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Taiwan's national aerospace company, building military trainer jets and drones and making structural and engine parts for Boeing and Airbus.
Taiwan's national aerospace company, building military trainer jets and drones and making structural and engine parts for Boeing and Airbus.
Part of revenue comes from domestic defence contracts for aircraft building, upgrades and maintenance, while the rest comes from making structural and engine parts for Boeing, Airbus and engine makers, so it depends on both Taiwan's defence budget and commercial aircraft build rates. It is state-controlled.
In one line: Taiwan's mini Lockheed Martin plus an aerostructures supplier.
Moat: narrow (regulatory licence, scale). Sole domestic supplier for Taiwan military aircraft; qualified aerostructures supplier to global primes.
Headquarters: Taichung, Taiwan · Employees: 5,164
Size Aerospace Industrial Development (2634.TW) is a Taiwan Industrials company (Aerospace & Defense) with a market value of $1.46B, the 207th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$51.30 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against -17.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +14.7%); the operating margin is 6.4% (peer median 2.8%).
Valuation It trades at 19.5× forward earnings against a peer median of 25.5× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$36.6B | NT$35.5B | NT$39.3B | NT$39.1B | NT$30.2B |
| Revenue growth | — | -10% | +1% | +29% | — |
| Gross profit | NT$3.67B | NT$2.45B | NT$3.66B | NT$4.28B | NT$2.82B |
| EBITDA | NT$4.06B | NT$2.88B | NT$3.90B | NT$4.27B | NT$2.90B |
| Net income | NT$1.95B | NT$733M | NT$2.17B | NT$2.23B | NT$1.63B |
| Free cash flow | NT$5.86B | -NT$4.80B | -NT$4.30B | NT$3.51B | NT$1.88B |
| Capital expenditure | NT$1.17B | NT$1.35B | NT$1.85B | NT$1.41B | NT$756M |
| Total debt | NT$20.0B | NT$26.7B | NT$20.8B | NT$15.9B | NT$17.8B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aerospace Industrial Development 2634.TW | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% |
| Korea Aerospace 047810.KS | $7.37B | -39% | +44% | 6% | 45.4× | n/a |
| Embraer S.A. Sponsored ADR EMBJ | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
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 | 2634.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.6% | -6.1% | 5th lowest of 21 |
| 6-month return | +2.6% | -17.5% | 5th highest of 20 |
| Distance from 52-week high | -32.9% | -37.5% | 5th highest of 21 |
| Revenue growth (TTM) | +2.6% | +14.7% | 7th lowest of 21 |
| Operating margin | 6.4% | 2.8% | 10th highest of 21 |
| Forward P/E | 19.5× | 25.5× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 21.5% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +11.0% | +9.6% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | -6.9 pp | +9.5 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +0.6 pp | -5.7 pp | 5th highest of 21 |
| EV / EBITDA | 15.5× | 12.9× | 4th most expensive of 8 |
| Net debt / EBITDA | 3.6× | 0.3× | 2nd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 54.6× | n/a | n/a |