Cash flow Test Research, Inc.

Stocks

3030

TW0003030003

Semiconductor Equipment & Testing

End-of-day quote Taiwan S.E. Other stock markets 2026-06-16			5-day change	1st Jan Change
330.50 ^TWD	-1.64%		-3.92%	+72.58%

05-21	Wistron Buys Equipment Worth NT$523 Million	MT
05-07	Test Research, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: TEST RESEARCH, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	5.61B	6.71B	4.44B	6.36B	8.47B
Total Revenues	5.61B	6.71B	4.44B	6.36B	8.47B
Cost of Goods Sold, Total	2.56B	2.86B	1.8B	2.57B	3.53B
Gross Profit	3.05B	3.85B	2.63B	3.78B	4.94B
Selling General & Admin Expenses, Total	995M	1.15B	1B	1.18B	1.3B
Provision for Bad Debts	-2.53M	5.93M	-6.35M	6.5M	5.53M
R&D Expenses	497M	535M	428M	573M	640M
Other Operating Expenses, Total	1.49B	1.7B	1.42B	1.75B	1.95B
Operating Income	1.56B	2.15B	1.21B	2.03B	2.99B
Interest Expense, Total	-1.55M	-2.33M	-2.75M	-2.83M	-2.47M
Interest And Investment Income	8.06M	9.08M	14.28M	15.66M	14.94M
Net Interest Expenses	6.52M	6.74M	11.53M	12.83M	12.47M
Income (Loss) On Equity Invest.	-	-	-	-13.04M	-17.04M
Currency Exchange Gains (Loss)	-37.35M	264M	12.83M	120M	-46.91M
Other Non Operating Income (Expenses)	25.99M	21.78M	8.84M	12.99M	24.56M
EBT, Excl. Unusual Items	1.55B	2.45B	1.24B	2.16B	2.97B
Gain (Loss) On Sale Of Assets	4.24M	7.7M	13.68M	15.56M	31.16M
EBT, Incl. Unusual Items	1.56B	2.45B	1.26B	2.18B	3B
Income Tax Expense	372M	532M	254M	341M	518M
Earnings From Continuing Operations	1.19B	1.92B	1B	1.84B	2.48B
Net Income to Company	1.19B	1.92B	1B	1.84B	2.48B
Net Income - (IS)	1.19B	1.92B	1B	1.84B	2.48B
Net Income to Common Incl Extra Items	1.19B	1.92B	1B	1.84B	2.48B
Net Income to Common Excl. Extra Items	1.19B	1.92B	1B	1.84B	2.48B
Per Share Items
Net EPS - Basic	5.02	8.13	4.24	7.78	10.49
Basic EPS - Continuing Operations	5.02	8.13	4.24	7.78	10.49
Basic Weighted Average Shares Outstanding	236M	236M	236M	236M	236M
Net EPS - Diluted	5.01	8.11	4.23	7.76	10.48
Diluted EPS - Continuing Operations	5.01	8.11	4.23	7.76	10.48
Diluted Weighted Average Shares Outstanding	237M	237M	237M	237M	237M
Normalized Basic EPS	4.11	6.47	3.29	5.72	7.85
Normalized Diluted EPS	4.1	6.45	3.28	5.71	7.84
Dividend Per Share	3.3	4.5	3.3	5	7
Payout Ratio	65.78	40.57	106.16	42.44	47.65
Supplemental Items
EBITDA	1.67B	2.26B	1.32B	2.19B	3.16B
EBITA	1.57B	2.17B	1.22B	2.05B	3.01B
EBIT	1.56B	2.15B	1.21B	2.03B	2.99B
EBITDAR	1.68B	2.27B	1.33B	2.19B	3.16B
Effective Tax Rate - (Ratio)	23.91	21.7	20.23	15.66	17.28
Total Current Taxes	326M	501M	293M	336M	503M
Total Deferred Taxes	46.71M	31.48M	-38.57M	5.22M	15.22M
Normalized Net Income	971M	1.53B	776M	1.35B	1.85B
Interest on Long-Term Debt	1.55M	2.24M	2.73M	2.83M	2.41M
Non-Cash Pension Expense	189K	285K	515K	389K	293K
Supplemental Operating Expense Items
Selling and Marketing Expenses	836M	968M	831M	985M	1.09B
General and Administrative Expenses	159M	186M	169M	190M	214M
Research And Development Expense From Footnotes	497M	535M	428M	573M	640M
Net Rental Expense, Total	11.39M	8.74M	7.9M	6.23M	6.27M
Imputed Operating Lease Interest Expense	2.81M	3.21M	3.7M	3.6M	3.42M
Imputed Operating Lease Depreciation	8.57M	5.54M	4.2M	2.63M	2.85M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.23B	1.15B	860M	874M	1.29B
Short Term Investments	197M	285M	490M	444M	286M
Total Cash And Short Term Investments	1.42B	1.43B	1.35B	1.32B	1.58B
Accounts Receivable, Total	2.37B	3.03B	2.31B	3.15B	4.26B
Other Receivables	32.14M	37.87M	34.98M	30.51M	33.41M
Total Receivables	2.4B	3.07B	2.34B	3.18B	4.29B
Inventory	1.75B	1.47B	1.26B	1.41B	1.83B
Other Current Assets, Total	35.52M	33.62M	33.48M	40.27M	35.28M
Total Current Assets	5.61B	6B	4.99B	5.94B	7.74B
Gross Property Plant And Equipment	3.11B	3.99B	4.78B	5.16B	5.5B
Accumulated Depreciation	-830M	-924M	-1B	-1.14B	-1.27B
Net Property Plant And Equipment	2.28B	3.06B	3.78B	4.02B	4.23B
Long-term Investments	-	-	-	41.96M	42.37M
Other Intangibles, Total	26.77M	23.99M	28.24M	27.26M	21.42M
Deferred Tax Assets Long-Term	80.72M	74.46M	99.38M	104M	112M
Other Long-Term Assets, Total	10.08M	12.68M	11.18M	11.4M	18.79M
Total Assets	8.01B	9.17B	8.91B	10.14B	12.16B
Liabilities
Accounts Payable, Total	947M	500M	527M	693M	1.14B
Accrued Expenses, Total	256M	370M	292M	407M	558M
Current Portion of Leases	25.04M	18.65M	27.86M	16.23M	20.1M
Current Income Taxes Payable	180M	345M	376M	303M	342M
Unearned Revenue Current, Total	76.58M	55.57M	60.86M	76.01M	74.82M
Other Current Liabilities	107M	310M	164M	93.15M	109M
Total Current Liabilities	1.59B	1.6B	1.45B	1.59B	2.24B
Long-Term Leases	31.66M	26.54M	20.77M	13.47M	22.58M
Pension & Other Post Retirement Benefits	56.93M	39.58M	32.46M	18.31M	9.48M
Deferred Tax Liability Non Current	194M	224M	206M	224M	249M
Other Non Current Liabilities	39.92M	15.74M	13.53M	18.18M	29.66M
Total Liabilities	1.91B	1.91B	1.72B	1.86B	2.55B
Common Stock, Total	2.36B	2.36B	2.36B	2.36B	2.36B
Additional Paid In Capital	53.29M	53.29M	53.29M	53.29M	70.74M
Retained Earnings	3.75B	4.9B	4.84B	5.9B	7.2B
Comprehensive Income and Other	-68.36M	-48.7M	-67.55M	-33.76M	-28.06M
Total Common Equity	6.1B	7.27B	7.19B	8.28B	9.6B
Total Equity	6.1B	7.27B	7.19B	8.28B	9.6B
Total Liabilities And Equity	8.01B	9.17B	8.91B	10.14B	12.16B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	236M	236M	236M	236M	236M
ECS Total Common Shares Outstanding	236M	236M	236M	236M	236M
Book Value / Share	25.81	30.76	30.42	35.06	40.66
Tangible Book Value	6.07B	7.24B	7.16B	8.25B	9.58B
Tangible Book Value Per Share	25.69	30.66	30.3	34.94	40.57
Total Debt	56.7M	45.19M	48.63M	29.7M	42.68M
Net Debt	-1.37B	-1.39B	-1.3B	-1.29B	-1.54B
Debt Equivalent of Unfunded Proj. Benefit Obligation	56.93M	39.58M	32.46M	18.31M	9.48M
Debt Equivalent Oper. Leases	91.11M	69.96M	63.22M	49.87M	50.18M
Equity Method Investments, Total	-	-	-	41.96M	42.37M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.17B	1.04B	850M	817M	952M
Inventories - Work In Process, Total	704M	546M	561M	737M	1.06B
Inventories - Finished Goods, Total	7.19M	32.92M	21.81M	43.39M	28.75M
Land - (BS)	1.17B	1.17B	1.17B	1.17B	1.2B
Buildings, Total	922M	922M	922M	2.8B	2.82B
Machinery, Total	869M	947M	1B	1.17B	1.24B
Accumulated Allowance for Doubtful Accounts (Supple)	5.33M	5.9M	4.98M	11.35M	16.24M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.19B	1.92B	1B	1.84B	2.48B
Depreciation & Amortization - CF	123M	126M	127M	169M	178M
Amortization of Goodwill and Intangible Assets - (CF)	14.65M	15.17M	16.45M	18.88M	19.51M
Depreciation & Amortization, Total	138M	141M	143M	188M	197M
(Gain) Loss From Sale Of Asset	-4.24M	-7.7M	-13.68M	-15.56M	-31.16M
(Income) Loss On Equity Investments - (CF)	-	-	-	13.04M	17.04M
Provision and Write-off of Bad Debts	-2.53M	5.93M	-6.35M	6.5M	5.53M
Other Operating Activities, Total	82.42M	196M	-19.61M	-72.12M	61.12M
Change In Accounts Receivable	-484M	-630M	702M	-854M	-1.1B
Change In Inventories	-875M	225M	154M	-246M	-496M
Change In Accounts Payable	422M	-433M	25.98M	167M	436M
Change in Unearned Revenues	52.28M	-21.01M	5.29M	15.16M	-1.19M
Change in Other Net Operating Assets	78.23M	70.35M	-114M	122M	159M
Cash from Operations	591M	1.47B	1.88B	1.16B	1.73B
Capital Expenditure	-139M	-668M	-856M	-371M	-287M
Sale of Property, Plant, and Equipment	11.82M	16.34M	22.2M	23.12M	44.36M
Sale (Purchase) of Intangible assets	-16.62M	-12.39M	-20.7M	-17.87M	-13.68M
Investment in Marketable and Equity Securities, Total	34.63M	-88.3M	-205M	-3.86M	159M
Other Investing Activities, Total	215K	-2.6M	1.5M	-218K	505K
Cash from Investing	-108M	-754M	-1.06B	-370M	-96.94M
Long-Term Debt Repaid, Total	-27.14M	-34.38M	-34.92M	-34.13M	-31.31M
Total Debt Repaid	-27.14M	-34.38M	-34.92M	-34.13M	-31.31M
Common Dividends Paid	-780M	-780M	-1.06B	-780M	-1.18B
Common & Preferred Stock Dividends Paid	-780M	-780M	-1.06B	-780M	-1.18B
Cash from Financing	-807M	-814M	-1.1B	-814M	-1.21B
Foreign Exchange Rate Adjustments	-10.83M	23.45M	-10.39M	37.64M	878K
Net Change in Cash	-335M	-77.72M	-289M	13.67M	419M
Supplemental Items
Cash Interest Paid	1.55M	2.33M	2.75M	2.83M	2.47M
Cash Income Tax Paid (Refund)	289M	336M	269M	410M	464M
Levered Free Cash Flow	252M	441M	788M	230M	881M
Unlevered Free Cash Flow	253M	442M	789M	231M	883M
Change In Net Working Capital	703M	365M	-768M	836M	884M
Net Debt Issued / Repaid	-27.14M	-34.38M	-34.92M	-34.13M	-31.31M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	12.98	15.67	8.35	13.32	16.77
Return on Total Capital	16.37	19.99	10.38	16.32	20.83
Return On Equity %	20.09	28.76	13.86	23.75	27.72
Return on Common Equity	20.09	28.76	13.86	23.75	27.72
Margin Analysis
Gross Profit Margin %	54.36	57.37	59.31	59.54	58.35
SG&A Margin	17.75	17.21	22.56	18.49	15.39
EBITDA Margin %	29.76	33.72	29.75	34.4	37.3
EBITA Margin %	28.05	32.33	27.62	32.23	35.57
EBIT Margin %	27.79	32.1	27.24	31.93	35.34
Income From Continuing Operations Margin %	21.14	28.64	22.58	28.9	29.27
Net Income Margin %	21.14	28.64	22.58	28.9	29.27
Net Avail. For Common Margin %	21.14	28.64	22.58	28.9	29.27
Normalized Net Income Margin	17.31	22.79	17.5	21.26	21.89
Levered Free Cash Flow Margin	4.5	6.57	17.76	3.61	10.41
Unlevered Free Cash Flow Margin	4.52	6.59	17.8	3.64	10.42
Asset Turnover
Asset Turnover	0.75	0.78	0.49	0.67	0.76
Fixed Assets Turnover	2.51	2.51	1.3	1.63	2.05
Receivables Turnover (Average Receivables)	2.61	2.49	1.66	2.33	2.29
Inventory Turnover (Average Inventory)	1.91	1.78	1.32	1.93	2.18
Short Term Liquidity
Current Ratio	3.52	3.75	3.44	3.74	3.45
Quick Ratio	2.4	2.81	2.55	2.83	2.62
Operating Cash Flow to Current Liabilities	0.37	0.92	1.3	0.73	0.77
Days Sales Outstanding (Average Receivables)	139.63	146.83	219.45	156.96	159.52
Days Outstanding Inventory (Average Inventory)	191.26	204.98	275.82	189.91	167.74
Average Days Payable Outstanding	78.95	102.41	117.12	82.16	84.51
Cash Conversion Cycle (Average Days)	251.94	249.4	378.14	264.71	242.74
Long Term Solvency
Total Debt/Equity	0.93	0.62	0.68	0.36	0.44
Total Debt / Total Capital	0.92	0.62	0.67	0.36	0.44
LT Debt/Equity	0.52	0.37	0.29	0.16	0.24
Long-Term Debt / Total Capital	0.51	0.36	0.29	0.16	0.23
Total Liabilities / Total Assets	23.89	20.78	19.32	18.36	21
EBIT / Interest Expense	1.01K	922.66	439.88	716.86	1.21K
EBITDA / Interest Expense	1.1K	982.96	492.11	783.23	1.29K
(EBITDA - Capex) / Interest Expense	1.01K	696.95	180.46	652.15	1.18K
Total Debt / EBITDA	0.03	0.02	0.04	0.01	0.01
Net Debt / EBITDA	-0.81	-0.61	-0.96	-0.58	-0.48
Total Debt / (EBITDA - Capex)	0.04	0.03	0.1	0.02	0.01
Net Debt / (EBITDA - Capex)	-0.88	-0.85	-2.63	-0.7	-0.53
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.25	19.66	-33.89	43.31	33.22
Gross Profit, 1 Yr. Growth %	12.25	26.27	-31.65	43.85	30.57
EBITDA, 1 Yr. Growth %	8.4	35.58	-41.68	65.7	44.45
EBITA, 1 Yr. Growth %	8.5	37.89	-43.52	67.24	47.04
EBIT, 1 Yr. Growth %	8.4	38.21	-43.89	67.95	47.44
Earnings From Cont. Operations, 1 Yr. Growth %	8.46	62.14	-47.89	83.43	34.96
Net Income, 1 Yr. Growth %	8.46	62.14	-47.89	83.43	34.96
Normalized Net Income, 1 Yr. Growth %	13.72	57.48	-49.24	74.15	37.14
Diluted EPS Before Extra, 1 Yr. Growth %	8.44	61.88	-47.84	83.45	35.05
Accounts Receivable, 1 Yr. Growth %	23.5	27.72	-23.84	36.45	35.26
Inventory, 1 Yr. Growth %	86.89	-16.11	-13.91	11.54	30.34
Net Property, Plant and Equip., 1 Yr. Growth %	4.97	34.1	23.43	6.24	5.19
Total Assets, 1 Yr. Growth %	14.47	14.51	-2.91	13.89	19.85
Tangible Book Value, 1 Yr. Growth %	6.91	19.33	-1.18	15.32	16.1
Common Equity, 1 Yr. Growth %	6.91	19.2	-1.12	15.24	15.98
Cash From Operations, 1 Yr. Growth %	-47.21	148.09	27.99	-38.25	48.97
Capital Expenditures, 1 Yr. Growth %	286.94	381.96	28.25	-56.65	-22.76
Levered Free Cash Flow, 1 Yr. Growth %	-71.64	74.59	78.73	-70.86	283.94
Unlevered Free Cash Flow, 1 Yr. Growth %	-71.56	74.5	78.52	-70.7	281.67
Dividend Per Share, 1 Yr. Growth %	0	36.36	-26.67	51.52	40
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	13.05	16.41	-11.06	-2.67	38.17
Gross Profit, 2 Yr. CAGR %	10.65	19.06	-7.1	-0.84	37.05
EBITDA, 2 Yr. CAGR %	13.35	21.23	-11.08	-1.7	54.71
EBITA, 2 Yr. CAGR %	14.16	22.32	-11.75	-2.81	56.81
EBIT, 2 Yr. CAGR %	14.11	22.4	-11.94	-2.92	57.36
Earnings From Cont. Operations, 2 Yr. CAGR %	12.36	32.61	-8.08	-2.23	57.34
Net Income, 2 Yr. CAGR %	12.36	32.61	-8.08	-2.23	57.34
Normalized Net Income, 2 Yr. CAGR %	15.89	33.82	-10.6	-5.98	54.54
Diluted EPS Before Extra, 2 Yr. CAGR %	12.48	32.49	-8.11	-2.18	57.4
Accounts Receivable, 2 Yr. CAGR %	9.98	25.59	-1.38	1.94	35.85
Inventory, 2 Yr. CAGR %	53.81	25.21	-15.02	-2.01	20.57
Net Property, Plant and Equip., 2 Yr. CAGR %	1.97	18.65	28.66	14.51	5.71
Total Assets, 2 Yr. CAGR %	10.42	14.49	5.44	5.16	16.83
Tangible Book Value, 2 Yr. CAGR %	6.39	12.95	8.59	6.75	15.71
Common Equity, 2 Yr. CAGR %	6.42	12.89	8.57	6.75	15.61
Cash From Operations, 2 Yr. CAGR %	-34.01	14.44	78.19	-11.1	-4.09
Capital Expenditures, 2 Yr. CAGR %	86.17	331.85	148.61	-25.44	-42.14
Levered Free Cash Flow, 2 Yr. CAGR %	-53.07	-29.63	76.65	-27.84	5.77
Unlevered Free Cash Flow, 2 Yr. CAGR %	-53	-29.55	76.5	-27.68	5.74
Dividend Per Share, 2 Yr. CAGR %	0	16.77	0	5.41	45.64
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.46	15.21	-3.6	4.27	8.07
Gross Profit, 3 Yr. CAGR %	5.05	15.63	-1.05	7.48	8.68
EBITDA, 3 Yr. CAGR %	6.84	20.32	-5.01	9.42	11.76
EBITA, 3 Yr. CAGR %	7.16	21.58	-5.46	9.21	11.57
EBIT, 3 Yr. CAGR %	7.06	21.64	-5.62	9.21	11.59
Earnings From Cont. Operations, 3 Yr. CAGR %	3.64	26.97	-2.87	15.73	8.86
Net Income, 3 Yr. CAGR %	3.64	26.97	-2.87	15.73	8.86
Normalized Net Income, 3 Yr. CAGR %	5.27	28.37	-3.13	11.66	6.63
Diluted EPS Before Extra, 3 Yr. CAGR %	3.8	26.99	-2.9	15.7	8.92
Accounts Receivable, 3 Yr. CAGR %	3.68	15.6	6.3	9.89	12.02
Inventory, 3 Yr. CAGR %	24.16	25.67	10.51	-6.95	7.77
Net Property, Plant and Equip., 3 Yr. CAGR %	1.89	11.72	20.22	20.7	11.32
Total Assets, 3 Yr. CAGR %	7.39	11.77	8.37	8.19	9.84
Tangible Book Value, 3 Yr. CAGR %	4.41	10.54	8.03	10.79	9.78
Common Equity, 3 Yr. CAGR %	4.46	10.52	8.01	10.75	9.74
Cash From Operations, 3 Yr. CAGR %	-1.92	2.61	18.79	25.16	5.59
Capital Expenditures, 3 Yr. CAGR %	59.27	155.63	188.12	38.89	-24.56
Levered Free Cash Flow, 3 Yr. CAGR %	-9.41	-27.28	-3.99	-3.13	25.98
Unlevered Free Cash Flow, 3 Yr. CAGR %	-9.29	-27.22	-3.95	-3	25.91
Dividend Per Share, 3 Yr. CAGR %	-3.74	10.89	0	14.86	15.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.58	13.25	-2.05	7.7	11.33
Gross Profit, 5 Yr. CAGR %	12.45	15.07	0.01	8.73	12.72
EBITDA, 5 Yr. CAGR %	20.92	21.52	-0.72	10.98	15.46
EBITA, 5 Yr. CAGR %	23.38	23.19	-0.85	11.16	15.75
EBIT, 5 Yr. CAGR %	23.39	23.23	-0.99	11.15	15.79
Earnings From Cont. Operations, 5 Yr. CAGR %	22.52	26.43	-1.22	14.37	17.8
Net Income, 5 Yr. CAGR %	22.52	26.43	-1.22	14.37	17.8
Normalized Net Income, 5 Yr. CAGR %	23.88	27.82	-1.39	13.33	16.77
Diluted EPS Before Extra, 5 Yr. CAGR %	22.58	26.44	-1.14	14.4	17.8
Accounts Receivable, 5 Yr. CAGR %	14.16	12.09	1.63	9.93	17.26
Inventory, 5 Yr. CAGR %	26.86	12.23	6.69	13.77	14.43
Net Property, Plant and Equip., 5 Yr. CAGR %	0.91	7.17	11.85	12.83	14.19
Total Assets, 5 Yr. CAGR %	6.77	8.64	6.6	9.08	11.68
Tangible Book Value, 5 Yr. CAGR %	3.46	7.69	6.07	9.01	11.04
Common Equity, 5 Yr. CAGR %	3.51	7.73	6.08	9	10.99
Cash From Operations, 5 Yr. CAGR %	1.35	42.64	24.54	-3.11	9.05
Capital Expenditures, 5 Yr. CAGR %	35.44	80.57	90.32	56.16	51.6
Levered Free Cash Flow, 5 Yr. CAGR %	-13.24	27.77	18.33	-27.51	-0.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	-13.18	27.86	18.38	-27.4	-0.19
Dividend Per Share, 5 Yr. CAGR %	1.92	8.45	-2.26	8.67	16.23