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TricornTech Corporation (6909) Fair Value & Analysis

Industrials · TW · Market cap 2.9B TWD

TC TricornTech Corporation 6909 · TW
Price41.85 TWD
Fair Value17.22 TWD
Upside-58.9%
Quality46/100
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Healthy Growth
Solidly profitable · 10.4% net margin
Low debt · generates free cash flow
2.30% dividend yield
Trails peers (5/14)
Narrow moat 41/100
Evidence: High Range 12.92 TWD – 21.53 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −18.4% over the past month.

Below-average quality, and screening another 59% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (21.53 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.
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Price vs Fair Value (3 years)

65.55 TWD 32.12 TWD Fair Value 17.22 TWD Mar 2023 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

40‑month range 32.12 TWD – 65.55 TWD · fair‑value band 12.92 TWD – 21.53 TWD · the 41.85 TWD price screens above the 17.22 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

TricornTech Corporation (6909) currently trades at 41.85 TWD, while our model-based Fair Value estimate is 17.22 TWD, implying the stock looks roughly 58.9% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials 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: high).

Over the trailing twelve months, TricornTech Corporation generated revenue of 551M TWD at a net margin of 11.8%. Revenue grew 14.4% year over year. It earns a return on equity of 6.8%. The stock trades on a trailing P/E of 44.8. Fundamentals as of Jul 23, 2026

Our scenario range runs from 12.92 TWD (bear case) to 21.53 TWD (bull case); at 41.85 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 40% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -59%, 6909 screens richer 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 13.79 TWD 20.44 TWD 31.48 TWD 80
Residual Income 12.56 TWD 13.03 TWD 13.12 TWD 76
Rev-Margin DCF 12.67 TWD 18.34 TWD 25.94 TWD 74
All 26 models by family
DCF Models
FCF DCF 13.95 TWD 21.51 TWD 34.74 TWD 38
Owner Earnings 21.17 TWD 34.95 TWD 59.06 TWD 31
5Y Revenue Exit 12.67 TWD 18.51 TWD 26.57 TWD 39
5Y EBITDA Exit 17.92 TWD 29.70 TWD 44.96 TWD 41
5Y P/E Exit 18.04 TWD 29.96 TWD 44.06 TWD 38
10Y Revenue Exit 12.79 TWD 18.50 TWD 27.55 TWD 36
10Y EBITDA Exit 16.48 TWD 26.67 TWD 43.08 TWD 37
10Y P/E Exit 16.56 TWD 26.86 TWD 42.32 TWD 35
Earnings-Based
Graham-Dodd 6.56 TWD 33.92 TWD 46.91 TWD 54
Lynch FV 9.27 TWD 13.25 TWD 17.22 TWD 50
PEG = 1.0 9.27 TWD 13.25 TWD 17.22 TWD 46
EPV 14.14 TWD 15.55 TWD 16.77 TWD 59
Dividend Discount
Gordon GGM 8.78 TWD 17.49 TWD 26.48 TWD 70
DDM Multi-Stage 8.78 TWD 15.11 TWD 18.46 TWD 61
Multiples
P/E Multiple 15.92 TWD 21.23 TWD 26.53 TWD 63
P/S Multiple 7.38 TWD 9.84 TWD 12.30 TWD 58
P/B Multiple 12.30 TWD 16.40 TWD 20.50 TWD 55
EV/EBIT 22.02 TWD 27.63 TWD 33.24 TWD 53
EV/EBITDA 20.91 TWD 26.15 TWD 31.39 TWD 54
EV/Revenue 12.07 TWD 15.02 TWD 17.97 TWD 43
Asset-Based
NCAV (Graham) 7.98 TWD 10.70 TWD 15.97 TWD 50
Growth DCF
Growth DCF 13.79 TWD 20.44 TWD 31.48 TWD 80
Rev-Margin DCF 12.67 TWD 18.34 TWD 25.94 TWD 74
Economic Profit
Residual Income 12.56 TWD 13.03 TWD 13.12 TWD 76
ROIC Compounder 14.14 TWD 15.55 TWD 17.89 TWD 72
Growth Earnings
Growth-Adj P/E 14.25 TWD 20.36 TWD 26.47 TWD 68

Widest divergence: DCF Models (26.67 TWD) versus Asset-Based (10.70 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 522M TWD
Revenue growth (YoY) -22.2%
Net margin 10.4%
Return on equity 5.8%
Free cash flow 46.1M TWD FY2025
P/E ratio 44.8
More key figures
Operating margin 2.8%
EPS (TTM) 0.9900 TWD
Dividend yield 2.3%
EPS growth (YoY) -72.0%

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

Quality Score breakdown

Overall quality 46/100

Of which business quality 50 · Market factors (momentum, volatility) 35

Profitability 40
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 22
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

TricornTech Corporation manufactures and sells gas detection and pollution prevention equipment in Taiwan. It offers volatile organic compounds (VOC) analyzers for semiconductors, VOC analyzers, mobile sampling cart, and multi-channel smart integrated systems; environment-specific VOC analyzers; and special analyzers for soil and groundwater contamination …

Full company description

TricornTech Corporation manufactures and sells gas detection and pollution prevention equipment in Taiwan. It offers volatile organic compounds (VOC) analyzers for semiconductors, VOC analyzers, mobile sampling cart, and multi-channel smart integrated systems; environment-specific VOC analyzers; and special analyzers for soil and groundwater contamination application. The company was founded in 2013 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TricornTech Corporation reported revenue of 551M TWD in FY2025 versus 290M TWD in FY2021, a compound +17.4%/yr. Reported net income was 64.8M TWD in FY2025, compounding +38.2%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
551M TWD
Latest YoY
+11.1%
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.
+11.8%
Revenue +17.4%/yr
FY21 290M TWD
FY22 395M TWD
FY23 407M TWD
FY24 496M TWD
FY25 551M TWD
Net income +38.2%/yr
FY21 17.8M TWD
FY22 115M TWD
FY23 93.1M TWD
FY24 93.3M TWD
FY25 64.8M TWD

6909 screens 59% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "TricornTech Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6909

Peer Group

Specialty Industrial Machinery · 808 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 46 · Below median
Fair Value upside −59% · Below median
Return on equity (TTM) 6% · Below median
Return on assets 5% · Above median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth -22% · Bottom 25%
Dividend yield (TTM) 2.3% · Above median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 43.6× · Pricier than median
P/B 2.71× · Pricier than median
P/S (TTM) 5.56× · Pricier than 75% of peers
P/FCF 2.0× · Cheaper than median
EV/EBITDA 27.4× · Pricier 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 0 · sector 0
FUTURE 0 · sector 23
PAST 23 · sector 28
HEALTH 100 · sector 96
DIVIDEND 46 · sector 24

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

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

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc 1GEV €887.60 €186.93 -79%
1SIE 1SIE €273.20 €91.93 -66%
SMNS SMNS C$31.76 C$22.68 -29%
Eaton Corporation ETN $407.28 $171.92 -58%
Atlas Copco AB ATCOA kr 195.15 kr 112.59 -42%
Sandvik AB SAND kr 384.10 kr 193.01 -50%
Doosan Enerbility Co 034020 76,400 KRW 7,938 KRW -90%
Vestas Wind Systems A/S VWS kr 178.10 kr 124.54 -30%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
NARI Technology Co 600406 ¥22.19 ¥18.71 -16%

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Frequently asked questions

Is TricornTech Corporation (6909) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 17.22 TWD versus a price of 41.85 TWD, about −59% (overvalued).
What is the fair value of 6909?
Our model-based fair value for TricornTech Corporation is 17.22 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 41.85 TWD.
What is the quality score of 6909?
TricornTech Corporation 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 revenue of TricornTech Corporation (6909)?
TricornTech Corporation reported trailing-twelve-month revenue of about 551M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6909?
The net profit margin of TricornTech Corporation is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.
Does TricornTech Corporation pay a dividend?
TricornTech Corporation currently shows a dividend yield of about 2.29% 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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