Capital Futures Corp (6024) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Capital Futures Corp TWD 29.96, price TWD 60.80, upside -50.7%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 31.01 TWD – 65.20 TWD · fair‑value band 22.47 TWD – 37.45 TWD · the 60.80 TWD price screens above the 29.96 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Capital Futures Corporation engages in futures brokerage business in Taiwan, rest of Asia, North America, and Europe. 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.
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Capital Futures Corporation engages in futures brokerage business in Taiwan, rest of Asia, North America, and Europe. 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 60.80 TWD, while our model-based Fair Value estimate is 29.96 TWD, implying the stock looks roughly 102.9% overvalued today.
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Valuation
How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: 22.47 TWD (bear) to 37.45 TWD (bull), the price of 60.80 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 46/100 (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 16.0B TWD (≈ $504M) · P/E ratio 11.1 · P/S ratio 4.64 · EPS (TTM) 5.47 TWD · Dividend yield 4.4% · Net margin 41.8% · Return on equity 14.2% · Return on assets (EBIT) 0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −51%, 6024 screens richer than that median.
Fair Value models
Bear 22.47 TWDFair Value 29.96 TWDBull 37.45 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 (4.00 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.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%
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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.
+16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.3%
Dividend (yield on the price)4.4%
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% vs 6%, 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%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−31.3%
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 −32.3% 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.Capital Markets · 463 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−51% · Bottom 25%
Profitability
Return on equity (TTM)14% · Above median
Return on assets2% · Above median
Net margin (TTM)54% · Top 25%
Operating margin (TTM)−30% · Bottom 25%
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)4.4% · Top 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (TTM)11.1× · Cheaper than median
P/B1.54× · Pricier than median
P/S (TTM)5.79× · Pricier than median
P/FCF0.2× · Cheapest 25%
EV/EBITDA5.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 32
FUTURE (revenue growth)0· sector 91
PAST (return on equity)57· sector 30
HEALTH (low debt)0· sector 95
DIVIDEND (yield)88· sector 41
VALUE 0: the price sits above our fair-value range.
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.
Is Capital Futures Corp (6024) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 29.96 TWD versus a price of 60.80 TWD, about −51% upside (overvalued).
What is the fair value of 6024?
Our model-based fair value for Capital Futures Corp is 29.96 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 60.80 TWD.
What is the quality score of 6024?
Capital Futures Corp has a Quality Score of 46/100. 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 29.96 TWD (as of Sep 23, 2026) from 2 valuation models. Cautious scenario 22.47 TWD, optimistic scenario 37.45 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 29.96 TWD, about −51% upside versus a price of 60.80 TWD (overvalued). Cautious scenario 22.47 TWD, optimistic scenario 37.45 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 2.8B TWD (latest available figure, as of Sep 23, 2026).
Does Capital Futures Corp pay a dividend?
Capital Futures Corp currently shows a dividend yield of about 4.41% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Capital Futures Corp (6024)?
For today's price to be fair in a discounted-cash-flow model, Capital Futures Corp would have to grow free cash flow by -31.3 % 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 +6.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 6024 use?
Our models discount Capital Futures Corp at 8.6 %: a base by market capitalisation (large), damped by beta 0.13, 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 Capital Futures Corp that is -31.3 % 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 Capital Futures Corp (6024) delivered so far?
Over the past 5 years revenue at Capital Futures Corp grew +6.2 % a year. The price currently implies -31.3 % 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 Capital Futures Corp (6024) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Capital Futures Corp (-31.3 % 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 Capital Futures Corp (6024)?
The free-cash-flow yield on the price is 19.68 %: that much free cash flow Capital Futures Corp 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 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 29.96 TWD per share (as of Sep 23, 2026), against a price of 60.80 TWD. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Capital Futures Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 6024 trades above its calculated fair value: price 60.80 TWD, fair value 29.96 TWD, a gap of about −51% (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 (60.80 TWD); the fair value is what the company's own numbers justify (29.96 TWD). For Capital Futures Corp the two are 30.84 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 16.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 60.80 TWD; our models calculate a fair value of 29.96 TWD per share.
What do the bullish and bearish scenarios say about 6024?
Our models span a range for Capital Futures Corp: cautious scenario 22.47 TWD, base 29.96 TWD, optimistic 37.45 TWD per share (as of Sep 23, 2026, price 60.80 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 11.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29.96 TWD is built from several models across several years. Other multiples: P/B 1.5, P/S 5.8, EV/EBITDA 5.3.
How solid is the balance sheet of Capital Futures Corp (6024)?
Balance-sheet figures for Capital Futures Corp (as of Sep 23, 2026): return on equity 14.2%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 6024 from its 52-week high?
Capital Futures Corp trades at 60.80 TWD, about 7% below its 52-week high of 65.20 TWD and 26% above the low of 48.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 29.96 TWD is for.
Which stocks are comparable to Capital Futures Corp?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Sep 23, 2026: price 60.80 TWD, calculated fair value 29.96 TWD (−51%), Quality Score 46/100, from 2 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 2 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 29.96 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. 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 Sep 24, 2026 was 60.80 TWD. Our model-based fair value is 29.96 TWD, about −51% upside (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 (37.45 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. 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 16.0B TWD (≈ $504M). 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 4.64 (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 Capital Futures Corp (6024)?
Earnings per share at Capital Futures Corp are 5.47 TWD (price ÷ EPS = P/E 11.1). 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 4.4% (payout 49.0%). 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 41.8% (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 Capital Futures Corp (6024)?
The return on equity (ROE) of Capital Futures Corp is 14.2% (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 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 −30.2% (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 −2.6% 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 +39.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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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