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Employees: 1,267
Size BES Engineering (2515.TW) is a Taiwan Industrials company (Engineering & Construction) with a market value of $546M, the 417th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$10.70 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against -14.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +3.2%); the operating margin is 4.6% (peer median 4.9%).
Valuation It trades at 8.4× forward earnings against a peer median of 13.9× (2nd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below 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$23.9B | NT$20.7B | NT$23.8B | NT$19.0B | NT$15.1B |
| Revenue growth | — | -13% | +26% | +26% | — |
| Gross profit | NT$1.91B | NT$1.54B | NT$1.51B | NT$1.45B | NT$1.30B |
| EBITDA | NT$1.34B | NT$1.15B | NT$1.13B | NT$1.08B | NT$898M |
| Net income | NT$777M | NT$636M | NT$717M | NT$625M | NT$821M |
| Free cash flow | NT$115M | -NT$3.66B | -NT$3.21B | -NT$6.23B | NT$1.65B |
| Capital expenditure | NT$409M | NT$401M | NT$436M | NT$187M | NT$51.6M |
| Total debt | NT$23.6B | NT$25.2B | NT$23.6B | NT$18.2B | NT$11.8B |
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.
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 | 2515.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.3% | -4.8% | 9th lowest of 21 |
| 6-month return | -13.9% | -14.8% | 10th highest of 20 |
| Distance from 52-week high | -39.8% | -31.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +1.5% | +3.2% | 9th lowest of 21 |
| Operating margin | 4.6% | 4.9% | 10th lowest of 21 |
| Forward P/E | 8.4× | 13.9× | 2nd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 12.2% | -1.0% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +9.0% | +9.5% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | +3.2 pp | -2.7 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | -2.8 pp | -1.8 pp | 9th lowest of 20 |
| EV / EBITDA | 26.4× | 9.0× | most expensive of 11 |
| Net debt / EBITDA | 12.8× | 0.7× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BES Engineering 2515.TW | Taiwan | $546M | -14% | +1% | 5% | 8.4× | 12.2% | +9.0% |
| Capital Infra Trust CAPINVIT.NS | India | $548M | +13% | +421% | 55% | n/a | -4.0% | n/a |
| Shenzhen Strongteam Decoration Engineering 002989.SZ | China | $540M | -39% | +2% | -29% | n/a | n/a | n/a |
| Sinoma Energy Conservation 603126.SS | China | $553M | -26% | +47% | 1% | n/a | n/a | n/a |
| Asahi Kogyosha 1975.T | Japan | $537M | -15% | +17% | 11% | n/a | -3.1% | +8.3% |
| Guangdong Provincial Academy of Building Research 301632.SZ | China | $537M | -43% | +13% | 7% | n/a | n/a | n/a |
| Obrascon Huarte Lain OHLA.MC | Spain | $556M | -20% | -3% | 4% | n/a | n/a | n/a |
| Yahagi Construction 1870.T | Japan | $557M | -4% | +3% | 7% | 8.8× | -3.5% | +9.7% |
| Lycopodium LYL.AX | Australia | $536M | +51% | +12% | 12% | 13.9× | -2.5% | +18.8% |
| Fujian Yongfu Power Engineering 300712.SZ | China | $558M | -26% | -16% | -1% | 43.1× | 36.9% | +11.7% |
| Longjian Road & Bridge 600853.SS | China | $532M | -12% | -10% | 5% | n/a | 5.9% | +8.3% |
| Ebro EV Motors EBROM.MC | Spain | $532M | -2% | +336% | 0% | n/a | n/a | n/a |
| Super Telecom 603322.SS | China | $531M | -31% | -29% | -3% | n/a | 6.7% | +9.5% |
| Nyab NYAB.ST | Sweden | $566M | +29% | +21% | 6% | 14.2× | -5.8% | +244.6% |
| ITG ITG | United States | $568M | n/a | +16% | 7% | 5.6× | n/a | n/a |
| Civmec P9D.SI | Singapore | $570M | -1% | +19% | 9% | 13.1× | n/a | n/a |
| Zhejiang Reclaim Construction 002586.SZ | China | $523M | -36% | -24% | -3% | n/a | n/a | n/a |
| China Haisum Engineering 002116.SZ | China | $573M | -16% | -6% | 5% | 11.9× | n/a | n/a |
| Assystem ASY.PA | France | $574M | -16% | +4% | 5% | 15.7× | 11.1% | +8.4% |
| Moreld MORLD.OL | Norway | $513M | +34% | -23% | 3% | 13.9× | 0.6% | -23.1% |
| Hainan Jingliang 000505.SZ | China | $583M | -14% | -19% | -4% | n/a | n/a | n/a |