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EBM Technologies Incorporated (8409) Fair Value & Analysis

Healthcare · TW · Market cap 608M TWD

ET EBM Technologies Incorporated 8409 · TWO
Price18.10 TWD
Fair Value4.87 TWD
Upside-73.1%
Quality59/100
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Weak Growth
Solidly profitable · 11.1% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/12)
Narrow moat 34/100
Evidence: Medium Range 3.66 TWD – 6.09 TWD Share as image

Fair value as of: Jul 22, 2026

From 13 valuation models · updated 19 days ago

Share price −5.2% over the past month.

A solid business, but screening 73% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (6.09 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

34.95 TWD 15.40 TWD Fair Value 4.87 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 15.40 TWD – 34.95 TWD · fair‑value band 3.66 TWD – 6.09 TWD · the 18.10 TWD price screens above the 4.87 TWD fair value. Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

EBM Technologies Incorporated (8409) currently trades at 18.10 TWD, while our model-based Fair Value estimate is 4.87 TWD, implying the stock looks roughly 73.1% overvalued today. The Quality Score stands at 59/100 (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, EBM Technologies Incorporated generated revenue of 281M TWD at a net margin of 11.1%. Revenue grew 121.8% year over year. It earns a return on equity of 10.3%. The stock trades on a trailing P/E of 79.6. Fundamentals as of Jul 22, 2026

Our scenario range runs from 3.66 TWD (bear case) to 6.09 TWD (bull case); at 18.10 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 31% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -53% fair-value upside, at -73%, 8409 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
ROIC Compounder 5.93 TWD 6.19 TWD 6.41 TWD 72
Growth-Adj P/E 2.59 TWD 3.69 TWD 4.80 TWD 68
P/E Multiple 3.66 TWD 4.87 TWD 6.09 TWD 63
All 13 models by family
DCF Models
Owner Earnings 8.77 TWD 10.21 TWD 12.64 TWD 31
Earnings-Based
Graham-Dodd 1.66 TWD 2.03 TWD 2.28 TWD 54
EPV 5.93 TWD 6.19 TWD 6.41 TWD 59
Multiples
P/E Multiple 3.66 TWD 4.87 TWD 6.09 TWD 63
P/S Multiple 3.11 TWD 4.14 TWD 5.18 TWD 58
P/B Multiple 3.11 TWD 4.14 TWD 5.18 TWD 55
EV/EBIT 8.12 TWD 9.49 TWD 10.86 TWD 53
EV/EBITDA 11.03 TWD 13.38 TWD 15.72 TWD 54
EV/Revenue 6.78 TWD 7.97 TWD 9.15 TWD 43
Asset-Based
NCAV (Graham) 4.98 TWD 6.68 TWD 9.97 TWD 50
Economic Profit
Residual Income 6.67 TWD 6.24 TWD 4.66 TWD 61
ROIC Compounder 5.93 TWD 6.19 TWD 6.41 TWD 72
Growth Earnings
Growth-Adj P/E 2.59 TWD 3.69 TWD 4.80 TWD 68

Widest divergence: DCF Models (10.21 TWD) versus Earnings-Based (2.03 TWD). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 281M TWD
Revenue growth (YoY) +122%
Net margin 11.1%
Return on equity 10.3%
Free cash flow −75.3M TWD FY2025
P/E ratio 79.6
More key figures
Operating margin -8.5%
EPS (TTM) 0.2400 TWD
EPS growth (YoY) -61.7%

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 56 · Market factors (momentum, volatility) 40

Profitability 37
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 82
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

EBM Technologies Incorporated engages in the development and marketing of software and integrity solutions to the health sector in Taiwan and internationally.

Full company description

EBM Technologies Incorporated engages in the development and marketing of software and integrity solutions to the health sector in Taiwan and internationally. The company offers Enterprise PACS (picture archiving and communication systems) solutions, including SoliPACS that unites various products of the radiology, mammography, and dental fields; SoliPACS Gateway, a DICOM gateway; SoliPACS Server, an interface between HIS and RIS patient data and PACS; SoliPACS Web Viewer, which enables radiologists and physicians to view, compare, utilize, and select DICOM-compliant images; SoliPACS Report, offers a tool for generating customized reports; and Advanced Server Archive, a PACS storage system. It also provides UDE (Ubiquitous Diagnostic Environment) App, which converts standard iPad Pro into a standalone DICOM server, viewer, display, and Al all in one; MobiPACS Server to store, process, and retrieve image files for mobile devices; MobiPACS App, an in mobile medical image viewing app; MobiPACS Web Viewer for viewing images from Internet-enabled end devices; MobiPACS Share, a cloud-based platform; and MobiPACS Multi, supports doctors to connect various iPads/iPad Pros for image display. In addition, the company offers Vital-Sign On-the-Go, a patient monitoring solution; Rad@, for viewing medical-grade images and diagnose; Digital Pathology Scanner, transforms physical slides to whole side images; AgileRIS App, an offline reporting solution; EPS Pi, a viewer ready DICOM device; and UniGate_i (UGI) App. Further, it provides Telemed, which interlinks medical facilities; Electronic Medical Record, a digital version of the paper-based individual medical record for patients' medical history; Personal Health Record, offers electronic access to the individual's medical history; and eHealth solutions for retrieving and reviewing patient images, vital sign data, and ECG waveforms. The company was founded in 1988 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

EBM Technologies Incorporated reported revenue of 253M TWD in FY2025 versus 195M TWD in FY2021, a compound +6.7%/yr. Reported net income was 7.8M TWD in FY2025.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
253M TWD
Latest YoY
−9.9%
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.
−13.0%
Revenue +6.7%/yr
FY21 195M TWD
FY22 384M TWD
FY23 206M TWD
FY24 281M TWD
FY25 253M TWD
Net income
FY21 −21.9M TWD
FY22 4.0M TWD
FY23 −14.0M TWD
FY24 2.1M TWD
FY25 7.8M TWD

8409 screens 73% overvalued. Compare with Veeva Systems Inc →

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Cite: Fair Value Calculator (2026). "EBM Technologies Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/8409

Peer Group

Health Information Services · 126 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 59 · Above median
Fair Value upside −73% · Bottom 25%
Return on equity (TTM) 10% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) -9% · Bottom 25%
Revenue growth 122% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Health Information Services median · lower = cheaper

P/E (TTM) 79.2× · Pricier than 75% of peers
P/B 1.91× · Pricier than median
P/S (TTM) 2.16× · Pricier than median
EV/EBITDA 11.2× · Cheaper than 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 0 · sector 0
FUTURE 100 · sector 33
PAST 41 · sector 8
HEALTH 100 · sector 98
DIVIDEND 0 · sector 35

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

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 Health Information Services stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $190.12 $95.12 -50%
Pro Medicus Limited PME A$194.84 A$23.74 -88%
BrightSpring Health Services, Inc BTSG $68.16 $21.31 -69%
HealthEquity, Inc HQY $97.67 $56.63 -42%
Hinge Health, Inc HNGE $88.80 $24.03 -73%
10x Genomics, Inc TXG $45.75 $17.18 -62%
Waystar Holding WAY $22.69 $12.86 -43%
Doximity, Inc DOCS $22.21 $17.18 -23%
Privia Health Group PRVA $28.10 $5.30 -81%
Inventurus Knowledge Solutions Limited IKS ₹1,846 ₹860.28 -53%

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Frequently asked questions

Is EBM Technologies Incorporated (8409) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 4.87 TWD versus a price of 18.10 TWD, about −73% (overvalued).
What is the fair value of 8409?
Our model-based fair value for EBM Technologies Incorporated is 4.87 TWD (as of Jul 22, 2026), built from audited fundamentals. The current price is 18.10 TWD.
What is the quality score of 8409?
EBM Technologies Incorporated has a Quality Score of 59/100. 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 EBM Technologies Incorporated (8409)?
EBM Technologies Incorporated reported trailing-twelve-month revenue of about 281M TWD (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 8409?
The net profit margin of EBM Technologies Incorporated is about 11.1%, meaning it keeps roughly 11.1% 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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