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Employees: 2,350
Size Merida Industry (9914.TW) is a Taiwan Consumer Discretionary company (Motor Vehicles) with a market value of $573M, the 406th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$63.40 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against -18.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 16.5% over the last twelve months (peer median -0.7%); the operating margin is 5.7% (peer median 1.2%).
Valuation It trades at 11.5× forward earnings against a peer median of 13.8× (5th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 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$24.5B | NT$26.9B | NT$29.6B | NT$27.8B | NT$36.3B |
| Revenue growth | — | -9% | +7% | -24% | — |
| Gross profit | NT$3.50B | NT$3.81B | NT$5.19B | NT$5.47B | NT$5.55B |
| EBITDA | NT$1.67B | NT$1.95B | NT$3.35B | NT$3.72B | NT$3.77B |
| Net income | NT$1.03B | NT$1.20B | -NT$699M | NT$1.69B | NT$3.39B |
| Free cash flow | NT$2.81B | NT$2.35B | NT$1.97B | -NT$695M | NT$1.45B |
| Capital expenditure | NT$97.2M | NT$100M | NT$112M | NT$128M | NT$155M |
| Total debt | NT$5.98B | NT$7.17B | NT$8.05B | NT$7.61B | NT$6.53B |
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 | 9914.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -8.1% | 8th highest of 21 |
| 6-month return | +8.9% | -18.3% | 3rd highest of 21 |
| Distance from 52-week high | -42.4% | -44.1% | 10th highest of 21 |
| Revenue growth (TTM) | -16.5% | -0.7% | 5th lowest of 20 |
| Operating margin | 5.7% | 1.2% | 6th highest of 20 |
| Forward P/E | 11.5× | 13.8× | 5th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -4.9% | 4.1% | 2nd least demanding of 11 |
| Growth delivered (Del g) | -0.3% | +6.7% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -4.6 pp | -2.8 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +0.2 pp | -3.6 pp | 7th highest of 19 |
| EV / EBITDA | 12.2× | 5.9× | most expensive of 9 |
| Net debt / EBITDA | 0.6× | 0.6× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Merida Industry 9914.TW | Taiwan | $573M | +9% | -16% | 6% | 11.5× | -4.9% | -0.3% |
| Hirata 6258.T | Japan | $564M | -14% | +9% | 11% | 11.0× | 4.1% | +7.8% |
| Jiangsu Yueda Investment 600805.SS | China | $559M | -17% | -4% | 0% | n/a | n/a | n/a |
| Jilin Liyuan Precision Manufacturing 002501.SZ | China | $591M | -25% | -9% | -55% | n/a | n/a | n/a |
| Shanghai Phoenix Enterprise (Group)Co 600679.SS | China | $617M | -6% | +1% | 3% | n/a | 10.0% | +9.4% |
| Miller Industries MLR | United States | $526M | -4% | -21% | 3% | 16.4× | 4.0% | +3.9% |
| BAIC Motor 1958.HK | Hong Kong | $629M | -55% | -20% | 2% | n/a | n/a | n/a |
| WINBO-Dongjian Automotive Technology 300978.SZ | China | $522M | -24% | -8% | 11% | n/a | 2.2% | +6.7% |
| Morita 6455.T | Japan | $660M | -6% | 0% | 12% | 10.0× | -13.0% | +6.6% |
| Amotiv AOV.AX | Australia | $476M | -19% | +3% | 16% | 6.5× | -4.7% | +13.0% |
| Aston Martin Lagonda Global AML.L | United Kingdom | $474M | -26% | 0% | -12% | n/a | n/a | n/a |
| Shenzhen China Bicycle Company (Holdings) 000017.SZ | China | $469M | -1% | -39% | 6% | n/a | 31.4% | +44.2% |
| Anhui Ankai Automobile 000868.SZ | China | $468M | -26% | -1% | -4% | n/a | n/a | n/a |
| Voyah Automotive Technology 7489.HK | Hong Kong | $704M | -75% | n/a | n/a | 16.2× | n/a | n/a |
| Luyuan Group Holding (Cayman) 2451.HK | Hong Kong | $722M | +24% | -3% | 1% | 26.3× | n/a | n/a |
| Liaoning Shenhua 600653.SS | China | $450M | -16% | -42% | -3% | n/a | 35.7% | -11.9% |
| Nissan Shatai 7222.T | Japan | $747M | -4% | +15% | 4% | n/a | n/a | n/a |
| Dometic DOM.ST | Sweden | $755M | -29% | -6% | -13% | 11.4× | 3.4% | +5.4% |
| Polestar Automotive Holding UK PLC Sponsored ADR PSNY | United States | $778M | -79% | +18% | -47% | n/a | n/a | n/a |
| IAT Automobile Technology 300825.SZ | China | $786M | +9% | +7% | -8% | 538.0× | n/a | n/a |
| Hanma Technology 600375.SS | China | $786M | -39% | +38% | 0% | n/a | 11.1% | +0.5% |