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Taiwanese maker of automated production equipment, notably assembly-line automation for consumer-electronics products such as wireless earbuds.
Taiwanese maker of automated production equipment, notably assembly-line automation for consumer-electronics products such as wireless earbuds.
Builds each production line to the customer's design and is paid per project as lines are delivered and accepted, so revenue is lumpy and follows a handful of product programmes at contract manufacturers. Orders tend to arrive when a new device is launched or when capacity is added.
In one line: A specialized automation-equipment supplier behind Apple AirPods-style assembly lines.
Moat: narrow (process know-how, customer qualification). Specialized automation-line design know-how qualified into major consumer-electronics assembly programs.
Headquarters: Taiwan · Employees: 531
Size All Ring Tech (6187.TWO) is a Taiwan Industrials company (Industrial Machinery) with a market value of $2.52B, the 140th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$864.00 on 6 Nov 2026.
Performance Over six months the shares fell 35.8%, against -20.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +16.8%); the operating margin is 28.9% (peer median 7.6%).
Valuation It trades at 25.0× forward earnings against a peer median of 24.9× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.7 points above its cost of capital (8.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$6.36B | NT$5.37B | NT$5.53B | NT$1.21B | NT$2.25B |
| Revenue growth | — | -3% | +359% | -46% | — |
| Gross profit | NT$3.34B | NT$2.87B | NT$2.68B | NT$596M | NT$1.05B |
| EBITDA | NT$1.91B | NT$1.67B | NT$1.48B | NT$132M | NT$510M |
| Net income | NT$1.89B | NT$1.49B | NT$1.31B | NT$138M | NT$499M |
| Free cash flow | NT$837M | NT$1.48B | NT$704M | NT$77.6M | NT$252M |
| Capital expenditure | NT$1.32B | NT$531M | NT$417M | NT$138M | NT$362M |
| Total debt | NT$111M | NT$435M | NT$384M | NT$889M | NT$910M |
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 |
|---|---|---|---|---|---|---|
| All Ring Tech 6187.TWO | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% |
| Mirle Automation 2464.TW | $928M | +19% | -4% | 1% | 56.5× | n/a |
| Test Research 3030.TW | $1.44B | -51% | +32% | 40% | n/a | -2.5% |
| Hirata 6258.T | $564M | -14% | +9% | 11% | 11.0× | 4.1% |
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 | 6187.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.0% | -8.0% | 2nd lowest of 21 |
| 6-month return | -35.8% | -20.0% | 5th lowest of 21 |
| Distance from 52-week high | -48.6% | -42.3% | 10th lowest of 21 |
| Revenue growth (TTM) | +0.8% | +16.8% | 4th lowest of 21 |
| Operating margin | 28.9% | 7.6% | highest of 21 |
| Forward P/E | 25.0× | 24.9× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 26.4% | 16.5% | 5th most demanding of 13 |
| Growth delivered (Del g) | +28.9% | +12.2% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -2.5 pp | +4.4 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +24.7 pp | -0.2 pp | highest of 21 |
| EV / EBITDA | 41.3× | 18.4× | most expensive of 11 |
| Net debt / EBITDA | -2.4× | 0.3× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| Jungheinrich AG Pref JUN3.DE | Germany | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% | +7.6% |
| Harmonic Drive Systems 6324.T | Japan | $2.60B | -18% | +12% | 7% | 62.4× | n/a | n/a |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Shanghai Zhenhua Heavy Industries 600320.SS | China | $2.64B | -21% | +6% | 5% | 20.4× | -4.9% | +9.7% |
| Dongguan Yiheda Automation 301029.SZ | China | $2.65B | -2% | +31% | 18% | 27.1× | 21.6% | +19.5% |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| Guangzhou Haozhi Industrial 300503.SZ | China | $2.70B | -8% | +55% | 20% | n/a | n/a | n/a |
| Beijing Jingyi Automation Equipment 688652.SS | China | $2.73B | -10% | +34% | 9% | 77.6× | 49.0% | +32.4% |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |