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Founding company of the Formosa Plastics Group; produces PVC resin and petrochemical feedstocks.
Founding company of the Formosa Plastics Group; produces PVC resin and petrochemical feedstocks.
Sells PVC resin and caustic soda in commodity markets, so earnings track the gap between feedstock costs and PVC prices. It is the flagship of the Formosa Plastics Group, whose other listed members include Nan Ya Plastics and Formosa Chemicals & Fibre, and it has US plants in Texas and Louisiana.
In one line: Taiwan's Westlake Chemical.
Moat: narrow (scale, cost advantage). Large-scale integrated PVC/petrochemical producer; commodity pricing still applies.
Headquarters: Taipei, Taiwan · Founded: 1954
Size Formosa Plastics (1301.TW) is a Taiwan Materials company (Chemicals: Specialty) with a market value of $12.1B, the 50th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$62.70 on 6 Nov 2026.
Performance Over six months the shares gained 22.2%, against -25.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 11.0% over the last twelve months (peer median +2.2%); the operating margin is -2.0% (peer median 11.6%).
Valuation It trades at 21.4× forward earnings against a peer median of 11.8× (5th most expensive of 19).
Capital Return on invested capital runs 5.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 12 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$172B | NT$175B | NT$200B | NT$199B | NT$252B |
| Revenue growth | — | -12% | 0% | -21% | — |
| Gross profit | NT$7.57B | NT$3.47B | NT$8.09B | NT$7.75B | NT$40.7B |
| EBITDA | NT$7.21B | NT$3.06B | NT$4.82B | NT$3.83B | NT$35.2B |
| Net income | NT$10.4B | -NT$10.0B | -NT$1.23B | NT$7.34B | NT$36.1B |
| Free cash flow | -NT$10.7B | -NT$7.93B | -NT$4.72B | -NT$7.45B | NT$42.0B |
| Capital expenditure | NT$13.9B | NT$14.8B | NT$16.2B | NT$17.1B | NT$16.5B |
| Total debt | NT$160B | NT$131B | NT$141B | NT$117B | NT$82.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Formosa Plastics 1301.TW | $12.1B | +22% | -11% | -2% | 21.4× | n/a |
| Nan Ya Plastic 1303.TW | $57.4B | +155% | +6% | 6% | 11.5× | n/a |
| Formosa Chemicals & Fibre 1326.TW | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% |
| Westlake WLK | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% |
| Lgchem 051910.KS | $12.6B | -42% | 0% | 0% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1301.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -0.6% | 9th lowest of 21 |
| 6-month return | +22.2% | -25.3% | 3rd highest of 21 |
| Distance from 52-week high | -29.9% | -41.0% | 9th highest of 21 |
| Revenue growth (TTM) | -11.0% | +2.2% | lowest of 21 |
| Operating margin | -2.0% | 11.6% | 3rd lowest of 21 |
| Forward P/E | 21.4× | 11.8× | 5th most expensive of 19 |
| ROIC minus cost of capital | -5.6 pp | -0.9 pp | 5th lowest of 21 |
| Net debt / EBITDA | -15.8× | 2.6× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |