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Taiwan's largest oil refiner and petrochemical maker, part of the Formosa Plastics Group, refining crude into fuels and feedstocks.
Taiwan's largest oil refiner and petrochemical maker, part of the Formosa Plastics Group, refining crude into fuels and feedstocks.
Turns crude oil into fuels and the naphtha, or petrochemical feedstock, that group plants convert into plastics, earning the gap between product prices and crude cost. Its single enormous complex at Mailiao also generates electricity for the grid. Formosa Plastics Group companies are its biggest shareholders.
In one line: Taiwan's Valero/Phillips 66, feeding a plastics business.
Moat: narrow (scale, installed base). Large integrated refining-to-petrochemical complex within the Formosa Plastics Group; margins track global refining spreads.
Headquarters: Mailiao, Yunlin, Taiwan · Founded: 1992
Size Formosa Petrochemical Corporati (6505.TW) is a Taiwan Energy company (Oil Refining/Marketing) with a market value of $24.7B, the 22nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$85.70 on 6 Nov 2026.
Performance Over six months the shares gained 58.2%, against +0.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 15 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +18.2%); the operating margin is 9.5% (peer median 8.9%).
Valuation It trades at 10.4× forward earnings against a peer median of 6.6× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$652B | NT$626B | NT$664B | NT$713B | NT$848B |
| Revenue growth | — | -6% | -7% | -16% | — |
| Gross profit | NT$71.6B | NT$20.9B | NT$9.21B | NT$25.9B | NT$15.1B |
| EBITDA | NT$74.1B | NT$22.1B | NT$10.7B | NT$30.3B | NT$20.4B |
| Net income | NT$54.9B | NT$9.88B | NT$5.97B | NT$21.9B | NT$14.4B |
| Free cash flow | NT$21.0B | NT$38.4B | NT$2.42B | NT$40.4B | -NT$12.0B |
| Capital expenditure | NT$11.5B | NT$8.20B | NT$12.1B | NT$10.8B | NT$9.62B |
| Total debt | NT$22.5B | NT$21.1B | NT$36.3B | NT$32.4B | NT$57.3B |
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 |
|---|---|---|---|---|---|---|
| Formosa Petrochemical Corporati 6505.TW | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% |
| Sinopec 0386.HK | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% |
| S-Oil 010950.KS | $9.00B | -21% | +19% | 10% | 3.5× | n/a |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
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 | 6505.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.1% | -17.2% | 6th highest of 15 |
| 6-month return | +58.2% | +0.8% | 2nd highest of 15 |
| Distance from 52-week high | -33.6% | -23.7% | 3rd lowest of 15 |
| Revenue growth (TTM) | +1.8% | +18.2% | 2nd lowest of 15 |
| Operating margin | 9.5% | 8.9% | 7th highest of 15 |
| Forward P/E | 10.4× | 6.6× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | -7.6% | 6th least demanding of 12 |
| Growth delivered (Del g) | +8.6% | +13.6% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -16.3 pp | -19.5 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +11.5 pp | +10.3 pp | 8th highest of 15 |
| EV / EBITDA | 8.4× | 4.8× | most expensive of 10 |
| Net debt / EBITDA | -2.7× | 1.0× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |