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Taiwanese maker of automated test equipment (ATE) and in-circuit testers used to inspect PCBs and electronics.
Taiwanese maker of automated test equipment (ATE) and in-circuit testers used to inspect PCBs and electronics.
Sells inspection and test machines to electronics makers when they build or expand production lines, so orders follow factory capital spending, and inspection demand rises as circuit boards become denser. Spare parts and upgrades follow the initial sale.
In one line: A Taiwanese peer to Teradyne in electronics test equipment.
Moat: narrow (process know-how, IP / patents). Specialized test-equipment engineering know-how qualified across electronics manufacturers.
Headquarters: New Taipei City, Taiwan · Founded: 1986
Size Test Research (3030.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $1.44B, the 209th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$201.00 on 6 Nov 2026.
Performance Over six months the shares fell 51.5%, against -25.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 31.6% over the last twelve months (peer median +13.9%); the operating margin is 40.2% (peer median 8.2%).
Valuation It trades at 4.6× enterprise value to sales against a peer median of 2.6× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 25.1 points above its cost of capital (6.3% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$10.4B | NT$8.47B | NT$6.36B | NT$4.44B | NT$6.71B |
| Revenue growth | — | +33% | +43% | -34% | — |
| Gross profit | NT$6.24B | NT$4.94B | NT$3.78B | NT$2.63B | NT$3.85B |
| EBITDA | n/a | NT$3.19B | NT$2.22B | NT$1.35B | NT$2.29B |
| Net income | NT$3.26B | NT$2.48B | NT$1.84B | NT$1.00B | NT$1.92B |
| Free cash flow | n/a | NT$1.43B | NT$790M | NT$1.02B | NT$813M |
| Capital expenditure | n/a | NT$300M | NT$389M | NT$877M | NT$680M |
| Total debt | n/a | NT$68.2M | NT$46.7M | NT$66.7M | NT$62.4M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Test Research 3030.TW | $1.44B | -51% | +32% | 40% | 4.6× | -2.5% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 6.8× | 20.9% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 9.8× | 19.3% |
| MACHVISION 3563.TW | $1.08B | -36% | +17% | 37% | 8.7× | 7.5% |
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 | 3030.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.2% | -6.7% | 3rd lowest of 21 |
| 6-month return | -51.5% | -25.8% | 3rd lowest of 20 |
| Distance from 52-week high | -56.1% | -50.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +31.6% | +13.9% | 7th highest of 20 |
| Operating margin | 40.2% | 8.2% | highest of 20 |
| EV / Sales | 4.6× | 2.6× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 15.4% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +11.3% | +9.7% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | -13.8 pp | +7.7 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +25.1 pp | -0.6 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Test Research 3030.TW | Taiwan | $1.44B | -51% | +32% | 40% | 4.6× | -2.5% | +11.3% |
| Zhuzhou Huarui Precision Cutting Tools 688059.SS | China | $1.44B | -33% | +23% | 36% | 8.4× | n/a | n/a |
| Wasion 3393.HK | Hong Kong | $1.43B | -59% | +22% | 16% | 1.1× | -11.3% | +19.7% |
| Hymson Laser Technology 688559.SS | China | $1.41B | -34% | +78% | 1% | 1.7× | 11.9% | +26.3% |
| Qinchuan Machine Tool & Tool Group Share 000837.SZ | China | $1.46B | -14% | +8% | -4% | 2.3× | n/a | n/a |
| Hongyuan Green Energy 603185.SS | China | $1.46B | -34% | +14% | -15% | 1.3× | n/a | n/a |
| Shenzhen Qiangrui Precision Technology 301128.SZ | China | $1.46B | -47% | +56% | 10% | 4.0× | n/a | n/a |
| Goodwin GDWN.L | United Kingdom | $1.46B | +16% | +2% | 13% | 15.7× | 47.7% | -12.1% |
| Guangdong Huicheng Vacuum Technology 301392.SZ | China | $1.41B | -25% | +48% | 7% | 15.9× | n/a | n/a |
| LU-VE LUVE.MI | Italy | $1.47B | -13% | +8% | 10% | 2.2× | 14.5% | +8.6% |
| Crompton Greaves Consumer Electricals CROMPTON.NS | India | $1.47B | -26% | +12% | 8% | 1.6× | 20.5% | +11.0% |
| Interroll INRN.SW | Switzerland | $1.47B | -11% | +2% | 13% | 1.9× | 1.4% | -0.6% |
| Sunrise Energy Metals SRL.AX | Australia | $1.38B | -16% | n/a | n/a | n/a | n/a | n/a |
| Ningbo Donly 002164.SZ | China | $1.49B | +49% | +5% | 5% | 6.6× | n/a | n/a |
| Jiangsu Guomao Reducer 603915.SS | China | $1.37B | -11% | +11% | 9% | 2.6× | 16.3% | +4.0% |
| Topoint Technology 8021.TW | Taiwan | $1.37B | -28% | +49% | 21% | 7.8× | n/a | n/a |
| Suzhou Veichi Electric 688698.SS | China | $1.37B | -38% | +20% | 7% | 4.3× | n/a | n/a |
| Kirloskar Brothers KIRLOSBROS.NS | India | $1.37B | -8% | +11% | 9% | 2.5× | 33.9% | +10.8% |
| Changzheng Engineering Technology 603698.SS | China | $1.51B | -57% | -4% | 7% | 2.7× | n/a | n/a |
| Jiangsu Huahong Technology Stock 002645.SZ | China | $1.52B | -38% | +57% | 5% | 1.0× | n/a | n/a |
| Rokae (Shandong) Robotics 3752.HK | Hong Kong | $1.52B | n/a | +105% | -5% | 16.3× | n/a | n/a |