Test Research Inc (3030) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Test Research Inc TWD 291, price TWD 270, upside +7.8%, quality 80 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Test Research, Inc., together with its subsidiaries, engages in the design, assembly, manufacturing, sales, and repair of automated inspection and testing equipment in Asia, the Americas, Europe, and internationally.
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Test Research, Inc., together with its subsidiaries, engages in the design, assembly, manufacturing, sales, and repair of automated inspection and testing equipment in Asia, the Americas, Europe, and internationally. The company offers optical inspection solutions, including 3D solder paste inspection; automated optical inspection; conformal coating inspection; and automated x-ray inspection. It also provides electrical test, such as manufacturing defects analyzer and in-circuit tester; and optical and x-ray inspection solutions. Test Research, Inc. was founded in 1978 and is headquartered in Taipei, Taiwan.
Stock analysis
Test Research Inc (3030) currently trades at 270.00 TWD, while our model-based Fair Value estimate is 290.95 TWD, implying the stock looks roughly 7.2% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 232.93 TWD per share, and 4 of the 26 models we run sit above the 270.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 80.49 TWD, and 22 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 158.06 TWD (bear) to 385.93 TWD (bull), the price of 270.00 TWD sits inside 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 80/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Test Research Inc reported revenue of 8.5B TWD in FY2025 versus 5.6B TWD in FY2021, a compound +10.9%/yr. Reported net income was 2.5B TWD in FY2025, compounding +20.3%/yr from FY2021.
Key figures
Market cap 63.8B TWD (≈ $2.0B) · P/E ratio 25.7 · P/S ratio 7.53 · EPS (TTM) 10.49 TWD · Dividend yield 2.6% · Net margin 29.3% · Return on equity 28.2% · Return on assets (EBIT) 20.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (medium confidence).
What moves the price
The share trades about 36% below its 52-week high and 89% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −35% fair-value upside, at 8%, 3030 screens cheaper than that median.
Fair Value models
Bear 158.06 TWDFair Value 290.95 TWDBull 385.93 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2.55 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.Evidence ⓘEvidence = 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.
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.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+33.2%
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.
+8.1%
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.
+11.3%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 23 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.
+10.9%
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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.
+20.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.8%
Dividend (yield on the price)2.6%
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.18% vs 10%, 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.28% → 35%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +18.8% a year for the price.
Price, fair value, quality and upside side by side.
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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.Scientific & Technical Instruments · 162 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Test Research Inc Fair Value". https://www.fairvalue-calculator.com/stock/3030
Frequently asked questions
Is Test Research Inc (3030) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 290.95 TWD versus a price of 270.00 TWD, about +8% upside (fairly valued).
What is the fair value of 3030?
Our model-based fair value for Test Research Inc is 290.95 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 270.00 TWD.
What is the quality score of 3030?
Test Research Inc has a Quality Score of 80/100. 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 Test Research Inc (3030)?
Our model-based price target is the fair value of 290.95 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 158.06 TWD, optimistic scenario 385.93 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Test Research Inc stock forecast for 2026?
Our models put fair value at 290.95 TWD, about +8% upside versus a price of 270.00 TWD (fairly valued). Cautious scenario 158.06 TWD, optimistic scenario 385.93 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Test Research Inc (3030)?
Test Research Inc reported trailing-twelve-month revenue of about 9.0B TWD (latest available figure, as of Sep 24, 2026).
Does Test Research Inc pay a dividend?
Test Research Inc currently shows a dividend yield of about 2.59% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Test Research Inc (3030)?
For today's price to be fair in a discounted-cash-flow model, Test Research Inc would have to grow free cash flow by +20.6 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3030 use?
Our models discount Test Research Inc at 8.6 %: a base by market capitalisation (large), damped by beta 0.44, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Test Research Inc that is +20.6 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Test Research Inc (3030) delivered so far?
Over the past 5 years revenue at Test Research Inc grew +11.3 % a year. The price currently implies +20.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Test Research Inc (3030) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Test Research Inc (+20.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Test Research Inc (3030)?
The free-cash-flow yield on the price is 2.25 %: that much free cash flow Test Research Inc produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Test Research Inc (3030)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Test Research Inc it is 290.95 TWD per share (as of Sep 24, 2026), against a price of 270.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Test Research Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3030 trades below its calculated fair value: price 270.00 TWD, fair value 290.95 TWD, a gap of about +8% (fairly valued). 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 3030?
No. The price is what the market pays today (270.00 TWD); the fair value is what the company's own numbers justify (290.95 TWD). For Test Research Inc the two are 20.95 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Test Research Inc worth?
The market values Test Research Inc at about 63.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 270.00 TWD; our models calculate a fair value of 290.95 TWD per share.
What do the bullish and bearish scenarios say about 3030?
Our models span a range for Test Research Inc: cautious scenario 158.06 TWD, base 290.95 TWD, optimistic 385.93 TWD per share (as of Sep 24, 2026, price 270.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3030?
Test Research Inc trades at a price-to-earnings ratio of 25.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 290.95 TWD is built from several models across several years. Other multiples: PEG 16.0, P/B 6.5, P/S 7.0, EV/EBITDA 17.9.
What is the PEG ratio of 3030?
The PEG ratio of Test Research Inc is 15.98 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Test Research Inc (3030)?
Balance-sheet figures for Test Research Inc (as of Sep 24, 2026): return on equity 28.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is 3030 from its 52-week high?
Test Research Inc trades at 270.00 TWD, about 36% below its 52-week high of 419.50 TWD and 89% above the low of 142.50 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 290.95 TWD is for.
Which stocks are comparable to Test Research Inc?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Teledyne Technologies Incorporated, MKS Inc, 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 Test Research Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 270.00 TWD, calculated fair value 290.95 TWD (+8%), Quality Score 80/100, from 26 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 3030 calculated?
We run Test Research Inc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 290.95 TWD, 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 14.1 % above its aggregate fair value. Test Research Inc currently trades 8 % below its own fair value, and the market average says nothing about that. 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 Test Research Inc (3030)?
The closing price on Sep 24, 2026 was 270.00 TWD. Our model-based fair value is 290.95 TWD, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Test Research Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (158.06 TWD to 385.93 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Test Research Inc (3030) come from?
Earnings per share at Test Research Inc grew +7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin +4.3 %, tax rate +0.0 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Test Research Inc
How large is the market capitalisation of Test Research Inc (3030)?
The market capitalisation of Test Research Inc is 63.8B TWD (≈ $2.0B). 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 Test Research Inc (3030)?
The price-to-sales ratio of Test Research Inc is 7.53 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Test Research Inc (3030)?
Earnings per share at Test Research Inc are 10.49 TWD (price ÷ EPS = P/E 25.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Test Research Inc (3030)?
The dividend yield of Test Research Inc is 2.6% (payout 66.7%). 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 Test Research Inc (3030)?
The net margin of Test Research Inc is 29.3% (fiscal year 2025). 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 Test Research Inc (3030)?
The return on equity (ROE) of Test Research Inc is 28.2% (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 Test Research Inc (3030)?
On an EBIT basis the return on assets of Test Research Inc is 20.9% (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 Test Research Inc (3030)?
The operating margin of Test Research Inc is 38.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Test Research Inc (3030)?
Revenue at Test Research Inc is growing +25.8% versus a year earlier (3y avg +8.1%). 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 Test Research Inc (3030)?
Earnings per share at Test Research Inc are growing +43.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Test Research Inc (3030) hold?
Test Research Inc holds more cash than debt, 1.2B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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