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Taiwan Evergreen Group affiliate making steel structures for buildings and bridges, with waste-treatment and cogeneration businesses.
Taiwan Evergreen Group affiliate making steel structures for buildings and bridges, with waste-treatment and cogeneration businesses.
Builds steel frames for factories, high-rises and bridges under construction contracts, so the steel-structure order book drives most revenue, while its licensed waste-treatment and cogeneration units have been the steadier and more profitable side. It belongs to the Evergreen Group, the Taiwanese shipping group, and listed in 2021.
Moat: narrow (regulatory licence, installed base). Environmental permits and existing treatment/steel-fabrication facilities create moderate barriers to entry.
Headquarters: Taipei, Taiwan · Founded: 1973
Size Evergreen Steel (2211.TW) is a Taiwan Industrials company (Metal Fabrication) with a market value of $943M, the 275th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$75.30 on 6 Nov 2026.
Performance Over six months the shares fell 23.7%, against -27.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +13.7%); the operating margin is 21.1% (peer median 4.8%).
Valuation It trades at 9.5× forward earnings against a peer median of 30.7× (2nd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$15.5B | NT$15.3B | NT$12.9B | NT$11.1B | NT$11.4B |
| Revenue growth | — | +19% | +16% | -3% | — |
| Gross profit | NT$4.06B | NT$4.22B | NT$3.46B | NT$3.88B | NT$2.94B |
| EBITDA | NT$3.99B | NT$4.28B | NT$3.42B | NT$3.73B | NT$2.77B |
| Net income | NT$3.08B | NT$3.59B | NT$2.55B | NT$3.67B | NT$2.59B |
| Free cash flow | NT$3.64B | NT$2.49B | NT$2.22B | NT$4.62B | NT$2.71B |
| Capital expenditure | NT$665M | NT$757M | NT$1.40B | NT$1.24B | NT$934M |
| Total debt | NT$2.68B | NT$2.74B | NT$2.88B | NT$3.12B | NT$3.63B |
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 |
|---|---|---|---|---|---|---|
| Evergreen Steel 2211.TW | $943M | -24% | +9% | 21% | 9.5× | -9.2% |
| CTCI 9933.TW | $1.29B | +22% | -22% | 9% | 8.5× | n/a |
| Taiwan Cogeneration 8926.TW | $1.30B | +9% | +324% | 8% | n/a | n/a |
| Cleanaway 8422.TW | $937M | -20% | +5% | 30% | 21.0× | 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 | 2211.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | -8.2% | 7th highest of 21 |
| 6-month return | -23.7% | -27.0% | 10th highest of 21 |
| Distance from 52-week high | -38.0% | -48.6% | 7th highest of 21 |
| Revenue growth (TTM) | +8.7% | +13.7% | 7th lowest of 21 |
| Operating margin | 21.1% | 4.8% | highest of 21 |
| Forward P/E | 9.5× | 30.7× | 2nd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -9.2% | 21.4% | least demanding of 8 |
| Growth delivered (Del g) | +10.4% | +11.2% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -19.6 pp | +5.4 pp | least demanding of 8 |
| ROIC minus cost of capital | +3.1 pp | -2.2 pp | 4th highest of 21 |
| EV / EBITDA | 8.1× | 19.7× | cheapest of 5 |
| Net debt / EBITDA | -0.6× | 2.5× | 2nd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evergreen Steel 2211.TW | Taiwan | $943M | -24% | +9% | 21% | 9.5× | -9.2% | +10.4% |
| Zhejiang JW Precision Machinery 300984.SZ | China | $931M | -29% | +9% | 4% | 78.7× | n/a | n/a |
| Changjiang & Jinggong Steel Building (Group) 600496.SS | China | $931M | -25% | +1% | 3% | 9.7× | -1.5% | +12.7% |
| Hsino Tower 601096.SS | China | $961M | -31% | -7% | 3% | 22.4× | n/a | n/a |
| Gibraltar Industries ROCK | United States | $964M | -20% | +14% | 11% | 7.9× | 7.3% | +1.9% |
| Lucky Harvest 002965.SZ | China | $923M | -21% | +18% | 0% | 59.4× | n/a | n/a |
| Troax TROAX.ST | Sweden | $908M | +46% | 0% | 8% | 39.4× | 28.3% | +11.1% |
| Ningbo Sunrise Elc Technology 002937.SZ | China | $908M | -42% | +12% | 8% | 26.2× | 21.4% | +11.2% |
| Ningxia Guoyun New Energy 000595.SZ | China | $903M | -16% | +142% | 21% | n/a | n/a | n/a |
| Hunan Corun New Energy 600478.SS | China | $901M | -53% | +46% | 4% | n/a | n/a | n/a |
| Juli Sling 002342.SZ | China | $989M | -66% | +19% | 3% | n/a | n/a | n/a |
| Guangzhou Newlife New Material 301323.SZ | China | $896M | -15% | +26% | 13% | 31.4× | n/a | n/a |
| Shandong Golden Empire Precision Machinery Technology 603270.SS | China | $886M | -4% | +35% | 5% | 30.0× | n/a | n/a |
| China Harzone Industry 300527.SZ | China | $1.03B | -18% | -12% | 1% | n/a | n/a | n/a |
| Jiangsu LiXing General Steel Ball 300421.SZ | China | $866M | -30% | +4% | 4% | n/a | 35.0% | +7.1% |
| Sanwei 603033.SS | China | $1.04B | -40% | +10% | -6% | n/a | 13.7% | +21.1% |
| Chongqing Millison Technologies 301307.SZ | China | $851M | -18% | +13% | -11% | 54.7× | n/a | n/a |
| Zhejiang Huayuan Auto Technology 301535.SZ | China | $836M | -30% | +66% | 12% | n/a | 22.2% | +17.2% |
| Kennametal India KENNAMET.NS | India | $832M | +27% | +29% | 17% | 37.5× | n/a | n/a |
| Jiangsu NanFang Precision 002553.SZ | China | $813M | -29% | +5% | 13% | n/a | n/a | n/a |
| Jiangsu Chint Power Technology 002150.SZ | China | $1.10B | -30% | +23% | 11% | 23.2× | n/a | n/a |