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TFBS Bioscience Inc (6939) Fair Value & Analysis

Healthcare · TW · Market cap 720M TWD

TB TFBS Bioscience Inc 6939 · TWO
Price19.40 TWD
Fair Value21.05 TWD
Upside+8.5%
Quality30/100
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Expensive Growth
Thin margins · 0.0% net margin
negative free cash flow
Trails peers (1/7)
Narrow moat 30/100
Evidence: Low Range 12.63 TWD – 30.44 TWD Share as image

Fair value as of: Jul 23, 2026

From 3 valuation models · updated 13 days ago

Fair value updated Jul 23, 2026, revised from 20.86 TWD to 21.05 TWD (+0.9%) since Jul 12, 2026. Share price −1.5% over the past month.

Below-average quality, 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.
  • A fairly wide model range (12.63 TWD to 30.44 TWD) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (3 years)

71.12 TWD 18.80 TWD Fair Value 21.05 TWD May 2023 Jul 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

39‑month range 18.80 TWD – 71.12 TWD · fair‑value band 12.63 TWD – 30.44 TWD · the 19.40 TWD price screens below the 21.05 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

TFBS Bioscience Inc (6939) currently trades at 19.40 TWD, while our model-based Fair Value estimate is 21.05 TWD, implying the stock looks roughly 8.5% fairly valued today. We read business quality at 30/100 (below-average quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

The balance sheet holds a net cash position of 320M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 12.63 TWD (bear case) to 30.44 TWD (bull case); at 19.40 TWD, the current price sits within that range. The share trades about 34% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -48% fair-value upside, at 9%, 6939 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 BearBaseBull Evidence
Highest evidence
Gordon GGM 12.63 TWD 21.05 TWD 30.44 TWD 70
DDM Multi-Stage 12.63 TWD 17.81 TWD 22.99 TWD 61
NCAV (Graham) 538.23 TWD 721.21 TWD 1,076 TWD 50
All 3 models by family
Dividend Discount
Gordon GGM 12.63 TWD 21.05 TWD 30.44 TWD 70
DDM Multi-Stage 12.63 TWD 17.81 TWD 22.99 TWD 61
Asset-Based
NCAV (Graham) 538.23 TWD 721.21 TWD 1,076 TWD 50

Widest divergence: Asset-Based (721.21 TWD) versus Dividend Discount (17.81 TWD). Highest evidence: Gordon GGM (70).

Key figures & financial health

Free cash flow −235M TWD FY2025
EPS (TTM) -2.13 TWD
Net cash 320M TWD FY2024

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

Quality Score breakdown

Overall quality 30/100

Of which business quality 37 · Market factors (momentum, volatility) 18

Profitability 1
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 77
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

TFBS Bioscience Inc., a contract research organization, provides biological testing services in Taiwan. It offers viral vector manufacturing services for cell and gene therapy products; and biosafety testing and product release testing for cell and gene therapy products, vaccines, and biologic products.

Full company description

TFBS Bioscience Inc., a contract research organization, provides biological testing services in Taiwan. It offers viral vector manufacturing services for cell and gene therapy products; and biosafety testing and product release testing for cell and gene therapy products, vaccines, and biologic products. The company was incorporated in 2016 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TFBS Bioscience Inc reported revenue of 193M TWD in FY2025 versus 161M TWD in FY2021, a compound +4.7%/yr. Reported net income was −74.5M TWD in FY2025.

Growth Quality 29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
193M TWD
Latest YoY
+7.0%
Avg. growth/yr (3Y)
−8.6%
Avg. growth/yr (5Y)
+10.2%
Revenue +4.7%/yr
FY21 161M TWD
FY22 253M TWD
FY23 232M TWD
FY24 181M TWD
FY25 193M TWD
Net income
FY21 6.1M TWD
FY22 27.7M TWD
FY23 4.9M TWD
FY24 −38.7M TWD
FY25 −74.5M TWD

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Cite: Fair Value Calculator (2026). "TFBS Bioscience Inc Fair Value". https://www.fairvalue-calculator.com/stock/6939.TWO

Peer Group

Diagnostics & Research · 140 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 30 · Bottom 25%
Fair Value upside +9% · Top 25%
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 0% · Below median

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 45 · sector 0
FUTURE 0 · sector 29
PAST 0 · sector 11
HEALTH 0 · sector 96
DIVIDEND 0 · sector 19

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 Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Thermo Fisher Scientific Inc TMO $543.19 $308.19 -43%
Danaher Corporation DHR $199.05 $103.88 -48%
WuXi AppTec Co 2359 HK$160.70 HK$125.20 -22%
Lonza Group LONN CHF 567.80 CHF 259.80 -54%
IDEXX Laboratories, Inc IDXX $567.44 $255.77 -55%
Agilent Technologies, Inc A $131.46 $62.70 -52%
Waters Corporation WAT $368.98 $121.96 -67%
IQVIA Holdings IQV $207.85 $134.18 -35%
Integrated Diagnostics Holdings IDHC $0.0050 $0.0053 +5%
Illumina, Inc ILMN $186.65 $95.51 -49%

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Frequently asked questions

Is TFBS Bioscience Inc (6939) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 21.05 TWD versus a price of 19.40 TWD, about +9% (fairly valued).
What is the fair value of 6939?
Our model-based fair value for TFBS Bioscience Inc is 21.05 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 19.40 TWD.
What is the quality score of 6939?
TFBS Bioscience Inc has a Quality Score of 30/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the net profit margin of 6939?
The net profit margin of TFBS Bioscience Inc is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

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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