1. Taiwan, Province of China Stocks

  2. •

    Consumer Cyclical

  3. •

    Leisure
Hwa Fong Rubber Industrial Co., Ltd.

Hwa Fong Rubber Industrial Co., Ltd.

2109.TW
Hwa Fong Rubber Industrial Co., Ltd.TW flagTaiwan Stock Exchange
14.80
TWD
-0.05
- -
4.13BMarket Cap
Hwa Fong Rubber Industrial Co., Ltd.
2109.TW
(Taiwan Stock Exchange)

Recent

price

14.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
32.74
36.73
33.52
36.16
29.33
23.86
23.13
21.6
20.56
18.82
22.42
17.48
19.84
19.38
16.73
17.69
16.72
Revenue per Share
0.73
-0.76
-0.01
-0.67
1.28
2.75
0.37
0.15
-3.49
-0.91
0.05
1.33
1.3
1.05
1.51
1.61
1.27
Basic EPS, GAAP
6.47
-0.33
-0.71
1.69
3.13
-0.98
2.39
1.02
-2.1
-1.27
0.51
1.7
0.52
2.83
1.5
1.14
1.75
Free Cash Flow per Basic Share
0.11
0.11
- -
0.08
0.1
0.49
1.56
0.46
0.34
0.21
0.2
0.16
0.83
1.43
1.19
2.13
0.71
Dividend per Share
15.66
14.82
12.52
13.05
13.92
14.76
13.3
13.2
9.52
8.3
10.94
10.51
10.97
10.82
11.78
11.74
10.82
Book Value per Share
20.36
19.72
14.9
16.36
18
18.47
18.16
18.21
14.45
14.18
17.8
16.19
16.01
17.11
18
18.79
17.69
Tangible Book Value per Share
216
216
216
204
255
288
279
279
279
279
235
279
279
279
279
279
278
Basic Weighted Avg Shares
7,076
7,937
7,244
7,365
7,475
6,861
6,462
6,034
5,743
5,256
5,265
4,883
5,541
5,414
4,674
4,941
4,640
Sales/Revenue/Turnover
4.64
-0.69
1.66
2.55
7.82
7.72
10.53
7.91
1.56
1.38
7.98
12.21
12.41
10.49
10.02
13.85
11.48
Operating Margin (%)
399
399
309
368
321
354
337
325
293
203
226
215
210
212
198
169
171
Depreciation Expense
158
-164
-2
-136
326
791
105
43
-976
-253
11
372
362
294
422
450
354
Net Income, GAAP
35.51
- -
58.15
434.08
22.53
17.51
43.92
35.92
- -
- -
49.34
24.66
26.44
28.24
32.21
17.46
18.28
Effective Tax Rate (%)
2.23
-2.07
-0.03
-1.85
4.36
11.53
1.62
0.71
-17
-4.82
0.21
7.61
6.53
5.44
9.04
9.11
7.62
Profit Margin (%)
812
1,343
274
554
1,231
2,613
2,392
2,155
868
645
1,679
1,627
1,906
2,088
2,790
3,139
2,839
Working Capital
1,267
1,454
1,151
926
427
1,237
1,095
773
- -
492
1,259
1,239
1,556
1,310
1,001
1,024
949
LT Debt
4,409
4,263
3,318
3,424
4,587
5,311
5,073
5,087
4,038
3,963
4,180
4,525
4,472
4,779
5,031
5,252
4,912
Total Equity
- -
- -
0.68
-9.54
6.86
6.15
5.3
4.39
- -
- -
3.81
7.05
7.35
5.82
4.6
8.19
6.44
Return on Invested Capital (%)
- -
- -
-0.1
-8.97
3.75
10.31
-0.78
-1.26
- -
- -
-1.77
3.52
2.93
2.7
5.25
4.72
4.04
Return on Capital (%)
- -
-4.99
-0.07
-5.07
10.51
20.32
2.63
1.16
-30.77
-10.18
0.45
13.5
12.07
9.68
13.38
13.7
11.5
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
ST Debt
606
715
792
LT Borrowings
1,022
997
948
LT Finance Leases
2
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
279
279
279
Market Capitalization
5,198
4,637
4,358

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
Total Current Assets
4,786
4,235
4,419
Cash, Cash Equivalents & STI
2,852
2,464
2,823
Accounts Receivable, Net
693
678
496
Inventories
1,127
1,001
993
Total Current Liabilities
1,659
1,405
1,580
Payables & Accruals
- -
- -
- -
ST Debt
606
715
792
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.24%
4.72%
4.39%
Free Cash Flow
-27.28%
119.92%
-24.42%
Net Income, GAAP
64.05%
668.15%
6.54%
Sales/Revenue/Turnover
-2.96%
-0.81%
5.7%
Total Cash Common Dividend
59.66%
108.43%
79.57%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1,083
1,212
1,199
1,181
4,674
2024
1,154
1,214
1,259
1,314
4,941
2025
1,220
1,140
966
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.24
0.4
0.44
- -
1.51
2024
0.48
0.44
0.21
- -
1.61
2025
0.37
0.14
0.27
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
1.19
2024
0.32
0.81
0.31
- -
2.13
2025
- -
- -
0.01
- -
- -
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Business
Hwa Fong Rubber Industrial Co., Ltd. is a Taiwan-based manufacturer specializing in a comprehensive range of rubber products, focusing primarily on tires and tubes for motorcycles, bicycles, all-terrain vehicles (ATVs), industrial, agricultural, and small logistics vehicles. The company markets its products under well-known brands including DURO and QUICK, producing tires for various segments such as sport, scooter, vintage motorcycles, big bikes, motocross, mountain bikes, road racing, city and touring bicycles, BMX, freestyle, and electric bikes. It operates manufacturing facilities in Taiwan, Thailand, China, and the United States, serving markets in Asia, Europe, and North America. Founded originally in 1945 and incorporated in 1959, Hwa Fong is headquartered in Taiwan. Recently, Hwa Fong Rubber Industrial announced a strategic expansion with the acquisition of the former Sumitomo Rubber USA manufacturing plant in Tonawanda, New York. This acquisition, completed in late 2025, marks the company's first production base in the United States and is part of a major initiative to transform the site into the HF Tonawanda Industrial Park. The park is planned to accommodate various manufacturing, assembly, logistics, and technology operations aimed at creating 100 to 250 jobs initially, with potential for further local employment growth. This move supports Hwa Fong’s strategic goals to enhance supply resilience for North American customers and to expand its industrial footprint internationally. The acquisition also signals a shift towards developing an industrial hub that attracts diverse automotive-related manufacturing and promotes regional economic growth. Hwa Fong Rubber Industrial also maintains significant operations through its subsidiary, Hwa Fong Rubber (Thailand) Public Company Limited, which furthers the company's reach in the production and distribution of tire and tube products. The group steadily focuses on research and development to innovate tire technologies and improve product quality for global markets, leveraging long-standing expertise in rubber manufacturing. Hwa Fong continues to invest in sustainable practices in both manufacturing and product development processes as part of its business strategy. The company serves original equipment manufacturers (OEMs) and aftermarket sectors globally, targeting diverse markets from consumer motorcycles and bicycles to industrial and agricultural applications. Its recent operational changes and industrial asset acquisition underline its commitment to growth and market adaptation in a competitive global tire industry landscape.