Taiwan Biomaterial Co., Ltd. (6649) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Taiwan Biomaterial Co., Ltd. TWD 40.76, price TWD 35.45, upside +15.0%, quality 79 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 24, 2026.
How to read this chart
60‑month range 21.41 TWD – 76.30 TWD · fair‑value band 23.58 TWD – 68.92 TWD · the 35.45 TWD price screens below the 40.76 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Taiwan Biomaterial Co., Ltd. engages in the development and sale of implantable medical devices in Taiwan.
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Taiwan Biomaterial Co., Ltd. engages in the development and sale of implantable medical devices in Taiwan. It provides Foamagen, a foamagen dura substitute; stroke thrombus negative pressure removal catheter system comprising suction and removal of cerebrovascular embolism blood clot for the pump system, and nickel-titanium guidewire for guiding cerebral vascular surgery; tissue repair and regeneration products for the treatment of early osteoarthritis; and CDMO. The company was founded in 1921 and is based in Zhubei, Taiwan.
Stock analysis
Taiwan Biomaterial Co., Ltd. (6649) currently trades at 35.45 TWD, while our model-based Fair Value estimate is 40.76 TWD, implying the stock looks roughly 13.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 65.18 TWD per share, and 11 of the 26 models we run sit above the 35.45 TWD price.
Bear case: the Asset-Based group reads lowest at 10.93 TWD, and 15 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 23.58 TWD (bear) to 68.92 TWD (bull), the price of 35.45 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 79/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Taiwan Biomaterial Co., Ltd. reported revenue of 220M TWD in FY2025 versus 41.7M TWD in FY2021, a compound +51.6%/yr. Reported net income was 58.9M TWD in FY2025.
Key figures
Market cap 1.5B TWD (≈ $46.8M) · P/E ratio 44.9 · P/S ratio 12.0 · EPS (TTM) 0.7900 TWD · Dividend yield 2.8% · Net margin 26.7% · Return on equity 5.1% · Return on assets (EBIT) −0.5%.
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 54% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at 15%, 6649 screens cheaper than that median.
Fair Value models
Bear 23.58 TWDFair Value 40.76 TWDBull 68.92 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.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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+128.2%
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.
+20.1%
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+23.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.4%
Dividend (yield on the price)2.8%
Profit margin 2021 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.−136% → 28%
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).
+13.1%
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 +11.3% a year for the price.
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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.Medical Devices · 361 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside+15% · Top 25%
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)18% · Top 25%
Operating margin (TTM)−8% · Below median
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)2.8% · Above median
Valuation Multiplesvs Medical Devices median · lower = cheaper
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 Taiwan Biomaterial Co., Ltd. (6649) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 40.76 TWD versus a price of 35.45 TWD, about +15% upside (undervalued).
What is the fair value of 6649?
Our model-based fair value for Taiwan Biomaterial Co., Ltd. is 40.76 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 35.45 TWD.
What is the quality score of 6649?
Taiwan Biomaterial Co., Ltd. has a Quality Score of 79/100. 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 Taiwan Biomaterial Co., Ltd. (6649)?
Our model-based price target is the fair value of 40.76 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 23.58 TWD, optimistic scenario 68.92 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Biomaterial Co., Ltd. stock forecast for 2026?
Our models put fair value at 40.76 TWD, about +15% upside versus a price of 35.45 TWD (undervalued). Cautious scenario 23.58 TWD, optimistic scenario 68.92 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Biomaterial Co., Ltd. (6649)?
Taiwan Biomaterial Co., Ltd. reported trailing-twelve-month revenue of about 182M TWD (latest available figure, as of Sep 24, 2026).
Does Taiwan Biomaterial Co., Ltd. pay a dividend?
Taiwan Biomaterial Co., Ltd. currently shows a dividend yield of about 2.82% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taiwan Biomaterial Co., Ltd. (6649)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Biomaterial Co., Ltd. would have to grow free cash flow by +13.1 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +51.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6649 use?
Our models discount Taiwan Biomaterial Co., Ltd. at 9.0 %: a base by market capitalisation (nano), damped by beta 0.41, 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 Taiwan Biomaterial Co., Ltd. that is +13.1 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Taiwan Biomaterial Co., Ltd. (6649) delivered so far?
Over the past 4 years revenue at Taiwan Biomaterial Co., Ltd. grew +51.7 % a year. The price currently implies +13.1 % 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 Taiwan Biomaterial Co., Ltd. (6649) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Taiwan Biomaterial Co., Ltd. (+13.1 % 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 Taiwan Biomaterial Co., Ltd. (6649)?
The free-cash-flow yield on the price is 3.06 %: that much free cash flow Taiwan Biomaterial Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Biomaterial Co., Ltd. (6649)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Biomaterial Co., Ltd. it is 40.76 TWD per share (as of Sep 24, 2026), against a price of 35.45 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Biomaterial Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6649 trades below its calculated fair value: price 35.45 TWD, fair value 40.76 TWD, a gap of about +15% (undervalued). 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 6649?
No. The price is what the market pays today (35.45 TWD); the fair value is what the company's own numbers justify (40.76 TWD). For Taiwan Biomaterial Co., Ltd. the two are 5.31 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Biomaterial Co., Ltd. worth?
The market values Taiwan Biomaterial Co., Ltd. at about 1.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 35.45 TWD; our models calculate a fair value of 40.76 TWD per share.
What do the bullish and bearish scenarios say about 6649?
Our models span a range for Taiwan Biomaterial Co., Ltd.: cautious scenario 23.58 TWD, base 40.76 TWD, optimistic 68.92 TWD per share (as of Sep 24, 2026, price 35.45 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6649?
Taiwan Biomaterial Co., Ltd. trades at a price-to-earnings ratio of 44.9 (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 40.76 TWD is built from several models across several years. Other multiples: P/B 2.2, P/S 8.2, EV/EBITDA 41.8.
How solid is the balance sheet of Taiwan Biomaterial Co., Ltd. (6649)?
Balance-sheet figures for Taiwan Biomaterial Co., Ltd. (as of Sep 24, 2026): return on equity 5.1%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is 6649 from its 52-week high?
Taiwan Biomaterial Co., Ltd. trades at 35.45 TWD, about 54% below its 52-week high of 76.30 TWD and 2% above the low of 34.70 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 40.76 TWD is for.
Which stocks are comparable to Taiwan Biomaterial Co., Ltd.?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, Boston Scientific Corporation, 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 Taiwan Biomaterial Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 35.45 TWD, calculated fair value 40.76 TWD (+15%), Quality Score 79/100, 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 6649 calculated?
We run Taiwan Biomaterial Co., Ltd. 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 40.76 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. Taiwan Biomaterial Co., Ltd. currently trades 15 % 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 Taiwan Biomaterial Co., Ltd. (6649)?
The closing price on Sep 23, 2026 was 35.45 TWD. Our model-based fair value is 40.76 TWD, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Biomaterial Co., Ltd. right now?
The model range is unusually wide (23.58 TWD to 68.92 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Taiwan Biomaterial Co., Ltd.
How large is the market capitalisation of Taiwan Biomaterial Co., Ltd. (6649)?
The market capitalisation of Taiwan Biomaterial Co., Ltd. is 1.5B TWD (≈ $46.8M). 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 Taiwan Biomaterial Co., Ltd. (6649)?
The price-to-sales ratio of Taiwan Biomaterial Co., Ltd. is 12.0 (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 Taiwan Biomaterial Co., Ltd. (6649)?
Earnings per share at Taiwan Biomaterial Co., Ltd. are 0.7900 TWD (price ÷ EPS = P/E 44.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Biomaterial Co., Ltd. (6649)?
The dividend yield of Taiwan Biomaterial Co., Ltd. is 2.8% (payout 127%). 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 Taiwan Biomaterial Co., Ltd. (6649)?
The net margin of Taiwan Biomaterial Co., Ltd. is 26.7% (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 Taiwan Biomaterial Co., Ltd. (6649)?
The return on equity (ROE) of Taiwan Biomaterial Co., Ltd. is 5.1% (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 Taiwan Biomaterial Co., Ltd. (6649)?
On an EBIT basis the return on assets of Taiwan Biomaterial Co., Ltd. is −0.5% (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 Taiwan Biomaterial Co., Ltd. (6649)?
The operating margin of Taiwan Biomaterial Co., Ltd. is −8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Biomaterial Co., Ltd. (6649)?
Revenue at Taiwan Biomaterial Co., Ltd. is growing +9.3% versus a year earlier (3y avg +20.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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