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Makes pneumatic components—cylinders, valves, fittings—for industrial automation, mainly sold into China.
Makes pneumatic components—cylinders, valves, fittings—for industrial automation, mainly sold into China.
Listed in Taiwan but operating mainly in mainland China, it sells through a wide distributor network as well as directly to machine builders. Pneumatic parts are low-cost items fitted into machines and bought in large numbers, so a broad catalogue and fast local delivery count for more than any single product.
In one line: A smaller SMC Corporation (pneumatics).
Moat: narrow (scale, distribution, brand). Strong distribution network and brand recognition in China's industrial automation market.
Headquarters: Taichung, Taiwan · Founded: 1988
Size Airtac International (1590.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $6.11B, the 76th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,010 on 6 Nov 2026.
Performance Over six months the shares fell 29.9%, against -1.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 23.0% over the last twelve months (peer median +16.5%); the operating margin is 32.6% (peer median 15.7%).
Valuation It trades at 15.8× forward earnings against a peer median of 25.2× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.9 points above its cost of capital (7.6% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$39.5B | NT$34.3B | NT$30.7B | NT$29.8B | NT$26.1B |
| Revenue growth | — | +12% | +3% | +14% | — |
| Gross profit | NT$18.4B | NT$15.3B | NT$13.8B | NT$13.3B | NT$11.4B |
| EBITDA | NT$15.6B | NT$12.9B | NT$11.6B | NT$11.3B | NT$9.70B |
| Net income | NT$10.4B | NT$8.40B | NT$7.62B | NT$6.97B | NT$6.01B |
| Free cash flow | NT$7.27B | NT$4.86B | NT$8.05B | NT$6.59B | -NT$339M |
| Capital expenditure | NT$3.29B | NT$2.82B | NT$2.68B | NT$2.51B | NT$5.60B |
| Total debt | NT$695M | NT$458M | NT$5.88B | NT$11.7B | NT$11.7B |
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 |
|---|---|---|---|---|---|---|
| Airtac International 1590.TW | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% |
| Smc 6273.T | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% |
| CKD 6407.T | $1.54B | -40% | +11% | 14% | 10.8× | 12.4% |
| IMI IMI.L | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% |
| Parker Hannifin PH | $116B | +4% | +8% | 22% | 24.4× | 19.0% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
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 | 1590.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.4% | -10.5% | 9th lowest of 21 |
| 6-month return | -29.9% | -1.8% | 3rd lowest of 19 |
| Distance from 52-week high | -37.5% | -22.4% | 6th lowest of 21 |
| Revenue growth (TTM) | +23.0% | +16.5% | 7th highest of 21 |
| Operating margin | 32.6% | 15.7% | 4th highest of 21 |
| Forward P/E | 15.8× | 25.2× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 19.3% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +12.4% | +9.5% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | -7.4 pp | +9.5 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +14.9 pp | +3.3 pp | 4th highest of 21 |
| EV / EBITDA | 12.4× | 14.9× | 6th cheapest of 14 |
| Net debt / EBITDA | -0.6× | 0.7× | 5th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Airtac International 1590.TW | Taiwan | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% | +12.4% |
| Welspun WELCORP.NS | India | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% | +19.0% |
| Shanghai BOCHU Electronic Technology 688188.SS | China | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% | +30.9% |
| Middleby MIDD | United States | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% | +5.0% |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| Valmet VALMT.HE | Finland | $5.97B | +30% | +3% | 10% | 13.8× | 2.1% | +6.8% |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| Georg Fischer GF.SW | Switzerland | $5.65B | +32% | -20% | 3% | 19.9× | 29.2% | -1.2% |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| Mycronic MYCR.ST | Sweden | $5.57B | -4% | +17% | 29% | 24.9× | 10.1% | +15.6% |
| Robotechnik Intelligent Technology 3757.HK | Hong Kong | $6.76B | n/a | +217% | 9% | 140.6× | 53.9% | +11.6% |
| Enpro NPO | United States | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% | +1.3% |
| Zhejiang Shuanghuan Driveline 002472.SZ | China | $5.46B | +9% | +15% | 15% | 26.9× | 11.0% | +20.0% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Rotork ROR.L | United Kingdom | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% | +5.2% |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |