341.0m | −TWD 342.0m | TWD 707.0m | TWD 102.0m |
| Total assets | TWD 16.72bn | TWD 16.78bn | TWD 16.69bn | TWD 16.16bn | TWD 16.01bn | TWD 15.99bn | TWD 15.68bn | TWD 15.18bn |
| Cash and short-term investments | TWD 3.58bn | TWD 3.76bn | TWD 3.91bn | TWD 3.67bn | TWD 3.52bn | TWD 2.75bn | TWD 3.38bn | TWD 2.58bn |
| Debt | TWD 2.64bn | TWD 5.44bn | TWD 5.58bn | TWD 5.55bn | TWD 5.71bn | TWD 5.73bn | TWD 5.65bn | TWD 4.93bn |
| Shareholders' equity | TWD 6.96bn | TWD 7.05bn | TWD 6.83bn | TWD 6.73bn | TWD 6.64bn | TWD 6.72bn | TWD 6.56bn | TWD 6.60bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 23.1% | 22.2% | 16.8% | 6.8% | 22.6% | 17.1% | — | — |
| Operating margin | 17.7% | 17.1% | 12.3% | 0.4% | 16.2% | 11.7% | — | — |
| Net margin | 9.0% | 4.9% | 1.1% | -4.3% | 8.5% | 5.9% | — | — |
| Return on equity | 6.8% | 2.5% | 0.7% | -3.2% | 5.9% | 4.7% | — | — |
| Return on assets | 2.8% | 1.1% | 0.3% | -1.1% | 2.2% | 1.7% | — | — |
| Free cash flow yield | 13.7% | 18.5% | 9.3% | -4.8% | 1.9% | 10.2% | — | — |
| Revenue growth | 51.3% | -8.0% | -6.2% | -1.0% | -11.7% | 0.9% | — | — |
| Earnings growth | 176.3% | 320.6% | -123.5% | -150.0% | 27.5% | -35.9% | — | — |
| Current ratio | 1.43x | 1.53x | 0.94x | 1.03x | 1.11x | 1.02x | — | — |
| Debt to equity | 0.82x | 0.86x | 0.97x | 1.16x | 1.07x | 1.07x | — | — |
| Equity ratio | 40.9% | 41.9% | 37.5% | 34.5% | 36.7% | 35.5% | — | — |
| Interest coverage | 5.51x | 3.80x | 2.68x | 0.12x | 4.51x | 4.06x | — | — |
| R&D as a share of sales | 0.1% | — | — | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -61.0% | -3.2% | -21.5% | 7.4% | -8.8% | 1.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.3% | 2.7% | 12.6% |
| Operating income | 313.7% | 11.2% | 4.1% |
| Net income | — | 11.8% | 3.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.7% | 17.5% | 18.3% | 22.0% |
| Operating margin | 16.6% | 11.4% | 12.3% | 16.4% |
| Net margin | 7.4% | 3.1% | 4.5% | 7.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.3 | 35.2 | 117.5 | -20.6 | 13.4 | 18.1 | 14.2 | 17.8 | 17.5 | 11.6 |
| Price to sales | 1.9 | 1.7 | 1.3 | 0.9 | 1.1 | 1.1 | 1.3 | 1.4 | 2.6 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 23 Jul 2025.
| FY2025 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.656 | 0.745 | 0.819 | 1.638 | 2.093 | 2.453 | 2.617 | 2.124 |
- 1.032-for-1 split · 4 Nov 2024
- 1.07-for-1 split · 30 Sept 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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