Financials ASROCK Incorporation

Equities

3515

TW0003515003

Computer Hardware

End-of-day quote Taiwan S.E. Other stock markets 19/01/2026			5-day change	1st Jan Change
227.50 ^TWD	-2.78%		-7.52%	-8.27%

11-06	ASROCK Incorporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI
29/09/25	ASRock Sells Minority Stake in Unit for NT$351 Million	MT

Projected Income Statement: ASROCK Incorporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,912	19,763	17,121	18,992	25,654	48,234	68,984	82,766
Change	-	10.33%	-13.37%	10.93%	35.08%	88.02%	43.02%	19.98%
EBITDA ¹	1,936	3,150	1,320	1,338	1,867	2,758	4,304	5,290
Change	-	62.69%	-58.11%	1.43%	39.49%	47.75%	56.03%	22.9%
EBIT ¹	1,858	3,058	1,185	1,147	1,672	2,769	4,178	5,141
Change	-	64.59%	-61.25%	-3.2%	45.78%	65.56%	50.9%	23.04%
Interest Paid ¹	-0.896	-0.802	-11.7	-5.369	-4.762	-18.5	-19.5	-20
Earnings before Tax (EBT) ¹	1,856	3,060	1,431	1,218	1,938	2,908	4,372	5,345
Change	-	64.89%	-53.24%	-14.87%	59.11%	50.04%	50.37%	22.26%
Net income ¹	1,363	2,381	1,066	919	1,289	1,904	2,701	3,294
Change	-	74.68%	-55.22%	-13.81%	40.23%	47.74%	41.84%	21.97%
Announcement Date	24/02/21	23/02/22	09/03/23	06/03/24	13/03/25	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	4,398	4,676	5,378	4,072	5,637	5,038	3,617	3,566	4,899	4,395	4,087	4,902	8,381	4,953	5,224	6,266	9,210	10,462	12,018	11,645	13,961	14,161	15,966	18,711	20,146	17,007
Change	-	6.31%	15.02%	-24.3%	38.45%	-10.62%	-28.2%	-1.43%	37.41%	-10.29%	-7.02%	19.96%	70.97%	-40.9%	5.48%	19.94%	46.99%	13.59%	14.87%	-3.11%	19.89%	1.43%	12.75%	17.19%	7.67%	-15.58%
EBITDA ¹	-	-	-	-	-	-	239.7	-	282.9	-	191.3	331.3	450	-	427.8	510.7	580	705	744.5	682.4	817	872	954	1,401	1,581	-
Change	-	-	-	-	-	-	-	-	-	-	-	73.15%	35.82%	-	-	19.39%	13.56%	21.55%	5.61%	-8.35%	19.73%	6.73%	9.4%	46.86%	12.85%	-
EBIT ¹	504.4	646.9	1,032	517.8	861.1	685.8	208.5	50.44	240.3	150.9	144	283.4	401.1	300.2	378.8	462.8	530.5	656.7	692.9	625.8	795.7	819	932	1,159	1,268	1,112
Change	-	28.23%	59.6%	-49.85%	66.31%	-20.35%	-69.6%	-75.81%	376.32%	-37.21%	-4.54%	96.82%	41.5%	-25.15%	26.19%	22.18%	14.61%	23.79%	5.52%	-9.69%	27.15%	2.93%	13.8%	24.32%	9.46%	-12.33%
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-1.642	-0.697	-0.871	-0.79	-0.727	-0.666	-2.579	-4.834	-1.74	-3.483	-2	-3	-3	-3	-3	-
Earnings before Tax (EBT) ¹	496.8	649.8	1,018	531.8	860.3	784.9	311.2	246.8	87.84	158	213.3	374.8	471.8	426.5	447.5	485.9	578	721	691.3	643.8	851.5	870.7	978.3	1,208	1,315	1,158
Change	-	30.79%	56.67%	-47.76%	61.77%	-8.77%	-60.36%	-20.7%	-64.4%	79.88%	34.98%	75.72%	25.89%	-9.6%	4.91%	8.59%	18.95%	24.75%	-4.12%	-6.87%	32.26%	2.25%	12.37%	23.44%	8.92%	-11.96%
Net income ¹	356.9	499.6	795.6	405.1	680.7	614.6	248.8	179.5	23.32	125.1	158	308.9	327.1	308.1	264.2	305	411.5	442.2	409.7	538.1	503.7	542.7	599.3	743	815.3	751
Change	-	39.99%	59.23%	-49.08%	68.02%	-9.7%	-59.53%	-27.84%	-87.01%	436.17%	26.32%	95.52%	5.9%	-5.82%	-14.25%	15.47%	34.9%	7.45%	-7.33%	31.34%	-6.4%	7.74%	10.44%	23.97%	9.74%	-7.89%
Announcement Date	24/02/21	28/04/21	29/07/21	04/11/21	23/02/22	27/04/22	05/08/22	02/11/22	09/03/23	01/05/23	03/08/23	02/11/23	06/03/24	10/05/24	12/08/24	30/10/24	13/03/25	29/04/25	29/07/25	06/11/25	-	-	-	-	-	-

¹TWD in Million

Estimates

Forecast Balance Sheet: ASROCK Incorporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-3,387	-3,399	-3,302	-3,046	-3,220	-1,729	-90	-1,332
Change	-	-0.35%	2.85%	7.75%	-5.71%	46.3%	94.79%	-1,380%
Announcement Date	24/02/21	23/02/22	09/03/23	06/03/24	13/03/25	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: ASROCK Incorporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	34.88	46.39	87.77	16.4	1,197	50.5	51.5	485.7
Change	-	32.99%	89.19%	-81.32%	7,203.37%	-95.78%	1.98%	843.04%
Free Cash Flow (FCF) ¹	1,317	977.9	1,053	2,620	-275	-4,477	-1,968	2,554
Change	-	-25.76%	7.69%	148.79%	-110.49%	-1,528.25%	56.04%	229.78%
Announcement Date	24/02/21	23/02/22	09/03/23	06/03/24	13/03/25	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: ASROCK Incorporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	10.81%	15.94%	7.71%	7.05%	7.28%	5.72%	6.24%	6.39%
EBIT Margin (%)	10.37%	15.47%	6.92%	6.04%	6.52%	5.74%	6.06%	6.21%
EBT Margin (%)	10.36%	15.48%	8.36%	6.41%	7.55%	6.03%	6.34%	6.46%
Net margin (%)	7.61%	12.05%	6.23%	4.84%	5.02%	3.95%	3.91%	3.98%
FCF margin (%)	7.35%	4.95%	6.15%	13.79%	-1.07%	-9.28%	-2.85%	3.09%
FCF / Net Income (%)	96.63%	41.07%	98.76%	285.07%	-21.33%	-235.14%	-72.87%	77.53%
Profitability
ROA	12.4%	17.25%	6.95%	6.31%	7.58%	9.05%	9.85%	10.24%
ROE	20.81%	31.39%	12.95%	11.27%	14.79%	18.7%	22.22%	23.6%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.19%	0.23%	0.51%	0.09%	4.67%	0.1%	0.07%	0.59%
CAPEX / EBITDA (%)	1.8%	1.47%	6.65%	1.22%	64.14%	1.83%	1.2%	9.18%
CAPEX / FCF (%)	2.65%	4.74%	8.33%	0.63%	-435.48%	-1.13%	-2.62%	19.02%
Items per share
Cash flow per share ¹	-	8.403	9.251	21.57	7.511	15.61	-3.44	9.99
Change	-	-	10.09%	133.15%	-65.18%	107.83%	-122.04%	390.41%
Dividend per Share ¹	8	13	-	6.9	5.3	8.555	11.93	14.22
Change	-	62.5%	-	-	-23.19%	61.42%	39.45%	19.24%
Book Value Per Share ¹	-	67.29	67.15	66.78	75.25	84.78	96.08	109
Change	-	-	-0.2%	-0.56%	12.7%	12.65%	13.34%	13.49%
EPS ¹	11.22	19.53	8.65	7.54	10.54	15.41	21.86	26.66
Change	-	74.06%	-55.71%	-12.83%	39.79%	46.2%	41.88%	21.95%
Nbr of stocks (in thousands)	120,642	122,925	121,993	121,641	123,254	123,548	123,548	123,548
Announcement Date	24/02/21	23/02/22	09/03/23	06/03/24	13/03/25	-	-	-