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National Aerospace Fasteners Corp (3004) Fair Value & Analysis

Industrials · TW · Market cap 8.9B TWD (≈ $281M) · ISIN TW0003004008

What is National Aerospace Fasteners Corp really worth?

NA National Aerospace Fasteners Corp 3004 · TW
Price121.50 TWD
Fair Value87.41 TWD
Upside−28.1%
Quality31/100

Below-average quality, and trading another 39% above our fair value of 87.41 TWD.

As of Aug 27, 2026, the fair value of National Aerospace Fasteners Corp is 87.41 TWD per share against a price of 121.50 TWD, so the fair value sits 28% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Expensive Growth (revenue 5y +18.9 %/yr)
!Thin margins · 8.0% net margin
!Moderate debt · negative free cash flow
!Mixed vs. peers (7/13)
!Moderate moat 46/100

For context

·2.10% dividend yield
Evidence: High Range 65.56 TWD – 113.31 TWD

Fair value as of: Aug 27, 2026

From 14 valuation models · updated 10 days ago

Share price −5.4% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (113.31 TWD). The favourable scenario is already priced in.
  • Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

161.00 TWD 44.57 TWD Fair Value 87.41 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range 44.57 TWD – 161.00 TWD · fair‑value band 65.56 TWD – 113.31 TWD · the 121.50 TWD price screens above the 87.41 TWD fair value. Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

National Aerospace Fasteners Corp (3004) currently trades at 121.50 TWD, while our model-based Fair Value estimate is 87.41 TWD, implying the stock looks roughly 39.0% overvalued today. The Quality Score stands at 31/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of 98.12 TWD per share, and 2 of the 14 models we run sit above the 121.50 TWD price. Bear case: the Asset-Based group reads lowest at 37.88 TWD, and 12 of the 14 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, National Aerospace Fasteners Corp generated revenue of 4.3B TWD at a net margin of 8.0%. Revenue grew 28.7% year over year. It earns a return on equity of 10.8%. Net debt stands at 2.8B TWD. Fundamentals as of Aug 27, 2026

Our scenario range runs from 65.56 TWD (bear case) to 113.31 TWD (bull case); at 121.50 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −28%, 3004 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 2.20 TWD per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
Residual Income best evidence 47.76 TWD 51.93 TWD 66.74 TWD 76
EPV 31.36 TWD 40.33 TWD 48.07 TWD 74
ROIC Compounder 31.36 TWD 40.33 TWD 48.07 TWD 72
All 14 models by family
Earnings-Based
Graham-Dodd 34.96 TWD 163.70 TWD 224.98 TWD 64
Lynch FV 43.30 TWD 61.86 TWD 80.41 TWD 61
PEG = 1.0 43.30 TWD 61.86 TWD 80.41 TWD 57
EPV 31.36 TWD 40.33 TWD 48.07 TWD 74
Multiples
P/E Multiple 80.98 TWD 107.98 TWD 134.97 TWD 63
P/S Multiple 65.56 TWD 87.41 TWD 109.26 TWD 58
P/B Multiple 65.56 TWD 87.41 TWD 109.26 TWD 55
EV/EBIT 68.35 TWD 99.61 TWD 130.87 TWD 65
EV/EBITDA 86.88 TWD 124.31 TWD 161.74 TWD 67
EV/Revenue 41.50 TWD 70.19 TWD 98.87 TWD 52
Asset-Based
NCAV (Graham) 28.27 TWD 37.88 TWD 56.54 TWD 54
Economic Profit
Residual Income best evidence 47.76 TWD 51.93 TWD 66.74 TWD 76
ROIC Compounder 31.36 TWD 40.33 TWD 48.07 TWD 72
Growth Earnings
Growth-Adj P/E 68.68 TWD 98.12 TWD 127.55 TWD 67

Widest divergence: Growth Earnings (98.12 TWD) versus Asset-Based (37.88 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 21.1
P/S ratio 1.72 P/E × margin
EPS (TTM) 5.77 TWD price ÷ EPS = P/E 21.1
Dividend yield 2.1% payout 44.2%
Net margin 8.2% FY2025
Return on equity 10.8% TTM
More key figures
Profitability
Return on assets (EBIT) 4.4% avg 5y
Operating margin 13.9% TTM
Growth
Revenue (TTM) 4.3B TWD TTM
Revenue growth (YoY) +28.7% 3y avg +22.7%
EPS growth (YoY) −3.0%
Balance sheet & cash flow
Free cash flow −795M TWD FY2025
Net debt 2.8B TWD FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 31/100

Of which business quality 32 · Market factors (momentum, volatility) 49

Profitability 35
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 61
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

National Aerospace Fasteners Corporation manufactures and sells fasteners and structural components for aircraft, ships, and vehicles in Taiwan and internationally.

Full company description

National Aerospace Fasteners Corporation manufactures and sells fasteners and structural components for aircraft, ships, and vehicles in Taiwan and internationally. The company offers aero products, including bolts; nuts, such as hex nuts, 10 PT nuts, double hex nuts, spline nuts kits, shank nuts, gang channels, and anchor nuts; CNC products comprising tubes, stampings, links, latches, and fittings; and other products consisting of adapters, brackets, bushings, clamps, flanges, guides, housings, inertial dampers, pins, fixing plates, retainers, seals, sleeves, spacers, weights, etc. It also provides rivet studs, brass inserts, blind rivet nuts, machining and customized parts, and high-temperature nuts for automotive applications. The company was incorporated in 1997 and is based in Taoyuan City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

National Aerospace Fasteners Corp reported revenue of 4.1B TWD in FY2025 versus 1.4B TWD in FY2021, a compound +29.9%/yr. Reported net income was 331M TWD in FY2025.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.1B TWD
Latest YoY
+15.8%
Avg. revenue growth/yr (3Y) 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.
+22.7%
Avg. revenue growth/yr (5Y) 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.
+18.9%
Avg. revenue growth/yr (23Y) 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.
+6.3%
Value creation/yr (5Y, in TWD) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+10.6% · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+8.5%
Dividend yield2.1%
Trend 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.5Y 8.5% vs 10Y 3.0%, picking up
Operating margin (EBIT) 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.4.5% (2020) → 11.7% (2025) · rising
Worst earnings drop127% (2014) (loss year, drop beyond 100%) · in TWD
Revenue +29.9%/yr
FY21 1.4B TWD
FY22 2.2B TWD
FY23 3.1B TWD
FY24 3.5B TWD
FY25 4.1B TWD
Net income
FY21 −96.7M TWD
FY22 150M TWD
FY23 308M TWD
FY24 376M TWD
FY25 331M TWD
Character of growth · EPS growth decomposed (2015-2025) +4.0 % p.a.
Revenue per share +9.2 %

of which total revenue +9.9 % · buybacks/dilution −0.6 %

EBIT margin −4.3 %
Tax rate −0.2 %
Residual (interest, one-offs) −0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

3004 screens 39% overvalued. Compare with Techtronic Industries Company →

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Cite: Fair Value Calculator (2026). "National Aerospace Fasteners Corp Fair Value". https://www.fairvalue-calculator.com/stock/3004.TW

Peer Group

Tools & Accessories · 122 stocks

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.

Quality Score 31 · Bottom 25%
Fair Value upside −28% · Below median
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth 29% · Top 25%
Dividend yield (TTM) 2.1% · Above median
Debt / equity 0.51× · Higher than 75% of peers

Valuation Multiples vs Tools & Accessories median · lower = cheaper

P/E (TTM) 21.1× · Cheaper than median
P/B 2.44× · Pricier than median
P/S (TTM) 2.06× · Pricier than median
EV/EBITDA 13.4× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 4
FUTURE100 · sector 16
PAST43 · sector 28
HEALTH74 · sector 97
DIVIDEND42 · sector 40

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

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 Tools & Accessories stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Techtronic Industries Company 0669 HK$138.50 HK$78.56 −43%
Snap-on Incorporated SNA $391.86 $344.67 −12%
RBC Bearings Incorporated RBC $488.69 $179.94 −63%
Lincoln Electric Holdings LECO $284.90 $151.86 −47%
Stanley Black & Decker, Inc SWK $99.24 $52.80 −47%
AB SKF (publ) SKFB kr 275.40 kr 180.34 −35%
The Timken Company TKR $130.25 $64.85 −50%
The Toro Company TTC $92.37 $69.71 −25%
SFS Group SFSN CHF 131.40 CHF 118.30 −10%
Hangzhou Greatstar Industrial Co 002444 ¥30.51 ¥30.38 +0%

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Frequently asked questions

Is National Aerospace Fasteners Corp (3004) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 87.41 TWD versus a price of 121.50 TWD, about −28% upside (overvalued).
What is the fair value of 3004?
Our model-based fair value for National Aerospace Fasteners Corp is 87.41 TWD (as of Aug 27, 2026), built from audited fundamentals. The current price: 121.50 TWD.
What is the quality score of 3004?
National Aerospace Fasteners Corp has a Quality Score of 31/100. 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 National Aerospace Fasteners Corp (3004)?
Our model-based price target is the fair value of 87.41 TWD (as of Aug 27, 2026) from 14 valuation models. Cautious scenario 65.56 TWD, optimistic scenario 113.31 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the National Aerospace Fasteners Corp stock forecast for 2026?
Our models put fair value at 87.41 TWD, about −28% upside versus a price of 121.50 TWD (overvalued). Cautious scenario 65.56 TWD, optimistic scenario 113.31 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of National Aerospace Fasteners Corp (3004)?
National Aerospace Fasteners Corp reported trailing-twelve-month revenue of about 4.3B TWD (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 3004?
The net profit margin of National Aerospace Fasteners Corp is about 8.0%, meaning it keeps roughly 8.0% of revenue as net income. Based on the latest reported figures.
Does National Aerospace Fasteners Corp pay a dividend?
National Aerospace Fasteners Corp currently shows a dividend yield of about 2.10% relative to its recent price (as of Aug 27, 2026).
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