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Capital Futures Corp (6024) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Capital Futures Corp stock TWD 34.93, price TWD 56.60, that is 38.3% below the price, quality 43 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TW · ISIN TW0006024003

CF Capital Futures Corp logo Broad data Nov 5, 2026

Capital Futures Corp

6024 · TW
Very expensive, weak quality

Our calculation puts a fair price 38% below what the stock costs today.

Healthy Growth (revenue 5y +6.2 %/yr in TWD)
Highly profitable · 77.7% net margin (TTM)
4.6% dividend yield · Low payout
Broad data
Costs just 8.6 times its yearly profit.
Quality 43/100
Mixed vs. peers (6/13)
Moderate moat 50/100 · thin data
Fair value 34.93 TWD · Strongly overvalued (−38.3%)
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

65.20 TWD 31.01 TWD Fair Value 34.93 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 31.01 TWD – 65.20 TWD · fair‑value band 30.25 TWD – 49.71 TWD · the 56.60 TWD price screens above the 34.93 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Capital Futures Corporation engages in futures brokerage business in Taiwan, rest of Asia, North America, and Europe.

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The company offers future and OTC services; manager business services, including balanced hedging strategy and performance announcement; i-View Strategy platform and multiCharts; structured products; and digital services.

It also provides various services, such as futures settlement and delivery, trading of Taiwan and overseas futures products, proprietary trading, options market making, futures management, securities trading assistance, and project planning for futures advisory and derivative financial product research.

The company was incorporated in 1997 and is based in Taipei, Taiwan. Capital Futures Corporation (TWSE:6024) operates as a subsidiary of Capital Securities Corporation.

Stock analysis

Capital Futures Corp (6024) currently trades at 56.60 TWD, while our model-based Fair Value estimate is 34.93 TWD, 38% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 59.64 TWD per share, and 1 of the 6 models we run sit above the 56.60 TWD price.

Bear case: the Asset-Based group reads lowest at 26.04 TWD, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: 30.25 TWD (bear) to 49.71 TWD (bull), the price of 56.60 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Capital Futures Corp reported revenue of 3.2B TWD in FY2025 versus 2.2B TWD in FY2021, a compound +9.4%/yr. Reported net income was 1.3B TWD in FY2025, compounding +28.4%/yr from FY2021.

Key figures

Market cap 16.8B TWD (≈ $513M) Small · P/E ratio 8.6 · P/S ratio 7.20 · EPS (TTM) 6.55 TWD · Dividend yield 4.6% · Net margin 77.7% · Return on equity 17.8% · Return on assets (EBIT) 0.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −38%, 6024 screens richer than that median.

Fair Value models

Bear 30.25 TWD Fair Value 34.93 TWD Bull 49.71 TWD
Price 56.60 TWD · Downside -38.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.36 TWD per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 35.59 TWD 41.09 TWD 53.45 TWD 76
Gordon GGM 21.77 TWD 40.91 TWD 58.48 TWD 67
DDM Multi-Stage 21.77 TWD 36.53 TWD 43.50 TWD 67
All 6 models by family
Dividend Discount
Gordon GGM 21.77 TWD 40.91 TWD 58.48 TWD 67
DDM Multi-Stage 21.77 TWD 36.53 TWD 43.50 TWD 67
Multiples
P/E Multiple 48.64 TWD 64.86 TWD 81.07 TWD 63
P/B Multiple 40.81 TWD 54.41 TWD 68.01 TWD 55
Asset-Based
NCAV (Graham) 19.43 TWD 26.04 TWD 38.86 TWD 51
Economic Profit
Residual Income 35.59 TWD 41.09 TWD 53.45 TWD 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 37
How much profit the company makes from its sales and capital
Quality Growth 41
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 31
Debt, balance sheet and risk of trouble
Investment 51
Does it invest with discipline instead of growing at any price?
Low Volatility 98
How calm the share price moves, does not count
Price momentum 46
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 49
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+33.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: +7.9% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.3%
Dividend (yield on the price)4.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.3% vs 5.8%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)

6024 screens overvalued: fair value 38% below the price. Compare with Morgan Stanley →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside −38.3% · Bottom 25%
Profitability
Return on equity (12 months) 17.8% · Above median
Return on assets 1.8% · Below median
Net margin (12 months) 77.7% · Top 25%
Operating margin (12 months) −136.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −51.7% · Bottom 25%
Dividend yield (12 months) 4.6% · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 8.6× · Cheaper than median
P/B 1.61× · Pricier than median
P/S (12 months) 7.20× · Priciest 25%
Price / free cash flow (fiscal year) 5.8× · Cheaper than median
EV/EBITDA 5.8× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 42
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)71 · sector 38
HEALTH (low debt)–
DIVIDEND (yield)93 · sector 47

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs 6024
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs 6024
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs 6024
Nomura Holdings NMR $9.42 $10.20 +8% vs 6024
The Goldman Sachs Group GS $865.82 $766.86 −11% vs 6024
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 6024
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs 6024
Macquarie Group MQG A$248.86 A$123.84 −50% vs 6024
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 6024
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs 6024

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Capital Futures Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Capital Futures Corp Fair Value". https://www.fairvalue-calculator.com/stock/6024

Frequently asked questions

Is Capital Futures Corp (6024) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 34.93 TWD versus a price of 56.60 TWD, about 38% lower (overvalued).
What is the fair value of 6024?
Our model-based fair value for Capital Futures Corp is 34.93 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 56.60 TWD.
What is the quality score of 6024?
Capital Futures Corp has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Capital Futures Corp (6024)?
Our model-based price target is the fair value of 34.93 TWD (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 30.25 TWD, optimistic scenario 49.71 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Capital Futures Corp stock forecast for 2026?
Our models put fair value at 34.93 TWD, about 38% lower versus a price of 56.60 TWD (overvalued). Cautious scenario 30.25 TWD, optimistic scenario 49.71 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Capital Futures Corp (6024)?
Capital Futures Corp reported trailing-twelve-month revenue of about 2.3B TWD (latest available figure, as of Nov 5, 2026).
Does Capital Futures Corp pay a dividend?
Capital Futures Corp currently shows a dividend yield of 4.64% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Capital Futures Corp (6024) and when is the ex-dividend date?
Capital Futures Corp pays a dividend of 2.62 TWD per share a year, a dividend yield of 4.6%. The last ex-dividend date was Jul 31, 2026. The payout ratio is 40.1% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Capital Futures Corp (6024)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Capital Futures Corp it is 34.93 TWD per share (as of Nov 5, 2026), against a price of 56.60 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Capital Futures Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 6024 trades above its calculated fair value: price 56.60 TWD, fair value 34.93 TWD, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 6024?
No. The price is what the market pays today (56.60 TWD); the fair value is what the company's own numbers justify (34.93 TWD). For Capital Futures Corp the two are 21.67 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Capital Futures Corp worth?
The market values Capital Futures Corp at about 16.8B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 56.60 TWD; our models calculate a fair value of 34.93 TWD per share.
What do the bullish and bearish scenarios say about 6024?
Our models span a range for Capital Futures Corp: cautious scenario 30.25 TWD, base 34.93 TWD, optimistic 49.71 TWD per share (as of Nov 5, 2026, price 56.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6024?
Capital Futures Corp trades at a price-to-earnings ratio of 8.6 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 34.93 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 7.2, EV/EBITDA 5.8.
How solid is the balance sheet of Capital Futures Corp (6024)?
Balance-sheet figures for Capital Futures Corp (as of Nov 5, 2026): return on equity 17.8%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 6024 from its 52-week high?
Capital Futures Corp trades at 56.60 TWD, about 13% below its 52-week high of 65.20 TWD and 16% above the low of 48.75 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 34.93 TWD is for.
Which stocks are comparable to Capital Futures Corp?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Capital Futures Corp stock attractive at the current price?
The data as of Nov 5, 2026: price 56.60 TWD, calculated fair value 34.93 TWD (−38%), Quality Score 43/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 6024 calculated?
We run Capital Futures Corp through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 34.93 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Capital Futures Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Capital Futures Corp (6024)?
The closing price on Nov 6, 2026 was 56.60 TWD. Our model-based fair value is 34.93 TWD, about 38% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Capital Futures Corp right now?
The price sits above even our optimistic bull case (49.71 TWD). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Capital Futures Corp

How large is the market capitalisation of Capital Futures Corp (6024)?
The market capitalisation of Capital Futures Corp is 16.8B TWD (≈ $513M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Capital Futures Corp (6024)?
The price-to-sales ratio of Capital Futures Corp is 7.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Capital Futures Corp (6024)?
Earnings per share at Capital Futures Corp are 6.55 TWD (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Capital Futures Corp (6024)?
The dividend yield of Capital Futures Corp is 4.6% (payout 40.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Capital Futures Corp (6024)?
The net margin of Capital Futures Corp is 77.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Capital Futures Corp (6024)?
The return on equity (ROE) of Capital Futures Corp is 17.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Capital Futures Corp (6024)?
On an EBIT basis the return on assets of Capital Futures Corp is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Capital Futures Corp (6024)?
The operating margin of Capital Futures Corp is −137% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Capital Futures Corp (6024)?
Revenue at Capital Futures Corp is growing −51.7% versus a year earlier (3y avg +11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Capital Futures Corp (6024)?
Earnings per share at Capital Futures Corp are growing +99.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Capital Futures Corp (6024) generate?
The free cash flow of Capital Futures Corp is 2.9B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Capital Futures Corp (6024) hold?
Capital Futures Corp holds more cash than debt, 6.9B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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