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Major global container-shipping line, part of the Evergreen Group, moving cargo on international trade routes.
Major global container-shipping line, part of the Evergreen Group, moving cargo on international trade routes.
Earns freight on containers carried between ports, with rates set by supply and demand for shipping space, partly under annual contracts with large shippers and partly at spot prices. It shares ships and routes with other lines in the Ocean Alliance, alongside CMA CGM, COSCO and OOCL. The Chang family's Evergreen group controls it.
In one line: Taiwan's Matson, at global scale.
Moat: narrow (scale, network effects). Large containership fleet and global route network, but freight rates are commodity and highly cyclical.
Headquarters: Taipei, Taiwan · Founded: 1968
Size Evergreen Marine Corp(taiwan) (2603.TW) is a Taiwan Industrials company (Marine Shipping) with a market value of $16.1B, the 38th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$246.50 on 6 Nov 2026.
Performance Over six months the shares gained 27.8%, against +16.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 19.5% over the last twelve months (peer median +0.5%); the operating margin is 15.3% (peer median 13.3%).
Valuation It trades at 5.0× forward earnings against a peer median of 9.0× (cheapest of 19).
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 +13%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 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$374B | NT$379B | NT$464B | NT$277B | NT$627B |
| Revenue growth | — | -18% | +68% | -56% | — |
| Gross profit | NT$78.1B | NT$92.7B | NT$176B | NT$49.9B | NT$398B |
| EBITDA | NT$102B | NT$115B | NT$194B | NT$66.7B | NT$401B |
| Net income | NT$54.6B | NT$68.6B | NT$139B | NT$35.3B | NT$334B |
| Free cash flow | NT$65.3B | NT$81.9B | NT$172B | -NT$24.0B | NT$406B |
| Capital expenditure | NT$111B | NT$99.7B | NT$106B | NT$61.8B | NT$54.2B |
| Total debt | NT$203B | NT$176B | NT$156B | NT$151B | NT$135B |
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 Marine Corp(taiwan) 2603.TW | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% |
| Wan Hai Lines 2615.TW | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% |
| Yang Ming Marine Transport 2609.TW | $6.03B | +14% | -22% | 6% | 6.5× | n/a |
| COSCO SHIPPING 1919.HK | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% |
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 | 2603.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | -5.5% | 3rd highest of 20 |
| 6-month return | +27.8% | +16.0% | 6th highest of 20 |
| Distance from 52-week high | -10.2% | -15.4% | 3rd highest of 20 |
| Revenue growth (TTM) | -19.5% | +0.5% | 2nd lowest of 20 |
| Operating margin | 15.3% | 13.3% | 8th highest of 20 |
| Forward P/E | 5.0× | 9.0× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -9.1% | -1.8% | 4th least demanding of 18 |
| Growth delivered (Del g) | +12.9% | +7.8% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | -21.9 pp | -13.0 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +2.4 pp | +1.1 pp | 10th highest of 20 |
| EV / EBITDA | 5.6× | 8.2× | 7th cheapest of 16 |
| Net debt / EBITDA | 0.1× | 0.3× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| COSCO SHIPPING Energy Transportation 600026.SS | China | $13.2B | -21% | +38% | 33% | 6.1× | -8.2% | +7.8% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% | +3.7% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| COSCO SHIPPING 1919.HK | Hong Kong | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% | +4.3% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| A.P. Moller - Maersk A/S MAERSK-A.CO | Denmark | $47.6B | +44% | -8% | 5% | 5.9× | -1.3% | +6.6% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |