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BenQ Medical Technology Corporation (4116) Fair Value & Analysis

Healthcare · TW · Market cap 1.7B TWD

BM BenQ Medical Technology Corporation 4116 · TWO
Price39.80 TWD
Fair Value38.59 TWD
Upside-3.0%
Quality60/100
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Healthy Growth
Thin margins · 1.3% net margin
Low debt · generates free cash flow
5.17% dividend yield
Ranks above peers (11/14)
Narrow moat 42/100
Evidence: Medium Range 28.94 TWD – 48.24 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price +5.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 28.94 TWD (bear) to 48.24 TWD (bull), base 38.59 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

83.79 TWD 24.86 TWD Fair Value 38.59 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 24.86 TWD – 83.79 TWD · fair‑value band 28.94 TWD – 48.24 TWD · the 39.80 TWD price screens above the 38.59 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

BenQ Medical Technology Corporation (4116) currently trades at 39.80 TWD, while our model-based Fair Value estimate is 38.59 TWD, implying the stock looks roughly 3.0% fairly valued today. The Quality Score stands at 60/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, BenQ Medical Technology Corporation generated revenue of 5.4B TWD at a net margin of 1.3%. Revenue grew 7.9% year over year. It earns a return on equity of 9.7%. Net debt stands at 718M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 28.94 TWD (bear case) to 48.24 TWD (bull case); at 39.80 TWD, the current price sits within 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 25% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -3%, 4116 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF 80.91 TWD 132.54 TWD 222.65 TWD 80
Residual Income 19.50 TWD 20.28 TWD 20.36 TWD 76
Rev-Margin DCF 83.26 TWD 155.60 TWD 264.78 TWD 74
All 26 models by family
DCF Models
FCF DCF 85.03 TWD 125.02 TWD 233.93 TWD 38
Owner Earnings 80.24 TWD 156.32 TWD 297.48 TWD 31
5Y Revenue Exit 83.26 TWD 144.78 TWD 265.72 TWD 39
5Y EBITDA Exit 128.37 TWD 241.33 TWD 450.46 TWD 41
5Y P/E Exit 52.79 TWD 86.70 TWD 128.69 TWD 38
10Y Revenue Exit 80.40 TWD 153.96 TWD 233.91 TWD 36
10Y EBITDA Exit 112.07 TWD 233.44 TWD 461.04 TWD 37
10Y P/E Exit 63.13 TWD 100.28 TWD 159.95 TWD 35
Earnings-Based
Graham-Dodd 11.93 TWD 83.18 TWD 116.73 TWD 54
Lynch FV 25.64 TWD 36.63 TWD 47.61 TWD 50
PEG = 1.0 25.64 TWD 36.63 TWD 47.61 TWD 46
EPV 64.55 TWD 72.08 TWD 78.36 TWD 59
Dividend Discount
Gordon GGM 12.82 TWD 23.10 TWD 31.80 TWD 70
DDM Multi-Stage 12.82 TWD 21.10 TWD 24.68 TWD 61
Multiples
P/E Multiple 28.94 TWD 38.59 TWD 48.24 TWD 63
P/S Multiple 22.36 TWD 29.82 TWD 37.27 TWD 58
P/B Multiple 22.36 TWD 29.82 TWD 37.27 TWD 55
EV/EBIT 108.30 TWD 141.30 TWD 174.30 TWD 53
EV/EBITDA 154.24 TWD 202.55 TWD 250.86 TWD 54
EV/Revenue 79.96 TWD 110.24 TWD 140.52 TWD 43
Asset-Based
NCAV (Graham) 12.64 TWD 16.94 TWD 25.28 TWD 50
Growth DCF
Growth DCF 80.91 TWD 132.54 TWD 222.65 TWD 80
Rev-Margin DCF 83.26 TWD 155.60 TWD 264.78 TWD 74
Economic Profit
Residual Income 19.50 TWD 20.28 TWD 20.36 TWD 76
ROIC Compounder 73.77 TWD 93.63 TWD 117.79 TWD 72
Growth Earnings
Growth-Adj P/E 35.31 TWD 50.45 TWD 65.58 TWD 68

Widest divergence: DCF Models (144.78 TWD) versus Asset-Based (16.94 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.4B TWD
Revenue growth (YoY) +7.9%
Net margin 1.3%
Return on equity 9.7%
Free cash flow 260M TWD FY2025
P/E ratio 21.3
More key figures
Operating margin 5.2%
EPS (TTM) 1.75 TWD
Dividend yield 5.4%
EPS growth (YoY) -43.6%
Net debt 718M TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 48

Profitability 41
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 83
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.

About the company

BenQ Medical Technology Corporation engages in the manufacture, installation, maintenance, and repair of medical device and various medical equipment in Taiwan, Mainland China, India, and internationally. It operates through R&D and Manufacturing, and Medical Services segments.

Full company description

BenQ Medical Technology Corporation engages in the manufacture, installation, maintenance, and repair of medical device and various medical equipment in Taiwan, Mainland China, India, and internationally. It operates through R&D and Manufacturing, and Medical Services segments. The company offers wholesale and retail sales of medical device, medical equipment, pharmaceutical, health food, and the leasing business of medical equipment and management consulting services. It also offers electric hydraulic and manual hydraulic operating table, and operating table accessories; adjustable color temperature and single-color temperature surgical light; fixed pendant, electric pendant, and ICU suspension bridge; diagnostic display, and surgical display monitor; and portable ultrasound units, as well as it offers integrated operating system solutions. The company was formerly known as Trident Medical Corp. and changed its name to BenQ Medical Technology Corporation in June 2011. BenQ Medical Technology Corporation was incorporated in 1989 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BenQ Medical Technology Corporation reported revenue of 5.3B TWD in FY2025 versus 1.5B TWD in FY2021, a compound +37.6%/yr. Reported net income was 78.2M TWD in FY2025, compounding +28.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.3B TWD
Latest YoY
+10.2%
Avg. 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.
+21.2%
Avg. 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.
+30.3%
Avg. growth/yr (8Y) 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.
+22.5%
Revenue +37.6%/yr
FY21 1.5B TWD
FY22 3.0B TWD
FY23 4.5B TWD
FY24 4.8B TWD
FY25 5.3B TWD
Net income +28.3%/yr
FY21 28.8M TWD
FY22 180M TWD
FY23 115M TWD
FY24 105M TWD
FY25 78.2M TWD

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Cite: Fair Value Calculator (2026). "BenQ Medical Technology Corporation Fair Value". https://www.fairvalue-calculator.com/stock/4116

Peer Group

Medical Instruments & Supplies · 203 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 60 · Above median
Fair Value upside −3% · Above median
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 8% · Above median
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.47× · Higher than 75% of peers

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/E (TTM) 22.2× · Cheaper than median
P/B 1.53× · Cheaper than median
P/S (TTM) 0.32× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 2.6× · Cheaper than 75% of peers

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.

VALUE 29 · sector 0
FUTURE 40 · sector 27
PAST 39 · sector 25
HEALTH 76 · sector 96
DIVIDEND 100 · sector 32

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $402.33 $150.04 -63%
EssilorLuxottica Société anonyme 1EL €172.45 €68.55 -60%
Medline Inc MDLN $41.11 $30.15 -27%
Becton, Dickinson and Company BDX $150.65 $103.53 -31%
Alcon Inc ALC $70.26 $39.78 -43%
ResMed Inc RMD $203.87 $187.89 -8%
West Pharmaceutical Services, Inc WST $353.71 $143.97 -59%
Straumann Holding STMN CHF 106.00 CHF 47.31 -55%
Sartorius Stedim Biotech S.A DIM €188.50 €51.16 -73%
Coloplast A/S COLOB kr 414.00 kr 382.22 -8%

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Frequently asked questions

Is BenQ Medical Technology Corporation (4116) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 38.59 TWD versus a price of 39.80 TWD, about −3% (fairly valued).
What is the fair value of 4116?
Our model-based fair value for BenQ Medical Technology Corporation is 38.59 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 39.80 TWD.
What is the quality score of 4116?
BenQ Medical Technology Corporation has a Quality Score of 60/100. 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 revenue of BenQ Medical Technology Corporation (4116)?
BenQ Medical Technology Corporation reported trailing-twelve-month revenue of about 5.4B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4116?
The net profit margin of BenQ Medical Technology Corporation is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
Does BenQ Medical Technology Corporation pay a dividend?
BenQ Medical Technology Corporation currently shows a dividend yield of about 5.41% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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