Valuation Test Research, Inc.

Stocks

End-of-day quote Taiwan S.E. 2026-10-29			5-day change	1st Jan Change
269.00 ^TWD	-2.71%		-2.89%	+40.47%

10-07	Test Research Books September Net Income of NT$278 Million	MT
09-07	Test Research Logs Net Income of NT$248.7 Million in August	MT

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Market Cap ¹	13,653	13,819	15,047	14,811	28,818	45,235
Change	-	1.21%	8.89%	-1.57%	94.58%	56.97%
Enterprise Value (EV) ¹	11,904	12,452	13,658	13,509	27,530	43,700
Change	-	4.6%	9.69%	-1.09%	103.79%	58.73%
P/E	12.5x	11.7x	7.85x	14.8x	15.7x	18.3x
PBR	2.39x	2.27x	2.07x	2.06x	3.48x	4.71x
PEG	-	1.39x	0.1x	-0.3x	0.2x	0.5x
Capitalization / Revenue	2.76x	2.46x	2.24x	3.34x	4.53x	5.34x
EV / Revenue	2.4x	2.22x	2.04x	3.05x	4.33x	5.16x
EV / EBITDA	7.73x	7.46x	6.04x	10.2x	12.6x	13.8x
EV / EBIT	8.28x	7.99x	6.34x	11.2x	13.6x	14.6x
EV / FCF	13.4x	49.3x	31x	17.1x	120x	49.6x
FCF Yield	7.48%	2.03%	3.23%	5.83%	0.83%	2.02%
Dividend per Share ²	3.3	3.3	4.5	3.3	5	7
Rate of return	5.71%	5.64%	7.06%	5.26%	4.1%	3.66%
EPS ²	4.62	5.01	8.11	4.23	7.76	10.48
Distribution rate	71.4%	65.9%	55.5%	78%	64.4%	66.8%
Net sales ¹	4,951	5,607	6,709	4,435	6,356	8,467
EBITDA ¹	1,539	1,669	2,262	1,319	2,186	3,158
EBIT ¹	1,437	1,558	2,153	1,208	2,029	2,992
Net income ¹	1,093	1,185	1,921	1,001	1,837	2,479
Net Debt ¹	-1,749	-1,366	-1,389	-1,302	-1,288	-1,536
Reference price ²	57.80	58.50	63.70	62.70	122.00	191.50
Nbr of stocks (in thousands)	236,216	236,216	236,216	236,216	236,216	236,216
Announcement Date	2/26/21	2/24/22	2/23/23	2/26/24	2/27/25	3/24/26

¹TWD in Million²TWD

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (N)	EV / Sales (N)	EV / EBITDA (N)	Dividend Yield (N)	Capi.($)
TEST RESEARCH, INC.	-	-	-	-	2.01B
ASML HOLDING N.V.	35.89x	12.55x	28.59x	0.63%	638B
APPLIED MATERIALS, INC.	31.56x	9.56x	27.73x	0.47%	330B
LAM RESEARCH CORPORATION	26.52x	8.77x	21.1x	0.5%	317B
KLA CORPORATION	29.51x	11.57x	23.94x	0.6%	207B
ADVANTEST CORPORATION	34.56x	13.23x	24.35x	0.34%	159B
TOKYO ELECTRON LIMITED	28.43x	6.41x	19.54x	1.71%	141B
ASE TECHNOLOGY HOLDING CO., LTD.	36.18x	3.97x	18.01x	1.45%	94.19B
NAURA TECHNOLOGY GROUP CO., LTD.	49.56x	7.36x	39.16x	0.18%	55.69B
TERADYNE, INC.	34.16x	9.29x	25.57x	0.17%	48.97B
Average	34.04x	9.19x	25.33x	0.67%	199.32B
Weighted average by Cap.	32.74x	10.34x	25.51x	0.65%