Cash flow Taiwan Navigation Co., Ltd.

Equities

2617

TW0002617008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 2026-01-22			5-day change	1st Jan Change
31.50 ^TWD	+0.64%		+1.61%	+4.30%

11-03	Taiwan Navigation Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI
25-08-05	Taiwan Navigation Co., Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2025	CI

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Published financial data: TAIWAN NAVIGATION CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.49B	3.23B	3.87B	3.99B	4.4B
Total Revenues	2.49B	3.23B	3.87B	3.99B	4.4B
Cost of Goods Sold, Total	1.9B	1.95B	2.53B	2.55B	2.56B
Gross Profit	595M	1.28B	1.34B	1.44B	1.84B
Selling General & Admin Expenses, Total	130M	161M	198M	201M	180M
Depreciation & Amortization - (IS)	3.55M	3.53M	3.41M	3.3M	4.15M
Amortization of Goodwill and Intangible Assets - (IS)	610K	515K	687K	327K	218K
Other Operating Expenses, Total	134M	165M	202M	205M	184M
Operating Income	461M	1.11B	1.14B	1.24B	1.66B
Interest Expense, Total	-45.44M	-40.51M	-167M	-361M	-379M
Interest And Investment Income	36.98M	13.32M	774M	802M	113M
Net Interest Expenses	-8.46M	-27.19M	607M	442M	-266M
Income (Loss) On Equity Invest.	4.48M	4.84M	10.97M	12.16M	5.14M
Currency Exchange Gains (Loss)	-73.72M	-49.9M	122M	20.13M	2.2M
Other Non Operating Income (Expenses)	8.15M	9.64M	18.34M	17.54M	153K
EBT, Excl. Unusual Items	392M	1.05B	1.89B	1.73B	1.4B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	187M	367M	217M	265M	20.38M
Insurance Settlements	134M	1.51M	30.41M	8.09M	40.61M
EBT, Incl. Unusual Items	712M	1.42B	2.14B	2B	1.46B
Income Tax Expense	194M	98M	127M	338M	178M
Earnings From Continuing Operations	518M	1.32B	2.02B	1.66B	1.28B
Net Income to Company	518M	1.32B	2.02B	1.66B	1.28B
Net Income - (IS)	518M	1.32B	2.02B	1.66B	1.28B
Net Income to Common Incl Extra Items	518M	1.32B	2.02B	1.66B	1.28B
Net Income to Common Excl. Extra Items	518M	1.32B	2.02B	1.66B	1.28B
Per Share Items
Net EPS - Basic	1.24	3.16	4.83	3.98	3.08
Basic EPS - Continuing Operations	1.24	3.16	4.83	3.98	3.08
Basic Weighted Average Shares Outstanding	417M	417M	417M	417M	417M
Net EPS - Diluted	1.24	3.16	4.82	3.98	3.07
Diluted EPS - Continuing Operations	1.24	3.16	4.82	3.98	3.07
Diluted Weighted Average Shares Outstanding	418M	418M	418M	418M	418M
Normalized Basic EPS	0.59	1.57	2.84	2.59	2.1
Normalized Diluted EPS	0.59	1.57	2.83	2.58	2.09
Dividend Per Share	0.9	2	2.2	1.6	1.5
Payout Ratio	64.43	28.45	41.42	55.21	52.03
Supplemental Items
EBITDA	511M	1.16B	1.92B	2.1B	2.6B
EBITA	462M	1.11B	1.14B	1.24B	1.66B
EBIT	461M	1.11B	1.14B	1.24B	1.66B
Effective Tax Rate - (Ratio)	27.26	6.91	5.92	16.88	12.19
Total Current Taxes	222M	80.1M	83.11M	362M	293M
Total Deferred Taxes	-27.39M	-249K	3.38M	-76.53M	1.65M
Normalized Net Income	245M	656M	1.18B	1.08B	875M
Interest Capitalized	20.66M	13.65M	17.12M	45.46M	47.73M
Non-Cash Pension Expense	3.01M	311K	295K	770K	376K
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	47.08M	41.46M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	325M	331M	716M	524M	772M
Short Term Investments	1.06B	6.02B	3.52B	2.38B	3.17B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.38B	6.35B	4.23B	2.9B	3.94B
Accounts Receivable, Total	111M	57.55M	57.93M	192M	149M
Other Receivables	-	-	7.3M	-	-
Total Receivables	111M	57.55M	65.22M	192M	149M
Prepaid Expenses	98.68M	118M	145M	143M	162M
Other Current Assets, Total	449M	458M	78.82M	116M	5.47M
Total Current Assets	2.04B	6.98B	4.52B	3.35B	4.26B
Gross Property Plant And Equipment	14.21B	17.79B	21.86B	22.1B	25.39B
Accumulated Depreciation	-4.76B	-4.81B	-5.31B	-4.88B	-4.68B
Net Property Plant And Equipment	9.45B	12.98B	16.54B	17.22B	20.71B
Long-term Investments	2.21B	330M	251M	301M	321M
Accounts Receivable Long-Term	-	-	62.34M	1.32B	1.28B
Deferred Tax Assets Long-Term	18.41M	7.72M	413K	1.94M	289K
Other Long-Term Assets, Total	3B	2.99B	3.25B	2.35B	1.39B
Total Assets	16.73B	23.28B	24.62B	24.56B	27.97B
Liabilities
Accounts Payable, Total	80.49M	124M	221M	163M	255M
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	900M	919M	215M	628M	1.21B
Current Portion of Long-Term Debt	76.37M	-	883M	-	121M
Current Income Taxes Payable	91.4M	75.41M	117M	402M	154M
Unearned Revenue Current, Total	7.46M	7.46M	-	-	-
Other Current Liabilities	212M	225M	326M	328M	308M
Total Current Liabilities	1.37B	1.35B	1.76B	1.52B	2.05B
Long-Term Debt	4.03B	5.53B	6.21B	5.93B	6.58B
Unearned Revenue Non Current	113M	106M	-	-	-
Pension & Other Post Retirement Benefits	62.52M	59.09M	51.53M	30.25M	23.27M
Deferred Tax Liability Non Current	354M	343M	339M	264M	264M
Other Non Current Liabilities	15.77M	254M	549M	845M	798M
Total Liabilities	5.94B	7.64B	8.91B	8.59B	9.72B
Common Stock, Total	4.17B	4.17B	4.17B	4.17B	4.17B
Additional Paid In Capital	334M	334M	334M	334M	334M
Retained Earnings	6.19B	7.64B	8.98B	9.73B	10.36B
Comprehensive Income and Other	85.4M	3.49B	2.22B	1.73B	3.38B
Total Common Equity	10.78B	15.64B	15.71B	15.97B	18.25B
Total Equity	10.78B	15.64B	15.71B	15.97B	18.25B
Total Liabilities And Equity	16.73B	23.28B	24.62B	24.56B	27.97B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	417M	417M	417M	417M	417M
ECS Total Common Shares Outstanding	417M	417M	417M	417M	417M
Book Value / Share	25.84	37.47	37.65	38.27	43.74
Tangible Book Value	10.78B	15.64B	15.71B	15.97B	18.25B
Tangible Book Value Per Share	25.84	37.47	37.65	38.27	43.74
Total Debt	5.01B	6.45B	7.31B	6.55B	7.92B
Net Debt	3.62B	105M	3.08B	3.65B	3.97B
Debt Equivalent of Unfunded Proj. Benefit Obligation	62.52M	59.09M	51.53M	30.25M	23.27M
Equity Method Investments, Total	133M	240M	179M	218M	202M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	191M	191M	191M	191M	191M
Buildings, Total	89.22M	89.22M	89.22M	89.22M	105M
Machinery, Total	1.56B	1.56B	1.56B	2.47B	2.49B
Assets on Operating Lease - Gross	12.37B	15.95B	20.02B	19.35B	22.6B
Assets on Operating Lease - Accumulated Depreciation	-3.55B	-3.57B	-4.04B	-4.3B	-3.98B
Accumulated Allowance for Doubtful Accounts (Supple)	3.19M	32K	1.23M	6.14M	1.37M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	518M	1.32B	2.02B	1.66B	1.28B
Depreciation & Amortization - CF	584M	622M	781M	865M	940M
Amortization of Goodwill and Intangible Assets - (CF)	610K	515K	687K	2.73M	2.62M
Depreciation & Amortization, Total	585M	622M	782M	867M	942M
(Gain) Loss From Sale Of Asset	-187M	-367M	-217M	-265M	-20.38M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-4.48M	-4.84M	-10.97M	-12.16M	-5.14M
Provision and Write-off of Bad Debts	590K	-3.16M	1.2M	6.61M	-4.85M
Other Operating Activities, Total	65.13M	-47.27M	-594M	-234M	20.36M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	-3.61M	17.38M	-2.33M	3.48M	9.72M
Change In Accounts Payable	-46.38M	45.54M	83.45M	-59.29M	82.36M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	-41M	294M	303M	94.09M	103M
Cash from Operations	886M	1.88B	2.36B	2.06B	2.41B
Capital Expenditure	-1.01B	-4.66B	-3.32B	-2.14B	-3.48B
Sale of Property, Plant, and Equipment	377M	302M	328M	420M	1.17B
Sale (Purchase) of Real Estate properties	76.65M	90.64M	121M	-	-12.53M
Investment in Marketable and Equity Securities, Total	-1.64B	190M	553M	616M	145M
Other Investing Activities, Total	248M	1.05B	1.1B	807M	120M
Cash from Investing	-1.94B	-3.03B	-1.22B	-294M	-2.06B
Short Term Debt Issued, Total	900M	21.61M	-	417M	544M
Long-Term Debt Issued, Total	1.8B	3.08B	1.98B	869M	3.24B
Total Debt Issued	2.7B	3.1B	1.98B	1.29B	3.78B
Short Term Debt Repaid, Total	-	-	-725M	-	-
Long-Term Debt Repaid, Total	-1.32B	-1.51B	-1.05B	-2.05B	-2.87B
Total Debt Repaid	-1.32B	-1.51B	-1.78B	-2.05B	-2.87B
Common Dividends Paid	-334M	-376M	-835M	-918M	-668M
Common & Preferred Stock Dividends Paid	-334M	-376M	-835M	-918M	-668M
Other Financing Activities, Total	-55.19M	-46.4M	-154M	-358M	-380M
Cash from Financing	995M	1.16B	-784M	-2.04B	-136M
Foreign Exchange Rate Adjustments	-22.45M	-4.65M	29.64M	881K	37.69M
Net Change in Cash	-82.86M	5.64M	385M	-267M	248M
Supplemental Items
Cash Interest Paid	47.82M	40.09M	154M	358M	381M
Cash Income Tax Paid (Refund)	226M	114M	81.44M	130M	424M
Levered Free Cash Flow	-696M	-3.3B	-1.35B	-732M	-1.78B
Unlevered Free Cash Flow	-667M	-3.28B	-1.25B	-506M	-1.55B
Change In Net Working Capital	532M	-65.29M	-577M	8.23M	42.32M
Net Debt Issued / Repaid	1.38B	1.59B	204M	-762M	912M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.81	3.47	2.96	3.14	3.95
Return on Total Capital	1.93	3.67	3.15	3.39	4.26
Return On Equity %	4.93	9.99	12.86	10.5	7.5
Return on Common Equity	4.93	9.99	12.86	10.5	7.5
Margin Analysis
Gross Profit Margin %	23.88	39.59	34.56	36.1	41.89
SG&A Margin	5.2	5	5.12	5.04	4.08
EBITDA Margin %	20.52	36	49.53	52.7	59.12
EBITA Margin %	18.54	34.48	29.36	31.03	37.77
EBIT Margin %	18.51	34.46	29.34	30.97	37.71
Income From Continuing Operations Margin %	20.8	40.92	52.03	41.68	29.16
Net Income Margin %	20.8	40.92	52.03	41.68	29.16
Net Avail. For Common Margin %	20.8	40.92	52.03	41.68	29.16
Normalized Net Income Margin	9.83	20.33	30.57	27.05	19.89
Levered Free Cash Flow Margin	-27.92	-102.33	-34.98	-18.34	-40.5
Unlevered Free Cash Flow Margin	-26.78	-101.55	-32.28	-12.69	-35.12
Asset Turnover
Asset Turnover	0.16	0.16	0.16	0.16	0.17
Fixed Assets Turnover	0.25	0.29	0.26	0.24	0.23
Receivables Turnover (Average Receivables)	23.79	38.26	67.07	31.71	25.81
Short Term Liquidity
Current Ratio	1.49	5.17	2.57	2.21	2.08
Quick Ratio	1.09	4.74	2.44	2.04	2
Operating Cash Flow to Current Liabilities	0.65	1.39	1.34	1.36	1.17
Days Sales Outstanding (Average Receivables)	15.39	9.54	5.44	11.51	14.18
Average Days Payable Outstanding	20.34	19.13	24.84	27.48	29.92
Long Term Solvency
Total Debt/Equity	46.42	41.25	46.52	41.04	43.37
Total Debt / Total Capital	31.7	29.2	31.75	29.1	30.25
LT Debt/Equity	37.36	35.38	39.53	37.11	36.06
Long-Term Debt / Total Capital	25.52	25.04	26.98	26.31	25.15
Total Liabilities / Total Assets	35.53	32.83	36.19	34.96	34.74
EBIT / Interest Expense	10.15	27.45	6.79	3.42	4.38
EBITDA / Interest Expense	23.01	42.81	11.47	5.83	6.86
(EBITDA - Capex) / Interest Expense	0.83	-72.19	-8.37	-0.1	-2.32
Total Debt / EBITDA	4.79	3.72	3.81	3.12	3.04
Net Debt / EBITDA	3.46	0.06	1.6	1.74	1.53
Total Debt / (EBITDA - Capex)	132.07	-2.21	-5.22	-188.26	-8.99
Net Debt / (EBITDA - Capex)	95.56	-0.04	-2.2	-104.84	-4.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-20	29.51	20.04	3.03	10.27
Gross Profit, 1 Yr. Growth %	-19.89	114.67	4.8	7.62	27.96
EBITDA, 1 Yr. Growth %	-21.42	127.26	10.59	9.64	23.7
EBITA, 1 Yr. Growth %	-23.58	140.88	2.21	8.91	34.2
EBIT, 1 Yr. Growth %	-23.62	141.09	2.19	8.74	34.28
Earnings From Cont. Operations, 1 Yr. Growth %	-13.8	154.79	52.64	-17.48	-22.83
Net Income, 1 Yr. Growth %	-13.8	154.79	52.64	-17.48	-22.83
Normalized Net Income, 1 Yr. Growth %	-29.58	167.91	80.56	-8.85	-18.91
Diluted EPS Before Extra, 1 Yr. Growth %	-13.89	154.84	52.53	-17.43	-22.86
Accounts Receivable, 1 Yr. Growth %	12.94	-48.19	0.65	219.59	-22.1
Net Property, Plant and Equip., 1 Yr. Growth %	-12.14	37.36	27.46	4.13	20.26
Total Assets, 1 Yr. Growth %	10.66	39.2	5.76	-0.28	13.91
Tangible Book Value, 1 Yr. Growth %	5.29	45.02	0.47	1.64	14.29
Common Equity, 1 Yr. Growth %	5.29	45.02	0.47	1.64	14.29
Cash From Operations, 1 Yr. Growth %	-36.44	111.81	25.72	-13.74	16.81
Capital Expenditures, 1 Yr. Growth %	52.59	362.24	-28.76	-35.58	62.89
Levered Free Cash Flow, 1 Yr. Growth %	-216.25	374.61	-58.96	-42.78	143.5
Unlevered Free Cash Flow, 1 Yr. Growth %	-201.61	391.02	-61.84	-56.89	205.18
Dividend Per Share, 1 Yr. Growth %	12.5	122.22	10	-27.27	-6.25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-13.99	1.79	24.68	11.21	6.59
Gross Profit, 2 Yr. CAGR %	-16.93	31.14	49.99	6.2	17.35
EBITDA, 2 Yr. CAGR %	-41.2	33.63	93.73	10.12	16.46
EBITA, 2 Yr. CAGR %	-19.66	35.68	56.91	5.51	20.9
EBIT, 2 Yr. CAGR %	-19.71	35.7	56.96	5.42	20.84
Earnings From Cont. Operations, 2 Yr. CAGR %	-26.44	48.2	97.21	12.23	-20.2
Net Income, 2 Yr. CAGR %	-26.44	48.2	97.21	12.23	-20.2
Normalized Net Income, 2 Yr. CAGR %	-22.72	37.36	119.94	28.29	-14.03
Diluted EPS Before Extra, 2 Yr. CAGR %	-26.41	48.14	97.16	12.23	-20.19
Accounts Receivable, 2 Yr. CAGR %	-6.95	-23.51	-27.79	82.49	57.78
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.76	9.86	32.32	15.2	11.9
Total Assets, 2 Yr. CAGR %	5.12	24.11	21.34	2.7	6.58
Tangible Book Value, 2 Yr. CAGR %	1.73	23.57	20.71	1.06	7.78
Common Equity, 2 Yr. CAGR %	1.73	23.57	20.71	1.06	7.78
Cash From Operations, 2 Yr. CAGR %	-23.19	16.03	63.19	4.86	0.38
Capital Expenditures, 2 Yr. CAGR %	113.47	165.58	81.46	-32.26	2.43
Levered Free Cash Flow, 2 Yr. CAGR %	-9.34	134.89	39.56	-52.92	18.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.74	123.37	36.89	-60.68	14.7
Dividend Per Share, 2 Yr. CAGR %	-16.8	58.11	56.35	-10.56	-17.43
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-4.03	-1.42	7.54	17	10.9
Gross Profit, 3 Yr. CAGR %	9.19	14	21.69	34.28	13.01
EBITDA, 3 Yr. CAGR %	-22.51	-7.72	43.4	60.25	14.47
EBITA, 3 Yr. CAGR %	10.5	15.85	23.45	38.93	14.31
EBIT, 3 Yr. CAGR %	10.45	15.83	23.46	38.89	14.27
Earnings From Cont. Operations, 3 Yr. CAGR %	3.56	11.3	49.66	47.5	-0.94
Net Income, 3 Yr. CAGR %	3.56	11.3	49.66	47.5	-0.94
Normalized Net Income, 3 Yr. CAGR %	10.91	16.97	50.47	63.98	10.1
Diluted EPS Before Extra, 3 Yr. CAGR %	3.52	11.33	49.59	47.51	-0.96
Accounts Receivable, 3 Yr. CAGR %	2.22	-23.45	-16.18	19.94	37.41
Net Property, Plant and Equip., 3 Yr. CAGR %	-8.96	3.04	15.44	22.16	16.87
Total Assets, 3 Yr. CAGR %	2.75	15.43	17.67	13.66	6.31
Tangible Book Value, 3 Yr. CAGR %	4.11	14.49	15.33	13.98	5.29
Common Equity, 3 Yr. CAGR %	4.11	14.49	15.33	13.98	5.29
Cash From Operations, 3 Yr. CAGR %	-8.58	7.71	19.18	32.55	8.7
Capital Expenditures, 3 Yr. CAGR %	-32.88	176.18	71.28	28.49	-9.25
Levered Free Cash Flow, 3 Yr. CAGR %	-32.97	57.42	31.31	1.71	-18.58
Unlevered Free Cash Flow, 3 Yr. CAGR %	-33.49	52.83	23.94	-8.78	-22.16
Dividend Per Share, 3 Yr. CAGR %	8.74	15.44	40.1	21.14	-9.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-1.47	5.59	6.57	3.45	7.16
Gross Profit, 5 Yr. CAGR %	20.9	109.2	23.97	10.81	19.94
EBITDA, 5 Yr. CAGR %	-7.85	12.44	11.8	7.3	31.95
EBITA, 5 Yr. CAGR %	30.11	77.77	27.13	11.6	22.42
EBIT, 5 Yr. CAGR %	30.07	77.75	27.12	11.55	22.4
Earnings From Cont. Operations, 5 Yr. CAGR %	40.72	70.8	34	11.67	16.38
Net Income, 5 Yr. CAGR %	40.72	70.8	34	11.67	16.38
Normalized Net Income, 5 Yr. CAGR %	10.28	121.96	45.85	21.37	20.28
Diluted EPS Before Extra, 5 Yr. CAGR %	41.32	70.39	33.95	11.69	16.35
Accounts Receivable, 5 Yr. CAGR %	-7.1	-18.53	-11.04	8.36	8.71
Net Property, Plant and Equip., 5 Yr. CAGR %	2.61	4.78	5.73	7.74	14.01
Total Assets, 5 Yr. CAGR %	5.37	10.83	9.82	10.16	13.1
Tangible Book Value, 5 Yr. CAGR %	1.41	9.99	10.45	8.91	12.25
Common Equity, 5 Yr. CAGR %	1.41	9.99	10.45	8.91	12.25
Cash From Operations, 5 Yr. CAGR %	2.64	26.9	15.27	6.56	11.57
Capital Expenditures, 5 Yr. CAGR %	-5.16	15.27	-0.08	57.42	39.44
Levered Free Cash Flow, 5 Yr. CAGR %	-0.22	13.9	-10.12	-2.86	24.39
Unlevered Free Cash Flow, 5 Yr. CAGR %	-0.78	14.01	-11.23	-11.21	18.67
Dividend Per Share, 5 Yr. CAGR %	32.55	-	25.74	4.24	13.4