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World's largest contract manufacturer of branded athletic and casual footwear, producing for Nike, Adidas and others.
World's largest contract manufacturer of branded athletic and casual footwear, producing for Nike, Adidas and others.
Holds the controlling stake in Yue Yuen Industrial, the Hong Kong-listed footwear maker, so most of its results are the manufacturing business, with a retail arm in China (Pou Sheng) that sells sportswear and shoes to shoppers. Brands pay per pair, so factory utilisation and labour cost matter.
In one line: The Foxconn of sneakers.
Moat: narrow (scale, process know-how, customer qualification). Massive low-cost manufacturing scale across Asia, deeply embedded in top brands' supply chains.
Headquarters: Taichung, Taiwan · Employees: 298,750
Size Pou Chen (9904.TW) is a Taiwan Consumer Discretionary company (Apparel/Footwear) with a market value of $2.29B, the 152nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$25.70 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against +2.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median +4.2%); the operating margin is 3.5% (peer median 9.4%).
Valuation It trades at 7.3× forward earnings against a peer median of 13.7× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$248B | NT$251B | NT$264B | NT$247B | NT$267B |
| Revenue growth | — | -5% | +7% | -8% | — |
| Gross profit | NT$49.0B | NT$52.1B | NT$58.2B | NT$53.3B | NT$55.4B |
| EBITDA | NT$20.5B | NT$23.3B | NT$28.6B | NT$23.3B | NT$25.7B |
| Net income | NT$13.9B | NT$12.1B | NT$16.0B | NT$10.6B | NT$12.6B |
| Free cash flow | NT$3.94B | NT$11.1B | NT$10.4B | NT$26.6B | NT$20.3B |
| Capital expenditure | NT$10.2B | NT$9.91B | NT$6.93B | NT$6.74B | NT$7.11B |
| Total debt | NT$94.3B | NT$84.0B | NT$75.0B | NT$78.1B | NT$94.3B |
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 |
|---|---|---|---|---|---|---|
| Pou Chen 9904.TW | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% |
| Feng Tay Enterprise 9910.TW | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% |
| Yue Yuen Industrial (Holdings) 0551.HK | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% |
| Eclat Textile 1476.TW | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% |
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 | 9904.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +4.0% | 10th highest of 21 |
| 6-month return | +0.4% | +2.0% | 9th lowest of 21 |
| Distance from 52-week high | -20.7% | -22.5% | 11th highest of 21 |
| Revenue growth (TTM) | -6.5% | +4.2% | 2nd lowest of 21 |
| Operating margin | 3.5% | 9.4% | 4th lowest of 21 |
| Forward P/E | 7.3× | 13.7× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.9% | -5.6% | 4th most demanding of 17 |
| Growth delivered (Del g) | +0.1% | +6.8% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | +5.8 pp | -10.7 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -3.1 pp | +7.2 pp | 5th lowest of 21 |
| EV / EBITDA | 9.6× | 8.7× | 7th most expensive of 17 |
| Net debt / EBITDA | 1.8× | -0.4× | 5th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pou Chen 9904.TW | Taiwan | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% | +0.1% |
| Youngone 111770.KS | South Korea | $2.27B | -13% | +15% | 14% | 5.5× | n/a | n/a |
| Under Armour UA | United States | $2.23B | -19% | -3% | 1% | 83.9× | n/a | n/a |
| Zhejiang Semir Garment 002563.SZ | China | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% | -0.1% |
| BIEM.L.FDLKK Garment 002832.SZ | China | $2.46B | +42% | +23% | 15% | 20.4× | 0.0% | +13.3% |
| Mizuno 8022.T | Japan | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% | +11.5% |
| Feng Tay Enterprise 9910.TW | Taiwan | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% | +3.9% |
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |
| Yue Yuen Industrial (Holdings) 0551.HK | Hong Kong | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% | -0.9% |
| Vestis VSTS | United States | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% | +1.3% |
| Star Shine 1440.HK | Hong Kong | $2.85B | +34% | -33% | -3% | n/a | n/a | n/a |
| Eclat Textile 1476.TW | Taiwan | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% | +6.2% |
| Steven Madden SHOO | United States | $2.89B | -3% | +18% | 9% | 17.5× | 5.9% | +16.1% |
| Hugo Boss BOSS.DE | Germany | $2.90B | +8% | -5% | 8% | 15.4× | -6.6% | +17.0% |
| F&F 383220.KS | South Korea | $1.80B | -3% | +7% | 25% | 5.1× | n/a | n/a |
| Crystal International 2232.HK | Hong Kong | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% | +6.0% |
| Wolverine World Wide WWW | United States | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% | +0.9% |
| FIGS FIGS | United States | $3.29B | +37% | +25% | 10% | 54.0× | 25.5% | +19.1% |
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |