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Size Topkey (4536.TW) is a Taiwan Consumer Discretionary company (Recreational Products) with a market value of $401M, the 526th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$146.00 on 6 Nov 2026.
Performance Over six months the shares fell 3.3%, against -24.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 10.0% over the last twelve months (peer median +5.0%); the operating margin is 16.0% (peer median 3.2%).
Valuation It trades at 9.1× forward earnings against a peer median of 14.2× (4th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$9.16B | NT$9.20B | NT$9.48B | NT$9.27B | NT$11.0B |
| Revenue growth | — | -3% | +2% | -15% | — |
| Gross profit | NT$2.86B | NT$3.08B | NT$3.17B | NT$2.93B | NT$3.78B |
| EBITDA | NT$1.93B | NT$2.15B | NT$2.29B | NT$2.10B | NT$3.00B |
| Net income | NT$1.20B | NT$1.35B | NT$1.71B | NT$1.42B | NT$2.26B |
| Free cash flow | NT$1.26B | NT$1.75B | NT$1.27B | NT$2.01B | NT$726M |
| Capital expenditure | NT$468M | NT$502M | NT$744M | NT$1.51B | NT$1.44B |
| Total debt | NT$1.82B | NT$1.65B | NT$3.80B | NT$2.74B | NT$5.25B |
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 | 4536.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.0% | -3.2% | 6th lowest of 21 |
| 6-month return | -3.3% | -24.4% | 5th highest of 21 |
| Distance from 52-week high | -24.0% | -42.1% | 7th highest of 21 |
| Revenue growth (TTM) | -10.0% | +5.0% | 2nd lowest of 21 |
| Operating margin | 16.0% | 3.2% | 4th highest of 21 |
| Forward P/E | 9.1× | 14.2× | 4th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -15.6% | 11.9% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +4.9% | +5.1% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | -20.6 pp | +4.6 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +14.6 pp | -3.6 pp | 2nd highest of 19 |
| EV / EBITDA | 4.8× | 9.1× | 4th cheapest of 15 |
| Net debt / EBITDA | -2.3× | -0.8× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topkey 4536.TW | Taiwan | $401M | -3% | -10% | 16% | 9.1× | -15.6% | +4.9% |
| Malibu Boats MBUU | United States | $398M | -33% | +13% | 1% | 8.6× | 19.6% | -0.3% |
| Hailun Piano 300329.SZ | China | $407M | -23% | -11% | -112% | n/a | n/a | n/a |
| JAKKS Pacific JAKK | United States | $388M | +45% | +9% | 4% | 14.2× | 10.8% | +2.0% |
| Butong 6090.HK | Hong Kong | $416M | -5% | +16% | 7% | 13.9× | 29.3% | +38.5% |
| Mubang High-Tech 603398.SS | China | $416M | -49% | +94% | -133% | n/a | n/a | n/a |
| Soft-World International 5478.TWO | Taiwan | $426M | -3% | +6% | 20% | 12.3× | n/a | n/a |
| Guangdong Qunxing Toys Joint-Stock 002575.SZ | China | $427M | -29% | +34% | -9% | n/a | 41.8% | +38.9% |
| Funko FNKO | United States | $377M | +28% | -4% | 3% | 25.7× | 13.0% | +6.8% |
| Sportsoul 001300.SZ | China | $376M | -43% | -6% | -14% | n/a | n/a | n/a |
| Impulse Qingdao Health Tech 002899.SZ | China | $428M | -43% | -1% | 6% | 36.4× | n/a | n/a |
| Fenix Outdoor International AG Series B FOI-B.ST | Sweden | $443M | -25% | +1% | 3% | 6.3× | 6.8% | +5.4% |
| Ridge Outdoor International 2720.HK | Hong Kong | $353M | -14% | +16% | 17% | n/a | 17.3% | -8.9% |
| Beneteau BEN.PA | France | $457M | -32% | +1% | 0% | 26.3× | n/a | n/a |
| Alexander Marine 8478.TW | Taiwan | $346M | -27% | +29% | 25% | 5.0× | n/a | n/a |
| Jiangsu Kangliyuan Sports Technology 301287.SZ | China | $343M | -22% | +1% | 6% | 35.6× | 15.8% | -2.8% |
| Zhejiang Natural Outdoor Goods 605080.SS | China | $472M | -12% | -2% | 14% | 17.8× | 7.6% | +11.9% |
| Dream International 1126.HK | Hong Kong | $474M | -27% | +10% | 11% | n/a | -20.1% | +9.6% |
| GLOBERIDE 7990.T | Japan | $333M | +19% | +4% | 4% | 10.1× | 3.3% | +4.8% |
| Shifeng Cultural Development 002862.SZ | China | $330M | -30% | -7% | -17% | n/a | n/a | n/a |
| Johnson Outdoors JOUT | United States | $490M | -8% | +17% | 3% | 55.0× | 10.1% | -0.1% |